MADISON, N.J., March 10, 2014 -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, announced today that it has completed the previously announced acquisition of Solstas Lab Partners Group and its subsidiaries (Solstas), a full-service commercial laboratory company based in Greensboro, North Carolina. The combination of Solstas with Quest Diagnostics will give patients and healthcare providers in the Southeastern United States, where Solstas operates in nine states, including the Carolinas, Virginia, Tennessee, Georgia and Alabama, greater access to innovative and cost-effective diagnostic information services. 

2014 Guidance Updated 

In conjunction with the completion of the Solstas transaction, Quest Diagnostics is raising its full-year 2014 financial guidance for results from continuing operations, excluding special items: 

  • Full year 2014 revenues are expected to increase 2% to 4% over the full year 2013, versus the prior guidance of flat to down 2%. 
  • Adjusted earnings per diluted share are expected to be between $3.95 and $4.15, versus the prior guidance of between $3.90 and $4.10. 

 

Updated guidance for the full year 2014 reflects unseasonably harsh winter weather conditions during February, which have negatively impacted Quest Diagnostics' performance. The company now estimates the impact of weather to first quarter adjusted earnings per diluted share to be approximately $0.10. 

Note on Non-GAAP Financial Measures 

As used in this press release, for the purpose of earnings the term "adjusted" refers to the operating performance measures that exclude special items. Adjusted measures are presented because management believes those measures are useful adjuncts to reported results under accounting principles generally accepted in the United States. Adjusted measures should not be considered as an alternative to the corresponding measures determined under accounting principles generally accepted in the United States.