Latest news with #Quest
Yahoo
6 hours ago
- Business
- Yahoo
Quest Diagnostics Reports Second Quarter 2025 Financial Results; Raises Guidance for Full Year 2025
Second quarter revenues of $2.76 billion, up 15.2% from 2024 Second quarter reported diluted earnings per share ("EPS") of $2.47, up 21.7% from 2024; and adjusted diluted EPS of $2.62, up 11.5% from 2024 Year-to-date cash provided by operations of $858 million, up 67.1% from 2024 Full year 2025 reported diluted EPS now expected to be between $8.60 and $8.80; and adjusted diluted EPS is expected to be between $9.63 and $9.83 SECAUCUS, N.J., July 22, 2025 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the second quarter ended June 30, 2025. "Through continued execution of our strategy, we delivered a strong second quarter, with revenues growing 15.2% which includes 5.2% from organic revenues, as well as adjusted EPS growth of 11.5%," said Jim Davis, Chairman, CEO and President. "Demand for our innovative clinical solutions and expanded business from enterprise accounts complemented growth from acquisitions. We also realized productivity gains as we continued to deploy automation and digital technologies across our operations. Given our performance in the quarter and continued utilization trends, we are raising our full year 2025 guidance."Three Months Ended June 30,Six Months Ended June 30, 20252024Change20252024Change (dollars in millions, except per share data)Reported: Net revenues $ 2,761$ 2,39715.2 %$ 5,413$ 4,76313.7 %Diagnostic Information Services revenues $ 2,699$ 2,33315.7 %$ 5,288$ 4,63114.2 %Revenue per requisition (0.4) %— %Requisition volume 16.3 %14.3 % Organic requisition volume 2.1 %0.6 %Operating income (a) $ 438$ 35523.3 %$ 784$ 65519.7 %Operating income as a percentage of net revenues (a) 15.9 %14.8 %1.1 %14.5 %13.7 %0.8 %Net income attributable to Quest Diagnostics (a) $ 282$ 22923.1 %$ 502$ 42318.6 %Diluted EPS (a) $ 2.47$ 2.0321.7 %$ 4.41$ 3.7517.6 %Cash provided by operations $ 544$ 36051.5 %$ 858$ 51467.1 %Capital expenditures $ 108$ 9217.3 %$ 225$ 19614.4 % Adjusted (a): Operating income $ 466$ 39817.3 %$ 872$ 74716.8 %Operating income as a percentage of net revenues 16.9 %16.6 %0.3 %16.1 %15.7 %0.4 %Net income attributable to Quest Diagnostics $ 298$ 26612.3 %$ 549$ 49610.7 %Diluted EPS $ 2.62$ 2.3511.5 %$ 4.83$ 4.3910.0 %(a) For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. Updated Guidance for Full Year 2025 The company updates its full year 2025 guidance as follows:Updated GuidancePrior GuidanceLowHighLowHigh Net revenues $10.80 billion$10.92 billion$10.70 billion$10.85 billion Net revenues increase 9.4 %10.6 %8.4 %9.9 % Reported diluted EPS $8.60$8.80$8.62$8.87 Adjusted diluted EPS $9.63$9.83$9.55$9.80 Cash provided by operations Approximately $1.55 billionApproximately $1.5 billion Capital expenditures Approximately $500 millionApproximately $500 million Note on Non-GAAP Financial Measures As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, impairment charges and other items. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables below include reconciliations of non-GAAP adjusted measures to GAAP measures. Conference Call Information Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at We suggest participants dial in approximately 10 minutes before the call. A replay of the call may be accessed online at or, from approximately 10:30 a.m. Eastern Time on July 22, 2025 until midnight Eastern Time on August 5, 2025, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports. About Quest Diagnostics Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. Forward Looking Statements The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports. This earnings release, including the attached financial tables, is available online in the Newsroom section at ADDITIONAL TABLES FOLLOW Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2025 and 2024 (in millions, except per share data) (unaudited) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Net revenues $ 2,761$ 2,397$ 5,413$ 4,763 Operating costs and expenses and other operating income:Cost of services 1,8181,5933,6073,188 Selling, general and administrative 486416962856 Amortization of intangible assets 39297858 Other operating (income) expense, net (20)4(18)6 Total operating costs and expenses, net 2,3232,0424,6294,108 Operating income 438355784655 Other income (expense):Interest expense, net (67)(44)(134)(87) Other income, net 1331012 Total non-operating expense, net (54)(41)(124)(75) Income