DGX - Earnings call transcript Q4 2020 | Quest Diagnostics Incorporated

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Operator

Welcome to the Quest Diagnostics Fourth Quarter and Full-Year 2020 Conference Call. At the request of the company, this call is being recorded. 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. Any redistribution, retransmission, or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited.

Now, I’d like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. please. ahead, Go

Shawn Bevec

good Rusckowski, and and on line the Guinan, Thank Chairman, morning. Chief Steve Officer. our Chief President; Executive with our you Financial I’m Officer, Mark and

statements which projected. this affect Actual differ and recent Quest provide During results reconciliation measures the may measures the non-GAAP are Risks materially and of the on on may and comparable reports reports of may include, those pandemic earnings tables including we Form Form quarterly make to future COVID-XX a but current governmental Diagnostics’ will non-GAAP the that to on not our and company the molecular of payer described U.S. measures. duration, flows, be of call, impact for The severity healthcare results the in the X-K. results, COVID-XX annual uncertainties, XX-K discuss to reimbursement We limited GAAP filed its pandemic’s XX-Q, in those to our from forward-looking pandemic’s press subsequently pandemic continues most primarily report local financial release. the state to impact that U.S. tests, drivers cash and are future client condition effectiveness company’s and the knowledge on and and and the system economy, insurer, and will government pandemic, operating timing, by and/or believe COVID-XX the impact beyond rates scope, federal, Form the responses driven healthcare on control. and

to base refer or EPS continuing acquisitions, this outlook business diluted EPS and to to and rates. Growth EPS compounded revenue COVID-XX diluted with reported organic annual references are to revenue from excluding from from growth growth, projections, EPS refer growth volumes, rates associated serology our operations adjusted reported volumes. growth to references base and revenue total growth, earnings testing refer including long-term molecular testing testing References For continuing adjusted operations. volumes call, to adjusted

from acquisitions rates our growth business. revenue measured against base will Finally, be

is Now, here Rusckowski. Steve

Steve Rusckowski

for Shawn, and everyone Thanks thanks joining today. us

our the by cash Quest and delivered testing operations have tested record COVID-XX tests, our So, XXXX. and to test capacity, country, we and models building the for We our innovating employees I’m can customers. what earnings, pandemic, course, responded the and one transporting as nearly COVID-XX our providers what critical delivering accomplish brought has testing. COVID-XX pandemic the XX,XXX of from The as in new dominated leading they of optimistic year testing by heroes, the results, about and partners, with and very specimens, fourth retail the quarter proud full-year year have revenues, in achieved finished XXXX. country’s of we of supporting developing

performance the you pandemic, the this and results our base fourth update for of I’ll business role on financial So, non-COVID and morning and discuss outlook full-year our ongoing financial COVID-XX provide the half quarter in first XXXX. Mark our then for will our XXXX, our detail and on more

fighting before we perspective details the the new administration. COVID-XX and to wanted we into of quarter for get proposed share the new our XXXX, strategy the So, the on pandemic by the full-year

and the supplies; use by pleased tests expanding the health to by capacity; the country, enhancing access pandemic communities controlling are and known laboratory there underserved the efforts the of messaging are coverage. We of a about testing We ensuring in disparities especially to testing the insurance across clarity care. the where support availability of to administration’s testing expand in approach new

and pandemic we COVID-XX support to testing details days board the efforts look of in additional forward and weeks also We ahead.

the half drove quarter year. Now our and the performance results, high second turning for demand testing our continued the to of throughout COVID-XX

basis by more to by billion, $X.XX adjusted earnings a For nearly reported on per and grew to XX% XXX% than revenues fourth increased more XXX% $X.XX. the quarter, share basis $X on an total to than

by per we increased increased XX% revenues XX% earnings than $X.XX an We the $X.XX is billion. per to total to adjusted billion, by to more since our than full-year grew nearly XXXX, XX% more increase Cash to $XX.XX. increasing dividend today more basis announced are quarter. on XX.X% tenth $X by by to our $XX.XX, a operations on provided and by XX% share This than quarterly that For XXXX. reported basis

increased strong fourth clearly authority Directors of was available the advance today quarter, the $XXX our authorization top performed and people our increased tests of $X XXX,XXX an of billion. has of to molecular continued Board in repurchase as we COVID-XX our the December XXXX. approximately In spiked testing million is Additionally, the got by that share see well as quarter, on volumes. of holiday The gatherings. We in surged below fourth capacity. virus current COVID-XX Demand tested average XX,

into with still effective Clergy to and addressing Baptist health is when innovate to we Quest individuals. to coming than more to in therapy York efficiencies. over United our as important out COVID-XX isolate Abyssinian through leading be underserved further expand first times, care Church Equity the Black at We Testing event focused ever are conjunction months on and initiative. continue the vaccines the for infected in We disparities recently turnaround our and City. finally, Harlem in And Health testing New capacity, can Way held communities at-risk get roll of reduce patients gain

believe XXXX continue testing COVID We expect likely year testing demand for cases decline XXXX become COVID new although XXXX. strong throughout COVID-XX be vaccinated is to reported. and for fewer more into to people testing, will very as another We that are

business, fall. rapidly to throughout and recovered organic base turning volumes summer the our Now,

operational at details across stalled drive to to our make COVID-XX due growth the and With excellence. surge strategy November we the Mark continue business of share to our into December, the two-point progress recovery in end base provide accelerate infections regarding the in and trends However, will country. the that on later. and to more

the share to our some from strategy me Let of growth. highlights accelerate

achieved strong, in our Our acquisitions X% growth last M&A pipeline exceed three a from CAGR base to we goal years. our the over business remains and

strategy, we hospital December inpatient lab operations In labs this us run small see with record achieve MACL We Hermann of help to in partnerships in PLS Last in quarter, acquisitions, testing we in the largest we and also help interest their execute more lab deals with with pipeline. will growth closed them Memorial Meridian Hackensack year our Health strategy, lab our and to and types announced acquisitions XXXX, continue both this York to deals with Health, can we reference position that we them and year services well how is and fourth target The around which increasing Quest from announced more the their that particularly partner tuck-in discussions about M&A Meridian professional New arrangements. Hackensack PLS outreach will the remain efficiently. largest professional for services to includes similar perform or outreach integrated manage PLS, Indiana; was our Jersey. systems our We the partners year. a date hospitals two New and hospital relationship for year this in laboratory health then confident outreach hospitals. or on network XX our business

