Marc D. Grodman, MD, CEO, commented: "BioReference has demonstrated what we believe to be a strong track record of growth and expansion for more than two decades. We are extremely pleased to report another successful quarter of earnings, growth and innovation. During the first half of the current fiscal year we introduced OnkoMatch, Inherigen and GenCerv – ground breaking new services in oncology and Women’s Health that were several years in development. We believe that these new offerings will pave the way for our continued growth and expansion. Innovation in science, in reporting and in providing information to our customers, have enabled us to maintain steady growth. GeneDx, our genetics laboratory, continues to lead the way for the development and introduction of innovation and pioneering testing services in genetic sequencing."
Dr. Grodman further noted: "This year, we have transitioned by moving innovative new services out of development mode and into implementation mode. We have been able to maintain our focus on additional new services and programs that we will be announcing over the next few months that we believe will further insure our continued growth in the future. In our industry, we face many challenges that will define us in the future. BioReference has positioned itself on the side of preserving a competitive environment for all laboratories, promoting technology and innovation for not only better health care but for providing more information to clinicians for lower costs. The healthcare landscape is evolving and we expect that our actions and initiatives will continue to flourish as these changes to our industry unfold. BioReference is fully engaged and prepared for the changes that are on the horizon."
Dr. Grodman continued: "Make no mistake about BioReference: we are a national laboratory with a national presence. We have a great deal of business in the New York region, but we derive an even greater portion of our revenues from the specialty markets that we serve across the country. We are able to grow because of our national footprint and our ability to introduce our service, support and technology innovation throughout the country. We developed our clinical strategy in the NorthEast, but we have successfully implemented it throughout the country. We understand that we provide a service and our ability to tailor that service to the individual markets we serve has enabled us to re-affirm our guidance that we gave earlier in the year of an increase Iin net revenues by more than 15% and net income by around 20% for Fiscal Year 2012.