Quest Diagnostics / Labcorp: Labs' Consumer Business Tracker: 2Q Trends Show Continued Strength + Potential ACA HW Offset

Research evidence excerpt

Quest Diagnostics / Labcorp: Labs' Consumer Business Tracker: 2Q Trends Show Continued Strength + Potential ACA HW Offset

Equity Research

15 July 2026

Quest Diagnostics / Labcorp

Labs' Consumer Business Tracker:

2Q Trends Show Continued

DGX OVERWEIGHTStrength + Potential ACA HW Offset

U.S. Life Science & POSITIVE

We analyzed credit card and web traffic data for the labs' Diagnostic Tools Price Target USD 230.00

consumer channels and see +ve trends through June (more Price (13-Jul-26) USD 207.35

pronounced at DGX). We think this consumer momentum Potential Upside/Downside +10.9% Source: Bloomberg, Barclays Research

should help partially offset expected HWs from lower ACA

LH EQUAL WEIGHTenrollment, a key focus for investors into the 2Q print and for

U.S. Life Science & POSITIVE Diagnostic Tools2H setups.

Price Target USD 290.00

Price (13-Jul-26) USD 276.68

We recognize that the consumer channels/businesses are a very small portion of the labs' Potential Upside/Downside +4.8%

businesses, but given the rapid growth, we expect this market to be more meaningful in the out- Source: Bloomberg, Barclays Research

years. As such, we aim to build historical trends now that will help inform fundamentals later

down the road. We also think that this alternative data is a rare opportunity to delineate some

U.S. Life Science & Diagnostic Tools

differences between the two companies.

Luke Sergott

+1 212 526 9258Unsurprisingly, the credit card and website traffic data both point to continued momentum

luke.sergott@barclays.com

building in the labs' consumer channel. Positive trends were more pronounced at DGX across BCI, US

both datasets (see methodology section below) in terms of y/y spending growth, relative market

share, and unique monthly visitors.