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Quest Diagnostics Reports Fourth Quarter 2011 Financial Results; Provides Guidance for 2012
Date:1/24/2012

MADISON, N.J., Jan. 24, 2012 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced today that for the fourth quarter ended December 31, 2011, adjusted income from continuing operations was $197 million, or $1.23 per diluted share, compared to $179 million, or $1.03 per diluted share, in 2010. For the fourth quarter of 2011, reported income from continuing operations was $190 million, or $1.19 per diluted share, compared to $167 million, or $0.97 per diluted share, in 2010. Income from continuing operations in the fourth quarter of 2011 was reduced by $0.02 per share related to restructuring and integration activities, and $0.02 per share related to CEO succession costs. In 2010, fourth quarter income from continuing operations was reduced by a $0.03 per share restructuring charge and $0.03 per share related to a litigation settlement. Fourth quarter results include a benefit of $0.08 per share in 2011 and $0.05 per share in 2010 associated with discrete tax items.

Revenues increased 3.0% to $1.9 billion for the fourth quarter. Clinical testing revenues increased 2.6%, with revenue per requisition up 2.2% and volume, measured by the number of requisitions, up 0.4%. Year-over-year volume comparisons benefited by 0.4% due to the impact of weather. The acquisitions of Athena and Celera contributed 3.2% to consolidated revenue growth and 2.6% to clinical testing revenue growth.

For the fourth quarter of 2011, adjusted operating income was $336 million or 17.9% of revenues, compared to $313 million or 17.2% of revenues for 2010. Reported operating income was $325 million, or 17.3% of revenues, compared to $294 million, or 16.1% of revenues, in 2010. Cash flow from operations was $338 million, compared to $340 million in 2010. During the fourth quarter of 2011, the company repurc
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