Quest Diagnostics Inc. (NYSE:DGX)
Revenues for the quarter were up 3.7% to $1.88 billion. This marks 16 consecutive quarters of revenue growth. Quest realized $180 million in tax savings and will use $75 million of this to reinvest into and grow the business. Quest’s new partnership with UnitedHealth Group provides an avenue for continued growth as they saw a net increase of 28 million lives available to them due to the partnership. Quest’s annual savings from its cost savings program ‘Invigorate’ were $1.3 billion, and they expect these savings to continue into next year. Currently working with multiple partners on a data management program that will utilize blockchain technology to increase data security as well as decrease costs.
From Jeff Auxier (Trades, Portfolio)'s second quarter 2018 shareholder letter.
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