QUEST DIAGNOSTICS INCORPORATED

QUEST DIAGNOSTICS INCORPORATED

Previous company name
CORNING CLINICAL LABORATORIES INC
Name change date
9/3/1996
Company Overview
Quest Diagnostics Incorporated, formerly known as Corning Clinical Laboratories Inc., is the nation’s leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company was founded in 1969 as MetPath, Inc., in New York. It has its registered principal place of business in Lyndhurst, New Jersey, USA.
Quest Diagnostics provides access to quality testing and services throughout the United States. With more than 2,000 patient service centers, approximately 150 rapid response laboratories, 30-plus regional laboratories and esoteric testing laboratories on both coasts, the company provides a broad range of services to its customers. Its customers and payers include patients, physicians, hospitals, health insurers, employers and government agencies. In addition, the company also has international presence located in the United Kingdom and Mexico.
Quest Diagnostics is the leading provider of specialty testing, including gene-based testing, and is the leader in routine medical testing, drugs of abuse testing, and a leader in anatomic pathology testing. Through its partnerships with pharmaceutical, biotechnology and information technology companies, Quest Diagnostics provides support to help speed the development of health care insights and new therapeutics. Quest Diagnostics is also the leading provider of risk assessment services to the life insurance industry.
The company’s featured Lab Tests include BNP / pro BNP (CHF Risk Testing), Testosterone, Celiac Disease, Gastrointestinal Pathology, Hepatitis Testing, Morphologic evaluation, Multiparametric Flow Cytometry, HIV Testing, Ashkenazi Jewish Panel, Genetic Testing, Sexually Transmitted Diseases, and Urologic Pathology.
Quest Diagnostics aims to be the undisputed world leader of diagnostic testing, information and services.
Business Summary
Quest Diagnostics Incorporated (Quest Diagnostics) is a provider of diagnostic testing, information and services. The Company offers United States patients and physicians access to diagnostic testing services through its nationwide network of laboratories and Company-owned patient service centers. The Company provides clinical testing, including gene-based and other esoteric testing, anatomic pathology services, including dermatopathology and testing for drugs-of-abuse, and risk assessment services for the life insurance industry. It also provides testing for clinical trials. Its diagnostics products business manufactures and markets the United States Food and Drug Administration (FDA) cleared or approved diagnostic test kits and specialized point-of-care testing.
Description and history
Quest Diagnostics Incorporated (Quest Diagnostics), incorporated in 1990, is a provider of diagnostic testing, information and services. The Company offers United States patients and physicians access to diagnostic testing services through its nationwide network of laboratories and Company-owned patient service centers. The Company provides clinical testing, including gene-based and other esoteric testing, anatomic pathology services, including dermatopathology and testing for drugs-of-abuse, and risk assessment services for the life insurance industry. It also provides testing for clinical trials. Its diagnostics products business manufactures and markets the United States Food and Drug Administration (FDA) cleared or approved diagnostic test kits and specialized point-of-care testing.

During the year ended December 31, 2009, the Company’s clinical testing business accounted for greater than 90% of its net revenues, with the balance derived from insurer services, clinical trials testing, diagnostic products and healthcare information technology. Clinical testing includes routine testing, anatomic pathology, gene-based and esoteric testing, and drugs-of-abuse testing, which generated approximately 54%, 16%, 20% and 2%, respectively, of its net revenues during 2009. Risk assessment services for the life insurance industry, clinical trials testing, diagnostic products and healthcare information technology combined generated approximately 8% of its revenues during 2009. During 2009, the Company derived approximately 3% of its net revenues from foreign operations and held approximately 7% of its long-lived assets outside the United States.

Clinical Testing

The Company offers customers access to test menu of clinical and anatomic pathology tests in the United States. It provides routine clinical testing, including testing for drugs-of-abuse. It performs routine testing through its network of laboratories and rapid response laboratories. The Company also performs routine testing at hospital laboratories that it manages.

The Company is a provider of cancer diagnostics, including anatomic pathology services, in the United States. Anatomic pathology involves the diagnosis of cancer and other diseases and medical conditions through examination of tissue and cell samples taken from patients. It provides cancer diagnostics testing, including inpatient anatomic pathology and medical director services at hospitals, throughout the country, including through its laboratories. Quest Diagnostics provides a range of cancer diagnostic services to all anatomic pathology subspecialties. It offers gene-based tests for the predisposition, diagnosis, treatment and monitoring of cancers. It provides reports that include both anatomic pathology and clinical pathology tests, enabling its pathologists to offer patients and physicians a complete analysis. The Company provides gene-based and other esoteric testing. It develops tests at its laboratories, such as Quest Diagnostics Nichols Institute; it also develops techniques in anatomic pathology.