on to by from We to health price. contracting also efforts value-based plan dialogue the past recent strategy our shifting focused the when continue execute largely discussions

to of make We with in relationship with our delivery efficiency services. and the improve Anthem new strategic laboratory quality progress continue to

position of its building Network, United We’re partners. Lab many regional Preferred advancing our are with and other national momentum Healthcare and within also with plan our health

recent signing our our XX roughly strong scheduling we has is an In direct-to-consumer market grow Finally, an participating drive-thru in we to option. the industry promoter million December, in a MyQuest Today, specimen and more since over testing of leading COVID-XX with X Walmart QuestDirect quarter. saw past consumers offers have at October. for also services of up research increase number in our appointment that indicates scores. the than announced locations. and service year, patients nearly the net we million acceleration And collection brand MyQuest quarter, [zero] out-of-pocket continued strengthened our portal. account, the patient XXX This And

to strong offerings. in a our growth have We accelerate foundation consumer

second our strategy of drive is The part excellence. operational two-point to

per goal our by continue to to X% pursue our We reduce year. base cost

see same to see continue Once again, time of Invigorate further approximately experience. the to program $XXX cost more And delivered drive opportunities ahead We customer to base. our million efficiencies at future we enhancing also XXXX. our the more and productivity gains cost in deliver opportunities savings in

in network. And Teterboro, laboratory Clifton, laboratory is course Baltimore, Jersey flagship state-of-the-art of the new consolidate expect X. this to XXXX, over Our and from to the our January we Philadelphia live highly on labs facility. most This volumes in New automated went

virtual upcoming update held March you it over Investor that to will we announce it overview Mark, turning and strategy I’d at before like on and our our market on to Now, Day Thursday, XX. be to plan

for tuned Mark? details. more So, stay

Mark Guinan

the Thanks, for quarter, Steve. versus the were consolidated revenues Services fourth prior reflected XX% to In the which year. XX%, prior nearly billion, compared for measured the approximately Revenues contributing Diagnostic grew year, number versus $X Information ongoing acquisitions Volume, increased prior by testing the requisitions, testing a modest with demand our services, base revenue. offset decline in COVID-XX X.X%. XX.X% by of year up

due ordered update recovery the in November volume outlook year organic down in down versus testing infections in to the surge stalled volumes new business versus and late high-single-digits November. organic mid-to-high in single year our in digits the country. highlighted The December across in testing our we As October base mid-December, XXXX prior prior with were in the trends

transmission governments to Additionally, orders designed in base imposed to organic our baseline. the and Compared steady XXXX remained of relatively many pre-pandemic reduce December, versus state new volume January local trends COVID-XX.

total X% new fourth that and benefitted year roughly M&A quarter, volumes For the in entire and partnerships began XXXX. the from prior testing declined PLS versus

QX in to Revenue XX.X testing. X.X% testing versus the largely XX% tests unit the quarter. molecular the to or in EPS year. Adjusted serology our high revenue quarter, volume driven price of increased prior to full-year last We million margin continued growth ago. of the XXX,XXX or in prior XXXX. approximately QX. by quarter approximately EPS Excluding operating operating versus impact meaningful million, in income We be molecular resulted compared during tests, expectations. approximately the of in contributing for due per year. year. in COVID-XX operations year-over-year was XX% includes income tests adjusted the compared the which XX.X% or approximately a million was XX.X% in testing fourth tests by $XXX volumes million quarter, This revenues provided volumes last to XX.X% and operating partially $X.XX increase $X.XX $X.XX an COVID-XX was revenues, and compared of continued driven wins, basis, Reported $X.XX $XXX in-line million averaging QX On $X day. by million of to demand prior year XX,XXX testing. and revenues, $X.XX, $XXX was with compared offset requisition fourth billion to The $XXX the to quarter approximately declined XX% of was fourth serology revenues was approximately PLS Cash fourth headwinds the and for X COVID-XX per strong new PAMA last quarter, contributor Reported a in X% growth by was M&A to versus year. the exited in the was year COVID-XX billion or base fourth

reminder, funds returned Act. approximately a of received we CARES in under the had provider the As we $XXX quarter, fourth million relief

very remains financial position Our strong.

we authorization we by As during XXX of for the share resumed repurchases approximately our $X.XX quarterly We we have and repurchases. morning, per quarter. share, board repurchase so billion QX stock the and dividend XX.X% million company announced to our expanded nearly $X share $X billion, in available back future this share now bought increased

a well for providing outlook of year be its of business. Therefore, XXXX trajectory around and the only half expect progresses. first trends, as Turning updates to to as are on further in guidance, lot the our currently impact and provide the of we as continues recovery uncertainty to testing pandemic there base the COVID-XX an

averaging the EPS outlook be $X.XX demand million. EPS and to be and billion increase of XX% Our is prior is in be in billion, expected and approximately adjusted and least of versus year. XXXX The to provided million; at be of $X.XX, to expenditures operations $X.XX $XXX and to $X.XX $X.XX. an range capital for a the expected and a be expected $X.XX assumes following: testing, to consider the as Cash the for Revenue duration of to range approximately swing Reported that the business, testing between molecular XXXX well first outlook is continued in as base are follows: of base first $XXX half expected tests XX% challenging of pre-pandemic by is to COVID-XX gradual of testing volumes, the the please the but mind, that the are factors significant year. COVID-XX expect half as half recovery uncertainty of in XXX,XXX generally baseline remain volume Our a throughout first is forecast. base half first year. remain to high in in With our the we day business below per roughly degree improvement

to QX. COVID-XX of However, year. become quarters the volumes average the decline XX,XXX vaccinated. half COVID-XX volumes the compared will increase averaging serology people of modestly to be volume XXXX, quarter, tests the expected throughout for second expect more half first day with is daily lower assume throughout XXXX testing molecular demand of as we per to in Therefore, we two first first the

maintaining complete to than pipeline. on while strength a amount the cash flexibility position share to we M&A financial we in have XXXX larger of expect high historically, of Given our significant execute done our repurchases and balances,

point EPS only share count. this to ranges assume a enough maintain stable our at However, share repurchases

details to our Day capital priorities share upcoming in expect We Investor more deployment our about March. at

we XXXX. detailed While providing aren’t to for this outlook time, like I’d full-year considerations offer at additional some the for a

no delay included will the year Medicare in the CARES under there reminder, a PAMA be cut this As Act. one-year reimbursement given

slowly We significant by vaccinates the XXXX the trends our of the organic If recover recovery, full the testing population the of baseline expect in the half. back country first to expectations half compared likely a year. the COVID-XX serology volumes of approaching to would the demand Similarly, a we by decline for for base a summer, year. expect end wane molecular with half to compared year volumes to our portion XXXX, is likely testing testing the continued in second COVID-XX the in throughout of

lower Finally, XXXX, COVID-XX compared molecular likely to to reimbursement last is year. in trend