before income taxes and equity in earnings of equity method investees 384314660580 Income tax expense (97)(74)(156)(140) Equity in earnings of equity method investees, net of taxes 9—278 Net income 296240531448 Less: Net income attributable to noncontrolling interests 14112925 Net income attributable to Quest Diagnostics $ 282$ 229$ 502$ 423 Earnings per share attributable to Quest Diagnostics' common stockholders:Basic $ 2.51$ 2.05$ 4.48$ 3.79 Diluted $ 2.47$ 2.03$ 4.41$ 3.75 Weighted average common shares outstanding:Basic 112111112111 Diluted 113112113112 Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets June 30, 2025 and December 31, 2024 (in millions, except per share data) (unaudited) June 30,2025December 31,2024 AssetsCurrent assets:Cash and cash equivalents $ 319$ 549 Accounts receivable, net 1,4191,304 Inventories 187188 Prepaid expenses and other current assets 273351 Total current assets 2,1982,392 Property, plant and equipment, net 2,1202,113 Operating lease right-of-use assets 655651 Goodwill 8,8838,856 Intangible assets, net 1,7061,763 Investments in equity method investees 136123 Other assets 271255 Total assets $ 15,969$ 16,153 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable and accrued expenses $ 1,349$ 1,394 Current portion of long-term debt 504602 Current portion of long-term operating lease liabilities 171173 Total current liabilities 2,0242,169 Long-term debt 5,1695,615 Long-term operating lease liabilities 540535 Other liabilities 890938 Redeemable noncontrolling interest 8183 Stockholders' equity:Quest Diagnostics stockholders' equity:Common stock, par value $0.01 per share; 600 shares authorized as of both June 30, 2025 and December 31, 2024; 162 shares issued as of both June 30, 2025 and December 31, 2024 22 Additional paid-in capital 2,3322,361 Retained earnings 9,6829,360 Accumulated other comprehensive loss (16)(88) Treasury stock, at cost; 50 and 51 shares as of June 30, 2025 and December 31, 2024, respectively (4,772)(4,857) Total Quest Diagnostics stockholders' equity 7,2286,778 Noncontrolling interests 3735 Total stockholders' equity 7,2656,813 Total liabilities and stockholders' equity $ 15,969$ 16,153 Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2025 and 2024 (in millions) (unaudited) Six Months Ended June 30,20252024 Cash flows from operating activities:Net income $ 531$ 448 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 283233 Provision for credit losses 23 Deferred income tax expense (benefit) 8(36) Stock-based compensation expense 4342 Other, net 2616 Changes in operating assets and liabilities:Accounts receivable (115)(113) Accounts payable and accrued expenses (11)(111) Income taxes payable 920 Other assets and liabilities, net 8212 Net cash provided by operating activities 858514 Cash flows from investing activities:Business acquisitions, net of cash acquired (17)(248) Capital expenditures (225)(196) Other investing activities, net 331 Net cash used in investing activities (239)(413) Cash flows from financing activities:Proceeds from borrowings 400— Repayments of debt (1,001)(301) Exercise of stock options 4228 Employee payroll tax withholdings on stock issued under stock-based compensation plans (42)(23) Dividends paid (174)(163) Distributions to noncontrolling interest partners (29)(18) Other financing activities, net (50)(39) Net cash used in financing activities (854)(516) Effect of exchange rate changes on cash and cash equivalents and restricted cash 5— Net change in cash and cash equivalents and restricted cash (230)(415) Cash and cash equivalents and restricted cash, beginning of period 549686 Cash and cash equivalents and restricted cash, end of period $ 319$ 271 Cash paid during the period for:Interest $ 145$ 105 Income taxes $ 110$ 118 Notes to Financial Tables 1) The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30,Six Months EndedJune 30,2025202420252024(in millions, except per share data) Amounts attributable to Quest Diagnostics' common stockholders:Net income attributable to Quest Diagnostics $ 282$ 229$ 502$ 423 Less: earnings allocated to participating securities 1122 Earnings available to Quest Diagnostics' common stockholders - basic and diluted $ 281$ 228$ 500$ 421 Weighted average common shares outstanding - basic 112111112111 Effect of dilutive securities:Stock options and performance share units 1111 Weighted average common shares outstanding - diluted 113112113112 Earnings per share attributable to Quest Diagnostics' common