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Quest Diagnostics Inc. DGX posted net income of $101 million, or 87 cents a share, for the fourth quarter, down from $390 million, or $3.12 a share, in the year-earlier period. Adjusted per-share earnings came to $1.98, ahead of the $1.91 FactSet consensus. Revenue fell 15% to $2.333 billion from $2.744 billion a year ago, also ahead of the $2.257 billion FactSet consensus. The revenue decline was mostly due to a slump in COVID-19 testing revenues, which fell 74.6% to $184 million from $722 million as the pandemic eased from the omicron peak in late 2021. Base business revenue grew 6.3% to $2.149 billion. "In 2023, our focus is on growing our base business and increasing our efforts to drive productivity and expand margins. Our guidance for the full year reflects continued growth in the base business, tailwinds from recent Medicare reimbursement changes, investments to accelerate growth, and declining COVID-19 revenues," Chief Executive Jim Davis said in a statement. The Secaucus, N.J.-based company is now expecting 2023 revenue of $8.83 billion to $9.03 billion, while FactSet is expecting $9.29 billion. It expects adjusted EPS of $8.40 to $9.00, compared with a FactSet consensus of $9.19. The stock was slightly lower premarket but has gained 9% in the last 12 months, outperforming the S&P 500 SPX which has fallen 10%.
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Business-to-business cannabis marketplace LeafLink said Wednesday it closed a $100 million Series D financing round led by CPMG, L2 Ventures and Nosara Capital, alongside participation from existing investors. Founded in 2016, LeafLink currently serves cannabis brands and retailers with software and services through a cannabis marketplace. The company has named founder and CEO Ryan G. Smith as executive chairman while COO Artie Minson is now CEO. Karan Gupta has joined the company as chief technology officer. LeafLink's marketplace currently processes about $5 billion in annual transactions, representing an estimated 50% of legal U.S. wholesale cannabis commerce, the company said. The AdvisorShares Pure U.S. Cannabis ETF MSOS is down 1.3% in 2023, compared to an 11.5% gain by the Nasdaq COMP.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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