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MADISON, N.J. - Medical laboratory operator Quest Diagnostics Inc. said Tuesday its second-quarter profit grew 14 percent as the buyout of AmeriPath, a cancer testing firm, helped increase Quest's testing volumes and revenue.
| DGX | 54.05 |  -0.28 |
Quest's profit rose to $161.3 million from $141.3 million, or 83 cents per share from 73 cents, which surpassed analyst estimates. Revenue rose 12 percent, to $1.84 billion from $1.64 billion, which matched what Wall Street had expected. Clinical testing revenue grew 12 percent as revenue per requisition and testing volume both increased.
On average, analysts expected a smaller profit of 78 cents per share on $1.84 billion in revenue, according to Thomson Financial.
Revenue per requisition grew 7 percent, and testing volume rose 5 percent. The addition of AmeriPath was responsible for most of the gains.
Consolidated revenue, which includes results from AmeriPath, rose 8 percent. Quest Diagnostics completed buyout of AmeriPath in May 2007, meaning all future quarters will include comparisons to combined results. The company agreed to buy AmeriPath for $1.23 billion in April 2007.
Quest raised the low end of its 2008 profit forecast based on the results.
Quest shares added 5 cents in premarket trading Tuesday to $51.40.
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