Quest Diagnostics Quest Week Day 3: Takeaways from Our C-Suite Call

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Quest Diagnostics Quest Week Day 3: Takeaways from Our C-Suite Call

J P M O R G A N North America Equity Research

22 May 2026

Quest Diagnostics Neutral

DGX, DGX US

Quest Week Day 3: Takeaways from Our C-Suite Call Price (21 May 26):$193.82

Managed Care and Facilities

We close out Quest Diagnostics Week on Day 3 with a discussion of key takeaways Lisa C. Gill AC

from the C-Suite conference call we hosted yesterday afternoon with CEO Jim (1-212) 622-6466

Davis and CFO Sam Samad. We found the conversation informative in lisa.c.gill@jpmorgan.com

understanding the evolution of core lab fundamentals over time as well as DGX’s Cole Harris

strategy to capture newer high-growth opportunities, particularly in the consumer- (1-212) 622-9068

initiated testing channel that management remains focused on. A replay of the call cole.harris@jpmorgan.com

is available, please reach out to us or your J.P. Morgan sales contact for details. John Stansel, CFA

We highlight key takeaways in detail below: (1-212) 622-0083

john.stansel@jpmorgan.com

• Stronger testing utilization backdrop, improved access/relationships with Benjamin Rossi

managed care, greater focus on consumer-initiated testing, and (1-212) 622-9603

benjamin.rossi@jpmorgan.com

widespread digitization of operations are among the most significant J.P. Morgan Securities LLC

changes DGX has experienced over the last 13 years.

• Strong underlying diagnostics demand supported by newer advanced tests

increasingly becoming a routine part of standard primary care, in the

backdrop of a U.S. population that continues to grow older with a higher

prevalence of chronic disease (average person aging into Medicare today

has ~2.3 chronic conditions vs less than one condition 30-40 years ago).