NEW YORK – Quest Diagnostic said on Monday that it expects Q2 2020 revenues to be approximately $1.83 billion, down roughly 6 percent year-over-year but above the consensus Wall Street estimate of $1.5 billion
The company said that the better-than-expected revenues reflected a "stronger than forecasted recovery in base testing volumes… as well as growing demand for COVID-19 testing services."
Total test volume for the quarter is expected to be down by roughly 18 percent year-over-year, with test volume excluding SARS-CoV-2 testing down around 34 percent versus Q2 2019.
Adjusted earnings per share are expected to be between $1.39 and $1.42, down from $1.73 in 2019 and significantly above the analysts' average estimate of $.12. The EPS figure excludes $65 million Quest received in Q2 2020 from fund provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Quest said it expects its business will continue to be impacted by the SARS-CoV-2 pandemic, with the severity of that impact determined by the pandemic's duration and scope and the effectiveness of any government responses.
The Secaucus, New Jersey-based company is scheduled to report its second quarter financial results on July 23.