Quest Diagnostics 2015 Annual Report Download - page 6

Download and view the complete annual report

Please find page 6 of the 2015 Quest Diagnostics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

2
OUR STRATEGY AND STRENGTHS
In 2012, Quest Diagnostics launched a new vision, goals and strategy.
Table 1 - Vision, Goals and Values
Vision Empowering Better Health with Diagnostic Insights
Three Aspirational Goals
A healthier world
Build a valuable company
Create an inspiring workplace
Values
Quality
Integrity
Accountability
Innovation
Collaboration
Leadership
Our Strategy
In November 2012, we introduced a five-point business strategy to achieve our vision and our goals.
Table 2 - Five Point Business Strategy
1. Restore growth
2. Drive operational excellence
3. Simplify the organization
4. Refocus on diagnostic information services
5. Deliver disciplined capital deployment
Since the end of 2013, restoring growth has been our top priority. At our Investor Day in November 2014, we shared
progress on our strategy and commitments, reaffirmed our strategy and outlined our path forward. In 2015, we continued to
execute on this strategy, consistent with our stated path forward. The discussion below focuses on our five-point strategy and
our path forward.
1. Restore growth. We are pursuing seven opportunities to restore growth. Three opportunities have a near-term focus;
four are longer-term.
Table 3 - Restore Growth
Near term focus
Sales and marketing excellence
Grow esoteric testing through a disease focus
Provide professional lab services to hospitals and IDNs
Longer-term focus
Lead in precision medicine
Create value from information assets
Leverage capabilities into extended care settings
Succeed internationally
In 2013, we launched a multi-year initiative, Project Restore, to identify, prioritize, resource and implement a wide
range of activities designed to create consistent, profitable growth. The program leverages center-led planning, analytics,
project management and best practice teams to improve sales and marketing effectiveness, reduce attrition, launch new
solutions, enhance key account relationships, instill pricing discipline, develop impactful marketing and bring lessons learned
to local teams across the enterprise. The investments that we have made and our efforts to restore growth have yielded positive
results: we have restored growth. Our goal is to achieve and ultimately exceed market growth rates.
QUEST DIAGNOSTICS 2015 ANNUAL REPORT ON FORM 10-K