Bioreference Laboratories, Inc. (NASDAQ: BRLI)
BIOREFERENCE LABORATORIES, INC. REPORTS 25% INCREASE IN REVENUES, STRONG INCREASE IN OPERATING INCOME AND AFTER TAX NET INCOME ON A Q OVER Q BASIS FOR Q1FY07
ELMWOOD PARK, NJ (Thursday, March 8, 2007) - BioReference
Laboratories, Inc. (NASDAQ: BRLI) (Numbers in Thousands
Except Per Share Data or where otherwise noted) released its
first quarter, fiscal year 2007 earnings today for the three
months ending January 31. The Company had net revenues for
the quarter of $53,722, an increase of 25% over the $42,918
of net revenues recorded in the first quarter fiscal year 2006.
The net revenue increase was based on patient count of 836, a
15% increase over the prior year quarterly patient count of 730.
The remainder of the increase in net revenues is attributable to
higher revenue per patient, which rose from $58.26 per patient
in the same quarter 2006 to $63.21 in the current quarter.
Operating income rose to $3,588 in the current fiscal quarter,
an increase of 80% over the prior year, same quarter operating
income of $1,997. On a fully taxed basis, the Company reported
net income of $1,966, resulting in a fully diluted EPS of $.14
per share compared to the same quarter prior year net income
of $1,153 and $.09 per share, increases of 71% and 56%
respectively. The Company reported gross profit on revenues for
the current quarter of $26,193, resulting in a margin for gross
profit on revenues of 49% compared to the prior year $20,334
which resulted in a margin of 47%. Net income before taxes for
the current quarter increased 78% to $3,122 from the prior
year quarter net income before taxes of $1,755.
The Company noted that esoteric testing climbed to 43% of
net revenues compared to 36% of net revenues in the first quarter
of the prior year and 41% in Q4FY06, the prior sequential
quarter. The solid growth in patient count was probably driven in
large part by the disruptive changes taking place in the payer
relationships in the New York Metropolitan area. While the current
first quarter numbers included all revenue for the Company,
including the two acquisitions made in September of FY06, the
contributions to revenue of those two acquisitions accounted for
less than 5% of total revenues; the primary driver of growth
coming from new business in the routine physician office business
in the New York area together with a continued strong
showing in the Company's esoteric business.
About BioReference Laboratories, Inc.
The Company is the largest independent regional clinical laboratory
in the Northeast and has major market positions in
physician offices, nursing homes and correctional institutions.
The Company is a full service clinical laboratory with specialty
capability, especially in the areas of genomics, oncology, correctional
health, and complimentary medicine. PSIMedica, a business
unit of the Company, is a clinical knowledge management
(CKM) organization offering an array of information solutions
for reducing healthcare costs and improving quality performance
that are based on a flexible, scalable software analytical
engine that utilizes all available source information, including
claims data, enrollment data, prescription data and laboratory
data. The Company provides a comprehensive connectivity solution
to physicians, which includes disease management, laboratory
reporting and ordering, as well as claims and eligibility processing
through CareEvolve, its web-based healthcare portal.
Statements included in this release that are not historical in
nature, are intended to be, and are hereby identified as "forward-looking statements."
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. Such statements
involve known and unknown risks and uncertainties that may
cause the Company's actual results in future periods to be
materially different from any future performance suggested
herein. www.bioreference.com
