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TRANSCRIPT Questioning Market Leaders for Long Term Investors EXCERPTED FROM: UBS WARBURG HEALTHCARE SPECIAL - OCTOBER 2001 THE WALL STREET TRANSCRIPT Questioning Market Leaders For Long Term Investors THE FOLLOWING REPORT IS EXCERPTED FROM THE WALL STREET TRANSCRIPT COMPANY INTERVIEW KENNETH W. FREEMAN Quest Diagnostics Incorporated NOTICE involve risks and uncertainties, actual results may differ materially from those expressed or implied The Wall Street Transcript does not in any way endorse or guarantee the accuracy or reliability of any by such “forward-looking statements”. Such factors are often included in the company’s filings of re- of the information, statements or opinions expressed in the reports or comments of other firms or in- ports with the United States Securities and Exchange Commission, including Forms 10-K, 10-Q, 8-K dividuals. We take due care to report or transcribe accurately what has been written or said by others and Proxy Statements; the company’s annual and interim reports to shareholders and similar docu- but because of the possibility of human or mechanical error, we cannot assume any liability for the ments. In carrying out our responsibilities to our readers and to the Chief Executive Officers selected correctness of the transcription. We point out further that, of course, all opinions expressed are sub- for forums or interviews, we are required to offer, and we offer, each Chief Executive Officer an op- ject to change without notice. Neither the information or any opinion which may be expressed con- portunity to back-up the interview and provide our readers and potential investors with specific fi- stitutes a solicitation for the purchase or sale of any securities referred to herein. For further nancial data, including earnings statements, balance sheet statements and other material business and information, contact the individual or investment organization concerned. financial data, through the sponsored publication of such reports or highlights therefrom, with mean- ingful information. CHIEF EXECUTIVE OFFICER FORUMS/INTERVIEWS Important Note: Wall Street Transcript forums and interviews with Chief Executive Officers are pub- Founded 1963 lished verbatim as editorial content and include “forward-looking statements” (as such term is defined Published by Wall Street Transcript Corporation in the United States Private Securities Litigation Reform Act of 1995). These “forward-looking state- 67 Wall Street, New York, NY 10005 ments” may be subject to and be made pursuant to the “safe-harbor” provisions of Section 27A of the Copyright 2001 Wall Street Transcript Corporation United States Securities Act of 1933, as amended, and Section 21E of the United States Securities All Rights Reserved Exchange Act of 1934, as amended. Since these statements are based on factors that THE WALL STREET TRANSCRIPT - UBS WARBURG HEALTHCARE SPECIAL - OCTOBER 2001 COMPANY INTERVIEW Quest Diagnostics Incorporated (DGX) KENNETH W. FREEMAN is Chairman and CEO of Quest Diagnostics Incorporated. Mr. Freeman began his career in 1972 as an Internal Auditor at Corning Incorporated. For the next 15 years he progressed through Corning’s financial function. He was elected Vice President and Corporate Controller in 1985, and named Senior Vice President in 1987. Mr. Freeman was appointed General Manager of the Science Products Division in 1989, and President and CEO of Corning Asahi Video Products Company in 1990. In 1993, he was appointed Executive Vice President of Corning Incorporated. In May 1995, Mr. Freeman was appointed President and CEO of Corning Clinical Laboratories. In January 1997, when the business was spun-off to Corning’s shareholders as Quest Diagnostics Incorporated, he was appointed Chairman, President and CEO. Mr. Freeman holds a Bachelor of Science degree from Bucknell University and an MBA degree from Harvard University. He is a member of the Board of Directors of TRW, Inc., and the American Clinical Laboratory Association, and a trustee of Bucknell University. SECTOR – MEDICAL LABORATORIES & two large companies while at the same time driving RESEARCH exceptional top and bottom line growth. (NAH357) TWST: What’s gone on at Quest TWST: In terms of the acquisition, Diagnostics over the last year or so that in- how has the integration gone relative to what vestors should focus on? you expected? Mr. Freeman: We’ve come a long way Mr. Freeman: We’re very much on track. in the last year. As you know, we acquired one of We made a commitment to the Street initially that our largest competitors, SmithKline Beecham we would achieve at least $100 million of annual Clinical Laboratories, in August 1999. Since synergies as a result of bringing the two companies that time, we’ve been integrating two roughly together. We increased our commitment to the equivalently sized companies to create the in- Street about a year ago to be $150 million, and dustry leader for diagnostic