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DGX > SEC Filings for DGX > Form 8-K on 16-Jan-2013All Recent SEC Filings

Show all filings for QUEST DIAGNOSTICS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for QUEST DIAGNOSTICS INC


16-Jan-2013

Results of Operations and Financial Condition, Financial Statements and Exh


Item 2.02. Results of Operations and Financial Condition.

(a) On January 16, 2013, Quest Diagnostics Incorporated (the "Company") issued a press release announcing that the Company plans to sell its HemoCue diagnostic products business ("HemoCue"), as part of the Company's strategy to refocus on diagnostic information services. HemoCue develops, produces and markets point-of-care testing systems. As a result, the Company will report 2012 and 2011 results for HemoCue and its OralDNA products business ("OralDNA"), which was sold in December 2012, as discontinued operations in the Company's report of fourth quarter 2012 results, and take related after-tax charges in discontinued operations for the estimated asset impairment associated with HemoCue and the loss on sale associated with OralDNA, totaling $89.5 million, or $0.56 per diluted share, in the period.

The Company's consolidated income statements for the full-year 2012 and 2011 will present the operating results of HemoCue and OralDNA as discontinued operations. As such, results from continuing operations will be reduced as follows:

• Revenues by $117 million in 2012 and $119 million in 2011;

• Operating income by $11 million in 2012 and $8 million in 2011; and,

• Net income from continuing operations by $15 million in 2012 and $13 million in 2011; and

• Earnings per diluted share by $0.09 in 2012 and $0.08 in 2011.

The Company also announced it had finalized its analysis of the impact of Hurricane Sandy on its business, determining that fourth quarter 2012 revenues were reduced by an estimated $21 million, operating income by an estimated $16 million and earnings per diluted share by an estimated $0.06.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

d. Exhibit Description
99.1 Press release of Quest Diagnostics Incorporated dated January 16, 2013.


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