Quest Diagnostics (stock code: DGX.N) has reported its Q3 2023 financial results (ending on September 30, 2023), with the company’s total revenue for Q3 this year reaching $2.3 billion, a 7.7% decrease from the same period in the previous year, when it was $2.49 billion. The COVID-19 testing business declined from $316 million to $26 million, while non-COVID business increased from $2.17 billion to $2.27 billion, marking a 4.6% rise.
Regarding Quest’s specific business segments, the company noted that areas such as molecular genomics and oncology tests are growing rapidly. Neurology, women’s and reproductive health, cardiovascular metabolism, infectious diseases, and immunology tests all experienced double-digit revenue growth.
Furthermore, Quest is still in the process of integrating Haystack Oncology and plans to launch its first MRD liquid biopsy test in early 2024.
Regarding the FDA’s proposal to regulate Laboratory Developed Tests (LDTs), Quest’s stance is similar to Labcorp’s. Despite LDTs accounting for less than 10% of Quest’s business, they also oppose the FDA taking over LDTs, believing that the FDA does not have the authority to regulate LDTs under existing laws. However, Quest stated that they are adequately prepared to handle the situation if the FDA does indeed take control of LDTs.
