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Quest Diagnostics Reports Strong Performance in Third Quarter 2009
Date:10/20/2009

MADISON, N.J., Oct. 20 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced that for the third quarter ended September 30, 2009, income from continuing operations rose to $192 million, or $1.02 per diluted share, from $160 million, or $0.81 per diluted share, for the third quarter of 2008. In 2008, third quarter results were reduced by a $0.03 per share charge associated with the write-down of an equity investment, and a $0.02 per share impact associated with hurricanes.

Third quarter revenues increased 3.9% to $1.9 billion compared to the prior year. Clinical testing revenues increased by 4.3% compared to the prior year. Revenue per requisition increased 4.3%. Underlying volume in clinical testing, measured by the number of requisitions, continued to grow in the quarter. Reported testing volume was unchanged from the prior year and reflected a 23% decline in drugs-of-abuse testing volume, which is sensitive to hiring trends, and which reduced the company's consolidated volume by 1.7%. In the third quarter of 2008, consolidated revenues and volume were reduced by approximately half a percent as a result of the impact of hurricanes.

"Quest Diagnostics' strong financial performance continues to be driven by increased demand in testing for cancer, sexually transmitted diseases, allergies and Vitamin D levels. Based on our strong performance, we are raising earnings guidance for the full year," said Surya N. Mohapatra, Ph.D., Chairman and Chief Executive Officer. "Our continued focus on innovation is driving growth today and positioning Quest Diagnostics well for the future. We recently introduced the first commercial test for the H1N1 flu virus authorized by the FDA for emergency use, and launched a saliva-based genetic test that helps physicians predict response to the blood thinner Plavix®."

For the third quarter, operating income increased to $348 million, or 18.4% of revenues, compared to $317 million, or 17.4% of revenues, for the third quarter of 2008. In the third quarter of 2008, operating income as a percentage of revenues was reduced by approximately half a percent as a result of the impact of hurricanes.

For the third quarter, bad debt expense as a percentage of revenues was 4.4%, unchanged from the second quarter and the prior year. Days sales outstanding of 43 days were unchanged from the second quarter and improved by two days from the prior year period. Cash flow from operations improved to $374 million compared to $329 million for 2008. During the quarter, the company repurchased $100 million of its common shares and made capital expenditures of $41 million.

Year-to-Date Performance

For the first nine months of 2009, income from continuing operations increased to $549 million, or $2.91 per diluted share, from $463 million, or $2.35 per diluted share for the first nine months of 2008. Revenues increased 2.9% to $5.6 billion.

Operating income for the first nine months of 2009 increased to $1.0 billion, or 18.3% of revenues, compared to $905 million, or 16.6% of revenues for 2008. Cash from operations, which was reduced by the $308 million payment in the second quarter related to the previously announced NID settlement, was $637 million. In the first nine months of 2008, cash from operations was $700 million. During the first nine months of 2009, the company repurchased $350 million of its common shares, and made capital expenditures of $117 million.

Outlook for the Full-Year 2009

For the full-year 2009, the company today increased its estimated earnings per diluted share from continuing operations to a range of $3.80 to $3.85. Previously, the company estimated diluted earnings per share of between $3.70 and $3.80. The company expects revenue growth of approximately 3% and operating income to exceed 18% of revenues. Cash from operations is expected to approximate $1.2 billion before the payment of the previously announced NID settlement, or $900 million after such payment. Capital expenditures are expected to approximate $180 million.

Quest Diagnostics will hold its third quarter conference call on October 20, 2009 at 8:30 A.M. Eastern Time. The public may access the conference call through a live audio webcast available on Quest Diagnostics' Investor Relations Internet site at www.QuestDiagnostics.com/investor. The conference call can also be accessed in listen-only mode by dialing 415-228-4961, passcode 3214469. Registered analysts may access the call at: www.streetevents.com. In addition, a replay of the call may be accessed online at www.QuestDiagnostics.com/investor or by phone in the U.S. at 866-428-3803 for domestic callers, or 203-369-0904 for international callers. No access code will be required. Telephone replays will be available from 10:30 a.m. Eastern Time on October 20 until midnight Eastern Time on November 20, 2009.

About Quest Diagnostics

Quest Diagnostics is the world's leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at www.QuestDiagnostics.com.

