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Quest Diagnostics (DGX) Enhances Lab Experience With Facility
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Quest Diagnostics Incorporated (DGX - Free Report) recently completed the integration of Northeast regional operations to its new next-generation lab facility in Clifton, NJ. The facility is one of the largest medical laboratories worldwide. It features extensive automation to perform more than 300,000 tests per day with high accuracy, quality and efficiency.
The Clifton laboratory serves more than 40 million people per year in seven states across the Northeast. It performs high-volume diagnostic testing services, providing increased productivity, superior medical quality, and capacity to meet current and future regional demand.
More on the News
The Clifton laboratory has two distinct automated lines for clinical testing and a bridge design that improves efficiency. The automated facility also employs barcode tracking solutions to track and store specimens, making it easier for healthcare providers to request follow-up tests or further analysis in real-time.
The design for the facility will offer seamless indoor/outdoor connectivity, light-filled workstations, generous mixed-use social spaces, a central skylight-topped "communication staircase" for cross-departmental engagement, and the Oculus mezzanine – providing staff and visitors a close view of lab operations without disrupting floor activity.
With an aim toward the future need, the Clifton lab facility can expand to tackle increased testing demand. The lab also has the capacity to add a third automation line on the main automation floor.
Significance of the New Facility
Per Quest Diagnostics’ management, the new Clifton laboratory is fully operational and will empower better health for the patients and clients in the seven states the lab serves. The lab's best-in-class automation allows the company to offer better medical quality, quick turnaround, and the ability to add additional capacity quickly. This inspiring facility represents Quest Diagnostics’ continued commitment to employees and the healthcare community.
Image Source: Zacks Investment Research
In addition to offering superior provider and patient experience, the Clifton facility represents a more than $250-million commitment to its customers and community, providing more than 1,000 jobs and serving as an economic stimulus for New Jersey. These jobs offer employees skill-building opportunities and the ability to laser focus on high-value work providing diagnostic insights in an automated environment.
Industry Prospects
Per a report by Grand View Research, the global lab automation market size was estimated at $4.80 billion in 2020 and is expected to register a CAGR of 8.1% by 2028. An increase in the number of clinical applications of automated instruments for labs is anticipated to increase the adoption of lab automation.
Recent Developments
In October 2021, Quest Diagnostics announced a more than $3-million commitment to the American Heart Association (AHA) to reduce health inequities in vulnerable communities while creating more diverse healthcare professionals. Quest Diagnostics’ recent support will help AHA boost innovative solutions like the Scholars programs, hypertension control and COVID-19 rapid response to support better health in the communities.
In the same month, Quest Diagnostics and the Boston Athletic Association collaborated to provide onsite COVID-19 diagnostic testing for the 125th Boston Marathon. The entrants in the 125th Boston Marathon will need to either provide proof of vaccination or produce a negative COVID-19 test no more than 72 hours in advance of the race to participate. Quest Diagnostics will be the sole testing provider for entrants, staff and volunteers.
Price Performance
Shares of the company have gained 19.8% in a year against the industry’s fall of 37%.
Zacks Rank and Key Picks
Currently, Quest Diagnostics carries a Zacks Rank #3 (Hold).
Image: Bigstock
Quest Diagnostics (DGX) Enhances Lab Experience With Facility
Quest Diagnostics Incorporated (DGX - Free Report) recently completed the integration of Northeast regional operations to its new next-generation lab facility in Clifton, NJ. The facility is one of the largest medical laboratories worldwide. It features extensive automation to perform more than 300,000 tests per day with high accuracy, quality and efficiency.
The Clifton laboratory serves more than 40 million people per year in seven states across the Northeast. It performs high-volume diagnostic testing services, providing increased productivity, superior medical quality, and capacity to meet current and future regional demand.
More on the News
The Clifton laboratory has two distinct automated lines for clinical testing and a bridge design that improves efficiency. The automated facility also employs barcode tracking solutions to track and store specimens, making it easier for healthcare providers to request follow-up tests or further analysis in real-time.
The design for the facility will offer seamless indoor/outdoor connectivity, light-filled workstations, generous mixed-use social spaces, a central skylight-topped "communication staircase" for cross-departmental engagement, and the Oculus mezzanine – providing staff and visitors a close view of lab operations without disrupting floor activity.
With an aim toward the future need, the Clifton lab facility can expand to tackle increased testing demand. The lab also has the capacity to add a third automation line on the main automation floor.
Significance of the New Facility
Per Quest Diagnostics’ management, the new Clifton laboratory is fully operational and will empower better health for the patients and clients in the seven states the lab serves. The lab's best-in-class automation allows the company to offer better medical quality, quick turnaround, and the ability to add additional capacity quickly. This inspiring facility represents Quest Diagnostics’ continued commitment to employees and the healthcare community.
In addition to offering superior provider and patient experience, the Clifton facility represents a more than $250-million commitment to its customers and community, providing more than 1,000 jobs and serving as an economic stimulus for New Jersey. These jobs offer employees skill-building opportunities and the ability to laser focus on high-value work providing diagnostic insights in an automated environment.
Industry Prospects
Per a report by Grand View Research, the global lab automation market size was estimated at $4.80 billion in 2020 and is expected to register a CAGR of 8.1% by 2028. An increase in the number of clinical applications of automated instruments for labs is anticipated to increase the adoption of lab automation.
Recent Developments
In October 2021, Quest Diagnostics announced a more than $3-million commitment to the American Heart Association (AHA) to reduce health inequities in vulnerable communities while creating more diverse healthcare professionals. Quest Diagnostics’ recent support will help AHA boost innovative solutions like the Scholars programs, hypertension control and COVID-19 rapid response to support better health in the communities.
In the same month, Quest Diagnostics and the Boston Athletic Association collaborated to provide onsite COVID-19 diagnostic testing for the 125th Boston Marathon. The entrants in the 125th Boston Marathon will need to either provide proof of vaccination or produce a negative COVID-19 test no more than 72 hours in advance of the race to participate. Quest Diagnostics will be the sole testing provider for entrants, staff and volunteers.
Price Performance
Shares of the company have gained 19.8% in a year against the industry’s fall of 37%.
Zacks Rank and Key Picks
Currently, Quest Diagnostics carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Alcon Inc (ALC - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Henry Schein, Inc. (HSIC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Alcon has an estimated long-term earnings growth rate of 18%.
West Pharmaceutical Services has an estimated long-term earnings growth rate of 27%.
Henry Schein has a projected long-term earnings growth rate of 14%.