Market Overview

Quest Diagnostics to Sell HemoCue Diagnostic Products Business

Quest Diagnostics (NYSE: DGX) today announced that it plans to sell its HemoCue diagnostic products business, as part of the company's strategy to refocus on diagnostic information services. HemoCue develops, produces and markets point-of-care testing systems. As a result, Quest Diagnostics will report 2012 and 2011 results for HemoCue and its OralDNA products business, which was sold in December, 2012, as discontinued operations in its report of fourth quarter 2012 results, and take related after-tax charges in discontinued operations for the estimated asset impairment associated with HemoCue and the loss on sale associated with OralDNA, totaling $89.5 million, or $0.56 per diluted share, in the period.

The company's consolidated income statements for the full-year 2012 and 2011 will present the operating results of HemoCue and OralDNA as discontinued operations. As such, results from continuing operations will be reduced as follows:

Revenues by $117 million in 2012 and $119 million in 2011;
Operating income by $11 million in 2012 and $8 million in 2011; 
Net income from continuing operations by $15

See full press release

Posted-In: Earnings News Guidance Asset Sales Management Global

 

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