The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors discussed in "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures About Market Risk" in the company's 2008 Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and "Risk Factors" in the company's 2009 Quarterly Reports on Form 10-Q and other items throughout the Form 10-K and the company's 2009 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.

© 2000-2009 Quest Diagnostics Incorporated. All rights reserved. Quest, Quest Diagnostics, the associated logo, and all associated Quest Diagnostics marks are the registered trademarks of Quest Diagnostics.

Plavix (R) (clopidigrel biphosphate) is a registered trademark of Bristol-Myers Squibb/Sanofi Pharmaceuticals Partnership.

Contact:

For Quest Diagnostics: Kathleen Valentine (Investors), +1-973-520-2900, or Gary Samuels and Wendy Bost, (Media), +1-973-520-2800



             Quest Diagnostics Incorporated and Subsidiaries
                  Consolidated Statements of Operations
     For the Three and Nine Months Ended September 30, 2009 and 2008
           (in millions, except per share and percentage data)
                               (unaudited)

                                      Three Months Ended   Nine Months Ended
                                         September 30,       September 30,
                                         -------------       -------------
                                         2009      2008      2009      2008
                                         ----      ----      ----      ----

    Net revenues                       $1,897.2  $1,826.6  $5,607.0  $5,449.1

    Operating costs and expenses:
    Cost of services                    1,097.5   1,073.1   3,251.2   3,215.2
    Selling, general and
     administrative                       441.6     428.2   1,314.7   1,301.3
    Amortization of intangible
     assets                                 9.2       8.8      27.6      28.0
    Other operating expense
     (income), net                          0.6      (0.4)    (15.2)     (0.7)
                                            ---     -----    ------     -----

       Total operating costs and
        expenses                        1,548.9   1,509.7   4,578.3   4,543.8
                                        -------   -------   -------   -------

      Operating income                    348.3     316.9   1,028.7     905.3

      Other income (expense):
    Interest expense, net                 (33.0)    (43.1)   (109.3)   (136.1)
      Equity earnings in
       unconsolidated joint ventures        8.6       7.5      25.6      23.1
    Other income (expense), net             2.4     (12.4)     (9.4)    (12.9)
                                            ---    ------     -----    ------
       Total non-operating expenses,
        net                               (22.0)    (48.0)    (93.1)   (125.9)
                                         ------    ------    ------   -------

    Income from continuing
     operations before taxes              326.3     268.9     935.6     779.4
    Income tax expense                    125.2     100.6     358.9     293.3
                                          -----     -----     -----     -----
    Income from continuing
     operations                           201.1     168.3     576.7     486.1
    Income (loss) from discontinued
     operations, net of taxes               0.5     (48.9)     (1.1)    (50.9)
                                            ---    ------     -----    ------
    Net income                            201.6     119.4     575.6     435.2
      Less:  Net income attributable
        to noncontrolling interests         9.4       8.6      28.1      23.5
                                            ---       ---      ----      ----
    Net income attributable to Quest
     Diagnostics                         $192.2    $110.8    $547.5    $411.7
                                         ======    ======    ======    ======


       Amounts attributable to Quest
        Diagnostics' stockholders:
    Income from continuing
     operations                          $191.7    $159.7    $548.6    $462.6
      Income (loss) from discontinued
       operations, net of taxes             0.5     (48.9)     (1.1)    (50.9)
                                            ---    ------     -----    ------
    Net income                           $192.2    $110.8    $547.5    $411.7
                                         ======    ======    ======    ======


      Earnings per share attributable
       to Quest Diagnostics' common
       stockholders - basic:
       Income from continuing
        operations                        $1.03     $0.82     $2.93     $2.37
       Income (loss) from discontinued
        operations                            -     (0.25)    (0.01)    (0.26)
                                         ------    ------    ------    ------
       Net income                         $1.03     $0.57     $2.92     $2.11
                                          =====     =====     =====     =====


      Earnings per share attributable
       to Quest Diagnostics' common
       stockholders - diluted:
       Income from continuing
        operations                        $1.02     $0.81     $2.91     $2.35
       Income (loss) from discontinued
        operations                            -     (0.25)    (0.01)    (0.26)
                                         ------    ------    ------    ------
       Net income                         $1.02     $0.56     $2.90     $2.09
                                          =====     =====     =====     =====


