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View Annual Report 2006 ANNUAL REPORT courage compassion commitment Net Revenues Operating Income Net Income ($ billions) ($ millions) ($ millions) 7000 1200 700 7.0 1,200 700 6000 600 6.0 600 1000 1,000 5000 500 5.0 500 800 800 4000 400 4.0 400 600 600 3000 300 3.0 300 400 400 2000 200 2.0 200 200 200 1000 100 1.0 100 0 0 0 0 0 0 02 03 04 05 06 02 03 04 05 06 02 03 04 05 06 % % % 5-Year CAGR 11 5-Year CAGR 18 5-Year CAGR 18 Financial Highlights YEAR ENDED DECEMBER 31 in millions, except per share data 2006 2005 % Increase Net Revenues $ 6,269 $ 5,457 14.9% Operating Income 1,128 1,008 11.9% Net Income 626 573 9.2% Net Earnings Per Diluted Share 3.14 2.79 12.5% Information is for continuing operations. Growing and Caring Through Leadership Quest Diagnostics is the leading provider of diagnostic testing, information and services in the nation, with the industry’s most extensive menu of lab tests. We touch the lives of patients more than 150 million times a year. • We have the courage to lead by continuing to raise the bar on quality, innovation and the service we provide to patients, physicians, hospitals and payers. • We have compassion for our patients, and this is at the center of every- thing we do. • Our commitment to profitable growth creates benefits for our share- holders and opportunities for our employees. These are the behaviors we embrace every day as we continue to drive toward fulfilling our mission: To be the undisputed world leader in diagnostic testing, information and services. Quest Diagnostics 2006 Annual Report — page 1 TO O UR S HAREHOLDERS , E MPLOYEES AND C USTOMERS : 2006 was a year of outstanding performance for Quest Diagnostics. We enhanced our value proposition to patients, physicians, hospitals and payers, and we reported strong financial performance. Among the many highlights of our 2006 financial performance: • Revenues grew 15% to $6.3 billion; • Earnings per share grew 13% to $3.14, despite a reduction of 9% in 2006 associated with accounting changes and special charges; and • Cash from operations reached $952 million, an increase of $100 million from 2005. We drove strong organic revenue growth and increased profitability. We are proud to be the undisputed leader in a dynamic industry that provides a critical healthcare service to doctors and patients. Advances in technology are increasing the relevance of diagnostic testing, while enabling us to make it less painful and more convenient than ever. New diagnostic markers are helping doctors do a better job of diagnosing, monitoring and treating disease. Miniaturization is enabling diagnostic testing devices to move closer to the patient, whether in the doctor’s office or at the patient’s bedside. Tests once reserved exclusively for specialized esoteric laboratories are starting to be performed by labs within hospitals. Surya N. Mohapatra, Ph.D. CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER page 2 As advances are made in diagnostic testing and It is clear that 2007 will be a year of transition; services, our industry is undergoing dramatic however, we expect to return to both top- and change brought on by broad shifts in the bottom-line growth in 2008. healthcare sector. Health plans have consolidated, creating integrated enterprises with greater pur- A Successful Strategy chasing power. Our industry is fragmented, and Our strategy is based on three simple but pro- competition is fierce. As a result, pricing pressure found words—Patients, Growth and People. We is heightened and will continue, at least through remain deeply committed to improving the overall the end of 2007. patient experience, driving growth and facilitating the success of our colleagues. The opportunities Courage, Compassion, Commitment we see are limitless. In the face of these challenges, we have the cour- We are making it easier and more convenient age to lead by holding fast to the values that have made us the leader. Our compassion for the for patients to be tested. For example, in many patient is at the core of what we do. It compels locations, we have enabled patients to make us to constantly enhance quality and innovate. appointments for testing online. Based on the ini- And we have a commitment to growth that tial success, we are expanding this initiative com- creates benefits for customers, opportunities for pany wide. Our emphasis on establishing “Gold employees and increased value for shareholders. Standards” for customer service and training our In the pages that follow, we show the ways that our frontline employees who interact with patients company and our people embody these behaviors. and physicians has resulted in improved patient satisfaction scores. In late 2006 we announced that we were unable to come to terms with UnitedHealthcare, which We continue to lead the way with important new represented