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| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $9,437 | $10,788 | $9,883 | $9,252 | $9,872 |
| Gross Profit | $3,633 | $4,209 | $3,433 | $3,053 | $3,244 |
| Operating Income | $1,971 | $2,381 | $1,428 | $1,262 | $1,346 |
| Net Income | $1,431 | $1,995 | $946 | $854 | $871 |
Over the five-year period, Quest Diagnostics’ revenue, gross profit, operating income, and net income show marked fluctuations. In 2021, the company experienced robust growth, with revenue increasing from US$9,437 million in 2020 to US$10,788 million—a gain of roughly 14%—and net income rising nearly 40% from US$1,431 million to US$1,995 million. Gross profit and operating income also followed an upward trend in 2021, growing to US$4,209 million and US$2,381 million, respectively. This improvement suggests that in 2021, Quest Diagnostics benefited from favorable market conditions or internal operational efficiencies that boosted profitability across key metrics. However, the period following 2021 was characterized by a notable downturn. Revenue declined by about 8.5% in 2022 to US$9,883 million, and net income fell significantly by over 50%, dropping from US$1,995 million in 2021 to US$946 million in 2022. Both gross profit and operating income experienced similar downward movements, with operating income sliding from US$2,381 million in 2021 to US$1,428 million in 2022, then further tapering off through 2023 and showing only a modest improvement in 2024. While revenue recovered slightly in 2024 to US$9,872 million, the recurring declines in profitability indicators point to challenges in cost management or pricing pressures within the diagnostic testing industry. Overall, the financial performance reflects strong growth potential followed by volatility, suggesting that operational adjustments and market shifts have significantly impacted the company’s financial health and sustainability over this period.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.