Quest Diagnostics Incorporated's (DGX) CEO Steve Rusckowski On Q1 2022 Results - Earnings Call Transcript

Quest Diagnostics Incorporated (NYSE:DGX) Q1 2022 Earnings Conference Call April 21, 2022 8:30 AM ET

Company Participants

Shawn Bevec - Vice President, Investor Relations

Steve Rusckowski - Chairman and Chief Executive Officer and President

Jim Davis - Chief Executive Officer-Elect

Mark Guinan - Chief Financial Officer

Conference Call Participants

Ricky Goldwasser - Morgan Stanley

Patrick Donnelly - Citi

A.J. Rice - Credit Suisse

Pito Chickering - Deutsche Bank

Kevin Caliendo - UBS

Jack Meehan - Nephron Research

Brian Tanquilut - Jefferies

Derik de Bruin - Bank of America

Ann Hynes - Mizuho Securities

Rachel Vatnsdal - J.P. Morgan

Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.

Operator

0:00 Welcome to the Quest Diagnostics First Quarter 2022 Conference Call. At the request of the company, this call is being recorded. The entire contents of this call, including the presentation, and the question-and-answer session that will follow are 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.

00:16 Now, I'd like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Go ahead, please.

Shawn Bevec

00:23 Thank you and good morning. I'm joined by Steve Rusckowski, our Chairman and Chief Executive Officer and President; Jim Davis, CEO-Elect; and Mark Guinan, our Chief Financial Officer.

00:34 During this call, we may make forward-looking statements and we'll 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.

01:08 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, health care insurer, governments and clients payer reimbursement rates for COVID-19 molecular tests, the pandemic's 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.