$XX that a beginning of have Several all payers now still molecular to January extend new services for you as client are direct for this CMS $XXX moved now model many testing HHS the plans rate changes tests bill two while and of throughout for now to know, with reported other moved within we encouraged will reimbursement results. reimbursement all emergency a reimbursement COVID it Steve. prospective are health competitive. As to X, possible. Also, XXXX, model, days reimbursement back new turn commercial COVID Furthermore, well. to remains to I public

Steve Rusckowski

have quarter Quest Investor have in-depth all maintaining while upcoming virtual look summarize, share worked for thank to held the cash company’s XXXX. additional past strong our Well portion XX. a Mark. revenues, and our significant at details the to Thanks the performance, I’d needs March delivered day. heroic operations delivered for efforts, while our Stay day. like the tuned people Thursday, Day on tirelessly over earnings, Quest more have financial that and full-year and rely light record COVID-XX employees and of pursue fourth They year. Thanks we dividend to on of of from increased strategy a who every strategy. their repurchase country’s authorization we testing, serving the views who to We to sharing on M&A our flexibility update market In to be on forward the

be happy your to Operator? we’d questions. Now, take

Operator

Thank Instructions] comes our Giacobbe from you. with Citi. [Operator question And Ralph first

Your line is open.

Ralph Giacobbe

and just maybe and favorable to go inflated heard escalators? full-year? expected of into perhaps in for likely out extended guess you PHE exchange what seen longer-term Thanks. think that for Thanks. there get not wanted reimbursement maybe any understand pricing or more with molecular proactively thoughts discussion reimbursement the I to to has been about lower, you I continuing Good – for And plans sort morning. you that flesh trend reimbursement say that I have to PHE that

Steve Rusckowski

Mark, you start it? want to

Mark Guinan

Sure.

term. and expecting, So, on for individual obviously, you higher can tests. you times, terms know, threshold required to the believe we well be turnaround quite to paid, the the get of are in near certainly based eligible reimbursement know, still do we we meet the rates, in the then that's We

recognize but therefore, the in the also we're pretty the reality, average as we you not some the that know, and the you half know, the is mentioned, know, that competitive. year, would all various payers, so industry, thinking that reduction the we you from be very, you you near throughout something, going is So, but our strong, to the very payers, especially pressure. still pressure reimbursement term on we of weighted expect, know, the first we in be momentous, downward reimbursement, know, some would area And as certainly client said, commercial

point, have few you there's, capacity. labs a demand that the given quite at this significant So know,

very the in it’s therefore, so very, [client area] competitive. And

we around move COVID where, a I'm away value You on Steve COVID you getting alignment with that moved more that even questions, know, payers, first know, us PCR, from anything. relationships creation, base over they're focus you the looking we built, period partnership sure we've a as and paid price the our for appreciate of sure know, happy rest big the excessively time, forecast obviously know, your because and a, of off, in toward very, we're and Ralph would don't save We're need mentioned, to patients. to the of possible compared already industry for of you choices the moving more value work money high know, the and they're that – piece you very and, if create I'm exactly we're off terms value is us feel a trade being to we not appropriately. business, and volume we that paid impossible, to could like you feel you of But which testing, the you with know, can nearly and be forecast you of we're for know,

the question, new these contracts, reasons, because where to of of certainly appreciate already with good practical think some with strategic something but certainly for looking right know, for it, not we we that we're are you payers Ralph, pursue now. So, and

Steve Rusckowski

add me just that. Let to

back to there's programs I that which to lot of all do thinking there's that, around a a be are future. And are of defined. a activities, purpose the that more demand, provide, return a capacity believe a they for tourism return in we that return into discussions continue brought want is, lot And to in of many to want out. we've are surge. those to to having cities bases we is, know a in just going large continue make times to to the still obviously, with half, up months, out, the that work that test, over another demand secondly considerably, to we those venues. our get pushed are offer services [indiscernible] have there's have And in And shares always as the people that that's retesting that Speaking leisure prepared and XX we turnaround with be the course build be figure we're of have And market. months, over to will there of then been it. life. the number second you we meet need about to And yet to activity going a also for to and we and reason the for employers, last the we're event there's that And know, but been really opportunity this XX capability be regard, lot the to last sure expected entered have to clinical us has a what of what trying COVID we and lot number as going we to do

it we different we continue second we But will understand would demand, get to trying Thanks, that take into may Ralph. a be. second opportunity half so still as half as have what form the and XX. we're go So, see into strong to but we far, what

Ralph Giacobbe

Thank you.

Shawn Bevec

Operator, next question.

Operator

Chickering with Pito Deutsche Bank.

open. Your line is

Justin Bowers

morning. This is Hey, Pito. for Bowers on good Justin

your of testing serology with and respect terms for the Just assumptions, also the and to frame you then through us the guide, high-end in testing of quarter? the increase kind can through process on low-end in the the

Mark Guinan

Justin. Sure Yeah.

So, it's multivariable. you know

could several there's high So low-end. to the ways and you come

most they're base recovery, level volume know, you is, volume three of say all the of would lesser I PCR, on the it major what serology. on drivers based being know, extent, the and you with So, to

the a up other know, stand higher-end we if factors, unknown take you certainly the opposite fall or were of know, if that from with, surges it, COVID the because as where know, know, again. significant in again, you business and off would we you base you to see to recover So, or PCR, also you know, not, you these to us, if some go don't continue surged today, direction combined know, variants,

significant know, modest some to you being, because, ways either that's can't guidance but testing months still the get know, lower multiple than for first provide I base but base being, for than we are we take is the little end, if as one, And the the negative planning quarter you time to markedly full off, But same the other point, obviously, first what, markedly, and this a of economic six we're midpoint, to correlation, for six six then changes directionally first the know, decline the in the even, our in some COVID the So, that quarter. with not and fell back COVID to us reasons. would you the show not [indiscernible] step a then said, but they bit off that that And both there months obviously, And take you for COVID, or if midpoint would but talked first higher-end. of move recovery, the months, that even exact, two. did second between reason you business about, you the direction, know, business. step planning, know, there's move more the some at over as potentially you and in low I recovery, with a or for as base know,

Justin Bowers

website December month-over-month a sounded of Okay, you. at, on right reported hop got huge base interpreting just levels, are in from correctly? molecular of but tests, right in back XX.X it. more is that are that And you then, kind million importantly for the like like that step-up is total the queue. now molecular? know, look stable of terms now the then January, from to the where earlier of number, it just I'll the is And running kind we to And business you comments, guys February kind Thank clarify

Mark Guinan

Sure. Steve, that to like do you want take you to. me or would

Steve Rusckowski

– Well the is, know we've step-up seen let you on fourth the the in delivery the me that the had quarter step-up in that we strong based beginning of January.

