Quest Diagnostics Inc - Company Profile

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Quest Diagnostics Inc: Segment Analysis

Business Description

Quest Diagnostics Inc (Quest Diagnostics) is a provider of diagnostic testing information services. It offers a comprehensive portfolio of routine and specialty laboratory tests and services to patients and physicians. The company operates through two reportable segments: Diagnostic Information Services (DIS) Business and Diagnostic Solutions (DS) Businesses. The company offers a large private database of de-identifiable laboratory test results which offer more than 70 billion patient data points. It processed approximately 206 million test requisitions in 2023.

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R&D Overview

Quest Diagnostics R&D activities focus on developing and introducing new tests and services that are tailored to individual patients. These are involved in every stage of the process, from discovery and technology development to clinical validation of diagnostic tests. The company aims to bring new innovations to the market, and collaborate with other developers of new technologies, services, and tests, drawing on in-house expertise in areas such as assay development and commercialization of testing services. The research and development team at Quest Diagnostics boasts experts across diverse fields, including genomics, genetics, and bioinformatics. They include a wide range of organizations, from large commercial manufacturers to emerging medical technology companies, academic institutions, and pharmaceutical and biotechnology firms. It owns or controls approximately 1,200 issued and 400 pending patents worldwide.

Business Segments

Overview

Offers diagnostic testing information and services and specializes in testing solutions such as urine, hair, blood and oral fluid tests for the detection and use of drugs of abuse. It serves hospitals, physicians, patients, integrated delivery networks (IDNs), health plans, employers, and others. Key services include clinical testing services such as routine testing, anatomic pathology services, gene-based and esoteric testing, drugs-of-abuse testing and related services and insights Also offers COVID-19 molecular and antibody testing, and consulting services related to its tests and test results. Envisages considerable investment to expand and enhance its DIS portfolio. It also focuses on partnering with health plans, independent delivery networks and other risk bearing entities to accelerate growth.

Performance

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Overview

Provides a broad variety of services including risk assessment services for the life insurance industry and testing for clinical trials. It also provides diagnostic test kits and information technology solutions to healthcare organizations and clinicians. Key services include risk assessment services include underwriting support services, including data gathering, paramedical examinations and clinical laboratory testing and analytics; ExamOne risk assessment services; healthcare information technology offerings including Quanum EHR and ChartMaxx enterprise content management systems DS also operates Q2 Solutions, a joint venture with Quintiles IMS Holdings Inc. Focuses on offering solutions to decrease costs; increase revenue/capital; and improve quality.

Performance

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