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

Stocks in this article: BRLI

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."

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