Medical device maker Quest Diagnostics Inc beat first-quarter profit estimates on Thursday boosted by a recovery of its non-COVID-19-related businesses, which helped offset a fall in demand for its coronavirus testing services.
The company said it had seen an improvement in its core business as more people get vaccinated and expects demand for its testing services to fully recover by the end of this year. Quest in February had predicted COVID-19 testing volumes would decline through the first half of 2021.
Bigger rival Abbott Laboratories also saw a drop in demand for its COVID-19 tests and fell short of its first-quarter revenue estimates on Tuesday.
Quest also raised its profit forecast for the first half of 2021 to between $6.30 and $6.80 per share, from earlier expectations $5.90 to $6.90 per share.
Excluding items, Quest earned $3.76 per share, beating estimates of $3.71 per share, according to .
Net income attributable to the company rose to $469 million, or $3.46 per share, in the quarter ended March 31, from $99 million, or 73 cents per share, a year earlier.
Revenue increased 49.2% to $2.72 billion.
(Reporting by Trisha Roy in Bengaluru; Editing by Amy Caren Daniel) ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;))