Quest Diagnostics Incorporated (NYSE:DGX) Files An 8-K Regulation FD DisclosureItem 7.01. Regulation FD Disclosure
On November 29, 2018, Quest Diagnostics Incorporated (the “Company”) will host an Investor Day at which management will present on, among other things, the Company’s strategy and plans to drive shareholder value and its views on the industry. In connection with Investor Day, the Company issued a press release on November 28, 2018 in which it described, among other things, the following:
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The Company’s expected compound annual growth rate (“CAGR”) for revenues and adjusted diluted earnings per share excluding amortization during the four year period ended December 31, 2022. |
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The Company’s capabilities and strategic initiatives under way to accelerate the Company’s growth, including: |
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Delivering more than 2% revenue CAGR through strategically aligned accretive acquisitions. |
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Capitalizing on the Company’s expanded access to more than 43 million incremental insured lives. |
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Strengthening the Company’s relationships with hospital health systems. |
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Expanding access to innovation with advanced diagnostics. |
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Enhancing the Company’s position as the consumer lab provider of choice. |
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Extending diagnostic data services. |
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The Company’s strategy to drive operational excellence and to continue to generate cost savings of approximately 3% per year. |
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The Company’s capital deployment strategy, including its focus on returning a majority of free cash flow to shareholders through share repurchases and dividends. |
The Company also updated its expectations for 2018 results, including revenue, earnings, adjusted earnings and cash provided by operations. Reported revenues are now expected to be approximately $7.57 billion. Reported diluted earnings per share are now expected to be greater than $5.34 and adjusted diluted earnings per share excluding amortization are now expected to be greater than $6.30. Cash provided by operations is now expected to approximate $1.25 billion.
A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 8.01. Other Events
On November 28, 2018, the Company announced that its Board of Directors had increased the Company’s quarterly dividend to $.53 per share from $.50 per share, commencing with the dividend payable January 30, 2019 to holders of record of the Company’s common stock on January 15, 2019. This 6% increase raises the annual dividend rate to $2.12 per share.
Item 9.01.Financial Statements and Exhibits
(d)Exhibits
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Exhibit Number |
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99.1 |
Press release of the Company, dated November 28, 2018
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QUEST DIAGNOSTICS INC ExhibitEX-99.1 2 dgx112918ex991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Quest Diagnostics to Discuss Strategic Growth Drivers and Financial Outlook at 2018 Investor Day •Provides outlook for 2019-2022,…To view the full exhibit click here
About Quest Diagnostics Incorporated (NYSE:DGX)
Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Company’s Diagnostic Information Services business develops and delivers diagnostic testing information and services to patients, physicians, health plans, hospitals, accountable care organizations (ACOs), integrated delivery networks (IDNs), other commercial laboratories, employers and others. The Company’s Diagnostic Solutions offers a range of solutions for insurers and healthcare providers. The Company provides risk assessment services for the life insurance industry. In addition, the Company offers healthcare organizations and clinicians’ health information technology solutions and diagnostic products. ExamOne provides risk assessment services to the life insurance industry in North America. ChartMaxx is the Company’s enterprise content management system for hospitals.