Quest Diagnostics Incorporated DGX recently entered into a strategic collaboration intended to extend access to advanced, quality and economical laboratory services fueling affordable care for communities in Maine. Financial details of the deals were kept under wraps.
It is worth mentioning that Northern Light Health selected Quest Diagnostics following a competitive bid.
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Per the agreement, Quest Diagnostics will buy select assets of Northern Light Health’s outreach laboratory services business in an all-cash transaction. The companies expect to complete the transaction in the first quarter of 2023.
With an aim toward the future need, Quest will also provide professional laboratory management services for nine of Northern Light Health’s hospital laboratories and its cancer center laboratory at Northern Light Cancer Care in Brewer, ME.
Per management, Quest Diagnostics’ clinical proficiency, technological advancement and national scale will allow top health systems like Northern Light Health to augment their laboratory services for clinical value and patient affordability. The collaboration will reflect Quest Diagnostics’ commitment to extending access to these critical diagnostic insights, so more people and families in Maine can lead healthier lives.
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Upon completing the transaction, the collaboration will allow physicians and patients throughout Maine to get an advantage from access to Quest Diagnostic’s industry-leading and highly advanced test menu, broad health plan coverage and lower costs for many services.
Per a report by Grand View Research, the global clinical laboratory service market size was $201.94 billion in 2021 and is expected to register a CAGR of 3.7% by 2030. The increasing burden of chronic diseases and the growing demand for early diagnostic tests are fueling the market.
In November 2022, Quest Diagnostics acquired select assets of LabCare Plus — the outreach laboratory services business of Summa Health — a large integrated health system. With the buyout, the company expands access to diagnostic advancement and insights, empowering better health for more communities in Northeastern Ohio.
In the same month, Quest Diagnostics unveiled three new fitness panels on questhealth.com, intended for athletes of every kind, from weekend warriors to gold medalists. The new tests will precisely and conveniently offer fitness insights and guidance that will tangibly enhance performance and help them minimize their vulnerability to injury.
Shares of the company have lost 6% in a year compared with the industry’s fall of 27.8%.
Zacks Rank and Key Picks
Currently, Quest Diagnostics carries a Zacks Rank #3 (Hold).
AMN Healthcare has a long-term earnings growth rate of 3.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.7%, on average. It currently flaunts a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has gained 4.5% against the industry’s 29.2% fall.
ShockWave Medical, sporting a Zacks Rank #2 at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has gained 33.7% against the industry’s 25.3% fall in the past year.
Medpace Holdings, sporting a Zacks Rank #1 (Strong Buy), reported third-quarter 2022 EPS of $2.05, which beat the Zacks Consensus Estimate by 39.5%. Revenues of $383.7 million outpaced the consensus mark by 8.1%.
Medpace Holdings has an estimated growth rate of 44.9% for the full-year 2022. MEDP’s earnings surpassed estimates in all the trailing four quarters, the average being 22%.
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