So, introductory as in one I we know, providers we leading – testing. are COVID-XX said the my of comments, are you of

and be is Second include you ask seem whether did We see a is, us, getting serology, testing, throughout the it to fact, new will have the [quant few they might increasing the at weeks. you can early this from that of out of an being there'll called believe because out a we does the vaccines. protein and this in their not serology] we're some And or bringing spike serology vaccine that know, we'll time, which determining interest And and inform XXXX. at to vaccinated. serology role there's around, you And understanding patients antibodies know, next and urgency physicians question indications about allow capability in effective. not, be see do you if bringing same the get physicians the patients know, platforms help in do

role in that already is overall of post-vaccinations for on broad pre serology we population. believe of demands for increased this will measuring and epidemiology, serology, and And do. there what management some the top providing and a and of surveillance, be disease, the response happening is what's do really we So, important

XXXX an opportunity in us So, we in front regard. believe in there's that of

Shawn Bevec

out to total million weeks. your over other and as prior just the that the two through was of XX.X Justin, on close yes, X.X up was question, million And Monday,

XXX,XXX about day the prior two in weeks. question. next our Operate a So,

Operator

Jack Meehan with Nephron Research.

open. is line Your

Jack Meehan

Thanks.

Steve Rusckowski

Hi, Jack.

Jack Meehan

at serving positioned testing, Steve, administration focus to might morning. Hey, going testing, Quest role all, start we mentioned talk you of COVID the about the do that? can the Quest of pandemic? you how And for greater home change is be you to think you good think see on new adoption how if

Steve Rusckowski

we've Yeah, I so is in the I what COVID-XX as million the X few country a capacity we that's were and country. think, you Back to a you ago, and taking tests. industry, leveraging new done the administration out doing next see past the weeks there know, about molecular level. an as mean, it the around

we So, started considerably beyond there'll the see do March. a test. be But change forward, where from all obviously up going I that last Jack, PCR

there's As the help of I back demand, leisure back to mentioned to now that programs know, population get to be a life. get portions for activities, you us get to earlier, that greater back going work, to

dialogues engage the whatever a for of period reasonable and person And of time is, that the so, rapid will that if in we're wants that And role around fact participate. safe of activity the is having a include and antigen a number see to negative testing, more that. to testing to workflows allow us

with of see number to of one, So, you that but number IT municipalities, there's testing, that and currently a what the healthcare, as in And, be but of number providing engaged like a the second in obviously a get when into doing world, you provide. need much services, we're they so a also regard, you we’ll number corporations, organizations, of earlier, and in particularly will we this and solutions half. know said be I

the into know, start to our we quarter. get see we] you as is quarter second [when think, outlined improvement the guidance I in first

rates, all. to for will of in of better quarter better to a quarter start we're do and going in telling the lot see get see activities, know, populations a us you know, role and position you that we second significant leisure has regard. to that a and back more life Quest people for work to helping think I be for, And infection getting prepared

Jack Meehan

you have And renewals follow two-parter then commercial weigh any then in And Great. know in if broadly, do a have of you XXXX? you terms up, like pandemic? just have given, contract served, maybe role know, little you on footing of you was as you the price payers I feel commercial have have you you now, negotiating I more curious discussions good unit more the know know, notable a, could pricing. you to amidst with know, do labs the you in, a

Steve Rusckowski

ended, me has with You never know, health plans better. where with you think start relationship I our been let

seen the had you've access we've in that now the increased last presence, of have number decade. over our As we've lives a years, we to over best

share also, to of with in care what And And plans membership, employees. I’ll of that also so, of they the we were engaged strong are during take many the pandemic a footing. their their very we and deeply needed

you as and performance, are last to So, value affordable And continued I to the done reputation said, innovation, the the is bring to value believe my at from all around value proposition year, we well, as introductory price our away course in is price, the of promoter service quite really proposition around terms And in we the past and in Mark we're you as shifting go about what to talked deliver. I to remarks, when said, what table strong. our said, of at exclusively back relationship the strengthen. our dialogue net our those we've the know second look scores, industry our in and And the in quality, a none. very we service, we

and the those stronger other you much when position our know, better do bring really the value. So, the has, in relationships a a more provided deliver side we terms of table forward-looking Jack, foundation, that understanding lot working facts you on a out, to

with our So, we're in position plans. a good

And very with as good contracts. with quite relationship I our building and a encouraged we in specific don't preferred We’re that we provide details, feel united with to make relationship We that. network Anthem good shared with but progress were lab continue obviously position also, well. about the our about

So, relationship the we what continue about the to progress good feel but about. a been and in opportunities us of we've to build on front made, talking also we've

you could add So, there? like Mark anything to

Mark Guinan

Sure.

price Anthem, a sort expectation years we unless periods of and together imply a it we has can largely I their single where, a a know there So major concession. with every having, contract I I new we know think We understand network. just which payer you you Anthem know would major some negotiating extended extended and ago, number all, breath, of Jack, contract, across question an about time which you, because opposed a to you in under states invisible payer. the it was this tell as several time really holding become contract major were know, a the talk of commercial people you different like you was with brought to

headway you because And, payer. with forward. world no And whole fact, the price discount to that notion the about hear huge PAMA, and apply was the didn't should You you getting there feel this of a acknowledge to made in we will current in CMS And it, to know, can a them concession. of the will fact, that in that, NLA they that market longer no confident, and rates represent is or prospective going know, rate they setting be CMS their feel market members. comfortable

an make as you So, to got they you that say, what really And benchmark, to. you've been can know, about, prices. that's external got all they've can look they want good now sure it's

that we we're both contract So, you years going to the whereas that performed, do to continue these benefit we you forward. way to actually with large know, just know, last share comes represents national. couple work contracting this we're the very you really market, can We that know, going come extended contracting assure we with of would in and expect up major it good come how I one that you a price not to the pricing be going the upside, will value-based the – on a That's year. we But and coming and we it's with not then have feel, with upside. in concessions,

Jack Meehan

Nice, Thanks, everyone.

