#RESTRICTED PHONE CALL QUEST DIAGNOSTICS UPDATE#But before turning to our results in the third quarter, I'd like to update you on the progress we've made in our quest for health equity initiative, a more than $100 million initiative aimed at reducing healthcare disparities in underserved neighborhoods. And then Mark will provide more detail on our financial results, and talk about our updated outlook and underlying assumptions. So, this morning, I'll discuss our performance for the third quarter of 2021, and update you on our base business. The momentum of our base business positions us to deliver the 2022 outlook we shared at our March Investor Day. We have raised our outlook for the remainder of the year based on higher-then-anticipated COVID-19 volumes, as well as continued progress we expect to see in our base business, despite rising labor costs and inflationary pressures. Importantly, our base business continues to improve sequentially in the third quarter, which speaks to the ongoing recovery. In late summer, we experienced some softness in the base business across the country, but saw a rebound, in September. Well, we had a strong third quarter as COVID-19 molecular volumes increased throughout the summer, while our base business continue to deliver solid volume growth versus the prior year, and 2019. Thanks, Shawn, and thanks everyone for joining us today. Finally, revenue growth rates from acquisitions will be measured against our base business. 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. Any references to base business, testing, revenues or volumes refer to the performance of our business, excluding COVID-19 testing. #RESTRICTED PHONE CALL QUEST DIAGNOSTICS DRIVERS#economy, and the timing, scope and effectiveness of federal, state and local governmental responses from the pandemic, including the impact of vaccination efforts, which are drivers beyond the company's knowledge and control.įor this call, references to reported EPS refer to reported diluted EPS, and references to adjusted EPS refer to adjusted diluted EPS. 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. 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. Actual results may differ materially from those projected. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. I'm joined by Steve Rusckowski, our Chairman, CEO and President and Mark Guinan, our Chief Financial Officer.ĭuring this call, we may make forward-looking statements and we'll discuss non-GAAP measures. Now I'd like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Any redistribution, retransmission or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited. 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. At the request of the company, this call is being recorded. Welcome to the Quest Diagnostics' Third Quarter 2021 Conference Call. Steve Rusckowski - Chairman, Chief Executive Officer and President Shawn Bevec - Vice President of Investor Relations Quest Diagnostics Incorporated ( NYSE: DGX) Q3 2021 Earnings Conference Call Octo8:30 AM ET
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