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BioReference Laboratories, Inc. Reports Sustained Growth On Strong Quarterly Results

Dr. Grodman finally noted: "GeneDx, our clinical diagnostic genetic sequencing laboratory, has been a leader in genetic sequencing for more than a decade. Over the past two weeks, we have agreed to acquire EdgeBio, which will merge with GeneDx and provide valuable increased capacity and excellent expansion of our R&D capability to introduce new tests and new platforms. We believe that one of the keys to our premier status in genetic sequencing lies in our bioinformatics. We have been pioneers in this area and have had to find our own way through the maze of bioinformatics. EdgeBio will add to our strength in this area. GeneDx also announced earlier this week that we are now accepting samples for OncoGeneDx, a series of panels for inherited cancers, including BRCA1 and BRCA2 genes. Our infrastructure as a genetic laboratory, our service, our reputation, our marketing, sales and even managed care pricing are something of which we are proud. As a company, we have a different perspective on sharing data, on the ability to use sequencing data in a more open manner than others, but we believe, strongly in fact, as a fundamental guiding principal of BioReference, that competition brings out the best in all of us to the benefit of the patient and the collective good. We will protect that right as we have throughout our history with passion and determination."

The Company's third quarter earnings conference call is scheduled for today at 10:30 a.m. Eastern Daylight Time. The live audio Web cast will be available at the Company's corporate Web site, www.bioreference.com and through www.streetevents.com . To listen to the call, please go to either Web site ten minutes before the conference call is scheduled to begin. You will need to register as well as download and install any necessary audio software. The Web cast will be archived, on both Web sites, for 30 days following the call.

About BioReference Laboratories, Inc .

BRLI is a clinical testing laboratory offering testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. We believe that we are the fourth largest full-service laboratory in the United States and the largest independent regional laboratory in the Northeastern market. BRLI offers a comprehensive list of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily focuses on esoteric testing, molecular diagnostics, anatomical pathology, women's health and correctional health care. 

BioReference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Share and Per Share Data)
(Unaudited)
   
  Three Months Ended
  July 31,
    (As Adjusted for (As Previously
    Topic 954) Reported)
  2013 2012 2012
Net Revenues $185,427 $160,532 $172,302
Cost of Sales 99,767 86,253 86,253
Gross Profit on Revenues 85,660 74,279 86,049
General and Administrative 60,601 51,605 63,375
Operating Income 25,059 22,674 22,674
Other Expense, Net (696) 492 492
Income Before Taxes 25,755 22,182 22,182
Taxes 11,054 9,586 9,586
Net Income 14,701 12,596 12,596
Income Per Share $0.53 $0.45 $0.45
Number of Shares 27,671,880 27,695,215 27,695,215
Income Per Share (Diluted) $0.53 $0.45 $0.45
Number of Shares (Diluted) 27,841,998 27,887,765 27,887,765
   
  Nine Months Ended
  July 31,
    (As Adjusted for (As Previously
    Topic 954) Reported)
  2013 2012 2012
Net Revenues $523,136 $450,767 $485,609
Cost of Sales 285,878 248,837 248,837
Gross Profit on Revenues 237,258 201,930 236,772
General and Administrative 175,731 149,202 184,044
Operating Income 61,527 52,728 52,728
Other Expense, Net 203 1,179 1,179
Income Before Taxes 61,324 51,549 51,549
Taxes 26,620 22,282 22,282
Net Income 34,704 29,267 29,267
Income Per Share $1.25 $1.05 $1.05
Number of Shares 27,695,387 27,754,771 27,754,771
Income Per Share (Diluted) $1.25 $1.05 $1.05
Number of Shares (Diluted) 27,861,372 27,930,202 27,930,202
 
BioReference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited) 
     
  July 31, October 31,
  2013 2012
Cash & Cash Equivalents $28,567 $25,143
Accounts Receivable (Net) 191,798 153,247
Plant, Property & Equipment (Net) 57,843 50,440
Intangible Assets (Net) 36,667 29,731
Other Assets 63,598 54,264
Total $378,473 $312,825
     
Accounts Payable $55,770 $41,288
Revolving Note 16,576  --
Long-Term Debt 18,027 18,047
Other Liabilities 27,703 26,243
Shareholder's Equity 260,397 227,247
Total $378,473 $312,825

Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Bio-Reference Laboratories, Inc. and its subsidiaries. Statements looking forward in time are included in this release pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, our ability to sustain continued growth, lawsuits or private actions, including any potential action involving Horizon as described herein, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners, including recent proposals by CMS described herein,  and other and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission.  We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

www.bioreference.com

CONTACT: Tara Mackay
         Investor Relations Coordinator
         (201) 791-2600
         (201) 791-1941 (fax)
         tmackay@bioreference.com

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