![]() ![]() This is encouraging news, and so is the introduction of the Laboratory Access for Beneficiaries Act, or LAB Act, introduced in June by six members of Congress from both sides of the aisle and now with nearly 40 cosponsors. ACLA submitted its initial brief last week, and a decision is expected in 2020. Court of Appeals decision to allow the lower court to review the merits of ACLA’s case. Our industry continues to fight PAMA’s flawed implementation in the courts and in Congress. More PAMA reimbursement cuts are coming in 2020. Some decisions that we made were difficult, and our employees have felt the changes. And CAP Today, a respected industry journal, recently highlighted how PAMA and other reimbursement pressures are already starting to drive consolidation in the industry.Īs you know, here at Quest, we took a series of actions earlier this year to further reduce our costs to align with PAMA cuts. We see and hear the negative impact that PAMA is having whenever we evaluate potential lab acquisition targets. And there is mounting evidence that PAMA is hurting this industry. And as you know they are our PAMA, our expanded network access and increased consumerization of healthcare.įirst, PAMA, the reimbursement pressure remains a catalyst for structural change in the marketplace. Now, I’d like to briefly update you on the three fundamental changes in the laboratory marketplace that we discussed at last year’s Investor Day. Volume growth remained very strong at 5.1% and year-to-date volume growth is up 4.3%. Reported EPS was $1.56, up nearly 3% from the same period in 2018. For the third quarter, we grew revenues 3.5% despite continued reimbursement pressure. While PAMA reimbursement pressures persist throughout the industry, our expanded network access and laser focus on driving operational excellence are enabling growth.īased on our progress to date we have updated our outlook and are well-positioned to meet our commitments for the year. ![]() We had a solid quarter of top and bottom line growth. Then Mark will provide more detail on the results and take you through updates to our 2019 guidance. This morning, I’ll discuss the third quarter and review progress on our two-point strategy. And thanks everyone for joining us today. Finally, growth rates associated with our long-term outlook projections – including total revenue growth, revenue growth from acquisitions, organic revenue growth, and adjusted earnings growth are Compound Annual Growth Rates. References to adjusted operating income for all periods excludes amortization expense. Risks and uncertainties that may affect Quest Diagnostics’ future results include, but are not limited to, those described in our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.įor this call, references to reported EPS refer to reported diluted EPS from continuing operations and references to adjusted EPS refer to adjusted diluted EPS from continuing operations excluding amortization expense. Actual results may differ materially from those projected. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. I am here with Steve Rusckowski, our Chairman, Chief Executive Officer and President, and Mark Guinan, our Chief Financial Officer.ĭuring this call, we may make forward-looking statements and will discuss non-GAAP measures. Now I’d like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Any redistribution, retransmission or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited. The entire contents of the call, including the presentation and question-and-answer session that will follow, are the copyrighted property of Quest Diagnostics with all rights reserved. At the request of the company, this call is being recorded. Welcome to the Quest Diagnostics Third Quarter 2019 Conference Call. Steve Rusckowski – Chairman, Chief Executive Officer and President Shawn Bevec – Vice President of Investor Relations Quest Diagnostics Incorporated ( NYSE: DGX) Q3 2019 Earnings Conference Call Octo8:30 AM ET ![]()
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