BioReference Laboratories, Inc. Reports Record Quarterly Revenues and Patient Volumes for Second Quarter FY2014

BioReference Laboratories, Inc. Reports Record Quarterly Revenues and Patient
Volumes for Second Quarter FY2014

Quarterly Revenues and Patient Volumes Both Increased by Over 14%, Cash Flow
Returned to Positive

ELMWOOD PARK, N.J., June 5, 2014 (GLOBE NEWSWIRE) -- BioReference
Laboratories, Inc. (Nasdaq:BRLI) announces record second quarter results for
revenues and patient volumes. Except for per share data or where otherwise
noted, numbers are in thousands.

The Company recorded Q2FY14 revenues of $201,366, the highest recorded
revenues in a quarter in corporate history, representing an increase of 14%
over the $176,452 recorded in Q2FY13 despite the adverse effects of weather
during the quarter that resulted in a reduction of revenue that the Company
estimates at $5,000. Operating income for Q2FY14 was $18,879, down 9% from the
Q2FY13 operating income of $20,709. Net income after taxes in Q2FY14 came in
at $10,273, resulting in earnings per share of $.37, down from Q2FY13 net
income after taxes of $11,338 and EPS of $.41, decreases of 9% and 10%,
respectively. The Company estimates that the adverse effects of weather during
Q2FY14 resulted in approximately a $.05 reduction in EPS. Gross profit on
revenues for Q2FY14 was $88,549, resulting in a margin for gross profit on
revenues of approximately 44% and a 10% improvement over the gross profit on
revenues of $80,676 recorded for Q2FY13, which resulted in a 46% margin.
Revenue per patient for Q2FY14 was $84.18, a decrease of 1% from the $84.93
recorded for Q2FY13, in line with the Company's prior observations about
reimbursement pressures. The number of patients served increased 14% to 2,364
in Q2FY14 up from the Q2FY13 total of 2,066. Esoteric business for the Company
was 68% of revenues for Q2FY14 compared to 63% in Q2FY13. Days Sales
Outstanding (DSO) was 105 days in Q2FY14 compared to Q2FY13 when the DSO was
89 days and down from the 111 days reported in Q1FY14.

Revenues for the first six-months of FY14 increased to $382,635, an increase
of 13% over the revenues for the first six months of FY13 of $337,709, even
though the first six months of FY14 included the effects of adverse weather
which the Company estimates reduced revenues by $10,000. Operating income for
the first six months of FY14 was $24,760, a decrease of 32% from FY13
six-month operating income for the first six months of FY13 of $36,468. Net
income after taxes for the first six months of FY14 was $13,227, resulting in
an EPS of $.47, a decrease of 34% from the first six-months FY13 net income
after taxes of $20,003, which resulted in an EPS of $.72. The Company
estimates that the adverse effects of weather during the first six months of
FY14 resulted in approximately a $.10 reduction in EPS. The Company reported
gross profit on revenues for the FY14 first six-month period of $160,703,
resulting in a margin for gross profit on revenues of 42%, up from gross
profit on revenues in the FY13 first six-month period of $151,598, which
resulted in a margin of 45%. The number of patients served increased 13% to
4,571 in the first six months of FY14 from the FY13 same period total of
4,038. Cash flow from operations for the first six months of FY14 was a
negative $188, compared to a positive $12,832 in the prior year same period,
although significantly better than aggregate net negative cash flow from
operations reported over the previous two reported quarters.

Marc D. Grodman, MD, CEO, commented: "We grew patient volumes and revenues by
over 14%. Our net income during the current quarter, when adjusted for the
impact of the weather, is comparable to where we were in the same quarter last
year despite the changes in reimbursement and the added infrastructure from
our investments in Florida and California. Although we previously estimated
that the weather would negatively affect this quarter by anywhere from
$.05-$.07, we have now calculated that weather resulted in a $.05 reduction in
our earnings in Q2FY14. Although reimbursements are down from last year, we
believe that most of the pricing pressures are behind us and remain
comfortable with 5% decrease we reported earlier. The fact that CMS, based on
the recent SGR legislation, is not proposing significant changes until 2017
supports this thesis."

