Slide 1: Q2 2025 Highlights
Q2 2025 Highlights Q2 2025 Performance Strong revenue growth from acquisitions, enterprise accounts, and innovative clinical solutions “ Through continued execution of our strategy, we delivered a strong second quarter, with revenues Drove robust growth in brain health with our growing 15.2%, which
Slide 2: Supplemental Financial Information Q2 2025
Supplemental Financial Information Q2 2025 July 22, 2025
Slide 3: Safe harbor disclosure
The statements in this presentation that are not historical facts may be forward-looking statements. Readers 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 current estimates, projections, expe
Slide 4: 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 restructuring Note on and integration charges, am
Slide 5: Second quarter 2025 financial results
Second quarter 2025 financial results Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2025 2024 Change 2025 2024 Change Reported Net revenues $2,761 $2,397 15.2% $5,413 $4,763 13.7% Diagnostic information services revenues $2,699 $2,333 15.7% $5,288
Slide 6: Guidance for full year 2025
Updated guidance Prior guidance Low High Low High Guidance for Net revenues $10.80B $10.92B $10.70B $10.85B full year 2025 Net revenues increase 9.4% 10.6% 8.4% 9.9% Reported diluted EPS $8.60 $8.80 $8.62 $8.87 Adjusted diluted EPS $9.63 $9.83 $9.55 $9.80 Cash provided by operations Approximately $1
Slide 7: Underlying assumptions for full year 2025 guidance
• Updated revenue guidance assumes approximately 3.5 to 4% organic revenue growth in addition to contributions from acquisitions completed in 2024 and announced to date. It does not assume any contribution from prospective M&A. Underlying • 2025 guidance includes investments related to Project Nova,
Slide 8: Trended quarterly total and organic net revenue growth
Trended quarterly total and organic net revenue growth 14.5% 15.2% 12.1% 8.5% 2.5% 4.8% 5.2% 1.5% 4.2% 1.8% 2.4% 0.8% -1.9% -4.7% Total net -2.7% revenue growth -7.7% -5.1% Organic net -8.3% revenue growth Q2 '2 3 Q3 '2 3 Q4 '2 3 Q1 '2 4 Q2 '2 4 Q3 '2 4 Q4 '2 4 Q1 '2 5 Q2 '2 5 8
Slide 9: Trended quarterly volume and revenue per requisition metrics
Trended quarterly volume and revenue per requisition metrics 16.3% 13.9% 12.4% 5.5% 3.3% 1.6% Total req 1.9% 1.6% volume 1.1% 0.6% 0.2% 0.5% 2.1% -0.5% 1.4% 1.0% 0.7% -0.9% Organic req -0.3% 0.1% 0.2% -0.4% -3.8% -1.0% 0.3% volume -3.9% -3.5% Revenue -4.9% per req -7.2% -7.7% Q1 '23 Q2 '23 Q3 '23 Q4
Slide 10: Trended quarterly net revenues by type of payer customer
Trended quarterly net revenues by type of payer customer 12% 12% 10% 12% 14% 10% 10% 13% 12% Patients 33% 35% 33% 33% 32% 31% 30% Client payers 34% 33% 12% 11% 12% 13% 16% 16% 16% Government payers 12% 11% 3% 3% 3% 3% Health insurers 3% 3% 3% 3% 3% (capitated) 37% 38% 37% 38% 36% 35% 37% Health insu
Slide 11: 2024 net revenues by customer channel and major service
2024 net revenues by customer channel and major service Customer channel Major service DS revenues Anatomic All other 3% pathology 3% Other DIS testing services 9% 6% Hospital lab services Routine clinical 20% Gene-based testing and Physician and esoteric* other services lab services testing service
Slide 12: Data tables
Data tables Diagnostics* (@) Quest
Slide 13: Trended quarterly growth metrics
Trended quarterly growth metrics 2023 2024 2025 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Total net revenue growth (4.7%) (7.7%) (1.9%) (6.4%) 1.5% 2.5% 8.5% 14.5% 6.7% 12.1% 15.2% Organic net revenue growth (5.1%) (8.3%) (2.7%) (6.9%) 0.8% 1.8% 4.2% 4.8% 2.9% 2.4% 5.2% DIS revenue growth (4.9%) (7.9%) (2.
Slide 14: Trended quarterly net revenues by type of payer customer
Trended quarterly net revenues by type of payer customer 2023 2024 2025 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Healthcare insurers: Fee-for-service 37% 36% 38% 37% 37% 36% 38% 36% 37% 35% 37% Capitated 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Total healthcare insurers 40% 39% 41% 40% 40% 39% 41% 39% 40% 38% 40% G
Slide 15: Trended annual net revenues by customer channel
Trended annual net revenues by customer channel 2022 2023 2024 Physician lab services 68% 66% 68% Hospital lab services 18% 21% 20% Other DIS 11% 10% 9% Total DIS revenues 97% 97% 97% DS revenues 3% 3% 3% Total net revenues 100% 100% 100% 15
Slide 16: Trended annual net revenues by major service
Trended annual net revenues by major service 2022 2023 2024 Routine clinical testing and 44% 51% 51% other services COVID-19 testing services 15% 2% 1% Gene-based and esoteric (including advanced 32% 38% 39% diagnostics) testing services Anatomic pathology testing 6% 6% 6% services All other 3% 3% 3
Slide 17: Non-GAAP reconciliations
Non-GAAP reconciliations 17
Slide 18: Non-GAAP reconciliations
Non-GAAP reconciliations 18
Slide 19: Non-GAAP reconciliations
Non-GAAP reconciliations 19
Slide 20: Non-GAAP reconciliations
Non-GAAP reconciliations 20
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations 21