Quest raises 2020 financial outlook

Quest Diagnostics has raised its 2020 financial outlook after its organic testing volumes recovered faster than expected through the end of August, the company said Sept. 10. 

The company expects its total 2020 revenue to be between $8.4 billion and $8.8 billion, up from its previous outlook of $8 billion to $8.6 billion. 

Cash provided by operations for the full year is now expected to be at least $1.45 billion, compared to the previous outlook of at least $1.25 billion. 

Quest said since reporting its second quarter results July 23, its organic testing volumes have recovered faster than anticipated. Its COVID-19 molecular and antibody testing volumes have remained consistent with the previous outlook. 

The company said the pandemic's impact on its future operating results will be primarily driven by factors beyond the company's knowledge and control, including how long the pandemic lasts, how severe it is in the future, the economic effects and the scope of federal, state and local governmental responses. 

Read the full news release here.

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