Quest Diagnostics revenue down 4% in Q1 after drop in COVID-19 testing

Quest Diagnostics netted $2.61 billion in revenue for the first quarter of 2022, down 4 percent from the same period in 2021.

The company said April 21 that its diluted earnings per share were $2.92, down 15.6 percent from 2021. Excluding COVID-19 testing, the company pulled in $2.01 billion, up more than six percent year-over-year.

COVID-19 testing revenues fell from $828 million in the first quarter of 2021 to $599 million in the first quarter of 2022, a drop of 27.6 percent.

Quest now expects its full year 2022 net revenue to land between $9.2 billion and $9.5 billion, with a per-share earning between $7.88 and $8.38.

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