Quest Diagnostics to Speak at the Bank of America Merrill Lynch 2011 Healthcare Conference

Thursday, May 12, 2011 General News
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Outlook for 2011 Before Future Special Items

As

Reported

Medi-Cal

Charge

(a)

Severe

Weather

(b)

Restructuring

Charges

(c)

Transaction

Costs

(d)

As

Adjusted

Diluted earnings per common share

$2.92- $3.12

$1.19

$0.07

$0.05

$0.02

$4.25-$4.45

Operating income as a % of net revenues

14.0%-14.5%

3.0%

0.3%

0.2%

%

17.5%-18.0%

Cash from operations

~$900

$195

(e)

(e)

(e)

~$1,100

(a) Represents the first quarter pre-tax charge of $236 million associated with the agreement in principle related to Medi-Cal.

(b) Represents an estimate of the impact of severe weather.

(c) Represents first quarter pre-tax restructuring charges of $13.3 million principally associated with workforce reductions.

(d) Represents first quarter pre-tax transaction costs of $4.7 million associated with the acquisitions of Athena Diagnostics and Celera Corporation. Of these costs, $2.3 million, primarily related to professional and filing fees, was recorded in selling, general, and administrative expenses and $2.4 million of financing related costs were recorded in interest expense, net.

(e) Not significant to the outlook for cash flows from operations.



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