$DGX
Quest Diagnostics Inc

2022 Q4 Form 10-Q Financial Statement

#000102207922000140 Filed on October 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.333B $2.486B
YoY Change -14.98%
Cost Of Revenue $1.556B $1.618B
YoY Change -7.33% -3.11%
Gross Profit $777.0M $868.0M
YoY Change -27.04% -151.98%
Gross Profit Margin 33.3% 34.92%
Selling, General & Admin $531.0M $464.0M
YoY Change 20.14% 8.67%
% of Gross Profit 68.34% 53.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $116.0M $108.0M
YoY Change 9.43% 6.93%
% of Gross Profit 14.93% 12.44%
Operating Expenses $591.0M $464.0M
YoY Change 26.28% 8.67%
Operating Profit $186.0M $392.0M
YoY Change -68.84% -39.88%
Interest Expense -$32.00M $37.00M
YoY Change -13.51% -2.63%
% of Operating Profit -17.2% 9.44%
Other Income/Expense, Net $6.000M -$41.00M
YoY Change 100.0% -2150.0%
Pretax Income $109.0M $351.0M
YoY Change -78.29% -46.33%
Income Tax -$4.000M $81.00M
% Of Pretax Income -3.67% 23.08%
Net Earnings $101.0M $256.0M
YoY Change -74.1% -49.31%
Net Earnings / Revenue 4.33% 10.3%
Basic Earnings Per Share $2.20
Diluted Earnings Per Share $878.3K $2.17
COMMON SHARES
Basic Shares Outstanding 113.9M shares 116.6M shares
Diluted Shares Outstanding 118.0M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.0M $700.0M
YoY Change -63.88% -29.08%
Cash & Equivalents $315.0M $700.0M
Short-Term Investments
Other Short-Term Assets $196.0M $171.0M
YoY Change -12.11% -9.52%
Inventory $192.0M $183.0M
Prepaid Expenses
Receivables $1.195B $1.280B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.898B $2.334B
YoY Change -30.76% -18.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.351B $1.707B
YoY Change 37.73% 4.47%
Goodwill $7.220B $7.190B
YoY Change 1.76% 1.88%
Intangibles $1.092B $1.115B
YoY Change -6.43% -3.21%
Long-Term Investments $132.0M $138.0M
YoY Change -6.38% 11.29%
Other Assets $144.0M $132.0M
YoY Change -11.66% -14.84%
Total Long-Term Assets $10.94B $10.89B
YoY Change 0.63% 1.6%
TOTAL ASSETS
Total Short-Term Assets $1.898B $2.334B
Total Long-Term Assets $10.94B $10.89B
Total Assets $12.84B $13.22B
YoY Change -5.69% -2.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.396B $1.447B
YoY Change -12.75% -10.12%
Accrued Expenses $153.0M $153.0M
YoY Change -66.74% 3.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% 100.0%
Total Short-Term Liabilities $1.551B $1.602B
YoY Change -11.52% -8.93%
LONG-TERM LIABILITIES
Long-Term Debt $3.978B $3.980B
YoY Change -0.8% -0.65%
Other Long-Term Liabilities $1.301B $787.0M
YoY Change 64.27% -1.75%
Total Long-Term Liabilities $5.279B $787.0M
YoY Change 9.93% -1.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.551B $1.602B
Total Long-Term Liabilities $5.279B $787.0M
Total Liabilities $6.944B $2.389B
YoY Change 5.93% -6.68%
SHAREHOLDERS EQUITY
Retained Earnings $8.290B $8.263B
YoY Change 8.38% 12.68%
Common Stock $2.297B $2.274B
YoY Change 1.55% 17.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.673B $4.271B
YoY Change 35.33% 49.02%
Treasury Stock Shares 51.00M shares 48.00M shares
Shareholders Equity $5.893B $6.235B
YoY Change
Total Liabilities & Shareholders Equity $12.84B $13.22B
YoY Change -5.69% -2.57%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $101.0M $256.0M
YoY Change -74.1% -49.31%
Depreciation, Depletion And Amortization $116.0M $108.0M
YoY Change 9.43% 6.93%
Cash From Operating Activities $334.0M $502.0M
YoY Change -30.56% -10.52%
INVESTING ACTIVITIES
Capital Expenditures -$147.0M -$118.0M
YoY Change 2.08% 32.58%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$27.00M $0.00
YoY Change -67.47% -100.0%
Cash From Investing Activities -$174.0M -$118.0M
YoY Change -23.35% 22.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -545.0M -474.0M
YoY Change 47.7% 1147.37%
NET CHANGE
Cash From Operating Activities 334.0M 502.0M
Cash From Investing Activities -174.0M -118.0M
Cash From Financing Activities -545.0M -474.0M
Net Change In Cash -385.0M -90.00M
YoY Change 234.78% -121.08%
FREE CASH FLOW
Cash From Operating Activities $334.0M $502.0M
Capital Expenditures -$147.0M -$118.0M
Free Cash Flow $481.0M $620.0M
YoY Change -23.04% -4.62%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Entity Registrant Name
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Quest Diagnostics Inc
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Background</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">    </span></div>    Quest Diagnostics Incorporated and its subsidiaries ("Quest Diagnostics" or the "Company") empower people to take action to improve health outcomes.  The Company uses its extensive database of clinical lab results to derive diagnostic insights that reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management.  The Company's diagnostic information services business ("DIS") provides information and insights based on an industry-leading menu of routine, non-routine and advanced clinical testing and anatomic pathology testing, and other diagnostic information services. The Company provides services to a broad range of customers, including patients, clinicians, hospitals, independent delivery networks ("IDNs"), health plans, employers, and accountable care organizations ("ACOs"). The Company offers the broadest access in the United States to diagnostic information services through its nationwide network of laboratories, patient service centers and phlebotomists in physician offices and the Company's connectivity resources, including call centers and mobile paramedics, nurses and other health and wellness professionals. The Company is the world's leading provider of diagnostic information services. The Company provides interpretive consultation with one of the largest medical and scientific staffs in the industry. The Company's Diagnostic Solutions businesses ("DS") are the leading provider of risk assessment services for the life insurance industry and offer healthcare organizations and clinicians robust information technology solutions.
us-gaap Use Of Estimates
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The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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