       Weighted average common shares
        outstanding:
       Basic                              185.1     195.0     186.6     194.5
       Diluted                            187.2     197.2     188.3     196.4


       Operating income as a
       percentage of net revenues          18.4%     17.4%     18.3%     16.6%



                Quest Diagnostics Incorporated and Subsidiaries
                          Consolidated Balance Sheets
                   September 30, 2009 and December 31, 2008
                     (in millions, except per share data)

                                                September 30,   December 31,
                                                    2009           2008
                                                    ----           ----
                                                (unaudited)

    Assets
    ------
    Current assets:
    Cash and cash equivalents                       $247.0        $253.9
    Accounts receivable, net                         888.3         832.9
    Inventories                                       80.9         102.1
    Deferred income taxes                            155.0         218.4
    Prepaid expenses and other current assets         99.5          89.5
                                                      ----          ----
      Total current assets                         1,470.7       1,496.8
    Property, plant and equipment, net               831.9         879.7
    Goodwill, net                                  5,090.8       5,054.9
    Intangible assets, net                           829.7         827.4
    Other assets                                     142.6         145.0
                                                     -----         -----
    Total assets                                  $8,365.7      $8,403.8
                                                  ========      ========


    Liabilities and Stockholders' Equity
    ------------------------------------
    Current liabilities:
    Accounts payable and accrued expenses           $887.0      $1,219.6
    Short-term borrowings and current
     portion of long-term debt                       103.9           5.1
                                                     -----           ---
      Total current liabilities                      990.9       1,224.7
    Long-term debt                                 2,877.7       3,078.1
    Other liabilities                                559.0         475.9
    Stockholders' equity:
    Quest Diagnostics stockholders' equity:
     Common stock, par value $0.01 per
      share; 600 shares authorized at both
      September 30, 2009 and December 31,
      2008; 214.1 shares issued at both
      September 30, 2009 and December 31, 2008         2.1           2.1
     Additional paid-in capital                    2,283.4       2,262.1
     Retained earnings                             3,053.4       2,561.7
     Accumulated other comprehensive loss            (13.9)        (68.1)
     Treasury stock, at cost; 29.3 shares
      and 23.7 shares at September 30, 2009
      and December 31, 2008, respectively         (1,412.2)     (1,152.9)
                                                 ---------     ---------
    Total Quest Diagnostics stockholders'
     equity                                        3,912.8       3,604.9
    Noncontrolling interests                          25.3          20.2
                                                      ----          ----
      Total stockholders' equity                   3,938.1       3,625.1
                                                   -------       -------
    Total liabilities and stockholders'
     equity                                       $8,365.7      $8,403.8
                                                  ========      ========



                Quest Diagnostics Incorporated and Subsidiaries
                    Consolidated Statements of Cash Flows
             For the Nine Months Ended September 30, 2009 and 2008
                                  (in millions)
                                   (unaudited)

                                                        Nine Months Ended
                                                          September 30,
                                                          -------------
                                                       2009             2008
                                                       ----             ----

    Cash flows from operating activities:
    Net income                                       $575.6           $435.2
    Adjustments to reconcile net income to net
     cash provided by operating activities:
    Depreciation and amortization                     193.7            198.8
    Provision for doubtful accounts                   249.3            248.0
    Deferred income tax provision (benefit)            58.9            (21.1)
    Stock compensation expense                         53.3             49.6
    Provision for special charge                          -             72.7
    Excess tax benefits from stock-based
     compensation arrangements                         (3.2)            (2.1)
    Other, net                                         11.0              2.0
    Changes in operating assets and
     liabilities:
      Accounts receivable                            (304.0)          (259.7)
      Accounts payable and accrued expenses            82.5             (0.5)
      Integration, settlement and other special
       charges                                       (328.1)            (6.1)
      Income taxes payable                             13.3              8.7
      Other assets and liabilities, net                34.8            (25.4)
                                                       ----           ------
    Net cash provided by operating activities         637.1            700.1
                                                      -----            -----

    Cash flows from investing activities:
    Business acquisitions, net of cash acquired       (16.6)            19.3
    Capital expenditures                             (117.0)          (140.2)
    (Increase) decrease in investments and
     other assets                                      (6.6)             4.4
                                                      -----              ---
    Net cash used in investing activities            (140.2)          (116.5)
                                                    -------          -------

