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Bio-Reference Laboratories, Inc. Announces Record First Quarter Revenue, Earnings And Cash Flow From Operations

Marc D. Grodman, MD, CEO, commented: “The milder than normal weather conditions, particularly in the Northeast, have contributed to the strength of our Q1 results when compared to our prior year results. However, and more importantly, the overall success of all our business units has been the primary reason for our strong financial results. All of our business units have been contributing to the on-going, sustained growth of the Company. Our New York Metropolitan area growth has been significant; the sustained success of our Women’s Health program has been outstanding; and we have seen no abatement in the growth of our oncology business. GeneDx, our genetics laboratory has continued to develop new services and new products that have maintained its status as a premier commercial diagnostic genetic laboratory.”

Dr. Grodman further noted: “We look forward to the introduction of our new initiatives. OnkoMatch was introduced in January and has generated considerable interest in the oncology community. Our cornerstone pre-natal product will be introduced during the current second fiscal quarter, but already we have seen great interest in our pre-natal program. Our NextGen sequencing services continue to generate great interest not only in the genetics community, but in the entire clinical community. We grow by breaking the laboratory services market down into smaller, marketable segments, and we develop those units through better technology, disruptive reporting, focused marketing and dedicated service. The result is growth, as clearly demonstrated in the current first quarter financials.”

Dr. Grodman concluded, “We affirm our guidance for our current fiscal year as announced in our Q4FY11 earnings call. We remain focused on being the technology leader, the marketing leader as well as the service leader in a service-dominated industry. We grow because we are able to identify the needs of the clinical diagnostic market and provide solutions to the needs of the healthcare providers. We don’t buy business; we sell our vision. We are committed to the disruptive technology and reporting advancements that have been the hallmark of our sustained growth and remain dedicated to continuing that model as we move forward.“

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