Quest Diagnostics beats profit estimates on rebound in non-COVID testing By Reuters

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(Reuters) -Quest Diagnostics Inc topped second-quarter profit estimates on Thursday, driven by a rebound in its non-COVID-19-related businesses as more Americans get vaccinated and pandemic-related restrictions lift.

Quest and its rivals Abbott Laboratories (NYSE:) and Becton Dickinson (NYSE:) have recorded improvements in their non-COVID-19 businesses as vaccinations speed up and the economy reopens.

That recovery has helped reduce their dependence on COVID-19 testing, which had brought in billions of dollars in sales in 2020 but is expected to taper off this year.

Quest predicted in April its base business would fully recover by the end of this year.

Net income attributable to the company rose to $631 million, or $4.96 per share, in the second quarter ended June 30, from $185 million, or $1.36 per share, a year earlier.

Excluding items, Quest earned $3.18 per share, beating analysts’ estimates of $2.87, according to Refinitiv IBES data.

Revenue increased to $2.55 billion from $1.83 billion a year ago.

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