testing, information we’re firmly on track. We fully expect to be at the and services. $150 million annual run rate as we go through the We have delivered breakout performance — year 2002. roughly doubling net income in 2000. This year, TWST: Where have those savings been we’re on track to improve our earnings per share by achieved? at least 60%. That’s a pretty good track record dur- Mr. Freeman: They’ve been achieved ing a time of complex integration. In fact, we defied across several different areas, including the con- history in our industry by successfully integrating solidation of testing facilities around the country. THE WALL STREET TRANSCRIPT - UBS WARBURG HEALTHCARE SPECIAL - OCTOBER 2001 COMPANY INTERVIEW — QUEST DIAGNOSTICS INCORPORATED We went from 40 major laboratories to 30 major as you know. Overall, we’re making good laboratories without exiting any geographic mar- progress, our customer satisfaction metrics are im- kets in terms of market presence. proving and have been improving as we have gone In addition, we’re achieving integration through the integration process. In addition, our benefits from billing as we’re driving the bad debt employees, who represent the front line for our re- associated with the SBCL business to levels that lationships with our customers, have done an in- we achieved historically in the old Quest credible job transitioning responsibilities and Diagnostics. At this point, we’re at 6.1% bad debt processes during the integration. as a percent of sales at the end of quarter 2, and TWST: As we look out from here, what’s we’re continuing to drive our bad debt rates lower, the strategy now? toward our longer term goal of 4%. Back in 1999, Mr. Freeman: Our focus is on building fur- on a pro forma basis, bad debt was 7.6% across the ther upon our industry leadership position. Today, entire company. we are the leading provider of diagnostic testing in- A third area of emphasis for us relates to in- formation and services. We’re the number one frastructure and purchasing as we’ve removed du- player in all major segments of diagnostic testing, plication of efforts in areas like our patient service whether it be routine testing, substance abuse test- center locations and national logistics network. ing, anatomic pathology testing outside of hospitals, Also, as the largest buyer in our sector, we have an and in particular, esoteric testing and gene-based opportunity to take advantage of our scale. testing where we’re the clear number one leader in TWST: Have there been any downside this country — in fact, in the world. And that’s a surprises in the combination yet? wonderful platform from which we intend to grow. Mr. Freeman: Not to my knowledge. Our intent over time is to be known as the However, it certainly has been very challenging! “gold standard” for quality in health care, and the We have grown our revenues during a period of in- undisputed leader in providing health care insights tegrating two major companies. This is a first in to the more than 100 million patients who depend the history of our industry bringing large compa- on us every year. nies together. In the year 2000, our revenues grew From a financial standpoint, our strategy is 9%, even as we were increasing our prices and crystal clear. We call it “10, 20, 30, and Investment bringing two highly complicated companies to- Grade.” Our goal is to generate top line growth at gether, and removing 25% of our operating capac- a sustainable rate of 10% a year. We’re moving to- ity by going from 40 to 30 major labs. ward that point as we speak. Top line growth will We’re very proud of our progress to date. be fueled by a combination of organic growth and But what’s most important, of course, is how our selective acquisitions. We generate very strong customers and employees feel about it, and they’re cash flows, which will be used to take advantage in the game with us. of strategic acquisitions in an industry that remains TWST: Do they think everything is highly fragmented, as well as to further improve going along well from their perspective? our balance sheet by repaying debt. Last year and Copyrighted material: For reproduction permission contact Ravi Misra (212) 952-7400 Misra (212) permission contact Ravi reproduction material: For Copyrighted Mr. Freeman: Customers are all unique, this year we will generate more than $250 million having their own slightly different points of view, of free cash flow. THE WALL STREET TRANSCRIPT - UBS WARBURG HEALTHCARE SPECIAL - OCTOBER 2001 COMPANY INTERVIEW — QUEST DIAGNOSTICS INCORPORATED The “20” is 20%-plus EBITDA margins. Over $300 million of debt has been repaid since We intend to continue to grow our EBITDA mar- the acquisition. Standard & Poor’s upgraded us to gins coming off of tremendous improvement over investment grade status earlier this year. And we’re the last few years, and we intend to sustain that on positive credit watch from Moody’s currently.
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