Intrinsic value of Quest Diagnostics - DGX

Previous Close

$87.56

  Intrinsic Value

$108.02

stock screener

  Rating & Target

buy

+23%

Previous close

$87.56

 
Intrinsic value

$108.02

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of DGX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  7,940
  8,194
  8,471
  8,771
  9,095
  9,442
  9,814
  10,211
  10,633
  11,083
  11,560
  12,065
  12,600
  13,166
  13,764
  14,396
  15,062
  15,765
  16,506
  17,286
  18,109
  18,975
  19,886
  20,845
  21,854
  22,915
  24,031
  25,205
  26,439
  27,736
Variable operating expenses, $m
  6,568
  6,754
  6,957
  7,178
  7,415
  7,669
  7,942
  8,233
  8,543
  8,872
  8,477
  8,847
  9,240
  9,655
  10,093
  10,556
  11,045
  11,560
  12,104
  12,676
  13,279
  13,914
  14,583
  15,286
  16,026
  16,804
  17,622
  18,483
  19,388
  20,339
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,568
  6,754
  6,957
  7,178
  7,415
  7,669
  7,942
  8,233
  8,543
  8,872
  8,477
  8,847
  9,240
  9,655
  10,093
  10,556
  11,045
  11,560
  12,104
  12,676
  13,279
  13,914
  14,583
  15,286
  16,026
  16,804
  17,622
  18,483
  19,388
  20,339
Operating income, $m
  1,372
  1,440
  1,514
  1,594
  1,680
  1,773
  1,872
  1,978
  2,090
  2,210
  3,083
  3,218
  3,360
  3,511
  3,671
  3,839
  4,017
  4,204
  4,402
  4,610
  4,829
  5,060
  5,303
  5,559
  5,828
  6,111
  6,409
  6,722
  7,051
  7,397
EBITDA, $m
  2,279
  2,351
  2,431
  2,517
  2,610
  2,710
  2,816
  2,930
  3,051
  3,180
  3,317
  3,462
  3,616
  3,778
  3,950
  4,131
  4,322
  4,524
  4,736
  4,961
  5,196
  5,445
  5,706
  5,982
  6,271
  6,576
  6,896
  7,233
  7,587
  7,959
Interest expense (income), $m
  148
  204
  213
  223
  234
  246
  258
  272
  286
  302
  318
  336
  354
  374
  395
  417
  441
  465
  491
  519
  548
  578
  610
  644
  680
  717
  757
  798
  842
  888
  936
Earnings before tax, $m
  1,168
  1,227
  1,291
  1,360
  1,435
  1,515
  1,600
  1,691
  1,789
  1,892
  2,747
  2,863
  2,986
  3,116
  3,254
  3,399
  3,552
  3,713
  3,883
  4,062
  4,251
  4,450
  4,659
  4,879
  5,111
  5,355
  5,611
  5,880
  6,164
  6,461
Tax expense, $m
  315
  331
  349
  367
  387
  409
  432
  457
  483
  511
  742
  773
  806
  841
  878
  918
  959
  1,003
  1,048
  1,097
  1,148
  1,202
  1,258
  1,317
  1,380
  1,446
  1,515
  1,588
  1,664
  1,745
Net income, $m
  853
  896
  942
  993
  1,047
  1,106
  1,168
  1,235
  1,306
  1,381
  2,005
  2,090
  2,180
  2,275
  2,375
  2,481
  2,593
  2,711
  2,835
  2,966
  3,103
  3,249
  3,401
  3,562
  3,731
  3,909
  4,096
  4,293
  4,499
  4,717

