Bio-Reference Labs Profit Tops Wall Street Views

ELMWOOD PARK, N.J. (AP) — Bio-Reference Laboratories Inc. said Wednesday its profit jumped 36 percent in the fiscal third quarter as the effects of the global economic crisis faded.

The news sent clinical laboratory operator's shares to all-time highs. In morning trading, the stock rose $2.45, or 7.4 percent, to $35.76. Earlier it peaked at $36.

Bio-Reference Labs said its profit increased to $6.4 million, or 46 cents per share, from $4.7 million, or 34 cents per share, a year ago.

Revenue for the period ended July 31 climbed 25 percent to $97.4 million from $77.8 million.

The results surpassed Wall Street estimates, as Thomson Reuters reported analysts expected a profit of 38 cents per share and $91.3 million in revenue.

The company said the strongest improvement came from its GenPath blood testing business, its Women's Health unit, and the GeneDx business, which runs tests for rare diseases. The number of patients served rose 20 percent, to 1.2 million from 1 million, and revenue per patient rose to $77.61 from $74.11 a year ago.

CEO Marc Grodman said the economic slump started hitting Bio-Reference Labs' business in the fiscal third quarter of 2008, making for favorable comparisons in the most recent quarter.

"This year, we are clearly seeing an easing of those pressures," he said.