stockholders:Basic $ 2.51$ 2.05$ 4.48$ 3.79 Diluted $ 2.47$ 2.03$ 4.41$ 3.75 2) The following tables reconcile reported GAAP results to non-GAAP adjusted results: Three Months Ended June 30, 2025(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 43815.9 %$ (97)$ 9$ 282$ 2.47 Restructuring and integration charges (a) 70.3(2)—50.04 Other charges (b) 281.0(6)—220.19 Gains and losses on investments (c) ——1(1)(2)(0.01) Other gains (d) (46)(1.7)12—(34)(0.30) Amortization expense 391.4(11)—280.25 ETB ——(3)—(3)(0.02) As adjusted $ 46616.9 %$ (106)$ 8$ 298$ 2.62Six Months Ended June 30, 2025(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 78414.5 %$ (156)$ 27$ 502$ 4.41 Restructuring and integration charges (a) 260.5(7)—190.17 Other charges (b) 300.6(6)—240.21 Gains and losses on investments (c) ——1(1)(2)(0.01) Other gains (d) (46)(0.9)14(8)(40)(0.36) Amortization expense 781.4(20)—580.51 ETB ——(12)—(12)(0.10) As adjusted $ 87216.1 %$ (186)$ 18$ 549$ 4.83Three Months Ended June 30, 2024(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 35514.8 %$ (74)$ —$ 229$ 2.03 Restructuring and integration charges (a) 100.4(3)—70.06 Other charges (b) 40.2——40.03 Gains and losses on investments (c) ——(3)960.05 Amortization expense 291.2(8)—210.19 ETB ——(1)—(1)(0.01) As adjusted $ 39816.6 %$ (89)$ 9$ 266$ 2.35Six Months Ended June 30, 2024(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 65513.7 %$ (140)$ 8$ 423$ 3.75 Restructuring and integration charges (a) 270.6(7)—200.17 Other charges (b) 70.2——70.06 Gains and losses on investments (c) ——(3)960.05 Amortization expense 581.2(15)—430.39 ETB ——(3)—(3)(0.03) As adjusted $ 74715.7 %$ (168)$ 17$ 496$ 4.39 (a) For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(dollars in millions) Cost of services $ 1$ 1$ 7$ 14 Selling, general and administrative 691913 Operating income $ 7$ 10$ 26$ 27 (b) For both the three and six months ended June 30, 2025, the pre-tax impact primarily represents a $24 million impairment charge on certain long-lived assets related to the potential exit of a business. Additionally, each of the three and six months ended June 30, 2025 and June 30, 2024 include losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions. The following table summarizes the pre-tax impact of these other charges on our consolidated statements of operations:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(dollars in millions) Selling, general and administrative $ —$ 1$ —$ 1 Other operating (income) expense, net 283306 Operating income $ 28$ 4$ 30$ 7 (c) For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, recorded in equity in earnings of equity method investees, net of taxes, and other income, net. (d) The three and six months ended June 30, 2025 include a $46 million pre-tax gain, recorded in other operating (income) expense, net, from a payroll tax credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") associated with the retention of employees. Additionally, the six months ended June 30, 2025 includes an $8 million gain, recorded in equity in earnings of equity method investees, net of taxes, representing a non-recurring gain related to a lease. (e) For restructuring and integration charges, other gains/charges, gains and losses on investments and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2025 and 2024. 3) The outlook for adjusted diluted EPS represents management's estimates for the full year 2025 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2025. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2025 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS: LowHigh Diluted EPS $ 8.60$ 8.80 Restructuring and integration charges (a) 0.240.24 Amortization expense (b) 1.031.03 Other charges (c) 0.270.27 Other gains (d) (0.36)(0.36) Gains and losses on investments (0.01)(0.01) ETB (0.14)(0.14) Adjusted diluted EPS $ 9.63$ 9.83 (a) Represents estimated pre-tax charges of $37 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (b) Represents estimated pre-tax amortization expenses of $157 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (c) Principally represents a $24 million pre-tax impairment charge on certain long-lived assets related to the potential exit of a business. Also includes estimated pre-tax net charges of $12 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. Income tax benefits on the impairment charge were calculated using a combined statutory income tax rate of 25.5%. No income tax benefits were recorded on the changes associated with the contingent consideration accrual. (d) Includes a pre-tax gain of $46 million related to a payroll tax credit under the CARES Act associated with the retention of employees. Also, includes a non-recurring pre-tax gain of $8 million related to a lease. Income tax impacts on the gains were calculated using a combined statutory income tax rate of 25.5%. 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Techday NZ