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,818
  11,164
  11,541
  11,950
  12,391
  12,864
  13,370
  13,911
  14,487
  15,099
  15,749
  16,437
  17,166
  17,937
  18,752
  19,612
  20,520
  21,478
  22,487
  23,551
  24,671
  25,851
  27,093
  28,399
  29,774
  31,220
  32,740
  34,339
  36,020
  37,787
Adjusted assets (=assets-cash), $m
  10,818
  11,164
  11,541
  11,950
  12,391
  12,864
  13,370
  13,911
  14,487
  15,099
  15,749
  16,437
  17,166
  17,937
  18,752
  19,612
  20,520
  21,478
  22,487
  23,551
  24,671
  25,851
  27,093
  28,399
  29,774
  31,220
  32,740
  34,339
  36,020
  37,787
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  4,828
  4,982
  5,151
  5,333
  5,530
  5,741
  5,967
  6,208
  6,465
  6,738
  7,028
  7,335
  7,661
  8,005
  8,369
  8,753
  9,158
  9,585
  10,036
  10,510
  11,010
  11,537
  12,091
  12,674
  13,287
  13,932
  14,611
  15,325
  16,075
  16,863
Working capital, $m
  151
  156
  161
  167
  173
  179
  186
  194
  202
  211
  220
  229
  239
  250
  262
  274
  286
  300
  314
  328
  344
  361
  378
  396
  415
  435
  457
  479
  502
  527
Total debt, $m
  3,946
  4,130
  4,330
  4,548
  4,782
  5,033
  5,302
  5,589
  5,895
  6,220
  6,565
  6,930
  7,317
  7,727
  8,159
  8,616
  9,098
  9,607
  10,143
  10,708
  11,302
  11,929
  12,588
  13,282
  14,012
  14,780
  15,587
  16,436
  17,329
  18,267
Total liabilities, $m
  5,744
  5,928
  6,128
  6,346
  6,580
  6,831
  7,100
  7,387
  7,693
  8,018
  8,363
  8,728
  9,115
  9,525
  9,957
  10,414
  10,896
  11,405
  11,941
  12,506
  13,100
  13,727
  14,386
  15,080
  15,810
  16,578
  17,385
  18,234
  19,127
  20,065
Total equity, $m
  5,074
  5,236
  5,413
  5,605
  5,811
  6,033
  6,271
  6,524
  6,794
  7,081
  7,386
  7,709
  8,051
  8,413
  8,795
  9,198
  9,624
  10,073
  10,547
  11,045
  11,571
  12,124
  12,706
  13,319
  13,964
  14,642
  15,355
  16,105
  16,894
  17,722
Total liabilities and equity, $m
  10,818
  11,164
  11,541
  11,951
  12,391
  12,864
  13,371
  13,911
  14,487
  15,099
  15,749
  16,437
  17,166
  17,938
  18,752
  19,612
  20,520
  21,478
  22,488
  23,551
  24,671
  25,851
  27,092
  28,399
  29,774
  31,220
  32,740
  34,339
  36,021
  37,787
Debt-to-equity ratio
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
Adjusted equity ratio
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  853
  896
  942
  993
  1,047
  1,106
  1,168
  1,235
  1,306
  1,381
  2,005
  2,090
  2,180
  2,275
  2,375
  2,481
  2,593
  2,711
  2,835
  2,966
  3,103
  3,249
  3,401
  3,562
  3,731
  3,909
  4,096
  4,293
  4,499
  4,717
Depreciation, amort., depletion, $m
  906
  911
  917
  923
  930
  937
  944
  952
  961
  970
  234
  245
  255
  267
  279
  292
  305
  320
  335
  350
  367
  385
  403
  422
  443
  464
  487
  511
  536
  562
Funds from operations, $m
  1,759
  1,807
  1,859
  1,916
  1,977
  2,042
  2,112
  2,187
  2,267
  2,351
  2,240
  2,335
  2,435
  2,542
  2,654
  2,773
  2,898
  3,030
  3,169
  3,316
  3,470
  3,633
  3,804
  3,984
  4,174
  4,373
  4,583
  4,803
  5,035
  5,279
Change in working capital, $m
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
Cash from operations, $m
  1,754
  1,802
  1,854
  1,910
  1,971
  2,036
  2,105
  2,180
  2,259
  2,343
  2,231
  2,325
  2,425
  2,531
  2,643
  2,761
  2,885
  3,017
  3,155
  3,301
  3,455
  3,617
  3,787
  3,966
  4,155
  4,353
  4,562
  4,781
  5,012
  5,254
Maintenance CAPEX, $m
  -156
  -161
  -166
  -172
  -178
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -245
  -255
  -267
  -279
  -292
  -305
  -320
  -335
  -350
  -367
  -385
  -403
  -422
  -443
  -464
  -487
  -511
  -536
New CAPEX, $m
  -140
  -154
  -168
  -182
  -197
  -211
  -226
  -241
  -257
  -273
  -290
  -307
  -325
  -344
  -364
  -384
  -405
  -427
  -450
  -475
  -500
  -526
  -554
  -583
  -613
  -645
  -679
  -714
  -750
  -789
Cash from investing activities, $m
  -296
  -315
  -334
  -354
  -375
  -395
  -417
  -440
  -464
  -489
  -515
  -541
  -570
  -599
  -631
  -663
  -697
  -732
  -770
  -810
  -850
  -893
  -939
  -986
  -1,035
  -1,088
  -1,143
  -1,201
  -1,261
  -1,325
Free cash flow, $m
  1,458
  1,487
  1,520
  1,556
  1,596
  1,640
  1,688
  1,739
  1,795
  1,854
  1,716
  1,783
  1,855
  1,931
  2,012
  2,098
  2,188
  2,284
  2,385
  2,492
  2,605
  2,723
  2,848
  2,980
  3,119
  3,265
  3,419
  3,581
  3,751
  3,930
Issuance/(repayment) of debt, $m
  162
  184
  200
  217
  234
  251
  269
  287
  306
  325
  345
  366
  387
  409
  433
  457
  482
  508
  536
  565
  595
  626
  659
  694
  730
  768
  807
  849
  893
  938
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  162
  184
  200
  217
  234
  251
  269
  287
  306
  325
  345
  366
  387
  409
  433
  457
  482
  508
  536
  565
  595
  626
  659
  694
  730
  768
  807
  849
  893
  938
Total cash flow (excl. dividends), $m
  1,621
  1,671
  1,720
  1,773
  1,830
  1,892
  1,957
  2,026
  2,100
  2,179
  2,061
  2,149
  2,242
  2,341
  2,445
  2,555
  2,670
  2,793
  2,921
  3,057
  3,199
  3,350
  3,508
  3,674
  3,849
  4,033
  4,226
  4,430
  4,643
  4,868
Retained Cash Flow (-), $m
  -153
  -162
  -177
  -192
  -207
  -222
  -238
  -254
  -270
  -287
  -305
  -323
  -342
  -362
  -382
  -404
  -426
  -449
  -473
  -499
  -525
  -553
  -582
  -613
  -645
  -678
  -713
  -750
  -788
  -829
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,468
  1,508
  1,543
  1,582
  1,624
  1,670
  1,719
  1,773
  1,830
  1,892
  1,756
  1,826
  1,900
  1,979
  2,063
  2,151
  2,245
  2,343
  2,448
  2,558
  2,674
  2,796
  2,925
  3,061
  3,204
  3,355
  3,513
  3,680
  3,855
  4,039
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  1,382
  1,330
  1,265
  1,199
  1,129
  1,057
  983
  908
  832
  755
  609
  545
  482
  421
  363
  309
  259
  214
  174
  139
  109
  84
  63
  47
  34
  24
  16
  11
  7
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Diagnostic Information Services business develops and delivers diagnostic testing information and services, providing insights that empower and enable a range of customers, including patients, clinicians, hospitals, integrated delivery networks (IDNs), health plans, employers and accountable care organizations (ACOs). Its Diagnostic Solutions group includes its risk assessment services business, which offers solutions for insurers, and its healthcare information technology businesses, which offers solutions for healthcare providers. The Company's services are provided under the Quest Diagnostics brand, but it also provides services under other brands, including AmeriPath, Dermpath Diagnostics, Focus Diagnostics, Athena Diagnostics, ExamOne, Quanum and Care360.

