Bio-Reference Laboratories, Inc. Announces Record Quarterly Revenues and Record Annual Revenues and Earnings Despite Significant

Bio-Reference Laboratories, Inc. Announces Record Quarterly Revenues and
Record Annual Revenues and Earnings Despite Significant 4th Quarter Headwinds

The Company Displayed Strong Growth But Faced Significant Reimbursement
Pressure From Commercial Payers and Quarterly Expenses Associated With the
Integration of Acquisitions and New Growth Opportunities

ELMWOOD PARK, N.J., Dec. 19, 2013 (GLOBE NEWSWIRE) -- Bio-Reference
Laboratories, Inc. (Nasdaq:BRLI) announces best-ever quarterly results for
revenues despite significant reimbursement changes noted in the Company's
earlier announcement regarding quarterly headwinds. 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 Q4FY13 revenues of $192,219, the strongest quarterly
revenues in corporate history and an increase of 18% over the $163,487
($176,052 as previously reported) recorded in Q4FY12. The Company announced
on November 27, 2013 that the Company believed there had been an industry-wide
recalibration of reimbursements that, along with certain extraordinary
expenses during the quarter, would have a negative impact on Company
earnings.In that vein, net income before taxes in Q4FY13 totaled $19,773, a
decrease of 14% compared with net income before taxes of $22,966 recorded in
Q4FY12. Net income after tax for Q4FY13 totaled $11,120 or $.40 per share, as
compared with $12,889, or $.46 per share, in Q4FY12.Gross profits on revenues
for Q4FY13 were $85,282, which resulted in a margin for gross profit on
revenues of 44%, compared to $74,681 ($87,245 as previously reported) reported
in Q4FY12, which resulted in a in a margin for gross profit on revenues of
46%.Revenue per patient for Q4FY13 was $80.80, an increase of 1% from the
$79.66 ($85.83 as previously reported) reported for Q4FY12. The number of
patients served increased 15% to 2,350 in Q4FY13 from the Q4FY12 total of
2,039.Esoteric business for the Company was 65% of revenues for Q4FY13
compared to 61% in Q4FY12.Days Sales Outstanding (DSO) was at 99 days for
Q4FY13 compared to Q4FY12 when DSO was 87 days (80 days as previously
reported).Cash flow from operations for the current quarter, while positive,
was just less than $1,000.

Full year revenues increased to $715,354, an increase of 16% over revenues of
$614,255 ($661,661 as previously reported) in the prior fiscal year.Net
income after taxes for the current year was $45,825 resulting in an EPS of
$1.65; this was an increase of 9% from the prior fiscal year net income after
taxes of $42,156, which resulted in an EPS of $1.51 for FY2012.The Company
reported gross profit on revenues for the 2013 fiscal year of $322,539,
resulting in a margin for gross profit on revenues of 45% compared to the
prior year same period of $276,611 ($324,017 as previously reported) which
also resulted in a margin for gross profit on revenues of 45%.The number of
patients served increased 10% to 8,549 in FY13 from the FY12 total of
7,801.Cash flow from operations for the year was approximately $17,662.

The Company further noted in FY2013, it bought back 81,600 shares pursuant to
its 2012 Stock Repurchase Resolution to buyback up to 714,550 shares of its
common stock; that Repurchase Program expired on October 31, 2013. The Company
announced today that its board of directors has approved a new Stock
Repurchase Program authorizing the buyback of up to 2,000,000 shares of its
Common Stock in the over-the-counter market at prevailing market prices
through October 31, 2015.

Marc D. Grodman, MD, CEO, commented: "BioReference remains more than ever a
growth company, grounded in innovation.BioReference has contemplated,
conceived and implemented not only new testing modalities that have led the
market but we have also created franchises that are readily identified by
specialist physicians around the country as the source and provider of these
new innovative testing services.Nonetheless, over the past year, specifically
during the fourth quarter of FY13, we identified a significant reduction in
reimbursement, particularly from commercial payers.We previously disclosed
that we had identified a sequential drop in quarterly revenue, excluding our
genetic testing revenues, in the aggregate amount of approximately 4% from
Q3FY13 to Q4FY13.The reduction in reimbursement from payers is an
industry-wide issue that we believe has been observed by many companies in our
space.Simultaneously, we experienced significant expenses relating to the
integration of our acquisitions in Florida and California as well as the
initial rollout of our Inherited Cancers program at GeneDx.While the expenses
related to the integration of acquisitions and the Inherited Cancer program
adversely affected our Q4FY13 results of operations, we believe they will also
be the foundations for our growth in 2014 and beyond."

Dr. Grodman further noted: "We need to adjust to the changing reimbursement
landscape by intelligently and efficiently identifying areas where we can
reduce expenses without affecting customer service and support or
innovation.We have already identified several such areas and have begun
implementing such expense reductions.These steps will take some time to
produce improved results, but we anticipate gains progressively throughout
2014 as a result of these changes.On the other hand, we are encouraged by the
strong volumes so far in the current fiscal year in all aspects of our
business.We are composed of several franchise marketing groups and each has
shown opportunities for growth.We believe the industry is and will remain
under pressure, but in that pressure we see opportunity.Based on a
combination of all our initiatives, we look forward to the upcoming year."

Dr. Grodman completed his comments by stating: "In our press release last
month, we announced our expectation that, based on the current environment,
the Company's operations would result in an increase in net revenues of 10%,
an increase in patient volume of 10% and an increase in net income of 10% in
FY14.We affirm that guidance for the coming year.Over the course of the
year, we will continue to review our results in light of the prevailing
conditions."

The Company's year-end earnings conference call has been scheduled to take
place this morning, December 19, 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.

About BioReference Laboratories, Inc.

BioReference Laboratories is a national clinical diagnostic laboratory located
in northeastern New Jersey.We specialize in providing testing, information
and related services to physician offices, clinics, hospitals, employers and
governmental units.We offer a comprehensive list of routine, gene-based and
esoteric laboratory testing services utilized by healthcare providers in the
detection, diagnosis, evaluation, monitoring and treatment of diseases.We
primarily focus on esoteric testing, molecular diagnostics, anatomical
pathology, genetics, women's health and correctional health care.We have
developed a national reputation for our expertise in certain focused areas of
clinical testing, which includes blood-based cancer pathology and associated
diagnostics, women's health and genetic sequencing.

Bio-Reference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Per Share Data)
(Unaudited)
                                                    
                          Three Months Ended
                          October 31,
                                                    
                                    (As Adjusted for (As Previously
                                      Topic 954)       Reported)
                                                    
                          2013       2012             2012
Net Revenues               $192,219   $163,487         $176,052
Cost of Sales              106,937    88,806           88,807
Gross Profit on Revenues   85,282     74,681           87,245
General and Administrative 64,835     51,278           63,842
Operating Income           20,447     23,403           23,403
Other Expense, Net         674        437              437
Income Before Taxes        19,773     22,966           22,966
Taxes                      8,653      10,077           10,077
Net Income                 11,120     12,889           12,889
Income Per Share           $0.40      $0.47            $0.47
Number of Shares           27,676,546 27,704,715       27,704,715
Income Per Share (Diluted) $0.40      $0.46            $0.46
Number of Shares (Diluted) 27,843,719 27,906,191       27,906,191
                          
                          Twelve Months Ended
                          October 31,
                                                    
                                    (As Adjusted for (As Previously
                                      Topic 954)       Reported)
                                                    
                          2013       2012             2012
Net Revenues               715,354    614,255          661,661
Cost of Sales              392,815    337,644          337,644
Gross Profit on Revenues   322,539    276,611          324,017
General and Administrative 240,566    200,480          247,886
Operating Income           81,973     76,131           76,131
Other Expense, Net         876        1,615            1,615
Income Before Taxes        81,097     74,516           74,516
Taxes                      35,272     32,360           32,360
Net Income                 45,825     42,156           42,156
Income Per Share           $1.65      $1.52            $1.52
Number of Shares           27,690,677 27,742,257       27,742,257
Income Per Share (Diluted) $1.65      $1.51            $1.51
Number of Shares (Diluted) 27,851,720 27,920,920       27,920,920


Bio-Reference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
                                            
                                            
                                 October 31, October 31,
                                 2013        2012
Cash & Cash Equivalents           $17,952     $25,143
Accounts Receivable (Net)         206,261     153,247
Plant, Property & Equipment (Net) 65,649      50,440
Intangible Assets (Net)           51,505      29,731
Other Assets                      80,161      54,264
Total                             $421,528    $312,825
                                            
Accounts Payable                  $61,614     $41,288
Revolving Note                    26,139      0
Long-Term Debt                    24,287      18,047
Other Liabilities                 37,893      26,243
Shareholder's Equity              271,595     227,247
Total                             $421,528    $312,825

Statements included in this release that are not historical in nature, are
intended to be, and are hereby identified as "forward-looking statements".
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. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak only as of the
date they are made and which reflect management's current estimates,
projections, expectations or beliefs and which involve risks and uncertainties
that could cause actual results and outcomes to be materially different.
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, our ability to sustain continued growth, lawsuits
or private actions, including the action involving Horizon Blue Cross Blue
Shield of New Jersey, the competitive environment, changes in government
regulations, changing relationships with customers, payers, including the
various state and multi-state Blues programs, suppliers and strategic
partners, the ability to increase revenue through our prior expansions, the
successful roll-out of our inherited cancer tests launched by GeneDx 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 Coordinator
         (201) 791-2600
         (201) 791-1941 (fax)
         tmackay@bioreference.com

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