Skip to main content
Premium Trial:

Request an Annual Quote

In Brief This Week: Quest Diagnostics, Abbott, Renalytix, Precipio

NEW YORK – Quest Diagnostics will pay about $5 million in a settlement with the California Attorney General's Office to resolve allegations that the company illegally disposed of hazardous waste, medical waste, and protected health information at laboratories and testing facilities across the state. California Department of Justice officials said in a statement this week that inspections at Quest's laboratories and patient service centers previously uncovered the waste that was illegally disposed in the company's compactors and dumpsters, and the firm subsequently changed its operations to bring its facilities into compliance with state law. The firm will be required to pay about $4 million in penalties, $700,000 in costs, and $300,000 for a project to support environmental training and law enforcement in California. 

Renalytix this week said that revenues for its fiscal second quarter retreated 41 percent to $709,000 from $1.2 million a year ago. The kidney disease in vitro diagnostics firm attributed the decline to a $300,00 reduction in KidneyIntelX billable testing volumes due to a "transition to a commercial billing structure" as part of an arrangement with Mount Sinai, as well as a $200,000 decline in pharmaceutical services revenues. 

Its net loss for the three months ended Dec. 31, 2023, was $8.5 million, or $.09 per share, compared to a net loss of $10.4 million, or $.14 per share, a year ago. Renalytix trimmed its R&D costs to $3.2 million from $3.3 million a year ago and cut its general and administrative costs to $5.3 million from $6.8 million. 

It exited the quarter with $5.6 million in cash and cash equivalents. 

Specialty cancer diagnostics firm Precipio said this week that full-year 2023 revenues are expected to grow 62 percent to $15.2 million from $9.4 million in 2022. The New Haven, Connecticut-based company said that its pathology services division's revenues rose 52 percent year over year, while its products division grew 115 percent. Its revenue growth along with cost-cutting efforts initiated during 2023 led to a reduction in cash burn, it said, adding that it ended last year with $1.5 million in cash. 

Abbott this week declared a quarterly common dividend of $.55 per share, payable on May 15 to shareholders of record as of the end of business on April 15.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.