And we continued to expand access and service for patients and doctors. When United issued a request for bids, we met their requirement to help them reduce overall lab costs. We had historically enjoyed a strong relationship with United as its largest laboratory provider, serving 12 million patients. In late 2006 we announced that we were unable to come to terms with UnitedHealthcare, which represented approximately 7% of our revenues. In the pages that follow, we show the ways that our company and our people embody these behaviors.
And we have a commitment to growth that creates benefits for customers, opportunities for employees and increased value for shareholders. It compels us to constantly enhance quality and innovate. Our compassion for the patient is at the core of what we do. As a result, pricing pressure is heightened and will continue, at least through the end of 2007.Ĭourage, Compassion, CommitmentIn the face of these challenges, we have the cour-age to lead by holding fast to the values that have made us the leader. Our industry is fragmented, and competition is fierce. Health plans have consolidated, creating integrated enterprises with greater pur-chasing power. Tests once reserved exclusively for specialized esoteric laboratories are starting to be performed by labs within hospitals.Īs advances are made in diagnostic testing and services, our industry is undergoing dramatic change brought on by broad shifts in the healthcare sector. Miniaturization is enabling diagnostic testing devices to move closer to the patient, whether in the doctor’s office or at the patient’s bedside. New diagnostic markers are helping doctors do a better job of diagnosing, monitoring and treating disease. Advances in technology are increasing the relevance of diagnostic testing, while enabling us to make it less painful and more convenient than ever. We are proud to be the undisputed leader in a dynamic industry that provides a critical healthcare service to doctors and patients. We drove strong organic revenue growth and increased profitability. Cash from operations reached $952 million, an increase of $100.
Earnings per share grew 13% to $3.14, despite a reduction of 9% inĢ006 associated with accounting changes and special charges and.We enhanced our value proposition to patients, physicians, hospitals and payers, and we reported strong financial performance.Īmong the many highlights of our 2006 financial performance: TO OU R SH A R E HOL DE R S, EM P L OY E E S A N D CUS T OM E R S :Ģ006 was a year of outstanding performance for Quest Diagnostics.
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