We were the first provider to receive the EUA during the pandemic for specimen pooling. In the quarter, we were granted an Emergency Use Authorization or EUA to offer unobserved self collection. ![]() We've also demonstrated innovation and agility in bringing COVID-19 testing to our nation. Organic base testing volumes orders declined high single-digits in July and improved during the quarter to mid-to-high single-digit decline in September versus the prior year.ĭemand for COVID-19 testing came from several areas: clinical testing ordered by healthcare providers as the virus spread throughout much of the country, especially for non-COVID-19 pre-surgical patients and people of high-risk populations like nursing homes and prisons and retail testing in our extended network access points, such as our drive-thru sites offered across the country by CVS and Walmart workplace testing as employers sought to return employees to their job and their offices university testing to facilitate the return of students to campus life, including sports and our consumer testing, direct testing offered by QuestDirect. These results reflect continued demand for COVID-19 testing and continued recovery in our base testing volumes as healthcare systems resume non-urgent care and elective surgeries. Earnings per share increased by more than 164% on a reported basis to $4.14 and nearly 145% on an adjusted basis to $4.31. For the quarter, Total revenue grew by more than 42% to $2.79 billion. Our financial performance in the third quarter was very strong. So this morning, I'll discuss our performance for the quarter, our role in the COVID-19 pandemic and update you on our non-COVID base business and then Mark will provide more detail on the third quarter results and our updated financial outlook for the remainder of the year. I'm extremely proud of all that Quest Diagnostics has accomplished through the COVID-19 pandemic, and I want to thank our 47,000 employees for their hard work and dedication. We've also developed and introduced several new innovations that are contributing to enabling the country's ability to the return-to-work, the classroom and the athletic field. We have performed over 22 million COVID-19 molecular and serology test to date, more than any other provider. Quest had a very strong third quarter benefiting from continued demand from COVID-19 testing, as well as the rapid recovery from healthcare utilization. Well, thanks, Shawn and thanks everyone for joining us today. Rusckowski - Chairman, Chief Executive Officer and President Finally, growth rates associated with our long term outlook projections, including total revenue growth, revenue growth from acquisitions, organic revenue growth and adjusted earnings growth are compound annual growth rates. References to base testing volumes or base business refer to testing volumes excluding COVID-19 molecular and serology testing volumes. economy and the timing, scope and effectiveness of federal, state and local governmental response to the pandemic, which are drivers beyond the company's knowledge and control.įor this call, references to reported EPS refer to reported diluted EPS from continuing operation, and references to adjusted EPS refer to adjusted diluted EPS from continuing operations. The company continues to believe that the impact of the COVID-19 pandemic on future operating results, cash flows and/or financial condition will be primarily driven by the pandemic's severity and duration, the pandemic's impact on U.S. ![]() ![]() Risks and uncertainties, including the impact of the COVID-19 pandemic that may affect Quest Diagnostics' future results include, but are not limited to, those described in our most recent Annual Report on Form 10-K, and subsequently filed quarterly reports on Form 10-Q, and current reports on Form 8-K. ![]() Actual results may differ materially from those projected. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. I'm here with Steve Rusckowski, our Chairman, Chief Executive Officer and President and Mark Guinan, our Chief Financial Officer.ĭuring this call, we may make forward-looking statements and we'll discuss non-GAAP measures.
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