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Quest Diagnostics Reports Second Quarter 2013 Financial Results
Date:7/18/2013

iagnostic information services revenues decreased 3.6%. Volume, measured by the number of requisitions, increased 0.1% versus the prior year. Recent acquisitions added about 1.6% to volume and approximately 1.1% to revenue growth. Revenue per requisition was 3.7% below the prior year. Reduced reimbursement contributed approximately 3.2% of the reduction, and the business mix impact of our recent toxicology acquisition contributed the balance. 

For the second quarter of 2013, adjusted operating income from continuing operations was $308 million, or 16.9% of revenues, compared to $349 million, or 18.6% of revenues, for 2012. For the second quarter of 2013, reported operating income from continuing operations was $289 million, or 15.9% of revenues, compared to $333 million, or 17.7% of revenues, in 2012. Cash provided by operations was $208 million, compared to $251 million in the second quarter of 2012. 

Steve Rusckowski, President and CEO, commented: "As expected, revenues and earnings improved from first quarter levels, but were down versus the prior year. We saw continued revenue softness in the second quarter compared to the prior year due to lower healthcare utilization and reductions in reimbursement. As we've previously shared, 2013 is a building year; we are making good progress executing our five point strategy; and we expect stronger performance in the second half. The improvement in the second half is expected to be driven by: easier comparisons; the impact of acquisitions; the benefit of investments we have made to drive growth; and the excellent progress we're making with our Invigorate cost-reduction initiative.

"Additionally, we are making very good progress delivering disciplined capital deployment. During the quarter, we completed the acquisitions of the lab outreach business of Dignity Health and Concentra's toxicology business, which is consistent with our goal of contributing 1% to 2% revenue growth per year through
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SOURCE Quest Diagnostics Incorporated
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