The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, costs associated with donations, contributions and other financial support through Quest for Health Equity, the company's recently announced initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities, and other items. The additional table attached below includes reconciliations of non-GAAP adjusted measures to GAAP measures.Īs used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The Company's outlook for the first half of 2021 remains unchanged as follows: In the first half of 2021 the company plans to execute $900 million in share repurchases of its common stock. The company will discuss its capital deployment strategy, including its focus on returning a majority of free cash flow to shareholders through share repurchases and dividends. In addition, the Quest Diagnostics management team will discuss the company's strategy to drive operational excellence and continue to generate savings of approximately 3% per year. Delivering more than a 2% revenue CAGR on the base business through strategically aligned accretive acquisitions.Supporting return to work, school and life activities with COVID-19 testing.Building on the company's growth in consumer testing.Increasing market share in advanced diagnostics through innovation.Strengthening the company's relationships with hospital health systems.Taking advantage of expanded access to 90% of commercially insured lives across the U.S.We have raised our long-term outlook to a 4-5% revenue CAGR for our base business and a 7-9% earnings CAGR for the total company."Īt the meeting, members of the company's senior management team will provide perspective on COVID-19 and base business testing trends and highlight the strategic initiatives underway to accelerate the company's growth, including: Our base business is poised to fully recover by the end of 2021. "Earnings from COVID-19 testing continue to help fund investments in the business, which will enable us to further accelerate growth and drive operational excellence. ![]() ![]() "Our response to the COVID-19 pandemic demonstrated our agility and capability for innovation," said Steve Rusckowski, Chairman, CEO and President. SECAUCUS, N.J., Ma/PRNewswire/ - At a virtual meeting with analysts and investors at its Investor Day, members of the senior management team of Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, will report on progress made on the company's two-point strategy to accelerate growth and drive operational excellence, and provide a new long-term financial outlook.
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