Quest Diagnostics Reports Strong Revenue and Earnings Growth in First Qu...( - 2008 Outloo...),Health

- 2008 Outlook Reaffirmed -

MADISON, N.J., April 21 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing, information and services, announced that for the first quarter ended March 31, 2008, income from continuing operations was $141 million, or $0.72 per diluted share, compared to $108 million, or $0.55 per diluted share, in the first quarter of 2007. Included in the results for the first quarter of 2007 were special charges of $0.04 per diluted share principally associated with workforce reductions.

First quarter revenues were $1.8 billion, an increase of 16.9% compared to the prior-year level. The inclusion of AmeriPath, which the company acquired on May 31, 2007, increased consolidated revenues by 13%. Clinical testing revenues increased by 17.1% compared to the prior year. Revenue per requisition increased 10.8% and clinical testing volume, measured by the number of requisitions, increased 5.6%. The acquisition of AmeriPath increased revenue per requisition by 7.8% and clinical testing volume by 5.8%.

"Quest Diagnostics generated strong growth in the first quarter, with a 17% increase in revenues and a 31% increase in earnings per share," said Surya N. Mohapatra, Ph.D., Chairman and Chief Executive Officer. "We are making good progress executing our plans; driving profitable revenue growth; continuing to reduce our cost structure and improve efficiency; and further aligning our AmeriPath business with Quest Diagnostics."

Dr. Mohapatra continued: "We also produced double-digit revenue growth in our near-patient, or point-of-care, testing business and opened our lab in India. We completed the first quarter firmly on track
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