Quest Diagnostics reported a slight decrease in revenues for the third quarter of the 2021 fiscal year, which ended on September 30.
The company said its third quarter revenue was $2.77 billion, down 0.4% from the same period in 2020. However, company executives are looking toward the future, raising Quest's full-year 2021 outlook to reflect higher than anticipated COVID-19 testing volumes and base business performance.
The company posted net income of $498 million in the most recent period, compared with net income of $491 in the corresponding quarter of 2020.
The company noted that COVID-19 molecular testing volumes increased throughout the summer while its base business continued to deliver volume growth versus 2020 and 2019, showing a rebound in September.