Quest Diagnostics Prelim. Q2 Revenue Down Approx. 6% - Quick Facts

(RTTNews) - Quest Diagnostics Incorporated (DGX) said its preliminary adjusted earnings per share for the second quarter 2020 is expected to be between $1.39 and $1.42 compared to $1.73, a year ago. This excludes $65 million that the company received in the second quarter of 2020 from the initial tranche of funds that were appropriated to healthcare providers under the CARES Act. The company noted that the results reflect stronger than forecasted recovery in base testing volumes (excluding COVID-19 molecular and antibody testing) as well as growing demand for COVID-19 testing services.

Preliminary second quarter reported revenue is expected to be approximately $1.83 billion, a decline of approximately 6% from prior year period. Volume, measured by the number of requisitions, declined approximately 18%. Testing volumes in the company's base business (excluding COVID-19 molecular and antibody testing) declined approximately 34%.