approximately 7% of our revenues. tests for cancers, infectious disease and cardio- vascular disease. We introduced an important We had historically enjoyed a strong relationship new cancer test to identify cancers of unknown with United as its largest laboratory provider, primary origin. We expanded our Leumeta™ family 150 Million serving 12 million patients. When United issued a of cancer tests, which use blood plasma instead of request for bids, we met their requirement to help painful bone marrow biopsies to assess leukemia them reduce overall lab costs. And we continued to PATIENT ENCOUNTERS and lymphoma. expand access and service for patients and doctors. in 2006 However, they insisted on unreasonable and uni- During 2006, we acquired both Enterix, which lateral terms that would have been irresponsible makes the InSure™ colorectal cancer screening of us to accept. In the long term, this was the right test, and Focus Diagnostics, a recognized world thing to do for our shareholders and our industry. leader in infectious disease testing. Ever since we announced the United contract loss We are excited to acquire the worldwide rights to in October 2006, we have been working to retain the InSure test for colorectal cancer screening. United physicians and patients. United has threat- Colorectal cancer is the third most common form ened financial penalties for doctors who choose of cancer in the U.S. and is often curable when Quest Diagnostics. This is unprecedented and is detected early. We have seen how a simple, non- influencing physician behavior. invasive annual test such as InSure can have a profound impact on early detection. We see an opportunity to help patients around the world screen for colorectal cancer at an early stage when the disease is most treatable. Quest Diagnostics 2006 Annual Report — page 3 Net Earnings Per Diluted Share* Stock Price Appreciation (in dollars) (in dollars, adjusted for splits) 3.5 3.50 70 70 3.0 3.00 60 60 2.5 2.50 50 50 2.0 2.00 40 40 1.5 1.50 30 30 1.0 1.00 20 20 0.5 0.50 % 10 10 10-Year CAGR 0.0 0 31 0 97 98 99 00 01 02 03 04 05 06 YE97 YE98 YE99 YE00 YE01 YE02 YE03 YE04 YE05 YE06 0 Focus Diagnostics has been recognized world- We are continuously improving our value propo- wide for its leadership in infectious and immuno- sition to both physicians and hospitals through logic diseases such as herpes, SARS and avian flu, advanced healthcare information technology. and its expertise in developing new diagnostics. Today, more than 100,000 doctors use our Focus also has a unique capability to perform Care360 Physician Portal for real-time lab results testing for the effectiveness of vaccines under and patient-centric reports, as well as to connect development. Focus will further expand our to other medical professionals. The Care360 capabilities and strengthen our position as the Physician Portal also enables physicians to review leading provider and developer of esoteric tests a patient’s medication history, clinical notes and to hospitals and physicians. messages from other physicians. The physician can also electronically prescribe medications right We are driving organic growth in diagnostic test- from the patient chart, reviewing many drug-to- ing by continuing to leverage our sales, service drug and allergy-to-drug interactions and sending and science. We have created specialized sales the prescription directly to a local pharmacy or organizations to serve medical specialists and pharmacy benefit management company. to provide information technology services and genetic testing. Because It Matters We are working with large health plans to under- All labs are not the same. Our firm belief is that a stand and meet their needs using our considerable laboratory test is not a commodity. Someone’s life capabilities. While price is always an important depends on the results. Our job is to provide element for any health plan, it is still only one of a accurate and timely results to physicians and ensure % number of elements, including quality, service, that our patients are treated with care and com- Increase access and convenience that add up to a unique passion. Our commitment to service, quality, con- 1,350 experience for patients, doctors and payers. We venience and innovation is how we distinguish are helping health plans improve patient care ourselves every day with doctors and patients. and reduce overall healthcare spending through STOCK PRICE APPRECIATION Our industry is not ranked on service metrics by collaborations to screen health plan members for since 1997 independent firms. So we commissioned Nation- colorectal cancer using our proprietary InSure al Analysts Worldwide, a well-known market re- test and increase the use of e-prescribing using search firm, to survey physicians to find out if our Care360™ Physician Portal.
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