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Quest Diagnostics cuts full year earnings, revenue guidance

  • "We are disappointed with our Q3 performance, particularly after generating revenues early in the period that were in line with our expectations," Quest Diagnostics (DGX) CEO Steve Rusckowski says, as the company's top line comes up shy of estimates and falls nearly 2% from last year's quarter.
  • Diagnostic information services revenues fall 2.4% while requisitions rise 2%, helped by acquisitions. Revenue per requisition slides 4.3%, although if you strip out the toxicology acquisition the figure improves to -3.3%.
  • Operating margin falls 260 bps.
  • FY13 outlook: Revenues now expected to fall 3.5% Y/Y versus previous guidance of a 1-2% decline. EPS now seen at $3.85-3.95 versus previous guidance of $4.35-4.50 and against consensus of $4.23/share. (PR)
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