$DGX
QUEST DIAGNOSTICS INC

2024 Q2 Form 10-Q Financial Statement

#000102207924000099 Filed on April 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.397B $2.366B
YoY Change 2.52% 1.5%
Cost Of Revenue $1.593B $1.591B
YoY Change 3.04% 1.99%
Gross Profit $804.0M $775.0M
YoY Change 1.52% 0.52%
Gross Profit Margin 33.54% 32.76%
Selling, General & Admin $416.0M $438.0M
YoY Change 1.71% -0.23%
% of Gross Profit 51.74% 56.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.0M $116.0M
YoY Change 4.46% 8.41%
% of Gross Profit 14.55% 14.97%
Operating Expenses $416.0M $469.0M
YoY Change -4.81% 6.83%
Operating Profit $355.0M $306.0M
YoY Change 0.0% 0.33%
Interest Expense $47.00M -$34.00M
YoY Change -227.03% -191.89%
% of Operating Profit 13.24% -11.11%
Other Income/Expense, Net -$41.00M $0.00
YoY Change -783.33% -100.0%
Pretax Income $314.0M $266.0M
YoY Change -0.95% -3.97%
Income Tax $74.00M $66.00M
% Of Pretax Income 23.57% 24.81%
Net Earnings $229.0M $193.0M
YoY Change -2.14% -4.46%
Net Earnings / Revenue 9.55% 8.16%
Basic Earnings Per Share $2.05 $1.74
Diluted Earnings Per Share $2.03 $1.72
COMMON SHARES
Basic Shares Outstanding 111.1M shares 110.7M shares
Diluted Shares Outstanding 112.0M shares 112.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $271.0M $474.0M
YoY Change 115.08% 170.86%
Cash & Equivalents $271.0M $474.0M
Short-Term Investments
Other Short-Term Assets $245.0M $251.0M
YoY Change 30.32% 28.72%
Inventory $182.0M $181.0M
Prepaid Expenses
Receivables $1.319B $1.322B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.017B $2.228B
YoY Change 16.39% 22.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.832B $2.389B
YoY Change -24.45% 33.09%
Goodwill $7.885B $7.830B
YoY Change 1.97% 8.13%
Intangibles $1.202B $1.192B
YoY Change -3.61% 10.68%
Long-Term Investments $126.0M $133.0M
YoY Change -6.67% 3.91%
Other Assets $216.0M $182.0M
YoY Change 42.11% 21.33%
Total Long-Term Assets $11.86B $11.73B
YoY Change 1.47% 6.79%
TOTAL ASSETS
Total Short-Term Assets $2.017B $2.228B
Total Long-Term Assets $11.86B $11.73B
Total Assets $13.88B $13.95B
YoY Change 3.4% 9.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.247B $1.239B
YoY Change 3.83% 3.42%
Accrued Expenses $159.0M $153.0M
YoY Change 1.92% -1.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $606.0M $906.0M
YoY Change 16.99% 45200.0%
Total Short-Term Liabilities $2.012B $2.298B
YoY Change 7.31% 69.59%
LONG-TERM LIABILITIES
Long-Term Debt $3.816B $3.804B
YoY Change 1.03% -4.3%
Other Long-Term Liabilities $811.0M $1.306B
YoY Change -42.44% 61.43%
Total Long-Term Liabilities $811.0M $5.110B
YoY Change -84.36% 531.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.012B $2.298B
Total Long-Term Liabilities $811.0M $5.110B
Total Liabilities $2.823B $7.522B
YoY Change -60.66% 247.6%
SHAREHOLDERS EQUITY
Retained Earnings $9.080B $8.935B
YoY Change 6.0% 6.22%
Common Stock $2.316B $2.294B
YoY Change 1.31% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.760B $4.781B
YoY Change 3.77% 3.66%
Treasury Stock Shares
Shareholders Equity $6.617B $6.432B
YoY Change
Total Liabilities & Shareholders Equity $13.88B $13.95B
YoY Change 3.4% 9.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $229.0M $193.0M
YoY Change -2.14% -4.46%
Depreciation, Depletion And Amortization $117.0M $116.0M
YoY Change 4.46% 8.41%
Cash From Operating Activities $360.0M $154.0M
YoY Change -18.92% 63.83%
INVESTING ACTIVITIES
Capital Expenditures $92.00M $104.0M
YoY Change -11.54% -18.11%
Acquisitions $106.0M $142.0M
YoY Change -81.66% 358.06%
Other Investing Activities -$108.0M -$109.0M
YoY Change -81.31%
Cash From Investing Activities -$200.0M -$213.0M
YoY Change -70.67% 34.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -363.0M -153.0M
YoY Change -292.06% 101.32%
NET CHANGE
Cash From Operating Activities 360.0M 154.0M
Cash From Investing Activities -200.0M -213.0M
Cash From Financing Activities -363.0M -153.0M
Net Change In Cash -203.0M -212.0M
YoY Change 314.29% 51.43%
FREE CASH FLOW
Cash From Operating Activities $360.0M $154.0M
Capital Expenditures $92.00M $104.0M
Free Cash Flow $268.0M $50.00M
YoY Change -21.18% -251.52%

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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") work across the healthcare ecosystem to create a healthier world, one life at a time. The Company's diagnostic information services ("DIS") business provides diagnostic insights from the results of its laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, the diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. In the right hands and with the right context, the diagnostic insights can inspire actions that transform lives and create a healthier world. The Company provides services to a broad range of customers within its primary customer channels - physicians (including those associated with accountable care organizations and Federally Qualified Health Centers), hospitals, and patients and consumers. Other customers include health plans, employers, emerging retail healthcare providers, government agencies, pharmaceutical companies and other commercial clinical laboratories. The Company offers broad access to clinical testing through a nationwide network of laboratories, patient service centers, phlebotomists in physician offices, and connectivity resources, including call centers and mobile phlebotomists, nurses and other health and wellness professionals. The Company's large in-house staff of medical and scientific experts, including medical directors, scientific directors, genetic counselors and board-certified geneticists, provide medical and scientific consultation to healthcare providers and patients regarding the Company's tests and test results, and help them best utilize Quest Diagnostics' services to improve outcomes and enhance satisfaction. The Company's Diagnostic Solutions ("DS") group, which represents the balance of the Company's consolidated net revenues, includes the Company's risk assessment services business, which offers solutions for insurers, and the Company's healthcare information technology businesses, which offer solutions for healthcare providers and payers.
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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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