Health plan volumes also continued to grow faster than the overall business. This suggests, more people are returning to the healthcare system for routine care after delaying care during the pandemic. We saw a faster growth in a number of tests per requisition across a broad range of clinical test categories. The strong volume growth we experienced in our base business across all customer types points to a continued return to care in the quarter. Now let’s look at some of the highlights from the quarter. Now turning to the first quarter, total revenues were $2.3 billion, total base business revenue grew 10%, supported by base business volume growth of nearly 8% and earnings per share were $1.78 on a reported basis and $2.04 on an adjusted basis. Later in my remarks, I’ll describe how this transaction is aligned to the Molecular Genomics and Oncology strategy we shared last month at Investor Day and how it positions us well in the fast growing category of minimal residual disease testing. This morning we announced the acquisition of Haystack Oncology. We’re off to a strong start in 2023, our base business grew double-digits compared to prior year, driven by strong performance across physician and health system lab services. Thanks, Shawn, and good morning everyone. Finally, revenue growth rates from acquisitions will be measured against our base business. Growth rates associated with our long-term outlook, projections, including total revenue growth, revenue growth from acquisitions, organic revenue growth and adjusted earnings growth are compound annual growth rates. Any references to base business testing revenues or volumes, refer to the performance of our business, excluding COVID-19 testing. For this call, references to reported EPS refer to reported diluted EPS and references to adjusted EPS refer to adjusted diluted EPS. Risks and uncertainties that may affect Quest Diagnostics’ future results include but are not limited to, those described in our most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Actual results may differ materially from those projected. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. During this call, we may make forward-looking statements and will discuss non-GAAP measures. I’m joined by Jim Davis, our Chairman and Chief Executive Officer and President, and Sam Samad, our Chief Financial Officer. I would now like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Any redistribution, retransmission or rebroadcast of this call in any form without written consent of Quest Diagnostics is strictly prohibited. The entire contents of the call, including the presentation and question-and-answer session that will follow are the copyrighted property of Quest Diagnostics with all rights reserved. At the request of the Company, this call is being recorded. Hello and thank you all for standing by, Welcome to the Quest Diagnostics’ First Quarter 2023 Conference Call. Unidentified Participant - Analyst Presentation: Sam Samad - Executive Vice President, Chief Financial Officer Analysts:Įlizabeth Anderson - Evercore ISI - AnalystĪndrew Brackmann - William Blair - Analyst Quest Diagnostics Inc (NYSE: DGX) Q1 2023 Earnings Call dated Apr.
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