Thursday, Bio-Reference Laboratories Inc. (BRLI), a full service clinical laboratory in the U.S., reported an increase in second-quarter profit, backed by a 16% growth in revenues.
The Elmwood Park, New Jersey-based company reported second-quarter net income of $4.63 million or $0.33 per share, compared to net income of $3.43 million or $0.25 per share in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased 16% to $87.18 million from $75.18 million in the comparable quarter last year. Analysts expected the company to report revenue of $83.20 million for the quarter.
During the quarter, the company's esoteric business was 52% of revenues compared to 47% in the same quarter a year ago. Number of patients served increased more than 7% to 1,127 in the quarter, from the year ago total of 1,050.
Marc Grodman, chief executive officer of the company said, "Our second quarter numbers are far better than any we have ever posted in any second quarter of any fiscal year. We have seen the return of our historical trend of patient count growth as the economy, at least as it pertains to physician office visits, seems to have stabilized in our marketplace."
For the six-month period, the company reported net income of $8.23 million or $0.59 per share, compared to net income of $5.64 million or $0.40 per share in the year-ago period. On a pro forma basis, net income for the period was $7.30 million or $0.52 per share.
Net revenues for the first half of 2009 increased to $162.92 million from $142.06 million in the previous year period.
Looking ahead, Grodman, said, "We reaffirm our guidance that we will see at least a 15% increase in our top-line revenues and a 20% increase in our net income."
BRLI is currently trading at $28.89, up $2.37 or 8.61% on a volume of 0.16 million shares on the Nasdaq.
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