MADISON, N.J. (AP) -- Health insurer Humana is selling a toxicology and clinical lab business, a division of its Concentra health care provider, to Quest Diagnostics Inc.
Quest, a medical lab operator, did not say Thursday how much it had paid for the business, which includes a lab in Memphis, Tenn. It's the company's third laboratory acquisition this year. Quest also said Thursday that it signed a long-term deal that makes it the main provider of workplace drug toxicology and clinical lab testing for Concentra.
Quest does not expect an impact to its 2013 adjusted earnings per share from the deal, but it does see a modest benefit next year.
The Madison, N.J., company's first-quarter net income fell 15 percent as people cut back on medical spending and more Medicare reimbursements cut into revenue.
Shares of Quest added 13 cents to $60.12 in afternoon trading, while Humana's stock fell 39 cents to $79.11.