Quest reports longer waits for test results


https://www.axios.com/newsletters/axios-vitals-285240f4-9110-4c86-ad7e-e0c37085a957.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosvitals&stream=top

Quest Diagnostics reports weeklong turnaround times in coronavirus ...

Quest Diagnostics said its average turnaround time for a COVID-19 test is now at “seven or more days,” up from four to five days at the end of June.

  • Its testing backlog is getting worse because of the high demand in parts of the country where infection is spreading, Axios’ Bob Herman writes.

Why it matters: Long backlogs make testing less useful — public health officials need to know what their local situation is like now, not what it was like a week ago. Delays are especially problematic if people who are infected continue to go about their lives while they wait for their results.

Between the lines: Quest told investors Monday that its second-quarter revenue will be down 6%, hovering around $1.83 billion, as coronavirus testing has supplanted other, more lucrative tests that had to be put off.

  • But Quest still expects to register a profit of at least $1.33 per share thanks to $65 million of government bailout funds and high volumes of COVID-19 tests.

 

 

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