    Cash flows from financing activities:
    Proceeds from borrowings                          510.0             21.5
    Repayments of debt                               (617.8)          (434.9)
    (Decrease) increase in book overdrafts            (16.4)             1.4
    Purchases of treasury stock                      (350.0)               -
    Exercise of stock options                          46.6             27.9
    Excess tax benefits from stock-based
     compensation arrangements                          3.2              2.1
    Dividends paid                                    (56.2)           (58.4)
    Distributions to noncontrolling interests         (23.0)           (23.6)
    Financing costs paid                               (0.2)            (0.5)
                                                      -----            -----
    Net cash used in financing activities            (503.8)          (464.5)
                                                    -------          -------

    Net change in cash and cash equivalents            (6.9)           119.1

    Cash and cash equivalents, beginning of
     period                                           253.9            167.6
                                                      -----            -----

    Cash and cash equivalents, end of period         $247.0           $286.7
                                                     ======           ======

    Cash paid during the period for:
    Interest                                         $118.9           $151.7
    Income taxes                                     $283.1           $277.4

    Notes to Financial Tables

    1) On January 1, 2009, the Company adopted a new accounting standard
       related to noncontrolling interests in consolidated financial
       statements, the provisions of which, among other things, require that
       minority interests be renamed "net income attributable to
       noncontrolling interests" and that a company present a consolidated net
       income measure that includes the amount attributable to such
       noncontrolling interests for all periods presented.  The adoption of
       this standard did not impact earnings per share attributable to Quest
       Diagnostics' common stockholders.

    2) On January 1, 2009, the Company adopted a new accounting standard
       related to determining whether instruments granted in share-based
       payment transactions are participating securities.  Under this
       standard, the Company's unvested restricted common stock and unvested
       restricted stock units that contain non-forfeitable rights to dividends
       are participating securities that are included in the computation of
       earnings per share pursuant to the two-class method.  Earnings per
       share calculations for all prior periods have been presented based on
       the two-class method.



                               Three Months Ended        Nine Months Ended
                                 September 30,             September 30,
                                 -------------             -------------
                                2009           2008       2009       2008
                                ----           ----       ----       ----
                                   (in millions, except per share data)
     Amounts attributable to
      Quest Diagnostics'
      common stockholders:
     Income from continuing
      operations              $191.7         $159.7     $548.6     $462.6
     Income (loss) from
      discontinued operations    0.5          (48.9)      (1.1)     (50.9)
                                 ---         ------      -----     ------
     Net income available to
      common stockholders     $192.2         $110.8     $547.5     $411.7
                              ======         ======     ======     ======

     Income from continuing
      operations              $191.7         $159.7     $548.6     $462.6
     Less: Earnings allocated
      to participating
      securities                (0.7)          (0.3)      (1.6)      (1.0)
                               -----          -----      -----      -----
     Earnings available to
      Quest Diagnostics'
      common stockholders -
      basic and diluted
                              $191.0         $159.4     $547.0     $461.6
                              ======         ======     ======     ======

     Weighted average common
      shares outstanding -
      basic                    185.1          195.0      186.6      194.5

     Effect of dilutive
      securities:
     Stock options and
      performance share units    2.1            2.2        1.7        1.9
                                 ---            ---        ---        ---

     Weighted average common
      shares outstanding -
      diluted                  187.2          197.2      188.3      196.4
                               =====          =====      =====      =====


     Earnings per share
      attributable to Quest
      Diagnostics' common
      stockholders - basic:
    Income from continuing
     operations                $1.03          $0.82      $2.93      $2.37
    Income (loss) from
     discontinued operations       -          (0.25)     (0.01)     (0.26)
                              ------         ------     ------     ------
    Net income                 $1.03          $0.57      $2.92      $2.11
                               =====          =====      =====      =====

     Earnings per share
      attributable to Quest
      Diagnostics' common
      stockholders - diluted:
     Income from continuing
      operations               $1.02          $0.81      $2.91      $2.35
    Income (loss) from
     discontinued operations       -          (0.25)     (0.01)     (0.26)
                              ------         ------     ------     ------
    Net income                 $1.02          $0.56      $2.90      $2.09
                               =====          =====      =====      =====

    3) Results for the three and nine months ended September 30, 2008 include
       an estimated reduction to operating income of approximately $8 million
       associated with the impact of hurricanes in the third quarter.

