BioReference Laboratories, Inc. (BRLI), a clinical laboratory testing service provider, announced Thursday an increase in first-quarter pro forma net income, helped chiefly by boost in revenues from esoteric testing. Results for the quarter came in ahead of consensus estimate by a penny.
BioReference reported a first quarter net income of $3.60 million or $0.26 per share, up from $2.21 million or $0.16 per share in the prior year quarter. Pro forma net income for the first quarter increased to $2.66 million or $0.19 per share from $2.21 million or $0.16 per share in the prior year.
On an average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share in the first quarter. Analysts' estimate typically excludes special items.
Excluding a one-time charge of $1.6 million related to restitution amount resulting from an agreement with a discharged employee, net revenues grew 13% to $75.74 million from $66.88 million. The increase was attributed to year-over-year climb in esoteric testing and increase in revenue per patient to $77.79 from $68.83. Three analysts expected the company to report revenue of $75.17 million in the first quarter.
Marc Grodman., President noted: "We have introduced next generation sequence testing at GeneDx and are the first commercial laboratory in the country, possibly the world, to provide the comprehensive genetic testing that will enable traditional providers to take advantage of the advances revolutionizing our understanding of genetic science. These initiatives have paved the way for our solid financial results in the first quarter."
BRLI is currently trading at $21.93, down $0.30 or 1.35%, on the Nasdaq.
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