5 days ago
- Business
- Techday NZ
Quest launches AI security tool to cut response times on AD threats
Quest Software has announced the worldwide release of Security Guardian Intelligence, a generative AI-powered addition to its identity threat detection and response platform aimed at hybrid Active Directory and Microsoft Entra ID environments. Features and context The update is designed to help security teams, often facing a shortage of senior Active Directory (AD) specialists, translate technical alerts into plain-language insights, map incidents against recognised attacker behaviours, and follow guided remediation steps. This is intended to reduce investigation times and allow quicker action against potential identity threats. Heath Thompson, President and Chief Product Officer at Quest, said, "Security Guardian Intelligence doesn't just detect identity threats - it explains them with business or board-level context. It gives teams a faster way to prioritize real risk and take action, without needing to interpret every technical detail manually." Industry pressures Security and IT departments continue to experience increasing pressure as identity-based attacks rise and the financial impact of AD system downtime remains significant. The disruption from an Active Directory outage can cost in excess of $730,000 per hour, highlighting the importance of fast and effective response capabilities. Organisations are also challenged by the growth in alert volumes, disconnected security tools, and a documented lack of specialists with advanced Active Directory skills. These delays in response can leave companies vulnerable to further impact, with data showing that successful ransomware attacks may disable systems for an average of 23 days. Eric Aslaksen, General Manager of Security and Chief Information Security Officer at ivision, said, "We support customers across industries who are drowning in identity alerts but lack the in-house expertise to act on them. Security Guardian already gives visibility - SGI adds the context and speed they've been missing. By helping surface what matters and guiding the response, it's shaping up to be a valuable tool in our identity security toolkit." Key capabilities Security Guardian Intelligence introduces three primary functions to address current industry challenges: Plain-language threat summaries, providing technical findings in an accessible format Mapped attacker behaviour, aligned with recognised frameworks such as MITRE ATT&CK Embedded, step-by-step remediation guidance, designed to function without the need for manual scripting or escalation Comparison with legacy platforms Quest has highlighted the architectural difference between its platform and older solutions. Security Guardian was developed as a cloud-native platform, enabling it to support real-time application of large language models across live identity telemetry without requiring additional workarounds. The company noted that traditional on-premises security tools can face performance and infrastructure limitations when integrating advanced artificial intelligence capabilities. By contrast, Quest seeks to provide accelerated insights and more comprehensive context through its updated solution. Integration and availability Security Guardian Intelligence is included in the existing platform at no additional charge for current customers. It also functions alongside other components in Quest's Cybersecurity & Resilience suite, which covers enterprise backup and disaster recovery, endpoint protection, and continuous incident response, in an effort to extend protection across all phases of the attack lifecycle. The update uses a click-to-context approach, taking users directly from identity alerts to recommendations and business impact analysis, with the objective of helping teams act even in the absence of senior identity specialists. Quest Software reports that the new functionality was designed to be AI-ready from the outset, meeting the needs of modern hybrid identity environments involving both on-premises and cloud-based directories.
