During the recently completed second quarter, the Company completed an investment in a private California corporation called InCellDx. The Company previously filed a form 8-K outlining the terms of the investment. During the quarter, the Company purchased 115,000 shares pursuant to a stock buy back program initiated in November 2011.
Marc D. Grodman, MD, CEO, commented: “BioReference has been able to demonstrate the value of its business strategy. During the first six months of this fiscal year, we introduced several initiatives based on innovative technologies and innovative reporting techniques that we believe will enable us to continue our growth. OnkoMatch, Inherigen and GenCerv are now being introduced to physicians around the country by our national sales force. These new services enrich what we have always believed to be the most comprehensive specialized laboratory operation in our industry. They differentiate us in the marketplace and underscore our strategy to identify relevant clinical questions and provide answers based on better technology, better science and better service. As we move these new initiatives out of the development cycle and into the production cycle, we look forward to a continuation of our strong financial metrics.”
Dr. Grodman continued: “We are fully aware of the headwinds in the market that have gotten significant attention. There is pressure on the payer side to cut expenses and deal with burgeoning healthcare costs. I would rather face these pressures with a company based on innovation and growth. There are changes contemplated that will provide greater transparency on the costs of molecular testing. We have chosen not to commoditize ourselves but rather to leverage our expertise in technology to develop innovative and cost-effective solutions that provide more clinical information for less cost to the payer, the provider and the patient.. Our goal has always been to utilize technology and service to increase market share, not to use individual tests to exploit profits. Our latest initiatives have clearly demonstrated our ability to set new industry standards for innovation. The genetic experts at GeneDx have worked closely with the molecular experts at BioReference to identify solutions and technology platforms that provide our national sales force with the tools to fuel growth.”