Quest Diagnostics to Buy Summit Health - Analyst Blog
March 12 2014 - 5:00PM
Zacks
Quest Diagnostics Inc. (DGX) has signed a
definitive agreement to acquire Summit Health - a leading provider
of on-site prevention and wellness programs, primarily for
employers. However, terms of the transaction have not been
disclosed.
Founded in 2004, Michigan-based privately-held Summit Health
provides on-site wellness programs including biometric and other
health screenings, immunizations, coaching and educational seminars
for employers, health-plans, retail clinics and other
wellness-focused organizations.
Summit Health’s Blueprint for wellness health assessment services
provide personalized reports based on results of clinical lab
testing and other biometric measures to employers and individuals.
The company’s clinical laboratory testing operations, around 2,200
patient service centers and its ExamOne network of health examiners
across the nation facilitate the fast and accurate preparation of
such customized health reports.
Post acquisition, Summit Health’s services will complement the
health and wellness business of Quest Diagnostics. According to
Steve Rusckowski, President and CEO of Quest Diagnostics, Summit
Health and Quest Diagnostics will jointly offer employers, health
plans and individuals greater access to a unique and wide range of
prevention and wellness services. Such services will need
diagnostic insights to implement early preventive care and
intervention well in time. This, in turn, will help reduce overall
healthcare costs.
This acquisition will bring the respective clients of both the
companies under one roof to ensure that more people benefit from
such growth-inducing collaborations within the health and wellness
sector.
For the U.S. healthcare system, preventive health and wellness hold
significant potential. By joining forces, Quest Diagnostics and
Summit Health will be uniquely positioned to promote healthier
lives at reduced costs for their clients and their employees.
Quest Diagnostics expects to complete the acquisition in first-half
2014, subject to the satisfaction of regulatory and other customary
closing conditions.
Quest Diagnostics, which currently holds a Zacks Rank #4 (Sell),
offers diagnostic testing, information and services to patients and
doctors, who need advanced solution for making better healthcare
decisions, in the U.S. and globally.
Some better-ranked stocks worth considering in the boarder
healthcare sector include Chemed Corp. (CHE),
China Cord Blood Corporation (CO) and
Becton, Dickinson and Company (BDX). While Chemed
carries a Zacks Rank #1 (Strong Buy), both China Cord and Becton,
Dickinson hold a Zacks Rank #2 (Buy).
BECTON DICKINSO (BDX): Free Stock Analysis Report
CHEMED CORP (CHE): Free Stock Analysis Report
CHINA CORD BLD (CO): Free Stock Analysis Report
QUEST DIAGNOSTC (DGX): Free Stock Analysis Report
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