NEW YORK – Quest Diagnostics on Thursday raised its full-year 2020 guidance saying it now expected revenues of between $8.4 billion and $8.8 billion compared to a previous guidance of $8 billion to $8.6 billion.
The average Wall Street estimate is $8.7 billion.
In a statement, the company said that since it reported its Q2 2020 financial results, organic testing volumes for its base business have recovered faster than expected. Test volumes were down in the high single digits in July and in the mid-to-high single digits in August compared to the prior year.
Quest said it now expects its full-year EPS to be between $7.42 and $8.92 compared to a previous guidance of between $5.66 and $7.66. Adjusted EPS is expected to be between $7.50 and $9.00 versus its previous guidance of $6.60 and $8.60. The average Wall Street EPS estimate is $8.51.
It now expects cash provided by operations be at least $1.5 billion versus a previous guidance of at least $1.3 billion.
In early morning trading on Thursday, Quest's shares rose about 3 percent to $110.52.