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Bio-Reference Laboratories Inc. (NASDAQ:BRLI) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.22%.
Bio-Reference Laboratories Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 19.23% to $0.31 in the quarter versus EPS of $0.26 in the year-earlier quarter.
Revenue: Rose 7.59% to $161.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bio-Reference Laboratories Inc. reported adjusted EPS income of $0.31 per share. By that measure, the company beat the mean analyst estimate of $0.28. It missed the average revenue estimate of $165.44 million.
Quoting Management: Marc D. Grodman, MD, CEO, commented: “Despite the effects of Hurricane Sandy at the beginning of the current quarter, we have seen continued growth and expansion of our business, especially in the areas of Women’s Health and genetics. Since growth in these areas has historically brought attached routine business, we continued to see positive results in all of our lines of business. There have been well-reported changes in the reimbursement landscape, particularly by Medicare and the Blues; we believe these changes will continue to have, minimal impact on our business. In particular, with regard to the Blues, we are one of the largest laboratories in the country with contracts with numerous Blues plans and we are in negotiation with others. While we cannot discuss on-going negotiations at this time, we believe the change in the Blue Card program will not have a material effect on our business this year. We have introduced new programs such as our StormPath program, a form of telepathology, OnkoMatch and Inherigen, which will propel us through a changing reimbursement environment. We have designed marketing programs and comprehensive support solutions that we believe have protected our franchises and enabled us to maintain our growth. Earlier this week, we re-affirmed our guidance for the year and we believe our current quarter financials present the most powerful statement we can make in this regard, even notwithstanding the drag on the quarter caused by Hurricane Sandy earlier in the quarter.”
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