Quest Diagnostics: Strong Financial Performance and Strategic Growth Initiatives Justify Buy RatingWe are encouraged by the organic acceleration, aided by consumer (+30-40% YTD) and are also optimistic for the Haystack MRD ramp in '26. While PAMA uncertainty remains an overhang, the core business continues to strengthen. Reiterate Buy, PT to $215. Recap. Revenues of $2.82B grew +13% y/y (+7% organic), beating consensus by +3%, while $2.60 EPS was +$0.10 above the Street ($2.50), with growth led by clinical and consumer (+30-40% YTD). By sub-segment, the physician channel grew +17% (+HSD organic) with expanded plan access and momentum from functional medicine providers, while the hospital channel grew +LSD. Volumes grew +12.5% y/y, with organic +3.9%, while revenue per requisition increased +0.8% with +3% organic growth offset by LifeLabs.