$DGX
QUEST DIAGNOSTICS INC

2023 Q2 Form 10-Q Financial Statement

#000102207923000093 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.338B $2.331B
YoY Change 116800.0%
Cost Of Revenue $1.546B $1.560B
YoY Change -4.03% -5.22%
Gross Profit $792.0M $771.0M
YoY Change -149.22% -146.84%
Gross Profit Margin 33.88% 33.08%
Selling, General & Admin $409.0M $439.0M
YoY Change -3.08% 3.29%
% of Gross Profit 51.64% 56.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $112.0M $107.0M
YoY Change 4.67% 0.94%
% of Gross Profit 14.14% 13.88%
Operating Expenses $437.0M $439.0M
YoY Change 3.55% 3.29%
Operating Profit $355.0M $305.0M
YoY Change -8.51% -40.55%
Interest Expense -$37.00M $37.00M
YoY Change -197.37% 0.0%
% of Operating Profit -10.42% 12.13%
Other Income/Expense, Net $6.000M -$28.00M
YoY Change -109.23% -54.1%
Pretax Income $317.0M $277.0M
YoY Change -1.86% -38.72%
Income Tax $75.00M $65.00M
% Of Pretax Income 23.66% 23.47%
Net Earnings $234.0M $202.0M
YoY Change 0.0% -43.1%
Net Earnings / Revenue 10.01% 8.67%
Basic Earnings Per Share $2.08 $1.80
Diluted Earnings Per Share $2.05 $1.78
COMMON SHARES
Basic Shares Outstanding 112.0M shares 111.3M shares
Diluted Shares Outstanding 114.0M shares 113.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.0M $175.0M
YoY Change -84.05% -75.42%
Cash & Equivalents $126.0M $175.0M
Short-Term Investments
Other Short-Term Assets $188.0M $195.0M
YoY Change 20.51% 0.0%
Inventory $184.0M $190.0M
Prepaid Expenses
Receivables $1.235B $1.254B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.733B $1.814B
YoY Change -28.57% -26.71%
LONG-TERM ASSETS
Property, Plant & Equipment $2.425B $1.795B
YoY Change 45.73% 7.61%
Goodwill $7.733B $7.241B
YoY Change 7.48% 0.61%
Intangibles $1.247B $1.077B
YoY Change 9.0% -8.11%
Long-Term Investments $135.0M $128.0M
YoY Change -8.16% -17.42%
Other Assets $152.0M $150.0M
YoY Change 10.95% -3.23%
Total Long-Term Assets $11.69B $10.98B
YoY Change 7.4% 0.12%
TOTAL ASSETS
Total Short-Term Assets $1.733B $1.814B
Total Long-Term Assets $11.69B $10.98B
Total Assets $13.43B $12.79B
YoY Change 0.85% -4.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.201B $1.198B
YoY Change -15.42% -22.41%
Accrued Expenses $156.0M $155.0M
YoY Change 0.65% 0.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $518.0M $2.000M
YoY Change 25800.0% 0.0%
Total Short-Term Liabilities $1.875B $1.355B
YoY Change 18.9% -20.29%
LONG-TERM LIABILITIES
Long-Term Debt $3.777B $3.975B
YoY Change -5.17% -0.25%
Other Long-Term Liabilities $1.409B $809.0M
YoY Change 93.54% 9.03%
Total Long-Term Liabilities $5.186B $809.0M
YoY Change 612.36% 9.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.875B $1.355B
Total Long-Term Liabilities $5.186B $809.0M
Total Liabilities $7.176B $2.164B
YoY Change 211.32% -11.38%
SHAREHOLDERS EQUITY
Retained Earnings $8.566B $8.412B
YoY Change 5.98% 6.13%
Common Stock $2.286B $2.268B
YoY Change 1.51% 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.587B $4.612B
YoY Change 17.59% 22.63%
Treasury Stock Shares 50.00M shares
Shareholders Equity $6.249B $6.050B
YoY Change
Total Liabilities & Shareholders Equity $13.43B $12.79B
YoY Change 0.85% -4.82%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $234.0M $202.0M
YoY Change 0.0% -43.1%
Depreciation, Depletion And Amortization $112.0M $107.0M
YoY Change 4.67% 0.94%
Cash From Operating Activities $444.0M $94.00M
YoY Change 10.45% -80.42%
INVESTING ACTIVITIES
Capital Expenditures $104.0M $127.0M
YoY Change -236.84% 101.59%
Acquisitions $578.0M $31.00M
YoY Change 57700.0% -70.48%
Other Investing Activities -$578.0M $0.00
YoY Change 9533.33% -100.0%
Cash From Investing Activities -$682.0M -$158.0M
YoY Change 731.71% -6.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 189.0M -$76.00M
YoY Change -178.1% -83.86%
NET CHANGE
Cash From Operating Activities 444.0M $94.00M
Cash From Investing Activities -682.0M -$158.0M
Cash From Financing Activities 189.0M -$76.00M
Net Change In Cash -49.00M -$140.0M
YoY Change -162.82% -12.5%
FREE CASH FLOW
Cash From Operating Activities $444.0M $94.00M
Capital Expenditures $104.0M $127.0M
Free Cash Flow $340.0M -$33.00M
YoY Change -28.87% -107.91%

Facts In Submission

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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, consumers, 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.
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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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