Dr. Grodman continued: "Our growth was fueled by a commitment to specialty
testing and our investments in Genetics, Cancer and Women's Health.
Increasingly, the expertise of GeneDx is merging with the strengths of all the
BioReference offerings. The growth at GeneDx was fueled by our leadership
position in exome analysis, the cutting edge and differentiating genetic
service we provide, as well our growing volume of Inherited Cancer testing. We
have built our Inherited Cancer program carefully and thoroughly over the past
six months and it is being well received in the healthcare community. By all
metrics, we believe that we are more than competitive and it is important to
note that we have been doing next generation sequencing on a commercial basis
longer than any other commercial laboratory in our space and we believe this
gives us an advantage in the market."

Dr. Grodman finally noted: "This is a transition year for us, combining the
need to grow with expense reduction, and the challenge to accomplish it while
significantly outgrowing the market. Our past investments in genetics and
other specialty testing have positioned us well to take advantage of this new
environment. Given all the changes that have occurred this year we have
provided more specific guidance than we have in the past. As we have
previously stated, we believe that we will just about equal our performance
for the third quarter of last year in the coming third quarter of this year.
We also believe that the fourth quarter will show improvement over the fourth
quarter of last year.We believe that if it had not been for the $0.10
downward effect from weather that we have reported, we would finish with
approximately a 10% improvement over last year."

The Company's second quarter 2014 earnings conference call is scheduled for
today at 11:30 a.m. Eastern Daylight Time.The live audio Web cast will be
available at the Company's corporate Web site, and
through 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

About BioReference 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 third largest full-service
laboratory in the United States.BRLI offers a comprehensive list of
laboratory testing services used 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.

BioReference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Share and Per Share Data)
                            Three Months Ended
                             April 30,
                            2014         2013
Net Revenues                 $201,366     $176,452
Cost of Sales                112,817      95,776
Gross Profit on Revenues     88,549       80,676
General and Administrative   69,670       59,967
Operating Income             18,879       20,709
Other Expense, Net           641          514
Income Before Taxes          18,238       20,195
Taxes                        7,965        8,857
Net Income                   10,273       11,338
Income Per Share             $0.37        $0.41
Number of Shares             27,716,644   27,698,146
Income Per Share (Diluted)   $0.37        $0.41
Number of Shares (Diluted)   27,857,467   27,879,448
                            Six Months Ended
                             April 30,
                            2014         2013
Net Revenues                 $382,635     $337,709
Cost of Sales                221,932      186,111
Gross Profit on Revenues     160,703      151,598
General and Administrative   135,943      115,130
Operating Income             24,760       36,468
Other Expense, Net           1,266        899
Income Before Taxes          23,494       35,569
Taxes                        10,267       15,566
Net Income                   13,227       20,003
Income Per Share             $0.48        $0.72
Number of Shares             27,712,525   27,707,241
Income Per Share (Diluted)   $0.47        $0.72
Number of Shares (Diluted)   27,855,141   27,891,431

BioReference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
                                 April 30, October 31,
                                  2014      2013
Cash & Cash Equivalents           $24,480   $17,952
Accounts Receivable (Net)         233,968   206,261
Plant, Property & Equipment (Net) 67,518    65,649
Intangible Assets (Net)           50,546    51,505
Other Assets                      75,105    80,161
Total                             $451,617  $421,528
Accounts Payable                  $58,716   $61,614
Revolving Note                    43,160    26,139
Long-Term Debt                    22,789    20,060
Other Liabilities                 41,663    42,120
Shareholder's Equity              285,289   271,595
Total                             $451,617  $421,528

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, 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.


CONTACT: Tara Mackay
         Investor Relations Coordinator
         (201) 791-2600
         (201) 791-1941 (fax)

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