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BioReference Laboratories Reports 20 Percent Jump in Q3 Revenues

NEW YORK (GenomeWeb) – BioReference Laboratories today reported that its third quarter revenues climbed 20 percent year over year and were the highest recorded quarterly revenues in the firm's history.

The Elmwood Park, NJ-based clinical lab firm generated total revenues of $222.1 million for the three months ended July 31, up from $185.4 million for the third quarter of 2013. It easily beat the consensus Wall Street estimate of $210.4 million.

The company said that the number of patients served in the quarter increased 16 percent year over year to 2,511, while its revenue per patient increased to $87.54 from $85.25 in the third quarter of 2013.

BRL posted Q3 net income of $15.3 million, or $.55 per share, compared to $14.7 million, or $.53 per share, for Q3 2013. Analysts, on average, had expected EPS of $.53.

The firm's general and administrative costs in the quarter climbed 23 percent to $74.6 million from $60.6 million.

BRL CEO Marc Grodman noted in a statement accompanying the Q3 results that revenues per patient for the firm's GeneDx brand of tests "virtually doubled" from the third quarter of 2013.

"While we did not offer inherited cancers testing in the first nine months of FY13, their introduction contributed to, but have not accounted for all, the increase in GeneDx revenues in FY14, which has continued to show strong growth along all testing lines," Grodman said. "Importantly, inherited cancer testing services were not offered to existing GenPath physician clients in oncology and women's health until the current fourth quarter.

"In addition, our new tumor sequencing services will be introduced by the end of the fourth quarter," he added. "We believe these new services will combine those elements that are critical today, truly cost effective, justifiable and clinically actionable appropriate."

BRL finished the quarter with $20 million in cash and cash equivalents.

The firm expects to report fourth quarter EPS of $62 to $.64, in line with Wall Street's consensus estimate of $.63.

In Wednesday morning trade on the Nasdaq, shares of BRL were up 4 percent at $33.43.

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