BioReference Laboratories, a clinical testing laboratory, recently reported the company’s highest revenue in corporate history. The company is a provider of clinical testing, information, and related services to physician offices, clinics, hospitals, employers, and governmental agencies. Operating primarily in the New York metropolitan area, the company performs urine and blood analysis, hematology services, tissue analysis, and cancer cytogenetic testing.
In August, BRLI reported third quarter revenues of $172.3 million, an increase of 16% over 2011 third quarter revenue of $148.0 million. Net income after taxes for the quarter was $12.6 million, resulting in fully diluted earnings per share (EPS) of $.45, up 25% and 25%, respectively, from the year-ago period. Gross profit on revenues for the current quarter was $86,049, resulting in a margin of 50%, versus the gross profit of $73,432 and margin of 50% reported for the prior fiscal year third quarter. BRLI also reported a per-patient revenue of $85.65, an increase of 2% over the preceding fiscal year, which totaled $84.20. Furthermore, the company saw a 14% increase in patients served to 1,997, up from the prior year’s third quarter total of 1,745.
This comes as positive news for BioReference Laboratories, who currently appears more compelling than other well know, publicly traded diagnostic companies operating within the same industry, such as Quest Diagnostics (DGX) and Laboratory Corporation of America Holdings (LH).
Though smaller by comparison, BRLI possesses the strongest balance sheet, as it has three times more current assets than current liabilities. By comparison, Quest Diagnostics and Laboratory Corporation of America Holdings have much smaller ratios. Contributing to such strong comparison to other industry leaders is BioReference Labs’ expected earnings growth, which is expected to grow over 5% more per year than either DGX or LH.
Currently, BRLI has plans to expand its business via marketing and acquisitions. Additionally, making use of its CareEvolve platform, a web-based solution developed by BRLI to aid in the collection of ordering information, the company plans to further improve upon services such as information and communication. CareEvolve has already been licensed to other laboratories throughout the country.
Notably, GenPath Diagnostics, a business unit of BioReference Laboratories, Inc., was recently recognized by Frost & Sullivan, a well-recognized research & consulting firm that works in collaboration with clients to leverage visionary innovation that addresses global challenges and related growth opportunities. Frost & Sullivan honored GenPath with its coveted 2012 North American Frost & Sullivan Award for Company of the Year award.
To learn more about Bio-Reference Laboratories, visit www.bioreference.com
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