2009 was a very successful year in which we grew our business, expanded our pipeline of innovation and improved the quality and efficiency of our operations, against a backdrop of challenging economic conditions. This completed a decade of significant growth for our company.
Diagnostic testing is essential to quality healthcare and is playing an increasingly important role in improving outcomes and reducing overall healthcare costs. As the world’s leading provider of diagnostic testing, information and services, Quest Diagnostics is well positioned for continued growth in 2010 and beyond.
Strong 2009 financial performance
Our company reported strong financial results for 2009 that met or exceeded all of our financial commitments.
For the full year:
- We grew earnings per share 20% to $3.88;
- Revenues increased about 3% to $7.5 billion; and
- We generated $1 billion in cash from operations.
Our strong financial condition, cash flow and investment grade credit rating provide us the flexibility to take advantage of growth opportunities.
We are the clear leader in esoteric, gene-based and cancer diagnostic testing. Since 2000, we have driven these tests from 19% of our revenues to 36% in 2009. Additionally, in 2009 we had double digit revenue growth for both ImmunoCAP® testing for allergy and asthma and our InSure® FIT™ colorectal cancer screening test. We saw continued strong growth in Vitamin D testing using our advanced tandem mass spectrometry techniques, with revenue growth exceeding 50% year over year.
Increasingly, physicians are ordering molecular tests in conjunction with tissue biopsies and other anatomic pathology work. We have the most complete offering in cancer diagnostics with the most extensive pathologist network and comprehensive menu of molecular tests.
