Quest Diagnostics Reports Growth in Revenue and Earnings for Third Qu... ( -- Total revenues of $1.8 billi...)

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Quest Diagnostics Reports Growth in Revenue and Earnings for Third Quarter 2008

Date:10/21/2008

-- Total revenues of $1.8 billion, up 3.4%

-- Adjusted diluted earnings per share of $0.86, up 12%

-- Cash flow from operations improved to $329 million

-- 2008 adjusted EPS guidance increased to $3.17 - $3.22 per diluted share

-- Agreement in principle reached regarding previously disclosed

NID-related matter

MADISON, N.J., Oct. 21 /PRNewswire-FirstCall/ -- , 2008-- 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, 2008, adjusted income from continuing operations increased to $0.86 per diluted share, before $0.03 per share associated with a non-cash charge to write down an equity investment, and $0.02 per share associated with the impact of hurricanes. Including these items, net income from continuing operations was $160 million, or $0.81 per diluted share. For the third quarter 2007, net income was $150 million, or $0.77 per diluted share.

Third quarter revenues increased 3.4% to $1.8 billion. The impact of hurricanes reduced revenues by approximately half a percent. Clinical testing revenues increased by 3.0% compared to the prior year. Revenue per requisition increased 2.3% and clinical testing volume, measured by the number of requisitions, increased 0.7%.

"During the quarter, we grew revenues, increased adjusted earnings per share 12% and generated $329 million in cash," said Surya N. Mohapatra, Ph.D., Chairman and Chief Executive Officer. "Our strong cash flows and prudent capital management position us well for these turbulent times. We are successfully executing our plan, focusing on providing a differentiated service to our customers, a
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