The new seasonally adjusted expenses data also highlight interesting trends in Medical and Diagnostic Laboratories revenue and expenses estimates after 2020, the first year of the pandemic.
With the seasonal spikes smoothed out, it became clear that previous revenue estimates were often $2.5 billion more than their corresponding expenses estimates (Figure 3).
After coronavirus testing became more widely available in the second half of 2020, the difference between quarterly revenue and expense estimates generally widened, ranging from approximately $3.5 billion to $5.3 billion.
The revenue estimate for the first quarter of 2019 was $13.8 billion and the expense estimate $11.4 billion, a difference of $2.4 billion. Two years later, the difference between revenue and expense estimates ($4.7 billion) was much larger – revenue was $18.0 billion and expenses $13.3 billion.
In the fourth quarter of 2022, after the peak of the pandemic, estimated revenue was $16.9 billion and estimated expenses $13.4 billion, which is not statistically different from the gap between them in the fourth quarter of 2019.