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Quest Diagnostics Reports Strong Performance in Third Quarter 2009
Date:11/4/2009

at 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 earning
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SOURCE Quest Diagnostics Incorporated
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