Quest Diagnostics Incorporated (DGX) Q1 2023 Earnings Call Transcript

Quest Diagnostics Incorporated (NYSE:DGX) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET

Company Participants

Shawn Bevec - Vice President, Investor Relations

Jim Davis - Chairman and Chief Executive Officer and President

Sam Samad - Chief Financial Officer.

Conference Call Participants

Ann Hynes - Mizuho Securities

Patrick Donnelly - Citigroup

Brian Tanquilut - Jefferies

Elizabeth Anderson - Evercore ISI

Kevin Caliendo - UBS

Jack Meehan - Nephron Research

Erin Wright - Morgan Stanley

Kieran Ryan - Deutsche Bank

Andrew Brackmann - William Blair

A.J. Rice - Credit Suisse

Operator

Hello, and thank you all for standing by. Welcome to the Quest Diagnostics First Quarter 2023 Conference Call. At the request of the company, this call is being recorded. All lines have been placed on a listen-only mode until the question and answer portion. The entire contents of the call, including the presentation and question-and-answer session that will follow, are the copyrighted property of Quest Diagnostics with all rights reserved. Any redistribution, retransmission or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited.

I would now like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Go ahead, please.

Shawn Bevec

Thank you, and good morning. I’m joined by Jim Davis, our Chairman and Chief Executive Officer and President; and Sam Samad, our Chief Financial Officer.

During this call, we may make forward-looking statements and will discuss non-GAAP measures. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. Actual results may differ materially from those projected. Risks and uncertainties that may affect Quest Diagnostics’ future results include, but are not limited to, those described in our most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K.

For this call, references to reported EPS refer to reported diluted EPS, and references to adjusted EPS refer to adjusted diluted EPS. Any references to base business, testing, revenues or volumes refer to the performance of our business excluding COVID-19 testing. Growth rates associated with our long-term outlook projections, including total revenue growth, revenue growth from acquisitions, organic revenue growth and adjusted earnings growth, are compound annual growth rates. Finally, revenue growth rates from acquisitions will be measured against our base business.