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Quest Diagnostics Reports Strong Earnings Growth In First Quarter 2009
Date:4/21/2009

illion, or 17.8% of revenues, from $280 million, or 15.7% of revenues in 2008. Bad debt expense as a percentage of revenues improved to 4.5% from 4.8% in the prior year. Days sales outstanding improved to 43 days, compared to 48 days a year ago and 44 days at year end. Cash flow from operations improved to $273 million, from $158 million in the first quarter of 2008. During the quarter, the company repurchased $250 million of its common shares and made capital expenditures of $40 million.

Earnings Outlook for 2009 Improved

For 2009, the company today increased its estimated earnings per diluted share from continuing operations to between $3.65 and $3.75, which includes an anticipated second-quarter benefit of $0.05 per share associated with an insurance recovery. Previously, the company estimated diluted earnings per share of between $3.50 and $3.70. The company expects revenue growth of approximately 3% and operating income of approximately 18% of revenues. Cash from operations is expected to approximate $1 billion before the payment of the previously announced NID settlement, or approximately $700 million after such payment. Capital expenditures are expected to approximate $200 million.

Quest Diagnostics will hold its first quarter conference call on April 21, 2009 at 8:30 A.M. Eastern Time. A simulcast of the call is available by dialing 415-228-4961, passcode 3214469 and via the Internet at: www.QuestDiagnostics.com. Registered analysts may access the call at: www.streetevents.com. In addition, a replay of the call will be available from 10:30 A.M. on April 21 through midnight on May 19, 2009 to investors in the U.S. by dialing 866-395-9177. Investors outside the U.S. may dial 203-369-0501. No password is required for either number.

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