Quest diagnostics reports first quarter 2020 financial results
Quest diagnostics reports first quarter 2020 financial results.q1 revenues of $1.82 billion, down 3.7% from 2019.q1 revenues of $1.82 billion.q1 earnings per share $0.73.qtrly adjusted diluted eps of $0.94.in march, experienced a material decline in testing volumes due to covid-19 pandemic.unable to accurately forecast near term impact of covid-19 pandemic on its business.as of march 31, 2020, quest diagnostics had cash on hand of $342 million."approved furloughs for employees with diminished work who expressed interest".quest diagnostics - as of march 31, had cash on hand of $342 million and had $1.3 billion of borrowing capacity available under existing credit facilities.suspension of certain benefits, such as 401(k) match.suspended additional share repurchases through end of year under its existing authorization.quest diagnostics - covid-19 pandemic is likely to impact co's ability to comply with applicable financial covenants, beginning as early as end of q2.quest - would not be able to borrow against certain credit facilities & lenders would have right to demand payment of any amounts outstanding.quest - has been in advanced discussions with lead lender regarding amendment to certain financial covenants of unsecured revolving credit facility.confident that it will be able to enter into amendment later in quarter.q1 earnings per share view $0.89, revenue view $1.75 billion -- refinitiv ibes data.
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