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On June 4, 2009,
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.
Cost of sales increased 15.1% to $44.89 million from $39.00 million. The gross profit margin grew 38 basis points to 48.51% from 48.13% a year ago, as higher revenue offset increase in cost of sales. In addition, general and administrative expenses grew 13.3% to $33.94 million from $29.97 million. Conversely, operating margin increased 132 basis points to 9.59% from 8.27% in Q2 FY09.
During Q2 FY09, BioReference announced that it is offering next generation sequencing testing for Dilated Cardiomyopathy conditions through its GeneDx laboratory.
Looking ahead to FY09, the company reaffirmed its guidance of 15.0% in its top line revenues and a 20.0% increase in its net income.