SECAUCUS, N.J. – Quest Diagnostics (NYSE: NYSE:), a outstanding diagnostic data providers supplier, has entered right into a definitive settlement to amass choose property of the outreach laboratory providers enterprise from College Hospitals, a number one well being system primarily based in Ohio. This transfer goals to boost entry to Quest’s intensive take a look at menu and community of affected person entry websites throughout Ohio.
The acquisition is anticipated to be finalized within the fourth quarter of 2024, pending customary regulatory approvals. Monetary particulars of the deal weren’t disclosed.
Cliff A. Megerian, MD, Chief Govt Officer of College Hospitals, expressed confidence within the partnership with Quest, highlighting the significance of sustaining environment friendly operations and high quality providers whereas bettering affected person entry. Jim Davis, CEO of Quest Diagnostics, famous that well being methods like College Hospitals are more and more seeking to optimize lab providers by way of partnerships to focus extra on affected person care.
Quest Diagnostics is thought for offering insights from laboratory testing to assist healthcare selections. The corporate serves one in three grownup Individuals and half of the nation’s physicians and hospitals. College Hospitals, established in 1866, gives affected person care by way of its intensive community in northern Ohio, together with a flagship educational medical heart and varied specialty hospitals and outpatient amenities.
The collaboration between Quest Diagnostics and College Hospitals is ready to develop Quest’s presence in Ohio, the place it’ll leverage its capabilities in laboratory providers to assist affected person care and operational effectivity.
This text relies on a press launch assertion.
In different latest information, Quest Diagnostics has been making important strides available in the market. The corporate’s second quarter of 2024 noticed complete income enhance by 2.5% to $2.99 billion, largely pushed by strategic acquisitions like LifeLabs, choose lab property of Allina Well being, outreach lab property of OhioHealth, and PathAI Diagnostics. These acquisitions are a part of Quest Diagnostics’ technique to develop in progress areas and leverage digital pathology and AI in most cancers analysis.
Quest Diagnostics has additionally up to date its full-year 2024 monetary steering, projecting revenues to be between $9.5 billion and $9.58 billion. The reported EPS is anticipated to vary from $7.57 to $7.77, whereas the adjusted EPS is projected to be between $8.80 and $9.00. Mizuho has maintained an Outperform ranking on the corporate, elevating the value goal to $160 from $155 following these strong outcomes.
The corporate has additionally introduced a world collaboration with BD (Becton, Dickinson and Firm) to develop move cytometry-based companion diagnostics (CDx), aimed toward enhancing remedy choice for most cancers sufferers and people with different ailments. This partnership combines BD’s experience in move cytometry with Quest Diagnostics’ expertise in biomarker growth and assay validation. These latest developments spotlight Quest Diagnostics’ dedication to progress and innovation within the healthcare diagnostics market.
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