Bio-Reference Laboratories, Inc. Announces Strong Growth Resulting in Record First Quarter Revenue and Earnings
01 March 2013 - 12:30AM
Bio-Reference Laboratories, Inc. (Nasdaq:BRLI) announces record
first quarter results for revenues and earnings. Except for per
share data or where otherwise noted, numbers are in thousands and
all comparisons to prior periods are adjusted in accordance with
the Accounting Standards Update 2011-7 under Topic 954 of FASB
codification. The appended table reflects the adjustments for the
prior period.
The Company recorded Q1FY13 revenues of $161,256 (despite
Management's estimate that revenues were diminished by more than
$2,500 due to the effects of the Hurricane Sandy in the quarter),
an increase of 16% over the $138,793 recorded in Q1FY12. Net income
before taxes in Q1FY13 totaled $15,373 (despite Management's
estimate that net income was diminished by more than $1,600 due to
the effects of the Hurricane Sandy in the quarter), an increase of
19% compared with net income before taxes of $12,966 in Q1FY12. Net
income after tax for Q1FY13 totaled $8,665, or $.31 per share
(despite Management's estimate that Net Income after tax was
reduced by more than $930 and EPS was reduced by $.03 per share due
to the effects of Hurricane Sandy), as compared with $7,365, or
$.26 per share, in Q1FY12. Gross profits on revenues for Q1FY13
were $70,922, resulting in a margin for gross profit on revenues of
44%, versus $60,117 for Q1FY12, which resulted in a margin of 43%.
Revenue per patient for Q1FY13 was $81.13, an increase of 7% from
the $75.87 for Q1FY12. The number of patients served increased 9%
to 1,973 in Q1FY13 from the Q1FY12 of 1,814. Esoteric business
for the Company was 62% of revenues for Q1FY13 as compared to 59%
of revenues for Q1FY12 and Days Sales Outstanding (DSO) were 92
days compared to Q1FY12 DSO of 98 days. Cash flow from
operations for the current quarter was slightly more than $7,500,
the second best first quarter in the Company's history.
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."
Dr. Grodman further noted: "During the current quarter we
acquired two small laboratories in Florida. Our philosophy
regarding acquisitions is: we buy laboratories we consider to be
synergistic. As we have explained in the past, we offer one stop
shopping to physicians as a specialty lab. When we buy laboratories
in other geographic areas that do not bring in specific technical
expertise, we do so to better service our clients and to add growth
in the area. We already have an extensive presence in
Florida. The smaller acquisition will be our Florida presence
for Laboratorio Buena Salud, our new Spanish-first presence, and
the second acquisition provides us with a strong local capacity
that we can use to continue our growth in the Southeast of the
country. We also announced yesterday that we will be offering
NonInvasive PreNatal Testing through the Natera Panorama
program. This too will provide growth opportunities."
Dr. Grodman concluded, "We re-affirm our guidance for our
current fiscal year as announced in our Q4FY12 earnings
call. We remain focused on being the technology leader, the
marketing leader as well as the service leader in a
service-dominated industry. We believe we grow because we are able
to identify the needs of the clinical diagnostic market and provide
solutions to the needs of the healthcare providers. We are
committed to the disruptive technology and reporting advancements
that have been the hallmark of our sustained growth and remain
dedicated to continuing that model as we move forward."
The Company's Q1FY13 earnings conference call has been scheduled
to take place this morning, February 28, 2013 at 10:30 a.m. Eastern
Standard Time. The live audio Web cast will be available at
the Company's corporate Web site, www.bioreference.com and through
www.streetevents.com. To listen to the call please go to
either Web site ten minutes before the conference call is scheduled
to begin. You will need to register as well as download and install
any necessary audio software. The Web cast will be archived, on
both Web sites, for 30 days following the call.
Bio-Reference Laboratories,
Inc. |
Statements of Operations |
(Dollars in Thousands Except
Share and Per Share Data) |
(Unaudited) |
Three Months Ended |
January 31, |
|
|
|
(As Adjusted |
(As Previously |
|
|
for Topic 954) |
Reported) |
|
2013 |
2012 |
2012 |
Net Revenues |
$161,256 |
$138,793 |
$149,919 |
Cost of Sales |
90,334 |
78,676 |
78,676 |
Gross Profit on Revenues |
70,922 |
60,117 |
71,243 |
General and Administrative |
55,163 |
46,835 |
57,961 |
Operating Income |
15,759 |
13,282 |
13,282 |
Other Expense, Net |
386 |
316 |
316 |
Income Before Taxes |
15,373 |
12,966 |
12,966 |
Taxes |
6,708 |
5,601 |
5,601 |
Net Income |
8,665 |
7,365 |
7,365 |
Income Per Share |
$0.31 |
$0.26 |
$0.26 |
Number of Shares |
27,716,336 |
27,887,717 |
27,887,717 |
Income Per Share (Diluted) |
$0.31 |
$0.26 |
$0.26 |
Number of Shares (Diluted) |
27,912,327 |
28,041,022 |
28,041,022 |
|
Bio-Reference Laboratories,
Inc. |
Balance Sheets |
(Dollars in Thousands) |
(Unaudited) |
|
|
January 31, |
October 31, |
|
2013 |
2012 |
Cash & Cash Equivalents |
$26,316 |
$25,143 |
Accounts Receivable (Net) |
161,289 |
153,247 |
Plant, Property & Equipment (Net) |
51,569 |
50,440 |
Intangible Assets (Net) |
36,235 |
29,731 |
Other Assets |
55,236 |
54,264 |
Total |
$330,645 |
$312,825 |
|
|
|
Accounts Payable |
$42,656 |
$41,288 |
Revolving Note |
6,684 |
-- |
Long-Term Debt |
17,500 |
18,047 |
Other Liabilities |
27,595 |
26,243 |
Shareholder's Equity |
236,210 |
227,247 |
Total |
$330,645 |
$312,825 |
About Bio-Reference Laboratories, Inc.
BRLI is a clinical testing laboratory offering testing,
information and related services to physician offices, clinics,
hospitals, employers and governmental units. We believe that
we are the fourth largest full-service laboratory in the United
States and the largest independent regional laboratory in the
Northeastern market. BRLI offers a comprehensive list of
laboratory testing services utilized by healthcare providers in the
detection, diagnosis, evaluation, monitoring and treatment of
diseases. BRLI primarily focuses on esoteric testing,
molecular diagnostics, anatomical pathology, women's health and
correctional health care.
Statements included in this release that are not historical in
nature, are intended to be, and are hereby identified as
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, many of which are beyond
our ability to control or predict. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
about the expected future business and financial performance of
Bio-Reference Laboratories, Inc. and its subsidiaries. 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. Risks and uncertainties that may
affect the future results of the company include, but are not
limited to, adverse results from pending or future government
investigations, lawsuits or private actions, the competitive
environment, changes in government regulations, changing
relationships with customers, payers, suppliers and strategic
partners and other and other risks and uncertainties detailed from
time to time in our filings with the Securities and Exchange
Commission. We undertake no obligation to publicly update or
review any forward-looking information, whether as a result of new
information, future developments or otherwise.
www.bioreference.com
CONTACT: Tara Mackay, Investor Relations
(201) 791-2600
(201) 791-1941 (fax)
tmackay@bioreference.com
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