Oct 10 Laboratory tests provider Quest
Diagnostics Inc estimated a third-quarter profit below
analysts' expectations, citing a fall in the number of tests
ordered in the latter part of the quarter.
The company estimated adjusted earnings of $1.02 per share
from continuing operations, down from $1.15 per share a year
earlier. Analysts were expecting $1.20 per share, according to
Thomson Reuters I/B/E/S.
Quest also estimated revenue of $1.79 billion from
continuing operations, marginally below analysts' estimates of
"Early in the third quarter, we were encouraged by revenue
performance that was in line with our expectations," said Chief
Executive Steve Rusckowski. "However, later in the quarter,
revenues deteriorated, leading to results that did not meet our
This will be the fourth profit miss in a row for the
company, which has been hurt by a cut in Medicare
The company said it had been under reimbursement pressure
all year from government and commercial payers.
Revenue per requisition from the company's core diagnostics
business fell 3.3 percent in the quarter, excluding the effect
of recent acquisitions.
Quest will report third-quarter results on Oct. 17.