Quest Diagnostics (DGX) 10-K Summary — Year Ended Dec 31, 2023
Quest Diagnostics operates in the clinical testing industry, with revenue declining over the past two years. Operating cash flow decreased, while cash used in investing increased.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Quest Diagnostics operates in the clinical testing industry, with revenue declining over the past two years. Operating cash flow decreased, while cash used in investing increased.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.3B
Revenue reported for the fiscal year.
Operating income
$1.3B
Income from operations reported for the year.
Net income
$854M
Net income reported for the year.
Operating cash flow
$1.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $10.8B | n/a |
| Dec 31, 2022 | $9.9B | -8.4% |
| Dec 31, 2023 | $9.3B | -6.4% |
Business overview
Based on the filing context, the company is engaged in diagnostic testing services, as indicated by references to COVID-19 testing revenues and billing and collection measures. The business overview section outlines the company's strategy and strengths, though specific details are limited.
Financial performance
Revenue has declined over the past two years. The company reported operating income and net income for the current period. Operating cash flow decreased compared to the prior year.
Material risks
The filing includes a risk factors section and cautionary factors that may affect future results, but no specific risks are detailed in the supplied context.
Liquidity and capital
Operating cash flow decreased, while cash used in investing activities increased significantly. Cash and cash equivalents increased over the prior year.
What to watch
The collection of COVID-19 testing revenues and the trend in days sales outstanding should be monitored.