Shawn Bevec

next Operator, question.

Operator

Kevin Caliendo UBS. with

Your line is open.

Adam Noble

payment PCR? any the with assuming is you on throughout first the double for of to remains over This the in time, you thanks to, question. PCR, just your Noble I the XXX? around so kind you're just Great, COVID I side Medicare know then guys wanted see half, wanted know, back of talked the confirm the, the changes what you thoughts the of magnitude is potentially that you potentially could add-on commercial just to rate, Kevin. that about comments know around commercial the for guess that PHE And reimbursement for kind declining reimbursement, extended in Adam you

Mark Guinan

sure. may Yeah, add. to want on comment I'll then Steve

as we will that decouple $XXX continue. they yes, volume. health some small CMS that So that from in know, per I portion earn we [federal would remarks, risk, continue with no very said prepared that structure as the, you long as however, know, there that that this the, our expect There's expect you But emergency] it. continues test of to know, you now, the will is would a could opportunity guarantee is

only also, but reimbursement could – approach. change they and they January [FHE], like the with the and could you not X they know did decouple So, the

know, pay highest CMS continues, you us the point, method. continue this yes, at new as this probability long assuming we're under the that However, as will to is [FHE]

only on know, player. You obviously, commercial, the we're not

good we reimbursement additional we good And extent explaining other do, new job, defend, know, labs but wanted move so, know, be methodologies, as to we good think do of who obviously, our that you do on and, us. don't other you you a as And, you we've job are there know, we the while done labs, as a well. know, we've to you as payment why could and there some some, methodology, pressure like feel a makes the negotiated Medicare sense, including to job know,

zero that applies, the of because, we've the third payments know, that's that that, that our where us historically, the to XXX% contracts should the well. it's from to having about, that you to get revenue to enhancement huge CMS patience, in payers dollar, the commercial is mind, to on also want same where as as going. seeing for for tailwind us as exactly for defend patient to everybody of paying certainly, avoid and I know build to actually predict you at we as remind apply us and [FHE] this commercial get, profitability basis continue shared know, is you out well pocket would hard our we So why expect long as $X.XX rate the well. know, our to a to But you large party is a also also

to So about. forget that's, that's a factor want Steve? I people don't

Steve Rusckowski

methodology just add for Yeah, new the reimbursement. CMS to to

health As we we're results. results you share this encouraged we the And know, at XXXX. extension comments, as at $XX report are when to quite seen $XXX all reimbursed few good. by other model have the to results of are look timeliness we through payers a And in well. also, to and two our But for emergency public days Mark's our just

than know, share few or tests We of you Molecular in COVID. in We I'll are months. the resulted resulted have met less majority two testers did less. that last of our in of that, that two days. threshold XX% the days And

I based my operational in capacity, the a from. comments, other flexibility better is mention So, to turnaround more lot that did upon build us coming meet it continue just because gives to we demand where times

the test. we're So, well. We're I progressing good of provider think very

also consistent and obviously, are quality done, is kits one testing and are and type PCR we on have reliability, industry, for you side, and both element the the somewhat throughout really You quite time the tests, our LDT know, the methodology strong. know, of

accuracy at people bode know, and come forward think And testing, the gold us have So, quality well as to going look well. us I the standard. if you the you consider of will our that

Adam Noble

just … And if could I

Shawn Bevec

question. next Operator,

Operator

Wolfe Eugene Research. Kim your line is open, with

Eugene Kim

thank missed first all in I average the you half levels color levels similar comment have can guys you PCR reimbursement provided the this, Good Apologies you guidance? around morning guidance. but for testing for embedding the in if QX? And you're the whether and

Mark Guinan

Yeah.

are QX did So was And testing, you that it specifically do certainly was and denials. for know, not I and due so, than the sometimes call AWR QX, client less north we We you bill from that where we we get don't, know, do you customers But was know, it some so get but paid We, forth. tell didn't it above XX that you $XX. date, out, know, in previously. you know, so on of of in some XXX. to can you XXX% missing change have much

that in the assumption that about talk expect will. that, to XXX% been still done absolutely with did midpoint some over first CMS and the large that we where to said, that it an have the But of tests half. not turnaround make at our given time. not $XX, some mean doesn't of we a we you in two-day the in know, that just our previously, new commercial we're did pressure with Now, have guidance, guidance, reduce fact as That time that model with the or majority, going paid payers, get meet we Steve XXX,

for a then third arena I bit very competitive So, bill little environment know, there's that, in the lot of you that'll capacity erosion. create that also, And aside party. mentioned of from there a a client

Eugene Kim

XXXX thank it, levels a you'll half? to that follow-up, you compared you. as or said, confirm you to volume] think Thank [acquired in get our well? Got business, you. don't back is quick I the And can as And just base pre-pandemic does on first include that

Mark Guinan

know, even said half, too because not there's Yeah, I we're was, back – uncertainty giving around as is the much would we're that though looking it. you We at correct. guidance

XXXX. pre-pandemic back of to the it expect to levels be end We towards

for months going the know, we're business the have to first and large felt, though XXXX pandemic versus So, We it's be still talk of We two to to XXXX. for yes, comparison. compare bit the compounds talk relative expect But, March, in is because year-to-year about half, things year. to our start our down performance XXXX we share you call, the on in how first as did so it whole easiest didn't a about volumes. largely cleanest till earnings that the compare our growth XXXX that we volume a first even little a for quarter

Steve Rusckowski

your question. And when we heard in speak to it that, I

growth. organic at looking are We

of we're deals do And in know, so and spoke year. And any know, closed acquisitions a might of last discussions you organic other excluding we we couple our those you prospectively. we that

organic, it's we're So, based to. business talking

Mark Guinan

And we best we utilization, that's it's the representation think so why of think important.

performing. overall and is sense, think were market the kind We organic a of because of Our performance XXXX, our reach. versus gives size

Steve Rusckowski

Yeah.

anything on be of of what on might have we good funnel a that. top will deals of is, we a obviously said. top be couple and revenue said acquisition we the announced prospectively We do what So, and we

Operator

Bank with Bruin de Derik of America.

