Marc D. Grodman, MD, CEO, commented: “The milder than normal weather conditions, particularly in the Northeast, have contributed to the strength of our Q1 results when compared to our prior year results. However, and more importantly, the overall success of all our business units has been the primary reason for our strong financial results. All of our business units have been contributing to the on-going, sustained growth of the Company. Our New York Metropolitan area growth has been significant; the sustained success of our Women’s Health program has been outstanding; and we have seen no abatement in the growth of our oncology business. GeneDx, our genetics laboratory has continued to develop new services and new products that have maintained its status as a premier commercial diagnostic genetic laboratory.”
Dr. Grodman further noted: “We look forward to the introduction of our new initiatives. OnkoMatch was introduced in January and has generated considerable interest in the oncology community. Our cornerstone pre-natal product will be introduced during the current second fiscal quarter, but already we have seen great interest in our pre-natal program. Our NextGen sequencing services continue to generate great interest not only in the genetics community, but in the entire clinical community. We grow by breaking the laboratory services market down into smaller, marketable segments, and we develop those units through better technology, disruptive reporting, focused marketing and dedicated service. The result is growth, as clearly demonstrated in the current first quarter financials.” Dr. Grodman concluded, “We affirm our guidance for our current fiscal year as announced in our Q4FY11 earnings call. We remain focused on being the technology leader, the marketing leader as well as the service leader in a service-dominated industry. We grow because we are able to identify the needs of the clinical diagnostic market and provide solutions to the needs of the healthcare providers. We don’t buy business; we sell our vision. We are committed to the disruptive technology and reporting advancements that have been the hallmark of our sustained growth and remain dedicated to continuing that model as we move forward.“The Company’s year-end earnings conference call has been scheduled to take place this morning, March 1, 2012 at 10:30 a.m. Eastern Standard 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.Bio-Reference Laboratories, Inc. Statements of Operations (Dollars in Thousands Except Share and Per Share Data) (Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
January 31, | ||||||||||||||
2012 | Pro Forma 2011*** | Actual 2011 | ||||||||||||
Net Revenues | $149,919 | $121,659 | $121,659 | |||||||||||
Cost of Sales | 78,676 | 64,854 | 64,854 | |||||||||||
Gross Profit on Revenues | 71,243 | 56,805 | 56,805 | |||||||||||
General and Administrative | 57,961 | 48,088 | 48,088 | |||||||||||
Operating Income | 13,282 | 8,717 | 8,717 | |||||||||||
Other Expense, Net | 316 | 307 | (5,263) | |||||||||||
Income Before Taxes | 12,966 | 8,410 | 13,980 | |||||||||||
Taxes | 5,601 | 3,606 | 5,994 | |||||||||||
Net Income | 7,365 | 4,804 | 7,986 | |||||||||||
Income Per Share | $0.26 | $0.17 | $0.29 | |||||||||||
Number of Shares | 27,887,717 | 27,884,100 | 27,884,100 | |||||||||||
Income Per Share (Diluted) | $0.26 | $0.17 | $0.28 | |||||||||||
Number of Shares (Diluted) | 28,041,022 | 28,121,740 | 28,121,740 | |||||||||||
Bio-Reference Laboratories, Inc. Balance Sheets (Dollars in Thousands) (Unaudited) | ||||||||||
January 31, | January 31, | |||||||||
2012 | 2011 | |||||||||
Cash & Cash Equivalents | $22,403 | $17,040 | ||||||||
Accounts Receivable (Net) | 147,661 | 130,549 | ||||||||
Plant, Property & Equipment (Net) | 47,506 | 42,085 | ||||||||
Intangible Assets (Net) | 30,156 | 30,500 | ||||||||
Other Assets | 41,486 | 37,628 | ||||||||
Total | $289,212 | $257,802 | ||||||||
Accounts Payable | $38,347 | $34,790 | ||||||||
Revolving Note | 19,701 | 27,853 | ||||||||
Long-Term Debt | 14,435 | 13,227 | ||||||||
Other Liabilities | 22,438 | 20,818 | ||||||||
Shareholder’s Equity | 194,291 | 161,114 | ||||||||
Total | $289,212 | $257,802 | ||||||||