Quest Diagnostics 2009 Annual Report Download - page 3

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Diagnostic testing is essential to quality healthcare and
is playing an increasingly important role in improving
outcomes and reducing overall healthcare costs. As the
world’s leading provider of diagnostic testing, informa-
tion and services, Quest Diagnostics is well positioned
for continued growth in 2010 and beyond.
STRONG 2009
FINANCIAL PERFORMANCE
Our company reported strong financial results for 2009
that met or exceeded all of our financial commitments.
For the full year:
• We grew earnings per share 20% to $3.88;
• Revenues increased about 3% to $7.5 billion; and
• We generated $1 billion in cash from operations.
Our strong financial condition, cash flow and invest-
ment grade credit rating provide us the flexibility to
take advantage of growth opportunities.
We are the clear leader in esoteric, gene-based and can-
cer diagnostic testing. Since 2000, we have driven these
tests from 19% of our revenues to 36% in 2009. Addi-
tionally, in 2009 we had double digit revenue growth for
both ImmunoCAP® testing for allergy and asthma and
our InSure® FIT™ colorectal cancer screening test. We
saw continued strong growth in Vitamin D testing using
our advanced tandem mass spectrometry techniques,
with revenue growth exceeding 50% year over year.
Increasingly, physicians are ordering molecular tests in
conjunction with tissue biopsies and other anatomic
pathology work. We have the most complete offering in
cancer diagnostics with the most extensive pathologist
network and comprehensive menu of molecular tests.
2009 was a very successful year in which we grew our business, expanded
our pipeline of innovation and improved the quality and efficiency of
our operations, against a backdrop of challenging economic conditions.
This completed a decade of significant growth for our company.
Quest Diagnostics 2009 Annual Report page 1
TO OUR SHAREHOLDERS:
TOTAL REVENUES: $3.4 BILLION TOTAL REVENUES: $7.5 BILLION
2000 REVENUE 2009 REVENUE
Routine
74%
Drugs
of Abuse
4%
Other
3%
Gene-based
and Esoteric
9%
Anatomic
Pathology
10%
Routine
54%
Drugs
of Abuse
2%
Other
8%
Gene-based
and Esoteric
20%
Anatomic
Pathology
16%