This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Bio-Reference Laboratories, Inc. Announces Strong Growth Resulting In Record First Quarter Revenue And Earnings

Marc D. Grodman, MD, CEO, commented: "Despite the effects of Hurricane Sandy at the beginning of the current quarter, we have seen continued growth and expansion of our business, especially in the areas of Women's Health and genetics. Since growth in these areas has historically brought attached routine business, we continued to see positive results in all of our lines of business. There have been well-reported changes in the reimbursement landscape, particularly by Medicare and the Blues; we believe these changes will continue to have, minimal impact on our business. In particular, with regard to the Blues, we are one of the largest laboratories in the country with contracts with numerous Blues plans and we are in negotiation with others. While we cannot discuss on-going negotiations at this time, we believe the change in the Blue Card program will not have a material effect on our business this year. We have introduced new programs such as our StormPath program, a form of telepathology, OnkoMatch and Inherigen, which will propel us through a changing reimbursement environment. We have designed marketing programs and comprehensive support solutions that we believe have protected our franchises and enabled us to maintain our growth. Earlier this week, we re-affirmed our guidance for the year and we believe our current quarter financials present the most powerful statement we can make in this regard, even notwithstanding the drag on the quarter caused by Hurricane Sandy earlier in the quarter."

Dr. Grodman further noted: "During the current quarter we acquired two small laboratories in Florida. Our philosophy regarding acquisitions is: we buy laboratories we consider to be synergistic. As we have explained in the past, we offer one stop shopping to physicians as a specialty lab. When we buy laboratories in other geographic areas that do not bring in specific technical expertise, we do so to better service our clients and to add growth in the area. We already have an extensive presence in Florida. The smaller acquisition will be our Florida presence for Laboratorio Buena Salud, our new Spanish-first presence, and the second acquisition provides us with a strong local capacity that we can use to continue our growth in the Southeast of the country. We also announced yesterday that we will be offering NonInvasive PreNatal Testing through the Natera Panorama program. This too will provide growth opportunities."

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs