Quest to return $138M in CARES Act funding

” Quest had an extremely strong 3rd quarter, benefiting from continued demand for COVID-19 testing and the quick healing of healthcare utilization,” stated Mr. Rusckowski.

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Mission Diagnostics will return $138 million in funding it received from the Coronavirus, Aid Relief, and Economic Security Act this spring, the company announced Oct. 22 in its 3rd quarter financial outcomes..

The businesss operating earnings rose to $718 million in the third quarter, compared to $313 million tape-recorded in the same duration in 2019..

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” We are grateful for the CARES Act financing that provided our company with assistance previously this year at a time of fantastic uncertainty for our country. A number of months into this pandemic, we do not need this funding. As a result, we think returning these funds to the federal government now is the best thing to do,” stated Quest Chair, President and CEO Steve Rusckowski.

Quest saw its profits increase to $2.8 billion in the quarter ended Sept. 30. This is a 42.5 percent boost from the same duration in 2019..

The Secaucus, N.J.– based supplier of testing and diagnostic services said the reason for returning the funds is due to its strong 3rd quarter financial outcomes..

Alia Paavola –
Friday, October 23rd, 2020
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Overall the companys earnings reached $568 million in the 3rd quarter of 2020, up from $215 million recorded in the 3rd quarter of 2019..

” We are grateful for the CARES Act financing that offered our company with support earlier this year at a time of terrific unpredictability for our country. As an outcome, we believe returning these funds to the federal government now is the best thing to do,” stated Quest Chair, President and CEO Steve Rusckowski.