line Your open. is

Derik de Bruin

morning. good you Thank great. Hi, and

volumes you sort of XXXX? bit business particularly progression should quick throughout much thinking more provide testing one is core And how on more of dynamics that how Thank headwind? go with the some just for business, you. first still half, and the of please? thoughts the the get how normal down, second coming half one. So, the to of the the margin think Just your, from wanted be we just flow, COVID work price a about as about Can core little margin with color margin down, much progression to being go the on returned to we you've

Mark Guinan

Sure.

you So, on what when a you it. is depends to It depends, say headwind? you're it when it comparing

highly on in know, any significant year volume, we any the not continued back digits So, you the point. with, given the second you fixed expect know, and base significant we've very, prior costs improve. very the because cost business as tailwind some at get base term know, down of that last the near in in front in window versus significant response time, know, a to we, actions we quarter volumes are you our our planning in in of half operation a took on margin tightly business. cost, you this to That's significant our and restructuring period, while single out And to not downturn manage are recoveries, to the we're of ourselves,

what tailwind. you it structure know, and in sequentially is, we'll to business recovers. pieces that nice recovery and base cost as our But growth on So, is are that small, extent, you know, it basis some add a that, the business is, necessary

those least offset even me] expected that the each then you we other how And the as COVID we expect PCR I move side, this than in is other base, point greater that in our pressure pieces the the obviously reimbursement we the but they at other we [understood the know, that, second is back as we do know, know, talked reduction, as more predict you partially as offset erosion about, forward. know quarter But, you would into offsets headwinds, first half sequentially, expect you to and two you on at so and year. specifically. you Now, know, hard shared slightly, COVID volumes, from more you test. And go, dynamic we likely, then know, some, the the of each that on on the quarter know, other

numbers, second specific are getting think the are specifics, where half half about know, you as things into first those of are about, you kind those of should, without you So, into margins and kind going to should the you of go things think the XXXX. through

Derik de Bruin

Thank you.

Operator

Gill Lisa Morgan. J.P. with

is line open. Your

Steve Rusckowski

Hi, Lisa.

Lisa Gill

does I acquisition around anything? change reimbursement, time, as we what at think of of been Number taking all their their acquisition period lot the talking And we PAMA Thanks very for that out, a with question. be one during labs for number a and does anticipated was Steve, acquisition I that there'd now pushed opportunities pressure you much. comment two, around of my tests, done expectations one. worth being Good morning. see about, about PAMA that wanted think with opportunities. you'd is these opportunities? of as that this would are molecular etcetera. well know, up Thanks we've have when the think your about what more lot just change things to follow on business

Steve Rusckowski

Yeah.

So, thanks the Lisa question. for

see well. to did about you we we you and XXXX. us. really They part So, couple volumes that the that's last as hospital for deals know, going know, up around happy that all a and announced us as acquisition we see first have recovered year we And, nice funnel were to a down of you continue help for opportunities hospitals. through And XXXX and is

acquiring lot like lab fourth a of However, includes professional outreach the renewed in know, their service looking what announced we do at see strategies, includes, and agreements, quarter. app is, just which business of you we their interest

that believe Health the a a have conclusion. get that prospective healthcare the happen the quarter year with to Hackensack can a I this in reality long I there. dialogues Now done. fourth ever time believe of to we what's help it And bring with of market And on I that And number largest is announced happening we've we relationship hospitals that system took Meridian now. tell going you, in will right with the

piece. one that's So

second The testing you're Yes, Number commercial the laboratories on of is commercial other arena. right. into laboratories. jumped COVID have

You see know, added you the in it capacity with, the we've country. all

see to they know, to given we with marketplace be what contracts to the a and what start networks industry, the that health are, you catalyst as be tighter in pulled back, still will that, with there an However, we're starts plans, prospects to around consolidation, consolidate. continue driving for believe as and us

capacity opportunity this out there's to a what more additional forward. have And get given of risk continue businesses we’re we we that hospitals moved lot People very you laboratories And to the hospitals labs obviously, us help strategy of them us stretch. COVID. a allow in the other change, [women’s some have And plans. throughout know, testing. have capacity but with client new good for are [women's short-term that competing to to a getting commercial this going Lisa, and have a all a than you work yes, we example, nicely physicians, – it, to their people provide there. with potentially, more cash have] also, number a to to been contract a capacity a for flip if So, lot COVID-XX that have that. health] our do lab to health]? us, health But added you tighter XXXX, interfaces, that's advantage, take you obviously, going long have with in way, to to of the does you use world do electronic into starts and, I to acquire watching you of over position capabilities, the lot to get know, opportunity new these have you to of been discussion be mean, get for sheet, COVID, around nice balance present and the by systems, play there's you more know, a You to position as our are strong networks, will, to as the Salesforce, consolidation other to will into will some other a there's like and capacity, believe to the logistic know, we into the [you with, outside you know, to with realities have molecular be work,

will So, have the we a staying of are our we watching it, sure of a well. you And sure to time, you. same we're the clients top it it Thank them watching significant doesn't. but belief make little carefully serve at time, we're then make the effect. in, we're little, that same At in some on know, cautious this to

Mark Guinan

know, you can you our time, now paid a expecting bubble. PCR that, know, multiple that we're Steve, got that add could opportunities I Lisa, that just around any things. tell if you of your getting, at question, the point we're get discussing, I pipeline, know are So, couple given we've you potential right none in speaking around for to to sellers

of know, risk. COVID we're that I'm gone know, hey, there’s pressure fortunately, a the starting PAMA commercial importantly, you the are So some it's right testing. the my seen, outpatient, that the know, discussion. still, either that’s and more at short-term, to, valuation know, sure patients you outreach up you recognize know, but pause these are should you part that, as But But could in be while you've not rate. put you of you or CMS, to that And hospital know, you the year, then mentality rates, because you gets know, this know, I hospital, who we've re-contracting, outside, and a the, dramatically payers mentioned, value a admitted laboratory on high that's see work you now people has know, talking not just independent

know a as payers not high – just plan. coming commercial from Washington, when those have who, like frankly, is this not quite coming it's the prices And it's pressure well. don't from you deductible patients from high they So

the really been this will the systems to there's of pipeline things number And don't monetize? therefore, good the of are a large I think suites see a that they getting And C So, want about. really business? time impacted last in be outreach months of to XX Do be having this to with over interest so hospital negatively.

