Quest Diagnostics Incorporated (NYSE:DGX) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET

Company Participants

Jim Davis - Chairman, Chief Executive Officer, President
Sam Samad - Chief Financial Officer
Shawn Bevec - Vice President of Investor Relations

Conference Call Participants

Ann Hynes - Mizuho Securities
Kevin Caliendo - UBS
Michael Cherny - Leerink
Patrick Donnelly - Citi
David Westenberg - Piper Sandler
Erin Wright - Morgan Stanley
Brian Tanquilut - Jeffries
Lisa Gill - JP Morgan
Michael Ryskin - Bank of America
Jack Meehan - Nephron Research
Andrew Brackmann - William Blair
Pito Chickering - Deutsche Bank
Stephanie Davis - Barclays

Operator

Welcome to the Quest Diagnostics Second Quarter 2024 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. Please go ahead, sir.

Shawn Bevec

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

Now, here is Jim Davis.

Jim Davis

Thanks Shawn and good morning, everyone. We delivered another strong quarter, with base business revenue growth of nearly 4% and total revenue growth of 2.5% as well as continued improvement in productivity and profitability in the base business.