FINANCIAL RATIOS  of  Quest Diagnostics (DGX)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 15.5
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 60
Current Ratio 0
LT Debt to Equity 80.6%
Total Debt to Equity 80.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 13.9%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 34.6%

DGX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGX stock intrinsic value calculation we used $7709 million for the last fiscal year's total revenue generated by Quest Diagnostics. The default revenue input number comes from 0001 income statement of Quest Diagnostics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DGX stock valuation model: a) initial revenue growth rate of 3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.2%, whose default value for DGX is calculated based on our internal credit rating of Quest Diagnostics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Quest Diagnostics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DGX stock the variable cost ratio is equal to 83%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DGX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Quest Diagnostics.

Corporate tax rate of 27% is the nominal tax rate for Quest Diagnostics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DGX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DGX are equal to 60.8%.

Life of production assets of 30.7 years is the average useful life of capital assets used in Quest Diagnostics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DGX is equal to 1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4921 million for Quest Diagnostics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 136.667 million for Quest Diagnostics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Quest Diagnostics at the current share price and the inputted number of shares is $12.0 billion.

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COMPANY NEWS

▶ Company News For Nov 30, 2018   [Nov-30-18 09:30AM  Zacks]
▶ Quest stock lower after company cuts 2018 targets   [Nov-28-18 05:11PM  MarketWatch]
▶ Medicare Cuts Test Quest Diagnostics   [Nov-27-18 12:56PM  GuruFocus.com]
▶ Final Trades: SKX, DAL & more   [Nov-20-18 06:06PM  CNBC Videos]
▶ 3 Top Healthcare Stocks to Buy Right Now   [Nov-19-18 08:46PM  Motley Fool]
▶ Jeff Auxier Comments on Quest Diagnostics   [Nov-08-18 04:11PM  GuruFocus.com]
▶ Quest Diagnostics: 3Q Earnings Snapshot   [06:58AM  Associated Press]
▶ [$$] The Add-On Deal Roundup: Oct. 10   [03:52PM  The Wall Street Journal]
▶ How does Colorado rank for cannabis-positive workplace tests? You might be surprised.   [Oct-01-18 12:07PM  American City Business Journals]
▶ [$$] Provant Health Creditors Object to Sales Process, Financing   [Sep-14-18 03:29PM  The Wall Street Journal]
▶ Theranos' bloody tale nears end with decision to shut down   [Sep-05-18 10:06AM  American City Business Journals]
▶ [$$] Bankrupt Provant Health to Sell Assets to Quest Diagnostics   [Aug-28-18 03:47PM  The Wall Street Journal]
▶ Quest Diagnostics Declares Quarterly Cash Dividend   [Aug-17-18 07:00AM  PR Newswire]
▶ Giants dive into the science of sweat to keep players hydrated   [Aug-10-18 02:17PM  American City Business Journals]
▶ 'Ultimately, Elizabeth made the decisions': A look inside Theranos' ineffective board   [Aug-07-18 05:12PM  American City Business Journals]
▶ Buy These 3 Risky Biotech Stocks   [Jul-25-18 01:31PM  TheStreet.com]
▶ Quest Diagnostics: 2Q Earnings Snapshot   [06:59AM  Associated Press]

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