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Quest Diagnostics (DGX) to Boost Lab Services With New Pact
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Quest Diagnostics Inc. (DGX - Free Report) recently inked a strategic lab services agreement with Neway. The agreement aims to accelerate dialysis laboratory testing and reduce the laboratory costs of dialysis programs for patients with end-stage renal disease (ESRD).
The latest development is likely to broaden Quest Diagnostics' laboratory services offering.
More on Agreement
According to the terms of the agreement, Neway will leverage Quest Diagnostics' broad lab network to deliver local dialysis laboratory testing services with typically next-day results after arriving at a Quest Diagnostics laboratory.
The collaboration between Quest Diagnostics and Neway will provide an alternative to the centralized lab paradigm, in which the majority of dialysis programs in the United States transmit specimens to a single laboratory for processing.
Neway and its connected dialysis centers as well as their patients will benefit from speedier testing and results reporting as well as decreased transportation expenses by utilising Quest Diagnostics' distributed lab network.
Strategic Efforts
Quest Diagnostics -- a pioneer in cardiometabolic diagnostic solutions, including renal disease, knows the specific issues that patients with ESRD confront, as well as the importance of speedy testing that never compromises on quality. Through a partnership with Neway, the company will overcome these obstacles and speed test results while preserving the highest level of quality for ESRD patients in collaboration with Neway.
Further, it is worth mentioning that the 'new way' for dialysis laboratory testing is a nationwide decentralized network of laboratory facilities. This method benefits dialysis patients, dialysis programs, insurance payers, and the dialysis industry as a whole. It is a win-win situation for everyone.
Industry Prospects
Per a report by Grand View Research, the global end-stage renal disease market size was valued at $ 99.1 billion in 2022 and is anticipated to grow at a CAGR of 13.0% by 2030. An increasing number of patients suffering from kidney failure and the introduction of technologically advanced products, such as low-maintenance dialysis equipment and artificial kidneys, are the major factors expected to drive the market.
Progress Within Laboratory Business
In March 2023, Quest Diagnostics acquired select assets of Northern Light Laboratory -- a large integrated healthcare system in Maine. Financial details of the deal were kept under wraps. Through this acquisition, Quest Diagnostics now offers professional laboratory management services for nine of Northern Light Health's hospital laboratories and its cancer center laboratory at Northern Light Cancer Care in Brewer, Maine.
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In February 2023, Quest Diagnostics entered into a strategic agreement with NewYork-Presbyterian to extend access to quality, advanced laboratory services for the providers and patients. The agreement targets to serve NewYork-Presbyterian's providers and patients in the greater New York region and beyond.
Price Performance
In the past year, shares of DGX have declined 2.4% compared with the industry’s 6.6% growth.
Zacks Rank and Other Key Picks
Quest Diagnostics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Quanterix (QTRX - Free Report) and Align Technology (ALGN - Free Report) , each carrying a Zacks Rank #2.
DaVita has gained 25.5% against the industry’s 8.9% decline in the past year.
Estimates for Quanterix’s 2023 loss per share have remained constant at 97 cents in the past 30 days. Shares of the company have surged 141.5% in the past year compared with the industry’s fall of 5.6%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for Align Technology’s 2023 earnings have moved up from $8.77 to $8.78 per share in the past 30 days. Shares of the company have increased 27% in the past year compared with the industry’s rise of 14.3%.
ALGN’s earnings beat estimates in three of the trailing four quarters and missed in one. In the last reported quarter, it posted an earnings surprise of 9.90%.
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Quest Diagnostics (DGX) to Boost Lab Services With New Pact
Quest Diagnostics Inc. (DGX - Free Report) recently inked a strategic lab services agreement with Neway. The agreement aims to accelerate dialysis laboratory testing and reduce the laboratory costs of dialysis programs for patients with end-stage renal disease (ESRD).
The latest development is likely to broaden Quest Diagnostics' laboratory services offering.
More on Agreement
According to the terms of the agreement, Neway will leverage Quest Diagnostics' broad lab network to deliver local dialysis laboratory testing services with typically next-day results after arriving at a Quest Diagnostics laboratory.
The collaboration between Quest Diagnostics and Neway will provide an alternative to the centralized lab paradigm, in which the majority of dialysis programs in the United States transmit specimens to a single laboratory for processing.
Neway and its connected dialysis centers as well as their patients will benefit from speedier testing and results reporting as well as decreased transportation expenses by utilising Quest Diagnostics' distributed lab network.
Strategic Efforts
Quest Diagnostics -- a pioneer in cardiometabolic diagnostic solutions, including renal disease, knows the specific issues that patients with ESRD confront, as well as the importance of speedy testing that never compromises on quality. Through a partnership with Neway, the company will overcome these obstacles and speed test results while preserving the highest level of quality for ESRD patients in collaboration with Neway.
Further, it is worth mentioning that the 'new way' for dialysis laboratory testing is a nationwide decentralized network of laboratory facilities. This method benefits dialysis patients, dialysis programs, insurance payers, and the dialysis industry as a whole. It is a win-win situation for everyone.
Industry Prospects
Per a report by Grand View Research, the global end-stage renal disease market size was valued at $ 99.1 billion in 2022 and is anticipated to grow at a CAGR of 13.0% by 2030. An increasing number of patients suffering from kidney failure and the introduction of technologically advanced products, such as low-maintenance dialysis equipment and artificial kidneys, are the major factors expected to drive the market.
Progress Within Laboratory Business
In March 2023, Quest Diagnostics acquired select assets of Northern Light Laboratory -- a large integrated healthcare system in Maine. Financial details of the deal were kept under wraps. Through this acquisition, Quest Diagnostics now offers professional laboratory management services for nine of Northern Light Health's hospital laboratories and its cancer center laboratory at Northern Light Cancer Care in Brewer, Maine.
In February 2023, Quest Diagnostics entered into a strategic agreement with NewYork-Presbyterian to extend access to quality, advanced laboratory services for the providers and patients. The agreement targets to serve NewYork-Presbyterian's providers and patients in the greater New York region and beyond.
Price Performance
In the past year, shares of DGX have declined 2.4% compared with the industry’s 6.6% growth.
Zacks Rank and Other Key Picks
Quest Diagnostics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Quanterix (QTRX - Free Report) and Align Technology (ALGN - Free Report) , each carrying a Zacks Rank #2.
DaVita has an estimated long-term growth rate of 12.7%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average surprise of 21.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita has gained 25.5% against the industry’s 8.9% decline in the past year.
Estimates for Quanterix’s 2023 loss per share have remained constant at 97 cents in the past 30 days. Shares of the company have surged 141.5% in the past year compared with the industry’s fall of 5.6%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for Align Technology’s 2023 earnings have moved up from $8.77 to $8.78 per share in the past 30 days. Shares of the company have increased 27% in the past year compared with the industry’s rise of 14.3%.
ALGN’s earnings beat estimates in three of the trailing four quarters and missed in one. In the last reported quarter, it posted an earnings surprise of 9.90%.