QUEST DIAGNOSTICS FIRST QUARTER EARNINGS
TO EXCEED ANALYST EXPECTATIONS
TETERBORO, N.J., April 14, 2000
In addition, the company said that full-year 2000 earnings, excluding special items,
are likely to exceed current analyst expectations by approximately 20%. The current
consensus of estimates for full-year earnings is $1.47 per diluted share, as compiled by
First Call.
Kenneth W. Freeman, Chairman and Chief Executive Officer, said, "Quest Diagnostics
expects to report a strong first quarter, reflecting better than anticipated clinical
testing volume; improved revenue per order; and accelerated realization of net synergies
associated with the acquisition of SmithKline Beecham Clinical Laboratories (SBCL). The
initial results of combining the operations of Quest Diagnostics and SBCL are encouraging.
However, we are early in the process and much remains to be done. Throughout this process
we remain dedicated to the highest level of customer service." Quest
Diagnostics acquisition of SBCL was completed on August 16, 1999.
Quest Diagnostics expects to issue its first quarter 2000 financial results after the
close of the stock market on April 24, 2000. The company is currently in a
"quiet" period and will discuss results for the first quarter during a
conference call on April 25 at 8:00 a.m. (Eastern Time). To hear a simulcast of the call
over the Internet, or a replay, registered analysts may access StreetEvents at: www.streetevents.com and all
others may access the Quest Diagnostics website at: www.questdiagnostics.com.
Quest Diagnostics is the nation's leading provider of diagnostic testing, information
and services with annualized revenues of more than $3 billion. The testing performed on
human specimens helps doctors diagnose, treat and monitor disease; enables employers to
detect workplace drug abuse; and supports pharmaceutical and biotechnology companies in
clinical trials of new therapeutics worldwide. Quest Informatics analyzes laboratory and
other medical data to help health care providers improve the care of patients. Additional
company information can be found on the Internet at: www.questdiagnostics.com.
The statements in this press release which are not historical facts or information may
be forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. Certain of these
risks and uncertainties are listed in the Quest Diagnostics Incorporated 1999 Form 10-K
and subsequent filings.
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