Quest Diagnostics Inc

DGX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$598.00	Hkzcq	Kbfdxvhn

Quest Earnings: Solid Volume and Revenue Growth Supported Decent Quarterly Results

Debbie S. Wang

Jul 23, 2024

Quest Diagnostics delivered second-quarter results that held few surprises, and the firm remains on track to meet our full-year estimates. We’re leaving our fair value estimate unchanged for now. Quarterly revenue rose 2.5% year over year, supported by solid diagnostic test volume growth of 1.1% and price per requisition increasing by 1.6%. Though these underlying metrics softened a bit sequentially, they remain decent, and we think they reflect slightly heightened medical utilization. We saw little in the quarter to alter our view of Quest's narrow economic moat and its cost advantage.

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