Anyone listening to the call is encouraged to read the company's periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports. Eastern Time on October 22, 2020 until midnight Eastern Time on November 5, 2020. Telephone replays will be available from approximately 10:30 a.m.
and Canada, or 77 internationally, passcode: 7895081 or via live webcast on the company's website at The company suggests participants dial in approximately 10 minutes before the call.Ī replay of the call may be accessed online at or by phone at 80 for domestic callers or 40 for international callers. The conference call can be accessed by dialing 88 within the U.S. Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. 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, a gain on remeasurement of an equity interest, costs associated with the company's recently announced initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities, and other items. Income from continuing operations 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 Income from continuing operations attributable to Quest Diagnostics (a) Operating income as a percentage of net revenues (a) (dollars in millions, except per share data) As a result, we believe returning these funds to the government now is the right thing to do." Several months into this pandemic, we do not require this funding. Rusckowski continued: "We are grateful for the CARES Act funding that provided our company with support earlier this year at a time of great uncertainty for our nation.
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We are raising our full year 2020 outlook given our year to date performance and a clearer line of sight for both the base business and COVID-19 testing." As we exited September, organic volumes in our base business were down mid-to-high single digits compared to last year. "We've seen further signs of the health care system returning to pre-pandemic levels, as our base testing volume, which excludes COVID-19 molecular and antibody testing, continued to recover throughout the third quarter. I am extremely proud of all that Quest Diagnostics has accomplished throughout the COVID-19 pandemic, and would like to thank our more than 47,000 employees for their hard work and dedication. We also developed and introduced several new innovations that are contributing to enabling the country's return to work, the classroom, and the athletic field. "Quest has performed over 22 million COVID-19 molecular and serology tests to date, more than any other provider. "Quest had a very strong third quarter, benefiting from continued demand for COVID-19 testing and the rapid recovery of health care utilization," said Steve Rusckowski, Chairman, CEO and President, Quest Diagnostics.
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