Malaysian Reserve
15-07-2025
- Health
- Malaysian Reserve
Quest Diagnostics Introduces Testing for Oropouche Virus
Diagnostic testing for emerging infectious disease associated with severe neurological affects SECAUCUS, N.J., July 15, 2025 /PRNewswire/ — Quest Diagnostics (NYSE: DGX), a leader in diagnostic information services, today announced the launch of a new diagnostic laboratory test for the Oropouche virus, an emerging disease that is increasingly found in South and Central America and the Caribbean. 'As one of the leading providers of laboratory testing, Quest plays an essential role in ensuring the U.S. is prepared to respond to potentially dangerous emerging diseases, such as Oropouche virus,' said Yuri Fesko, MD, Senior Vice President and Chief Medical Officer at Quest Diagnostics. 'By developing this test, we are prepared to act quickly to offer scalable testing to complement public health labs should this virus become a public health threat.' Oropouche virus is an emerging virus in the Americas that is spread to people by infected biting midges and some mosquito species. While the current threat to the public in North America remains low, Oropouche virus has been reported in parts of South America, Central America and the Caribbean, with the majority of infected individuals becoming symptomatic. Cases reported in the United States have been limited to travelers returning from countries with local transmission. Oropouche viral disease presents clinically with symptoms that overlap with those of other arboviral diseases such as Dengue, Zika and chikungunya. While most people recover on their own, Oropouche virus can also cause more severe neuroinvasive disease like meningitis and encephalitis. The test will be available with a prescription from a provider for clinical purposes at the end of the month. Quest's advanced laboratory in San Juan Capistrano, California, developed and will perform the test using polymerase chain reaction (PCR) technology, with serology testing to follow later this quarter. Reverse transcription PCR testing can identify the RNA of the virus during the early stages of infection to aid diagnosis. Serology testing, which identifies antibodies produced by the immune system in response to the virus, can help diagnose the virus in later stages of infection. In September 2024, Quest Diagnostics was awarded several contracts by the U.S. Centers for Disease Control and Prevention (CDC) to support testing and sustained laboratory readiness for emerging infectious diseases, including the development of diagnostics to aid the detection of Oropouche virus. The company also launched the first commercially available diagnostic test for Avian Influenza A H5 based on the funding. The contracts provide funding to enable the company to maintain testing readiness, such as for adequate supplies of certain equipment and chemical reagents used to perform the tests, on a sustained basis, should the U.S. need to quickly mobilize response to safeguard public health. About Quest DiagnosticsQuest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our nearly 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world.
Engadget
14-07-2025
- Engadget
TikTok owner ByteDance is reportedly building its own mixed reality goggles
ByteDance, the parent company of TikTok, is reportedly working on mixed reality goggles, The Information reports. The in-development device is designed to layer digital objects over your view of the real world, and is supposed to compete directly with Meta's upcoming mixed reality products. The goggles are being built by ByteDance's virtual reality startup Pico, the creators of the Pico 4 VR headset. Pico's past products have attempted to match Meta's Quest headsets in terms of features, but these new goggles apparently represent a different approach (albeit one still positioned as an alternative to Meta). Rather than a bulky headset, the goggles are supposed to be small and light, about the size of the Bigscreen Beyond VR headset, which weighs 0.28 pounds. Pico is keeping the device lightweight by offloading most of the computing work to a puck that's connected to the goggles over a wire. Meta's prototype Orion AR glasses used a wireless puck for a similar weight-saving purpose when the company demoed them in November 2024. Pico is also reportedly working on building "specialized chips for the device that will process data from its sensors to minimize the lag or latency between what a user sees in AR and their physical movements," The Information writes. Plenty of the details are still up in the air, but the report notes that the ByteDance / Pico goggles should be very similar to Meta's next mixed reality device. Following the release of the Quest 3S, Meta reportedly postponed work on the Quest 4 in favor of developing lightweight mixed reality goggles, according to UploadVR . The company has been publicly pushing AI wearables like the newly introduced Oakley Meta HSTN glasses, and it seems like its next Quest device will be closer to smart glasses than a VR headset with controllers. It's not known when ByteDance's goggles will actually be released or where they'll be sold. Current Pico headsets aren't sold in the US, and given the concern over ByteDance's ownership of TikTok, it seems unlikely the company would be able to sell a mixed reality device without pushback.
