Wednesday, clinical laboratory testing services provider Bio-Reference Laboratories Inc. (BRLI), reported a 36% increase in profit for the third quarter, reflecting an increase in both number of patients served and revenue per patient. Earnings for the quarter also came in ahead of analysts' consensus.
Bio-Reference's third quarter net income increased to $6.44 million or $0.46 per share from $4.74 million or $0.34 per share a year earlier. Earnings per share were $0.09 higher than $0.38 consensus estimate of analysts polled by Thomson Reuters. Analysts' estimates typically exclude special items.
Quarterly revenues of the company increased 25% to $97.42 million from $77.78 million last year. Analysts expected revenues of $91.31 million for the third quarter.
The number of patients served by Bio-Reference increased 20% year-over-year to 1,246 from 1,042. Revenue per patient for the third quarter increased 5% to $77.61 from $74.11 a year earlier.
General and administrative expenses increased to $37.28 million from $30.29 million for the year-ago period, while the cost of services increased to $48.16 million from $39.17 million. Third quarter operating income increased to $11.98 million from $8.32 million for the same period last year.
For the nine months, net income increased to $14.67 million or $1.05 per share from $10.37 million or $0.74 per share a year earlier. Revenues for the first nine months increased 18% to $260.34 million from $219.83 million for the same period a year-ago.
BLRI today reached its lifetime high of $35.95 and is currently trading at $35.68, up 7.11% on Nasdaq.
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