NEW YORK (GenomeWeb) – BioReference Laboratories today reported that its second quarter revenues increased 14 percent year over year, growth that it partly attributed to its genetics testing business.
The Elmwood Park, NJ-based clinical lab brought in total revenues of $201.4 million for the three months ended April 30, up from $176.5 million for the second quarter of 2013.
"Our growth was fueled by a commitment to specialty testing and our investments in Genetics, Cancer and Women's Health," BRL CEO Marc Grodman said in a statement. He added that sales growth at GeneDx was fueled by its exome analysis services and its growing volume of inherited cancer testing.
"We have built our inherited cancer program carefully and thoroughly over the past six months and it is being well received in the healthcare community," said Grodman. "By all metrics, we believe that we are more than competitive and it is important to note that we have been doing next-generation sequencing on a commercial basis longer than any other commercial laboratory in our space and we believe this gives us an advantage in the market."
BRL posted net income of $10.3 million, or $.37 per share, compared to 411.3 million, or $.41 per share, for Q2 2013.
Its general and administrative costs jumped 16 percent to $69.7 million from $60 million.
"This is a transition year for us, combining the need to grow with expense reduction, and the challenge to accomplish it while significantly outgrowing the market," Grodman said. "Our past investments in genetics and other specialty testing have positioned us well to take advantage of this new environment."
BRL finished the quarter with $24.5 million in cash and cash equivalents.