Quest Diagnostics

Quest Diagnostics Incorporated stands as a Fortune 500 leader in diagnostic information services, operating one of the most extensive clinical laboratory networks in the United States and reaching approximately one in three adult Americans each year. Headquartered in Secaucus, New Jersey, the company has transformed from its humble 1967 beginnings as Metropolitan Pathology Laboratory—founded by Dr. Paul A. Brown with a $500 loan and a bathtub used for staining Pap test slides—into a $9.87 billion revenue powerhouse serving patients across the United States, Puerto Rico, Mexico, and Brazil.

The company's business model centers on its Diagnostic Information Services segment, which accounted for $9.614 billion of fiscal 2024 revenues (97% of total). Quest provides access to thousands of laboratory tests, from routine preventive screenings for heart disease and diabetes to highly specialized genetic testing for cancer and rare diseases, advanced genomic diagnostics, and cutting-edge AI-powered pathology solutions. The company operates approximately 2,200 patient service centers nationwide and maintains partnerships with over 650,000 physician and hospital accounts, creating an unparalleled distribution network that generates significant competitive advantages through scale, efficiency, and accessibility.

Under CEO Jim Davis's leadership since November 2022, Quest has pursued an aggressive growth strategy emphasizing advanced diagnostics, strategic acquisitions, and technological innovation. The company completed eight acquisitions in 2024, including the transformational $1 billion LifeLabs acquisition in Canada (July 2024) and four hospital outreach laboratory acquisitions, significantly expanding geographic reach and market presence. Quest's Advanced Diagnostics portfolio—encompassing molecular diagnostics, oncology testing including the breakthrough Haystack Oncology MRD assay, and neurology solutions—generated $900 million in sales during 2024, representing a key growth driver with higher margins than traditional testing.

Quest's strategic partnerships demonstrate the company's commitment to innovation and market leadership. The collaboration with Alphabet's Google Cloud centralizes data management and enables AI-powered support tools for patients and clinicians, while the Epic collaboration through Project Nova streamlines customer-facing processes. The Guardant Health partnership expands access to Shield blood-based colorectal cancer screening across Quest's vast network, and the MD Anderson Cancer Center collaboration develops multi-cancer stratification (MCaST) blood testing capabilities. These initiatives position Quest at the forefront of precision medicine and preventive care.

The company's financial performance reflects successful execution of its diversification strategy. Fiscal 2024 revenue grew 6.7% to $9.87 billion, with impressive fourth quarter growth of 14.5% reaching $2.62 billion. For fiscal 2025, Quest projects revenues between $10.70 billion and $10.85 billion (8.4%-9.9% growth) with adjusted diluted EPS between $9.55 and $9.80. The company generated record free cash flow in recent years and increased its quarterly dividend 6.7% to $0.80 per share, demonstrating confidence in long-term growth prospects. With expanded health plan access covering over 90% of in-network lives nationwide through new collaborations with Elevance Health and Sentara Health Plans (effective January 2025), Quest Diagnostics continues strengthening its market position while advancing the future of diagnostic medicine through innovation, scale, and operational excellence.