Quest Diagnostics 2003 Annual Report Download - page 5

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3
TO OUR FELLOW SHAREHOLDERS, CUSTOM ERS AND EMPLOYEES:
Quest Diagnostics delivered another year of outstanding performance in 2003. We reported excellent
financial results and continued to invest for the future, building on strength as the clear industry
leader in nearly every facet of our vital and growing industry.
Laboratory test results impact more than 70% of healthcare decisions. Although these results are
critically important in helping physicians determine whether patients are healthy or ill, they
represent less than 3% of healthcare spending in the United States. The intrinsic value of the services
we provide ensures we have a critical role to play in serving patient needs and sets the stage for
consistent, strong financial performance for years to come.
2003 FINANCIAL PERFORM ANCE
In 2003, earnings per share grew 28% to $4.12, continuing our track record of outstanding long-term
growth. Revenues grew 15% to $4.7 billion, fueled by the acquisition of Unilab Corporation, ongoing
pricing discipline, and continuing rapid growth of gene-based and esoteric testing services. Revenue
growth was impacted during the year by weakness in employment levels nationwide and the
increasing number of uninsured Americans.
Kenneth W. Freeman
Chairman and
Chief Executive Officer
Surya N. Mohapatra, Ph.D.
President and
Chief Operating Officer and
CEO-Elect