$DGX
QUEST DIAGNOSTICS INC

2023 Q4 Form 10-Q Financial Statement

#000102207923000157 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.288B $2.295B
YoY Change -1.93% -7.68%
Cost Of Revenue $1.548B $1.541B
YoY Change -0.51% -4.76%
Gross Profit $740.0M $754.0M
YoY Change -4.76% -13.13%
Gross Profit Margin 32.34% 32.85%
Selling, General & Admin $400.0M $380.0M
YoY Change -24.67% -18.1%
% of Gross Profit 54.05% 50.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $109.0M $111.0M
YoY Change -6.03% 2.78%
% of Gross Profit 14.73% 14.72%
Operating Expenses $462.0M $380.0M
YoY Change -21.83% -18.1%
Operating Profit $278.0M $342.0M
YoY Change 49.46% -12.76%
Interest Expense -$40.00M $41.00M
YoY Change 25.0% 10.81%
% of Operating Profit -14.39% 11.99%
Other Income/Expense, Net $10.00M -$43.00M
YoY Change 66.67% 4.88%
Pretax Income $237.0M $299.0M
YoY Change 117.43% -14.81%
Income Tax $40.00M $68.00M
% Of Pretax Income 16.88% 22.74%
Net Earnings $192.0M $225.0M
YoY Change 90.1% -12.11%
Net Earnings / Revenue 8.39% 9.8%
Basic Earnings Per Share $1.99
Diluted Earnings Per Share $1.70 $1.96
COMMON SHARES
Basic Shares Outstanding 112.4M shares 112.2M shares
Diluted Shares Outstanding 114.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $686.0M $143.0M
YoY Change 117.78% -79.57%
Cash & Equivalents $686.0M $143.0M
Short-Term Investments
Other Short-Term Assets $286.0M $207.0M
YoY Change 45.92% 21.05%
Inventory $190.0M $184.0M
Prepaid Expenses
Receivables $1.210B $1.281B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.372B $1.815B
YoY Change 24.97% -22.24%
LONG-TERM ASSETS
Property, Plant & Equipment $2.418B $1.830B
YoY Change 2.85% 7.21%
Goodwill $7.733B $7.732B
YoY Change 7.11% 7.54%
Intangibles $1.166B $1.219B
YoY Change 6.78% 9.33%
Long-Term Investments $135.0M $130.0M
YoY Change 2.27% -5.8%
Other Assets $198.0M $149.0M
YoY Change 37.5% 12.88%
Total Long-Term Assets $11.65B $11.67B
YoY Change 6.5% 7.14%
TOTAL ASSETS
Total Short-Term Assets $2.372B $1.815B
Total Long-Term Assets $11.65B $11.67B
Total Assets $14.02B $13.48B
YoY Change 9.23% 1.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.359B $1.157B
YoY Change -2.65% -20.04%
Accrued Expenses $153.0M $157.0M
YoY Change 0.0% 2.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $303.0M $304.0M
YoY Change 15050.0% 15100.0%
Total Short-Term Liabilities $1.815B $1.618B
YoY Change 17.02% 1.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.410B $3.946B
YoY Change 10.86% -0.85%
Other Long-Term Liabilities $1.379B $874.0M
YoY Change 6.0% 11.05%
Total Long-Term Liabilities $5.789B $874.0M
YoY Change 9.66% 11.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.815B $1.618B
Total Long-Term Liabilities $5.789B $874.0M
Total Liabilities $7.715B $2.492B
YoY Change 11.1% 4.31%
SHAREHOLDERS EQUITY
Retained Earnings $8.825B $8.711B
YoY Change 6.45% 5.42%
Common Stock $2.322B $2.304B
YoY Change 1.09% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.826B $4.570B
YoY Change 3.27% 7.0%
Treasury Stock Shares
Shareholders Equity $6.307B $6.425B
YoY Change
Total Liabilities & Shareholders Equity $14.02B $13.48B
YoY Change 9.23% 1.96%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $192.0M $225.0M
YoY Change 90.1% -12.11%
Depreciation, Depletion And Amortization $109.0M $111.0M
YoY Change -6.03% 2.78%
Cash From Operating Activities $527.0M $207.0M
YoY Change 57.78% -58.76%
INVESTING ACTIVITIES
Capital Expenditures $72.00M $105.0M
YoY Change -148.98% -188.98%
Acquisitions $2.000M
YoY Change
Other Investing Activities -$42.00M -$2.000M
YoY Change 55.56%
Cash From Investing Activities -$114.0M -$107.0M
YoY Change -34.48% -9.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.0M -83.00M
YoY Change -123.85% -82.49%
NET CHANGE
Cash From Operating Activities 527.0M 207.0M
Cash From Investing Activities -114.0M -107.0M
Cash From Financing Activities 130.0M -83.00M
Net Change In Cash 543.0M 17.00M
YoY Change -241.04% -118.89%
FREE CASH FLOW
Cash From Operating Activities $527.0M $207.0M
Capital Expenditures $72.00M $105.0M
Free Cash Flow $455.0M $102.0M
YoY Change -5.41% -83.55%

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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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