Higher Revenue Per Patient Helps Bio-Reference

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On June 4, 2009, Bio-Reference Laboratories(BRLI Quote) reported an increase of 35.1% its Q2 FY09 earnings due to surging revenues. Net income for the latest second quarter increased to $4.63 million or $0.33 per share from $3.43 million or $0.25 per share in Q2 FY08. On a pro-forma basis, net income stood at $7.30 million or $0.52 per share, which beat the most recent consensus estimate of $0.28 per share.

Revenue rose 16.0% to $87.18 million from $75.18 million a year ago, driven by higher revenue per patient, increased revenue from the Esoteric Testing Divisions and patient count growth due to a stabilized physician consulting market. On a pro-forma basis, net revenue stood at $162.92 million in Q2 FY09. Revenue from the Esoteric business formed 52.0% of total revenues, compared to 47.0% in the year ago quarter. Revenue per patient increased 8.0% to $76.74, compared to $70.95 in Q2 FY08. The number of patients served rose more than 7.0% to 1,127 from 1,050. Furthermore, the days sales outstanding stood at 104 days compared to 109 in the same quarter a year ago and 115 days in Q1 FY09. ...