On an adjusted basis, the healthcare company reported a net income of $1.98 per share for the December quarter, which is down 41% from the year-ago period. Unadjusted profit fell sharply to $101 million or $0.87 per share.
The bottom line was negatively impacted by a 15% decrease in revenues to $2.33 billion. The management expects full-year 2023 earnings to be between $7.61 per share and $8.21 per share.
“Quest had another strong year in 2022, with base business revenues growing more than 6% in the fourth quarter, and 5% for the full year. COVID-19 testing revenues declined as expected but still exceeded $1.4 billion in 2022,” said Quest’s CEO Jim Davis.