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BioReference Laboratories Cites GeneDx Contribution to Revenue Growth

NEW YORK (GenomeWeb News) – BioReference Laboratories, an Elmwood Park, NJ-based clinical lab firm, today reported that its fiscal third quarter revenues increased 16 percent year over year and cited strong growth for its GeneDx subsidiary.

BRL reported total revenues of $185.4 million for the three months ended July 31, up from $160.5 million for the third quarter of 2012. It beat the consensus Wall Street estimate of $183.5 million. The firm had reported revenues of $172.3 million for Q3 last year, but that result has been adjusted in accordance with an accounting standards update, it said.

BRL posted net income of $14.7 million, or $.53 per share, for the quarter, compared to $12.6 million, or $.45 per share, for Q3 2012. It surpassed analysts' consensus estimate of $.51.

"Our performance in the third quarter was quite similar to the results we reported in the immediately preceding second quarter: growth in all elements of our business but especially strong in our genetics area through GeneDx," BRL CEO Marc Grodman said in a statement.

The firm, however, didn't break out specific sales figures for GeneDx, a diagnostic genetic sequencing lab.

Last week, BRL said that GeneDx will acquire Edge Biosystems' genetic sequencing service business, Edge BioServ, which provides sequencing services in a CLIA certified laboratory.

"We have new lines of specialty work being developed, including our upcoming inherited cancers and tumor sequencing programs that we believe will be in great demand. The Edge BioServ acquisition is expected to enable us to seamlessly meet those demands," Grodman said at the time of the acquisition announcement.

In addition, earlier this week, GeneDx launched its next-gen sequencing inherited cancer tests, including panels that incorporate the BRCA 1 and 2 genes.

BRL finished the quarter with $28.6 million in cash and cash equivalents.

In Thursday trade on the Nasdaq, shares of BRL closed up 4 percent at $29.15.