Business Standard
11-07-2025
- Business
- Business Standard
Edjuvenate Launches Qriosity Quest: a National Initiative to Make Students AI-Ready
BusinessWire India Pune (Maharashtra) [India], July 11: In a bold move to reshape how India evaluates student potential, Edjuvenate has launched Qriosity Quest, a nationwide initiative that flips the traditional evaluation system on its head by rewarding students not for answers, but for the questions they ask. Founded on the belief that problem formulation is the core skill of the AI era, Qriosity Quest challenges students from Grades 5 to 12 to engage with stories, dilemmas, and ideas - and respond with questions, reflections, and original thought. The program is currently being rolled out across different cities in schools. From Rote Learning to Question Asking: A Challenge to the System "For decades, our education system has trained students to memorize and reproduce the right answers. But the future especially in an AI-driven world, belongs to those who can ask the right questions," says Shubham Chaturvedi, founder of Edjuvenate. The inspiration for Qriosity Quest came from a simple but powerful observation: while exams reward recall, the real world and real innovation reward curiosity. "When I saw the rise of tools like ChatGPT, I realized something deeper," says Chaturvedi. "Anyone could access knowledge now, but to unlock your potential, you need to know what to ask. While the whole world is focussing on what is going to change with the advent of AI, I thought, what will not change? Curiosity that has led humanity to innovations across ages is the human superpower that will remain unchanged; people able to formulate problems will continue to thrive in the new world." But there's a structural problem, he explains. "In India, question-asking isn't encouraged. Not at home, not in schools, and not in society. Children are conditioned to follow, not to wonder. That's the deeper issue we wanted to address and reprogram." How It Works: A Thinking Quest, Not a Test Qriosity Quest runs as a 45-minute pen and paper based exercise in the classroom where students engage with carefully designed prompts that push them to imagine, question, empathize, and solve. They're not tested on factual knowledge or speed, but on the quality of thought reflected in their responses. Each student receives a Qriosity Map - a personalized report that maps their thinking based on these, students also receive suggestions on subject inclinations, possible career paths, and skill nudges to strengthen their cognitive profile and bridge the deficits for an AI driven world. More Than Reports: A Full Ecosystem of Change Qriosity Quest doesn't stop at the student level. Every school receives a Teacher's Lens - a classroom-level report with trait-based strategies and learner profiles. Parents receive a Letter to Parents, guiding them on how to spark curiosity at home. The Leadership Compass provides school leaders with a big-picture dashboard of thinking patterns across grades which is completely aligned with NEP 2020 and 21st-century goals. Rewarding the Question Asking One of the most unique aspects of Qriosity Quest is its reward system. Instead of giving prizes for correct answers or top scores, the initiative awards Rs. 1000/month scholarships for one student per class purely on the basis of originality, emotional depth, and question quality. "India has enough rewards for toppers," says Chaturvedi. "What we're missing is a system that sees the child who asks thought provoking questions because unless we question the norm no innovation will happen. Lack of question asking is directly linked to India lagging behind in patent filing and R & D globally. This scholarship is our way of saying - we see your mind, and it matters." Backed by Research, Designed for India The Qriosity framework is rooted in robust cognitive science drawing from the work of researchers like Berlyne, Loewenstein, and Kashdan and aligned with Bloom's Taxonomy and design thinking principles. Responses are scored using a blind rubric, and every response is double-checked to ensure inter-rater reliability, minimizing evaluator bias. Pilot programs were conducted with support from Teach for India fellows and educators from institutions like TISS. Feedback from teachers, parents, and school heads has been overwhelmingly positive. Voices from the Field Dr. Diwakar Rai, Principal of a pilot school in Varanasi, shares: "Qriosity Quest helped us see students in an entirely new way. Those who rarely speak in class came alive in their questions. This is the kind of tool schools need, not more ranking systems but reflection systems." A student from Pune wrote: "I didn't even know my mind worked like this. It felt like someone was listening to my inner thoughts, not just checking my answers. I also got to know which subjects and careers align with how I think along with the colleges I can pursue them in, no one had ever shown me that before." A Movement for a Curious India Edjuvenate's long-term vision is to build a culture of question-asking in India not just in classrooms, but across homes, communities, and institutions. "We've built an army of test-takers," says Chaturvedi. "Now, we need to build the world's best thinkers." Qriosity Quest is just the first step in that direction.
