Quest Diagnostics Incorporated · NYSE:DGX
Quest Diagnostics — J.P. Morgan Healthcare Conference 2026
22 slides from Quest Diagnostics's conference presentation, Jan 12, 2026
Slide 1: Driving Sustainable Growth, Delivering Long-term Value
Driving Sustainable Growth, Delivering Long-term Value Jim Davis Chairman, CEO, and President J.P. Morgan Healthcare Conference January 12, 2026 Quest Diagnostics
Slide 2: Safe harbor disclosure
Safe harbor disclosure The statements in this presentation that are not historical facts may be forward-looking statements. Readers and listeners are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's
Slide 3: The Quest Way: Purpose, Strategy, Culture
WHY WE EXIST PURPOSE The Quest Way STRATEGY HOW WE GROW CULTURE HOW WE WORK PURPOSE WHY WE EXIST Working together to create a healthier world, one life at a time STRATEGY HOW WE GROW We are connecting consumers and clinicians to innovative, affordable, and actionable insights that illuminate every p
Slide 4: Quest Diagnostics is at the center of healthcare
Quest Diagnostics is at the center of healthcare 50% US hospitals and physicians served annually 1/3 US adults served annually ~217M requisitions in 2024 ~8K patient access sites ~5K vehicles >90% of insured lives in the US >>80B patient data points >55K employees ~850 MDs/PhDs ~1,600 patents/patent
Slide 5: Our lab testing informs every stage of a person's health journey
Our lab testing informs every stage of a person's health journey Risk evaluation What is my risk of getting a disease? Periodic screening How is my overall health? Diagnosis What is making me sick? Prognosis What direction wil my sickness take? Therapy selection What therapy is best for me? Therapy
Slide 6: Growing healthcare trends continue to favor Quest
Growing healthcare trends continue to favor Quest Demographic shifts- older, sicker population Innovations in lab diagnostics Greater adoption of AI and automation Consumer focus on prevention and wellness
Slide 7: We are well positioned in the nearly $90 billion US lab market
We are well positioned in the nearly $90 billion US lab market Physician Channel $58B POL 11% Quest 12% Hospital Outreach 35% Other independent Labs 42% 2% - 4% CAGR 2024 Total US Lab Market $89B Physician 65% Hospital 35% 1% - 3% CAGR Hospital Channel $31B Quest 6% Other Ind Labs 14% Other Hospital
Slide 8: Canadian lab market and LifeLabs
2024 Total Canadian Lab Market ~$5B LifeLabs 13% Community Labs 8% Hospital/Public Health 79% ~3%CAGR LifeLabs British Columbia Saskatchewan Ontario 41M people Leading provider of clinical laboratory testing in Canada Headquartered in Toronto 5 primary labs and 350 collection centers Strong growth o
Slide 9: Our strategy supports above-market growth in key channels
Our strategy supports above-market growth in key channels Physicians 4% - 5% CAGR Capitalize on expanded health plan network access Extend geographic reach Serve as a partner of choice for large enterprise customers Hospitals 5% - 6% CAGR Deliver scaled reference testing Provide Collaborative Lab So
Slide 10: Our unique strengths enable us to capitalize on physician market trends
Our unique strengths enable us to capitalize on physician market trends Physician employment trends CAGR Independent 35% 22% -11% Corporate entity 17% 23% +8% Health System 48% 55% +3% 2020 2024 Enterprise accounts Summit Health City MD Oak St. Health Optum Minute clinic duly Healthcare provider and
Slide 11: We help hospitals improve quality, efficiency, and access to capital
We help hospitals improve quality, efficiency, and access to capital Reference testing Comprehensive menu across continuum of care for one-stop shop Reduces the need for hospitals to invest in advanced technologies Approximately $1.2B in revenues today Collaborative Lab Solutions (CoLab) Professiona
Slide 12: Quest is the lab engine for the growing wellness industry
Quest is the lab engine for the growing wellness industry ~$100M direct Quest ~250M annual revenue ~150M partners Function WHOOP Hims&hers OURA Behavioral Change Biometric data from device Biomarker data from lab Provider direction
Slide 13: Advanced diagnostic tests expected to deliver double-digit growth
We expect advanced diagnostic tests in 5 key clinical areas to deliver double-digit growth Advanced Cardiometabolic Health ApoB Lipoprotein(a) Insulin resistance panel with score Autoimmune Disorders ANAlyzeR® primary care screening Therapy guidance (RA, IBD) Brain Health AD-Detect® Alzheimer's dise
Slide 14: We continue to improve quality, productivity, and customer experience
We continue to improve quality, productivity, and customer experience 3% annual productivity and cost savings target through Invigorate Onboard Order Collect Transport Test Result Bill Service People Customer-centric and highly engaged employees driving performance and innovation Process Lean, stand
Slide 15: Driving productivity across the order-to-cash value stream
Driving productivity across the order-to-cash value stream... Onboard Order Collect Transport Test Result Bill Service Accounts set up within 3 days Electronic order rate Patients served per FTE per day Non-productive stops Requisitions per day per FTE MyQuest® result views eBills delivered Calls pe
Slide 16: Enhancing quality, efficiency, and experiences with automation and AI
Enhancing quality, efficiency, and experiences with automation and AI Inside the lab Increasing efficiency and productivity 1 Roche Front End Automation Optimizing specimen management 2 Driving productivity in specimen management accessioning Driving productivity in specimen management accessioning
Slide 17: M&A is a key strategy for our growth
M&A is a key strategy for our growth Over the last 3 years, we've deployed ~$2.8B in capital to generate over $1B in annual revenue Regional independent labs Health system outreach labs Capability-building assets ~50% of capital deployed ~30% of capital deployed ~20% of capital deployed Targeted fin
Slide 18: Building new capabilities through strategic partnerships
Building new capabilities through strategic partnerships FRESENIUS MEDICAL CARE Provides end-stage renal disease (ESRD) dialysis testing for over 2,600 dialysis centers serving 200,000+ US patients Built dialysis-related water testing capabilities Leverages Quest's national network to enable near-ac
Slide 19: We will maintain a disciplined capital deployment strategy
We will maintain a disciplined capital deployment strategy Targeted capital deployment 2025-2027 $4.5B - $5.0B operating cash flow $1.5B - $1.7B capital expenditures (~4.5% of revenue) $3.0B - $3.3B free cash flow ~$1.5B acquisitions Drives 1% - 2% revenue growth ~$1.0B dividends Steady annual growt
Slide 20: Our long-term outlook beyond 2025
Our long-term outlook beyond 2025 assumes steady revenue and earnings growth Total revenues 4% - 5% CAGR Includes 1% - 2% growth from new acquisitions Operating margins +75 to +150 basis points by the end of 2027 Adjusted EPS* 7% - 9% CAGR Free cash flow Free cash flow growth commensurate with earni
Slide 21: Key takeaways
Key takeaways The lab market is expected to remain strong driven by health trends and diagnostic innovation Our proven strategy, innovation, and scale position us to generate above-market growth Our operational strategy is designed to enhance quality, customer experiences, and productivity M&A is a
Slide 22: Note on Non-GAAP Financial Measures
Note on Non-GAAP Financial Measures As used in this presentation, the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructurin
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