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Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, costs associated with donations, contributions, and other financial support through Quest for Health Equity (our initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities), gains and losses associated with changes in the carrying value of our strategic investments, a gain on sale of an ownership interest in a joint venture, and other items. ![]() Net income attributable to Quest DiagnosticsĪs used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). Operating income as a percentage of net revenues Net income attributable to Quest Diagnostics (b) Operating income as a percentage of net revenues (b) (dollars in millions, except per share data) The excessive cuts under the flawed implementation of PAMA could make it far more challenging for the clinical laboratory community to invest in testing capacity and infrastructure to meet the health care needs of the country, especially in medically underserved communities and during a time when many patients are resuming routine care." The COVID-19 pandemic has demonstrated the clear need for patient access to timely, accurate and reliable clinical laboratory testing for the diagnosis, monitoring, and screening for all diseases. ![]() If enacted, SALSA would fix PAMA and put the Medicare Clinical Laboratory Fee Schedule back on a sustainable path. "Finally, we appreciate the bipartisan efforts of the members of Congress who introduced the Saving Access to Laboratory Services Act (SALSA). #Restricted phone call quest diagnostics fullSteve Rusckowski, Chairman, CEO and President said: "We have raised our full year guidance based on our performance in the quarter and our expectations for the remainder of 2022. We also continued to ramp our investments to accelerate growth in the base business, particularly in the areas of advanced diagnostics and direct to consumer testing." "Our base business performed well despite softer utilization trends which we believe impacted us and the rest of the health care industry. The three companies mentioned above received "is informed" letters earlier this year, which allow for the new restrictions to come into affect very quickly."In the second quarter our base business revenues grew year over year while we increased our share of COVID-19 molecular testing thanks largely to our expanded retail relationships," said Jim Davis, CEO-elect. #Restricted phone call quest diagnostics licenseThe only way around these restrictions is to secure a license from the Commerce Department first. Once implemented, it's thought the regulations will stop chip-making equipment from being exported to Chinese factories capable of producing sub-14nm components. KLA offers process control and yield management systems for the semiconductor industry, and Lam Research provides wafer fabrication equipment and services for creating the active components of semiconductors. #Restricted phone call quest diagnostics softwareApplied Materials provides equipment, services, and software for semiconductor manufacturing. The new restrictions will impact three US companies in particular: Applied Materials Inc., KLA Corp., and Lam Research Corp. According to people familiar with the matter, the Commerce Department will publish a new set of regulations at some point in October. #Restricted phone call quest diagnostics how to
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