    4) Other operating expense (income), net represents miscellaneous income
       and expense items related to operating activities, including gains and
       losses associated with the disposal of operating assets and provisions
       for restructurings and other special charges.  For the nine months
       ended September 30, 2009, other operating expense (income), net
       includes a $15.5 million gain associated with an insurance settlement
       for storm related losses.

    5) Other income (expense), net represents miscellaneous income and expense
       items related to non-operating activities, such as gains and losses
       associated with investments and other non-operating assets.  For the
       nine months ended September 30, 2009, other income (expense), net
       includes a $7.0 million charge associated with the write-down of an
       investment and a $7.6 million charge associated with the early
       extinguishment of debt.  For the three and nine months ended September
       30, 2008 other income (expense), net includes a third quarter charge of
       $8.9 million associated with the write-down of an equity investment.

    6) For the three months ended September 30, 2009, the Company repurchased
       approximately 1.8 million shares of its common stock at an average
       price of $54.10 per share for $100 million.  For the nine months ended
       September 30, 2009, the Company repurchased approximately 7.5 million
       shares of its common stock at an average price of $46.86 per share for
       $350 million, including 4.5 million shares repurchased from SB Holdings
       Capital Inc., a wholly-owned subsidiary of GlaxoSmithKline plc., at an
       average price of $44.33 per share for $200 million.  For the three and
       nine months ended September 30, 2009, the Company reissued 1.0 million
       shares and 1.9 million shares, respectively, for employee benefit
       plans.   At September 30, 2009, $150 million of share repurchase
       authorization remained available.

    7) The following table summarizes the approximate impact of various items
       on year-over-year comparisons for certain revenue metrics reported for
       the three and nine months ended September 30, 2009, and is included for
       informational purposes only:



                                     Continuing Operations
                                     ---------------------
                       Three Months Ended             Nine Months Ended
                       September 30, 2009            September 30, 2009
                       ------------------            ------------------
                Consolidated          Revenue  Consolidated         Revenue
                   Revenue   Volume     per       Revenue   Volume    per
                   Growth    Growth Requisition   Growth    Growth Requisition

    Reported:        3.9%        -       4.3%      2.9%    (0.8)%     4.3%
    Impact on
     comparisons to
     prior year of:
    Drugs-of-abuse
     testing        (0.8)%    (1.7)%     0.9%     (0.8)%   (1.7)%     0.9%
    Laboratory
     management
     contracts         -         -         -      (0.1)%   (0.5)%     0.4%
    Number of
     business days     -         -         -      (0.5)%   (0.5)%       -
    Foreign
     exchange       (0.4)%       -         -      (0.6)%      -         -
    Hurricanes
     in 2008         0.5%      0.6%        -       0.2%     0.2%        -

    8) During the third quarter of 2008, the Company and NID reached an
       agreement in principle with the United States Attorney's Office to
       settle the previously disclosed federal government investigation of
       NID, a test kit subsidiary that was voluntarily closed in 2006.  As a
       result of the agreement in principle, during the third quarter of 2008,
       the Company recorded a charge of $73 million in discontinued operations
       to increase its reserves for the settlement and related matters.  In
       the second quarter of 2009, the Company entered into a final settlement
       agreement with the federal government and paid $308 million, which had
       been previously reserved, in connection with the final settlement.

    9) Estimated cash from operations before the payment for the previously
       disclosed NID settlement is presented because management believes it is
       a useful adjunct to estimated cash from operations under accounting
       principles generally accepted in the United States since it is a
       meaningful measure of the Company's ongoing operating performance.
       Estimated cash from operations before the payment for the NID
       settlement is not a measure of financial performance under accounting
       principles generally accepted in the United States and should not be
       considered as an alternative to estimated cash from operations.  The
       following table reconciles estimated cash from operations to estimated
       cash from operations before the payment for the NID settlement:



                                                     Twelve Months
                                                         Ended
                                                     December 31,
                                                          2009
                                                     ------------
                                                     (in millions)

    Estimated cash from operations                       ~ $900

    Add:
       NID settlement payments                              308
                                                            ---

     Estimated cash from operations before the
      payment for the NID settlement                   ~ $1,200
                                                       ========

SOURCE Quest Diagnostics Incorporated


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SOURCE Quest Diagnostics Incorporated
Copyright©2009 PR Newswire.
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