Laboratory testing giant Quest Diagnostics reported higher revenue in the first three months of 2015 but lower net income because of debt refinancing and restructuring.
The Madison, N.J.-based company's year-over-year revenue climbed 5.3% to $1.84 billion in the quarter ended March 31.
Net income, however, fell 41% to $61 million, compared with the same period in 2014. The company said its net earnings were knocked down by $80 million in charges related to debt refinancing and restructuring.
"We continue to refocus on our core diagnostic information services business and deliver disciplined capital deployment,” Quest CEO Steve Rusckowski said in a news release.
In late March, Quest announced a move to beef up its presence in providing laboratory services for clinical trials, taking a 40% stake in a joint venture with Quintiles. The companies expect to complete the deal in the third quarter of 2015.