Clinical Trials Testing

The Company is a provider of central laboratory testing performed in connection with clinical research trials on new drugs, vaccines and certain medical devices. It has clinical trials testing centers in the United States and the United Kingdom, and provides clinical trials testing in Australia, China, Singapore and South America through affiliated laboratories. During 2009, approximately 35% of its net revenues from clinical trials testing represented testing for GlaxoSmithKline plc (GSK). It is the primary provider of central laboratory testing to support GSK’s clinical trials testing requirements worldwide.

Life Insurer Services

Quest Diagnostics is a provider of risk assessment services to the life insurance industry in the United States and Canada. It also provides risk assessment services for insurance companies doing business in many countries outside the United States. Its risk assessment services comprise underwriting support services to the life insurance industry, including teleunderwriting, specimen collection and paramedical examinations, clinical testing, medical record retrieval, case management, motor vehicle reports, telephone inspections, prescription histories and credit checks. The clinical tests that the Company performs and data it gathers are designed to assist insurance companies to evaluate the mortality and morbidity risks of policy applicants. The Company also offers paramedical examinations through approximately 500 of its patient service centers, and operate approximately 80 locations other than patient service centers in the United States and Canada where it provides paramedical examinations. It also contracts with third parties at over an additional 125 locations across the United States and Canada to coordinate providing these exams.

Employer Services

The Company provides clinical testing to employers for the detection of employee use of drugs-of-abuse. Its Quest Diagnostics Drug Testing Index, which is an annual report of its aggregate drug testing results, is used by employers, the federal government and the media to help identify and quantify drug abuse among the nation’s workforce. The Company’s Blueprint for Wellness program offers employers actionable data to power their health improvement and cost containment programs. It also offers Blueprint for Wellness directly to individuals through its Website, BlueprintForWellness.com.

Diagnostic Products, including Point-of-care, or Near Patient, Testing

The Company develops and manufactures products that enable healthcare professionals to make healthcare diagnoses, including products for point-of-care, or near patient, testing for the professional market. Focus Diagnostics is a provider of infectious disease testing that has introduced new tests to the market, including diagnostic tests for Lyme disease, West Nile Virus, SARS and H1N1. Focus Diagnostics develops, manufactures and markets diagnostic products, such as HerpeSelect ELISA tests that detect patient antibodies to specific types of herpes simplex virus, which can be performed on a variety of instrument platforms. Focus Diagnostics sells its diagnostic products to academic medical centers, hospitals and commercial laboratories globally.

HemoCue manufactures and distributes point-of-care testing products. HemoCue is a provider in point-of-care testing for hemoglobin. The HemoCue handheld systems are used in physician’s offices, blood banks, hospitals, diabetes clinics and public health clinics. In developing countries, these systems are used as the primary means to screen for anemia. Enterix manufactures the InSure fecal immunochemical test (FITTM) for screening for colorectal cancer.

International

The Company has laboratory facilities in Gurgaon, India; Heston, England; Mexico City, Mexico, and San Juan, Puerto Rico. These laboratories support clinical testing in their local markets and its clinical trials business.

Healthcare Information Technology

The Company provides healthcare organizations and clinicians with information technology solutions that can help improve patient care and medical practice, including through its Care360 suite of products and the ChartMaxx electronic document management system for hospitals. The Care360 products, including its Care360 Labs and Meds, enable physicians electronically to order diagnostic tests and review test results from Quest Diagnostics and electronically to prescribe medication. During 2009, the Company launched an upgraded version of its ChartMaxx document managing and imaging solution, which enhances the ability of healthcare enterprises to track, respond to and report on, requests from Recovery Audit Contractor auditors. Its Centergy Clinical Portal is the hospital-facing component of its suite of modular healthcare solutions, which also includes full scale Data Exchange Services. The Company collaborates with Keas, Microsoft and Google in connection with their personal health records offerings.

The Company competes with Laboratory Corporation of America Holdings, Inc.

Formerly known as Corning Clinical Laboratories Inc; Founded as MetPath, Inc., in New York

Business Line
Provider of diagnostic testing, information and services
Subsidiary
AMERICAN MEDICAL LABORATORIES INC
Advisor
PRICEWATERHOUSECOOPERS LLP
IPO date
12/17/1996
US SIC Code
8071
Company Address
3, Giralda Farms

City province or state postal code
07940, MADISON, NJ
Phone: +1 201 393 5000
Fax: +1 201 462 4169
Country address: UNITED STATES OF AMERICA
Website url: www.questdiagnostics.com