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QUEST DIAGNOSTICS

(DGX)
  Report
Delayed Nyse  -  04:03 2022-09-29 pm EDT
124.62 USD   -0.44%
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Quest Diagnostics Launches Monkeypox Virus Testing

07/29/2022 | 11:07am EDT

- Company to be able to perform approximately 30,000 tests a week by the end of July, supplementing public health response

- Physicians can order the novel Quest Diagnostics lab test beginning today and the CDC orthopoxvirus test the first half of August

SECAUCUS, N.J. - Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, announced the nationwide availability* of the company's lab-developed molecular diagnostic test to aid in the diagnosis of infection with the monkeypox virus, with plans to launch the CDC's orthopoxvirus test in the first half of August.

The company's novel dual-target real-time polymerase chain reaction (PCR) test is believed to be the first commercially available test developed and offered by a national laboratory provider to aid in the qualitative detection and differentiation of monkeypox virus (West African clade) DNA from other non-variola orthopoxviruses. Developed by the company's research and development team, the test was validated under CLIA federal regulations, and is now performed at the company's advanced laboratory in San Juan Capistrano, Calif. The test uses swab specimens collected by healthcare providers, such as in physician offices and hospitals, from patients presenting with an acute generalized pustular or vesicular rash. Test results are intended to be used in conjunction with clinical observations and epidemiological risk factors, and results should not be used as the sole basis of treatment or other patient management decisions.

With the new automated test, Quest expects to be able to perform approximately 30,000 monkeypox virus tests a week by the end of July. Depending on demand, Quest can expand capacity for monkeypox testing across other advanced laboratories in its national network.

In addition, Quest is currently validating the orthopoxvirus test from the Centers for Disease Control and Prevention (CDC) with the goal to provide it as an additional test option to physicians in the first half of August. On June 22, the Department of Health and Human Services announced Quest Diagnostics is one of five laboratories the CDC selected to expand nationwide test capacity for the monkeypox virus using the CDC's orthopoxvirus test.

"We commend the HHS and CDC for spearheading public-private collaboration to mobilize response to the current monkeypox outbreak," said Jay G. Wohlgemuth, M.D., Senior Vice President, R&D, Medical and Chief Medical Officer, Quest Diagnostics. "Quest's expertise in infectious disease testing, national scale and relationships with half the country's physicians and health systems is a vital complement to the efforts of the CDC and other public health labs to combat the monkeypox outbreak in the United States."

"The COVID-19 pandemic demonstrated the importance of broad access to quality laboratory testing for emerging infectious diseases," said Ruth Clements, Vice President and General Manager, Infectious Disease, Quest Diagnostics. "Quest's laboratory developed test complements the CDC test, supporting the public effort with an automated test option for the monkeypox virus."

Monkeypox is a rare infectious disease typically occurring in parts of Africa. The West African clade is the circulating virus in the current global outbreak. CDC recommends that anyone with monkeypox symptoms talk to their health care provider, even if they don't think they had contact with someone who has monkeypox.

*The service will be available in New York at a later date, pending the New York Department of Health's review of the laboratory developed test. For more information on the company's monkeypox testing, visit https://www.questdiagnostics.com/healthcare-professionals/about-our-tests/infectious-diseases/monkeypox

About Quest Diagnostics

Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com

Tweet me: .@QuestDX announces the nationwide availability of a test to aid in the diagnosis of infection with the monkeypox virus. Find out more here: https://bit.ly/3uMrpKX

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(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2022 9 692 M - -
Net income 2022 1 028 M - -
Net Debt 2022 3 063 M - -
P/E ratio 2022 14,6x
Yield 2022 2,11%
Capitalization 14 531 M 14 531 M -
EV / Sales 2022 1,82x
EV / Sales 2023 1,90x
Nbr of Employees 44 500
Free-Float 71,7%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 124,62 $
Average target price 143,21 $
Spread / Average Target 14,9%
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Managers and Directors
Stephen H. Rusckowski Chairman, President & Chief Executive Officer
James E. Davis Senior Vice President-Diagnostics Solutions
Sam A. Samad Chief Financial Officer & Executive Vice President
Jay G. Wohlgemuth Chief Medical Officer, Senior VP-R&D, Medical
Gabrielle Wolfson SVP, Chief Information & Digital Officer
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