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Bio-Reference Laboratories Reports 15 Percent Revenue Increase for Q1 2015

NEW YORK (GenomeWeb) – Bio-Reference Laboratories today said that its fiscal first quarter revenues grew 15 percent year over year but missed the average analysts' estimates on the top and bottom lines.

For the three months ended Jan. 31, Bio-Reference recorded $208.8 million in revenues, up from $181.3 in the year-ago first quarter, but below the consensus Wall Street estimate of $216 million. 

The company said that the number of patients served in the recently completed quarter was up 7 percent year over year to 2,352 from 2,206, while revenues per patient increased 8 percent to $88.09 from $81.17. 

Bio-Reference had a profit of $6.6 million, or $.24 per share, in Q1 2015, compared to a profit of $3 million, or $.11 per share, in Q1 2014, and missed the consensus Wall Street estimate of $.32 per share. 

Its SG&A spending grew 17 percent year over year to $77.8 million from $66.3 million. 

In a statement Bio-Reference CEO Marc Grodman said that the increase in revenues and profits was largely attributable to its GeneDx testing franchise but noted the contribution from its GenPath Oncology and Women's Health businesses as well. 

Last month the company launched two next-generation sequencing panels for solid tumors and myeloid disorders. Grodman today said that the NGS testing program, called OnkoSight and offered through the GenPath Oncology business, will be a growth initiative for 2015, and added that the new panels "will be the forerunners of our genomics offerings over the coming year." 

He reaffirmed the company's guidance of at least 10 percent growth in revenues and 20 percent growth in net earnings.

The company finished Q1 with $22.2 million in cash and cash equivalents.