The conference call can be accessed by dialing 88 within the U.S. Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, a gain on remeasurement of an equity interest, costs associated with donations, contributions, and other financial support through Quest for Health Equity, our initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities, a gain on sale of an ownership interest in a joint venture, gains associated with changes in the carrying value of our strategic investments, and other items.
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We estimate full year 2022 guidance as follows:Īs used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). This dividend increase is the company's eleventh since 2011. Quest Diagnostics' Board of Directors authorized a 6.5% increase in its quarterly dividend from $0.62 to $0.66 per share, or $2.64 per share annually, starting with the dividend payable on Apto shareholders of record of Quest Diagnostics common stock on April 6, 2022. The sum of reported and adjusted diluted EPS for the four quarters of 2021 did not equal the total for the year ended December 31, 2021 due to both quarterly fluctuations in our earnings and in the weighted average common shares outstanding throughout the year as a result of the impact of accelerated share repurchase agreements ("ASR") that we entered into during April 2021. Net income attributable to Quest Diagnosticsįor further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. Operating income as a percentage of net revenues Net income attributable to Quest Diagnostics (b) Operating income as a percentage of net revenues (b) (dollars in millions, except per share data) Our team is strong, the business has momentum, and Quest's future is bright."
They have risen to the challenge of bringing COVID-19 testing to millions of patients – all the while innovating, persevering, and remaining committed to our vision of empowering better health. "I am proud of the incredible accomplishments of our 50,000 Quest employees throughout the pandemic. Our guidance for 2022 reflects lower demand for COVID-19 testing services growth in the base business and the impact of the previously announced one-year delay of PAMA cuts partially offset by investments to accelerate growth. "Quest is well positioned in 2022 to deliver on our commitments. "At the same time, our base business revenues grew more than 19 percent year over year, achieving record levels.
"In another unprecedented year, Quest provided critical COVID-19 testing to our country and delivered record revenues, earnings and cash from operations for full year 2021," said Steve Rusckowski, Chairman, CEO and President.
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