Quest Diagnostics Incorporated (DGX) CEO Steve Rusckowski on Q3 2022 Results - Earnings Call Transcript

Quest Diagnostics Incorporated (NYSE:DGX) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET

Company Participants

Shawn Bevec - VP of IR

Steve Rusckowski - Chairman, President & Chief Executive Officer

Jim Davis - CEO

Sam Samad - CFO

Conference Call Participants

Ann Hynes - Mizuho Securities

Kevin Caliendo - UBS

Jack Meehan - Nephron Research

Erin Wright - Morgan Stanley

Brian Tanquilut - Jefferies

A.J. Rice - Credit Suisse

Pito Chickering - Deutsche Bank

Patrick Donnelly - Citi

Operator

Welcome to the Quest Diagnostics Third Quarter 2022 Conference Call. At the request of the company, this call is being recorded. 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.

Now I’d 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 Steve Rusckowski, our Chairman, Chief Executive Officer and President; Jim Davis, CEO elect; and Sam Samad, our Chief Financial Officer.

During this call, we may make forward-looking statements and then we 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, including the impact of the COVID-19 pandemic 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. The company continues to believe that the impact of the COVID-19 pandemic on future operating results, cash flows and/or its financial condition will be primarily driven by the pandemic severity and duration, healthcare insurer, government and client payer reimbursement for COVID-19 molecular test, the pandemic impact on the U.S. health care system and the U.S. economy; and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic, including the impact of vaccination efforts which are drivers beyond the company’s knowledge and control.

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.