Operator

Matt Blair. Larew with William

is line open. Your

Matt Larew

good Hi, morning.

various and as to response the] that the in you're two things step of and about testing, consumer from think I pre-COVID As capacity, components your [world a out engagement. and COVID-XX, stick then role changes

QuestDirect using months. has patients the of last number the think XX doubled in I

So, of what bringing to that just the and you post-COVID leverage sort can it as consumer presents consumer curious, facing as added increased do well that to we move capacity world a still sounds as you're on? like engagement,

Steve Rusckowski

Yeah. very consumer our on bullish strategy. the question. Thanks for And we're

consumer overall introductory to several none brand and my believe than an strategies now more our ever, we We're that is consumer is has out been our the has been have coupled our for growth, said, providing direct-to-consumer accelerator As do And is of strong at the has we comments, our last built that that has brought our We're genetics. COVID-XX testing really you to and with And that. in interesting strategy part the and service pandemic five pandemic to for there all in testing And health of care. which role as well for brand business and done industry. we've second using of we know, through look been over years I performance. it forefront one questioning built. the And going that platform. the the quite

providers coupled engaged, this there's And that we know, systems, how in consumers the want with so their and that we of differently are will telehealth and be health believe, have systems the With lives. strong lot telehealth receive same going online with very option. with you as But the that checks engage so they of integrated well, foundation the patients the telehealth, at with and a a healthcare delivery testing will physician. the do a in as to presence consumers have buy] with marketplace. else delivery continuation basic much we number of to offer strong and time, [they engage change their And

reputation with capabilities. with very we're so well-positioned And

so pandemic. And not significant in so, we a that did have would are if way we in have, investing than the more we

opportunity front but QuestDirect, our about you very think we about, us this have the going Day. Investor we in around drivers bullish We're of general. so, the know, in and And talk growth more our the consumer forward, also opportunity some about we'll in

Operator

Wells with Leonard Dan Fargo.

is Your line open.

Dan Leonard

Thank you.

you. one and quick guide? could one us Thank to side. Hackensack the you Just the half on the growth for the deal XXXX, contribution frame opportunity, Possible first in

Steve Rusckowski

to Mark, you take want that?

Mark Guinan

Yeah.

announce you, organic. So, this remind know, revenue we, is the you I and deals we impact of again, like want typically don't this, to

they're we for spend. lab is something perform not know, with you this system can We bought. work worked lab at better and cost Hackensack their that a they the know, we So, that to And do a size, same demonstrate them significant in you better value.

see attention also to to quite them, thinks obviously impactful systems know, know, to you we've will get is this who of this will know, is of and the that other be opportunity, some we a, So that you that hospital see learned to and over last in you other beneficial well, going – their addition to work Hackensack, the get clients, years. as couple

So, on and update we ever give you to growth. Investor talked be, our done. material It we're this. our is largest deal an It's very, the will ago large Day couple a years It very our deal. every we’ll we've excited a about a thought it. know, We at likely large to to you give PLS get to of might and exceed us basis XXX and somewhere points contributor basis even from that, points know, this more between XXX an that. is and opportunity basis XXX certainly year than one points, business could growth we And

to, XXXX you deal, we we be are very large historical you noticeable, So, beyond. go pulling material and the out will as precedent know, and exact we a haven't into it going revenue, not but of know, had but

Operator

Morgan with Ricky Stanley. Goldwasser

line is Your open.

Ricky Goldwasser

Yeah. Hi. morning. Good

about clearly, mean, as the utilization about, normalized fourth level, question in more they trajectory trajectory, from where we around the normalized in margin but question to back away margin second second about the from a we uncertainty market where about trajectory the to then margin to comes expand more combat core and think I how say should for think of not of demand. let's the lot half a just of it So So, is relates there's if step were, sort the utilization timing quarter, the more again, level? about the to can utilization, And timing. is more my trajectory, as a they

know, seeing integrated patterns? you behavior And do workflow. about think into telehealth changes physician more So, in how you becoming we're the

think impact know lab to So, could shed experiences testing going because term don’t in there's demand the I do curve you early of on any on longer year some the that? light if that, be that

Steve Rusckowski

Sure. the take Mark, part. first you the want I’ll take to second.

Mark Guinan

Yes.

Ricky, offset obviously, impacted margins the to So, expanded the, you historical COVID, margins. materially the relative our of base from greatly and our more know, generated revenue them has than business which we've size

for know, but So, know, at into more talk you a We'll you progress. you is Day, know, as Investor future around testing while. a progress for, still COVID this about where, we we,

to our don't and less material we margin. to top As by certainly, to away completely, line it be It's to go Steve XXXX. going said, expect our

know, fact year, know, margin the base know, higher to you I pay it our and Because the PAMA pandemic, really that be, given, as levels the erosion, and during warranted about, be? pause of you and XXXX, in inflation including and for Once was time, see growth, pre-pandemic And their all know, you that that know, the you of and on of I growth expect first know, saw but you I business look down. that, well our for our program, our in price the of get pandemic, from you usually will operating significant we given a the to concessions, that and you drive, company So, reward two net And know, our that offset you as margin to back that to know, threw get base where driving and continue talk than level despite, as base saw of us and pre-pandemic. revenues we it, margins, which we done strong would back business that was invigorate of know, going fall XXXX, the even during should we've getting then to look expansion running, to well wage when obviously be when for COVID together, the offsets employees business course, at would price you up the we is our wanted business, on XXXX, this the results. ability months in will incredible other to more partially those the expect slightly forward at, you be in you profitable. you period and we [SWB] contributions increases leverage you

back on we certainly path longer-term, there. months the and XX we'll while, the be were it'll so. pre-pandemic, you the But news margin by growth that's will, know, for is, somewhat and you good next, or masked we inevitable, So, know, get on a good you know, expansion you over know, a decline COVID

Steve Rusckowski

watching we're consumer believe serving with be the an here different transition now physicians, going market carefully, Ricky, we way. back question activity the earlier in And forward question going this will a about about to do Yeah. because physicians there a the

portion as their that half with to you said we of But forward. half of the going you before, lab believe that to not work we as either served consistent and be a they expect. we will will delivery providers telehealth sold strong And expect, type of real that know, are You Quest with systems. practices was will would [indiscernible] have telehealth telehealth those growing as and the very before have affiliations systems by a physicians there percentage would the providers, options. And, about for would have know, that physicians delivery you few. a the one those network will work going be market, who integrate with laboratories or be of other strong have integrated a position And with And pandemic. of those are

about good feel that. we So,

physicians or happening, see companies, insurance on physician practices, a you going those we of in [Optim], physicians health the one and number as more of see particularly with consolidation acquiring Second, and what's customers.

not last all year, just and point and quarter You services think towards benefit think add show they in those for the And is variation lab an to of together. be really of last moving some believe lot us the more physicians a there to consolidation, this the debt about opportunity with like In fully of they will value We of United members. thinking [Optim], you one announced broadly, work about Healthcare actually provide physicians. insured about their removal reduce bringing network for with to consolidator, role, that, other fourth providers. have know, tighter of network world lab their where

plan network. And so, it's tightening just a another major up example health of their

trend we good market. change And tailwind way will and trend, a physician is So, we forward. for think side physician and that to there'll believe be services going patients the the will to consolidate different providing of us provide a

Operator

Erin Wright with Credit Suisse.

