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UPDATE -- BioReference Laboratories, Inc. Reports Record Quarterly Results Based On Sustained Growth

Marc D. Grodman, MD, CEO, commented: "Much has been reported with regard to the challenges that our industry has faced this year. There have been less business days early in the year, worse weather than the prior year, reimbursement issues emanating from CMS, and changes in the Blue Card Program. BioReference has responded to these challenges by posting its best ever quarter in revenues. BioReference continues to innovate and provide superior service and support.  BioReference has continued to provide solutions that have enabled providers to keep pace with emerging changes in the clinical landscape. We pay special note to the superb leadership that our GeneDx laboratory has provided, empowering and enabling all of our specialty services to excel. Thanks to the expertise and industry leadership we have engendered at GeneDx, our Women's Health and Oncology laboratories have been able to establish solid positions in their respective areas of clinical medicine and we believe they are well positioned for continued growth and differentiation." 

Dr. Grodman continued: "We have taken great strides to address recent challenges; in some ways they are similar to what we have faced while compiling our almost 20-year history of sustained growth. Over that period, either due to reimbursement rate declines, conditions placed on getting paid or changes in managed care contracting, payments have consistently trended downward. The changes at Blue Cross Blue Shield companies have created a certain amount of chaos and confusion for those who try to understand our industry, as well as short-term issues for BioReference, but we have been able to address these issues through persistent contracting and attention to detail. We believe that the new relationships that we have developed out of this chaos may well improve our position going forward. We recognize that the landscape of our industry is changing and we believe that we are fully prepared to address those changes through better technology, better informatics, better service and better support. Those have been the foundation elements of our nearly 20-year sustained growth and we believe they will continue to enable us to match that success in the future."

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