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Quest Raises Full-Year 2020 Outlook

NEW YORK – Quest Diagnostics on Wednesday raised its full-year 2020 revenue guidance to at least $9.35 billion, up from a previous guidance of $8.8 billion to $9.1 billion.

The company attributed the raise to higher than anticipated SARS-CoV-2 molecular testing volumes.

"Since the company reported its financial performance for the third quarter of 2020 … COVID-19 molecular testing volumes have been significantly higher than the previous outlook contemplated," the Secaucus, New Jersey-based firm said in a statement.

It added that organic testing volumes have been in line with the company's projections, down in the mid- to high-single digits year over year, though the company noted that organic volumes dropped in early December as state and local governments imposed new orders to reduce the spread of COVID-19.

Quest also said it now anticipates full-year 2020 earnings per share of at least $9.98 compared to a previous range of $8.22 to $9.22. Anticipated adjusted EPS was raised to $10.75 from its previous projection of between $9 and $10.