Quest Diagnostics takes steps to shore up its balance sheet, ramps up coronavirus antibody testing as profit plunges [MSNBC.com]
Quest Diagnostics Incorporated (DGX)
Last quest diagnostics incorporated earnings: 4/22 06:45 am
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Source: MSNBC.com
Quest Diagnostics is cutting pay and benefits for executives, furloughing employees and renegotiating credit terms with its lenders as the national lab tries to stymie losses from the Covid-19 pandemic, even as it expands into much-needed antibody testing.A surge in coronavirus testing during the last few weeks of the first quarter wasn't enough to offset a decline in all other types of laboratory tests as physicians canceled nonessential medical procedures, helping to drive an almost 40% drop in profit to $99 million, down from $164 million during the same three months the year before.To rein in spending, the New Jersey-based diagnostics lab — one of several major U.S. private labs manufacturing a diagnostic test for Covid-19 — is suspending certain employee benefits, slashing work hours and furloughing employees. The company is maintaining its quarterly dividend but it drew $200 million in backup financing from its credit lines in April.Shares of Quest jumped more than 5% in midday
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DGX
Earnings
- 10/21/25 - Beat
DGX
Sec Filings
- 11/28/25 - Form 4
- 11/28/25 - Form 4
- 11/25/25 - Form 144
- DGX's page on the SEC website