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Though the pace of Quest's acquisitions has slowed this year, the latest deal with BCL continues a string of activities resulting from the implementation of PAMA.
News items from the in vitro diagnostics industry for the week of Nov. 18, 2019.
Comments from Quest suggest lab buys are becoming more complex while others suggest hospitals will remain reluctant to sell so long as premium pricing persists.
The company said it plans to move all its immunoassays to a single vendor, representing an opportunity worth between $250 million and $400 million annually.
A federal court last week gave preliminary approval to a class action lawsuit settlement that would have Quest give affected patients up to $325 each.
Revenues of $1.96 billion for the third quarter were up from $1.89 billion in Q3 last year and beat the consensus Wall Street estimate of $1.94 billion.
The company launched a "core" service using Illumina microarray genotyping, and has plans for an expanded NGS offering with Quest Diagnostics.
Quest said it will not acquire True Health's facilities or staff and that it expects the buy to expand the reach of its cardio-metabolic diagnostic services.
While some large health systems have developed internal tools for lab test utilization, a number of outside vendors are rolling out solutions of their own.
A jury last week determined Quest did not steal trade secrets from Cedars-Sinai or breach its contract with the hospital in developing a serological IBS test.