“Market Cap $8.66 B As of May 2014
At a Glance
- Industry: Healthcare Services
- Founded: 1967
- Country: United States
- CEO: Stephen Rusckowski
- Website: www.questdiagnostics.com
- Employees: 41,000
- Sales: $7.15 B
- Headquarters: Madison, New Jersey
#1089 Global 2000
- #1253 in Sales
- #728 in Profit
- #1905 in Assets
- #1239 in Market value
Quest Diagnostics, Inc. is engaged in providing diagnostic testing, information and services that help patients, physicians and others to make better healthcare decisions. It offers patients and physicians the broadest access to diagnostic laboratory services through the company’s nationwide network of laboratories and patient service centers. The company’s services range from services range from routine blood tests such as cholesterol, Pap testing and white blood cell counts to cancer testing as well as gene-based and molecular testing. It also offers clinical testing, which include gene-based and esoteric testing, anatomic pathology services and testing for drugs-of-abuse in the United States, and risk assessment services for the life insurance industry in North America and also manufactures and markets diagnostics products like diagnostic test kits and specialized point-of-care testing equipment. The company empowers healthcare organizations and clinicians with information technology solutions that can improve patient care and medical practice. Its non-clinical testing businesses consist of its risk assessment services, clinical trials testing, healthcare information technology, and diagnostics products businesses. The company’s risk assessment services business provides underwriting support services to the life insurance industry, which include specimen collection and paramedical examinations, laboratory testing, medical record retrieval, case management, motor vehicle reports, telephone inspections, prescription histories and credit checks. Its clinical trials testing business provides clinical testing performed in connection with clinical research trials on new drugs, vaccines and certain medical devices. The company’s healthcare information technology business is a developer and integrator of clinical connectivity and data management solutions for healthcare organizations, physicians and clinicians that can help improve patient care and medical practice. Its diagnostics products business manufactures and markets products that enable healthcare professionals to make healthcare diagnoses, including products for point-of-care testing for the professional market. The company was spun off from the Corning, Inc. as an independent company on December 31, 1996. Quest Diagnostics was founded by Paul A. Brown in 1967 and is headquartered in Madison, NJ.“
“Quest Diagnostics History
- 1967: Founded by Paul A. Brown, MD as Metropolitan Pathology Laboratory, Inc., in New York.
- 1969: Name Changed to MetPath, Inc., in Teaneck, New Jersey.
- 1982: MetPath was acquired by what was then known as Corning Glass Works, and subsequently renamed Corning Clinical Laboratories.
- 1997: Quest Diagnostics becomes an independent company as a spin-off from Corning. Kenneth Freeman appointed CEO.
- 1997: Acquires clinical laboratory division of Branford, CT-based Diagnostic Medical Laboratory, Inc. (DML).
- 1999: Acquires SmithKline Beecham Clinical Laboratories; GlaxoSmithKline still holds a large portion of Quest Diagnostics stock. The SmithKline Beecham acquisition includes a joint venture ownership with CompuNet Clinical Laboratory
- 2000: Launch of Six Sigma program leading the charge to raise the quality of healthcare delivery in the United States.
- 2001: Completes acquisition of Ohio-based MedPlus, Inc. (NASDAQ: MEDP), a healthcare technology company.
- 2002: Completes acquisition of Virginia-based American Medical Laboratories, Inc. (AML) and an affiliated company of AML, LabPortal, Inc., for approximately $500 million in cash.
- 2003: Completes acquisition of California-based Unilab Corporation (NASDAQ: ULAB) in a transaction valued at approximately $800 million .
- 2005: Completes acquisition of Kansas-based LabOne, Inc. (NASDAQ: LABS) for approximately $934 million.
- 2005: forms a strategic alliance with Ciphergen Biosystems to commercialize novel proteomic tests.
- 2006: Completes acquisition of Virginia-based Focus Diagnostics, Inc., an infectious and immunologic disease laboratory, for approximately $185 million in cash.
- 2007: Quest Diagnostics celebrates its 10th year after being spun off from Corning.
- 2007: Completes acquisition of Sweden-based Hemocue, a point-of-care diagnostic testing company.
- 2007: Acquires AmeriPath (and subsidiary Specialty Laboratories) from Welsh, Carson, Anderson & Stowe, becoming the leading provider of cancer diagnostic testing services.
- 2011: Acquires Athena Diagnostics from Thermo Fisher Scientific
- 2011: Completes acquisition of Celera Corporation, a company that became famous by its sequencing of the Human Genome.
- 2012: Names former Philips Healthcare CEO Stephen Rusckowski as CEO.
- 2012: CEO, Surya Mohapatra, PhD (CEO From May 2004-April 2012)resigns after leading the company for 8 years, and making Quest Diagnostics the undisputed leader in the world of Clinical Diagnostics.
- 2012: Quest Diagnostics bought all the labs including the business from UMASS Memorial Hospitals in Worcester, MA.
- 2014: Acquires Solstas Lab Partners Group (and subsidiaries).
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “QuestDiagnosticsTV“