[This] response to the COVID-19 health crisis is one example of how ESG efforts undertaken by public companies can benefit not only societies in which they operate, but the corporate shareholders as well.
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As COVID-19 continues to spread and severely impact the economy of the United States and other countries around the world, Quest Diagnostics is committed to being a part of the coordinated public and private sector response to this unprecedented challenge. Its response to the COVID-19 health crisis is one example of how ESG efforts undertaken by public companies can benefit not only societies in which they operate, but the corporate shareholders as well.
Quest has made substantial investments to expand the amount of COVID-19 testing available to the country and is currently capable of performing more than 200,000 COVID-19 molecular diagnostic tests per day to aid in the diagnosis of COVID-19 and approximately 200,000 COVID-19 antibody tests per day to aid in the detection of immune response. The company has performed over 22 million COVID-19 molecular and serology tests to date, more than any other testing company. Quest returned $138mm CARES Act funding it received, given the resilience of its own business.
Quest also announced an initiative along with its Quest Diagnostics Foundation to address and reduce healthcare disparities in underserved communities, including those impacted by COVID-19. This value-based commitment builds on its existing work with health centers and will focus on serving people of color, elderly and underserved populations in locations throughout the United States. Quest plans to donate testing services and fund a range of initiatives estimated to total more than $100 million.
This effort was Herculean and was performed in order to be part of the solution to allowing the world to return to normal in light of COVID-19.
