Quest Diagnostics 1997 Annual Report Download

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QUEST DIAGNOSTICS INCORPORATED
1997 ANNUAL REPORT
Answers
for Better
Patient Care

Table of contents

  • Page 1
    QUEST DIAGNOSTICS INCORPORATED 1997 ANNUAL REPORT Answers for Better Patient Care

  • Page 2
    ... Teterboro, New Jersey David Hill Route Service Representative St. Joseph, Minnesota Claire Breton Phlebotomist Bedford, New Hampshire Financial Highlights Chairman's Letter A Review of 1997 Board of Directors Executive Officers Subsidiaries, Affiliates and Equity Ventures Investor Information...

  • Page 3
    ...change in accounting policy for intangible assets had been adopted as of January 1, 1996. (b) Includes special charges totaling $56 million, $669 million and $51 million in 1997, 1996 and 1995, respectively. (c) Potentially dilutive common shares, which result... Adjusted EBITDA represents income (loss...

  • Page 4
    ... of our customer base Ã' to sell their practices to hospitals and health networks eager to take on their lab work. Simultaneously, more restrictive government regulations regarding requisitions and reimbursements are pressuring health care providers to further reduce test utilization. The result has...

  • Page 5
    ..., we hired a seasoned Chief Information Officer who assumed overall responsibility for all information technology activities as of November, 1997. We achieved these results by focusing on our strategic goals: improving quality while controlling costs; seeking new growth opportunities; and...

  • Page 6
    ... laboratory testing data into valuable information, began winning important contracts with major pharmaceutical firms and managed care organizations eager to tap into its database of diagnostic insights. Quest InformaticsÕ unique application of data mining technology was recognized in 1997 with...

  • Page 7
    ... sciences, as researchers have found new ways of measuring genes to determine patientsÕ predisposition to diseases, monitor treatment and prescribe drugs. At Quest Diagnostics, we strive to take medical discoveries and make them available to our customers in clinically useful ways that will aid...

  • Page 8
    ...in 1997, and which we will continue in 1998, will provide the financial stability, disciplined business processes and medical innovations to position us as the leading provider of diagnostic information and insights for customers and patients. Kenneth W. Freeman Chairman and Chief Executive Officer...

  • Page 9
    ... Institute in San Juan Capistrano, California, where we perform highly specialized esoteric testing. By concentrating on tests that require special knowledge and equipment, the scientists and medical directors at Nichols Institute are able to attract esoteric specimens from not just our own labs...

  • Page 10
    ...reducing excess capacity from our national network by downsizing three underperforming labs. In some markets we will maintain a presence through Local Customer Centers, consisting of sales staff, couriers and logistics support and phlebotomists, while the actual testing is performed elsewhere in the...

  • Page 11
    ... cancer testing from human tissue embedded in paraffin. After entering patient data into our laboratory information system, a lab aide routes samples to the appropriate department for testing. highest value High-speed, automated chemistry analyzers perform multiple tests on a single blood sample...

  • Page 12
    We will be the preferred partner with large buyers of health care services. partnership We are helping large buyers through our ability to develop a wide range of innovative collaborations.

  • Page 13
    ..., to pursue opportunities in diagnostic testing, information and services throughout Arizona. Both partners have contributed their existing commercial labs, and integration will occur by the end of 1998. The joint venture, Sonora Quest Laboratories, is now the leading provider in the market. We are...

  • Page 14
    ... President, Medical Applications at Quest Informatics. Ã'As disease management programs evolve and become established, we have developed sophisticated processes to turn disparate data from multiple sources into valuable information.Ã" Last year, Michigan managed care provider Blue Care Network of...

  • Page 15
    At Nichols Institute, our research and development center, scientists develop assays, or tests, to find answers to the most confounding clinical questions. To diagnose inborn errors of metabolism, a medical technologist in Biochemical Genetics tests for organic acids. innovation A laboratory ...

  • Page 16
    ..., Connecticut Denver, Colorado Deerfield Beach, Florida Wood Dale, Illinois Baltimore, Maryland Cambridge, Massachusetts Auburn Hills, Michigan St. Louis, Missouri Lincoln, Nebraska Teterboro, New Jersey Portland, Oregon Horsham, Pennsylvania Pittsburgh, Pennsylvania Irving, Texas Nichols Institute...

  • Page 17
    ... annual report, Forms 10-K and 10-Q and other information about the company are available through Quest DiagnosticsÕ web site on the Internet. It may be accessed at the following address: http:/ /www.questdiagnostics.com. Transfer Agent and Registrar One Malcolm Avenue Teterboro, New Jersey 07608...

  • Page 18
    ... and Surgeons. 1997 Challengers: Denver, Colorado Horsham, Pennsylvania © Copyright 1998 Quest Diagnostics Incorporated. All rights reserved. Quest Diagnostics is an equal opportunity employer. Produced by: Corporate Communications Department Quest Diagnostics Incorporated Design: Q. Cassetti...

  • Page 19
    ... and products of uncompromising quality - error free, on time, every time. We do that by dedicating ourselves to the relentless pursuit of excellence in the services we provide. Integrity Credibility is the key to our success; therefore, all of our processes, decisions and actions ultimately are...

  • Page 20
    Quest Diagnostics Incorporated One Malcolm Avenue Teterboro, New Jersey 07608 http://www.questdiagnostics.com Annual Report without 10K: MI0029(7) Annual Report: MI0030(7)