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Unfortunately, the first round of data collection failed to collect the data from large significant segments of the marketplace. In 2014, the intent of Congress when passing PAMA was to reform the Medicare clinical lab fee schedule to a single national fee schedule based on private payer rates for the clinical laboratory services. In our view, Salsa could fix PAMA permanently, setting the Medicare clinical lab fee schedule back on a sustainable path. We're grateful for the efforts of Senate and House members who introduced this legislation on both sides of the aisle. Circuit's recent ruling on our trade associations PAMA lawsuit. But before I turn it over to Jim, I'd like to say a few words about the saving access to Laboratory Services Act, now called Salsa, the important new federal laboratory legislation recently introduced in Congress as well as the U.S.
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Jim will give you an update and take you through our second quarter highlights and then Mark will take you through our financial performance in more detail before we get into your questions. We also made very good progress on our leadership transition.
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It will continue into 2023.īased on our overall performance in the quarter and our expectations for the remainder of 2022, we have raised our full year guidance. As we have said before, we believe demand for COVID-19 molecular testing is not going away anytime soon. We performed well in the quarter, growing our base business year-over-year while increasing our share of COVID-19 molecular testing since March. Thanks, Shawn and thanks, everyone, for joining us today. Finally, revenue growth rates from acquisitions will be measured against our base business. Growth rates associated with our long-term outlook projections, including total revenue growth, revenue growth from acquisitions, organic revenue growth and adjusted earnings growth are compound annual growth rates. Any references to base business, testing revenues or volumes refer to the performance of our business excluding COVID-19 testing.
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economy and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic, including the impact of vaccination efforts which are drivers beyond the company's knowledge and control.įor this call, references to reported EPS refer to reported diluted EPS and references to adjusted EPS refer to adjusted diluted EPS. The company continues to believe that the impact of the COVID-19 pandemic on future operating results, cash flows and/or its financial condition will be primarily driven by the pandemic severity and duration, healthcare insurer, government, client payer reimbursement for COVID-19 molecular test, the pandemic impact on the U.S. Risks and uncertainties, including the impact of the COVID-19 pandemic that may affect Quest Diagnostics' future results include but are not limited to, those described in our most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Actual results may differ materially from those projected.
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We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. I'm joined by Steve Rusckowski, our Chairman, Chief Executive Officer and President Jim Davis, CEO elect Mark Guinan, Chief Financial Officer and Sam Samad, our incoming Chief Financial Officer.ĭuring this call, we may make forward-looking statements and will provide non-GAAP measures. Now I'd like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Any redistribution, retransmission or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited. The entire contents of the call, including the presentation and question-and-answer session that will follow, are the copyrighted property of Quest Diagnostics with all rights reserved.
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At the request of the company, this call is being recorded. Welcome to the Quest Diagnostics Second Quarter 2022 Conference Call. Sam Samad - Executive Vice President & Incoming-Chief Financial Officer Jim Davis - Chief Executive Officer-Elect Steve Rusckowski - Chairman, President & Chief Executive Officer Shawn Bevec - Vice President of Investor Relations
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Quest Diagnostics Incorporated ( NYSE: DGX) Q2 2022 Earnings Conference Call J8:30 AM ET