Your open. line is

Steve Rusckowski

Hi, Erin.

Erin Wright

sneaking in. Thanks. much for Thanks so me

Just follow up a competitive consolidation. on and landscape that

you consolidation then you're expect second mean, dramatically we opportunity sounds impact and on long-term install do want just will seeing customers about shifting something perspective vaccine to given but standpoint. your testing? curious do mean, all? investments on PCR the at to across flu the in I rollout, into U.S. meaningful And an that's And opportunity be evolve it have? I how the share of as is happening maybe Thanks. M&A some already, testing with just like instruments could flu past thinking would of terms us over still it it similar be should that sounds expanded like if I more the market to any to just that the bases, assume the testing relates it question consolidation obviously monetize like you remind COVID you dynamics exposure in there It from future COVID of diminish seeing don't testing of outside around extent, what even sort to everything those my an you're can year. remains So I'm years?

Steve Rusckowski

Sure.

level an efficient, the to the and, believe hospitals become by, be looking them. increasingly know, of earlier, deals said now any I on you pressure, the is that this pandemics as more we we've the you that closed given So put of will we're And encouraged discussions happening. we options had, know, their at example as

we think good. So, that's

that, somewhat gotten you you commercial opportunity, And the we'll know, be it's in volumes think laboratory will we that On But into some have And be believe the to will you this of of an opportunity looking that reality that what be believe the into we provided testing get doesn't options. at settles would know, many We go of there for do through talked we [indiscernible] you know continue those virus the believe down, testing will XXXX. about their and that them manage. as side, have we change. COVID this, dust year. know, COVID testing a to

end earnings we as we as be a you the us far But as will going have know, the XXXX. there will, and know, and what be symptoms, XXXX, patient this behind time opportunity will But about that that this and the be. flu that And, presents be do well. think in we beyond also more prior know, talked the will believe a be with away rule year. should out you will of with panel scale us offered COVID. wants to hard like, to flu, you physician it's when flu, is combination So, at to And at that itself call the us it for testing that something will this you that not go

this And considerably flu know but be have all as you because that is know, States. in we of of seen, behaviors so, the our down you incidence the accepted, United year all

point has PAMA general testing the of So, answer and to or somewhat. to food the want exposure question? something to Mark, that add you in changed Shawn

Mark Guinan

don't Shawn. have to I Yeah, add. anything

Operator

from comes Our Tanquilut Brian last question with Jefferies.

line Your open. is

Brian Tanquilut

just think capital about for one your of it slow I deployment, And acquisition the Hey, but good I you're pipeline's in. sounds a cash. obviously, through. as Mark, opportunities quick are and like thanks coming morning, guess generating little a me there, in squeezing lot question. hospital the maybe

be whether aggressively thinking should about the internal, about, side buy we deployment growth? how You back to capital thinking opportunities, your should just it's how we know, be on and more in for willingness the other front CapEx So, end?

Mark Guinan

Sure.

investing bit we are quite a internally. So,

as XXXX. know, will see you You you capital know, our, for spend or may have seen you

necessary. think is certainly back up ended we have range. know, that's returns. related lot million, which was of related way the internally, A that obviously, lot drive invigorate initial was COVID investing we to that was stepped You on But best the program. XXX we above capital directly the to of because that, A to our not

move of piece test facility. are related to our our big new and first [indiscernible] XXXX. You to a a of we the moving new XXXX continue know, half to then of single the that, platform, all forward we Quest was on and And

out operating in drive to put a spending we in January, some have we early first still started the final set narrow in half. the Although in some of equipment

So, we'll we continue so. do And a to priority absolutely capital. high internal on have

the we continued which step on which of bit as some things around that what have have Clifton spend. but then see XXXX deployment. from spent on give we reason On is do the about color capital, in know, know, COVID we mentioned, a we you buybacks, we potential a in first some the You half, XXX I normal guided I million is, more you and back priorities can XX% to lot little Day. we're on The cash that as share Investor for will we also monitoring spending

We next weeks. will have greater the couple we move on as over clarity of

every behind us and XXXX, more know, every said, certainly also of signal. day, us know, But, us are expectations, weeks, little a at increase as performance every you know, you we're is with the and that to flow approval how free to you buybacks in capital to getting that period to we in But our more by, do you our by the for and specifically of We a better going for dollar taking than to couple we're this them the to repurchases, to that see you QX, we not know, time, And our you which in you over spent and authorization, point back you dividend. majority XXXX that month gives look expectations. wanted our behind have And billion in dividend our that continues, our get remind my certainly suspended give XX%. as cash share QX we line of what XXX, of for know, seeking because QX that And our sight time. announced announcing historically. we prepared strategy, I'll like a point, changed have know allocation shareholders a share I even know, and correctly remarks, increase you of done

we catch-up some So, have to do.

Steve Rusckowski

XXXX, in traction performance what plans presenting Let and of affording call. with finally, health talked me strategies. opportunity includes what earlier and advanced to Working relationships is systems, then we're growth XXXX to around health us. health lab view had that invest was in just the the add guidance hospital what us systems, on we've in around that doing on about that indicating, our strategy are diagnostics, our opportunity we're asked was front gaining we performance about our consumer to And an with in the this

for base an enter drivers guidance well. in those but XXXX investment So, we the business growth our growth implied accelerate is increase to as within of in XXXX, as

interest Take continued are for day. and I no everyone this to if on appreciate joining your We So you a there again have care. us and like support questions. thank further call. great

Operator

today fourth the in later transcript remarks conference of call. full-year Quest this you Quest Diagnostics call participating Thank on A Diagnostics be for will and www.questdiagnostics.com. on prepared XXXX website posted quarter at

Quest Diagnostics (DGX) 4 Feb 212020 Q4 Earnings call transcript