With the pandemic cooling off, the Covid-19 testing business at Quest Diagnostics of Secaucus, N.J., dropped off, resulting in lower first-quarter revenues this year compared with the same period of last year.
Net revenues for the quarter were $2.6 billion, 4% lower than the same period last year. While Quest’s non-Covid-related diagnostic service revenues grew 6.3% year over year to $2 billion, Covid-19 testing revenue plummeted 28% to $599 million.
Total operating costs and expenses were up 2% to $2.1 billion in the first quarter. Both cost of services and general/administrative costs went up, by 1% and 4%, to $1.7 billion and $425 million, respectively.
After accounting
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