Bio-Reference Laboratories Inc. (NASDAQ:BRLI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Bio-Reference Laboratories Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 17.78% to $0.53 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Rose 7.6% to $185.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bio-Reference Laboratories Inc. reported adjusted EPS income of $0.53 per share. By that measure, the company beat the mean analyst estimate of $0.51. It beat the average revenue estimate of $183.53 million.
Quoting Management: Marc D. Grodman, M.D., CEO, commented: “BioReference continues to grow; we continue to innovate and we continue to expand. In many ways we are defined by our history of extraordinary growth and in many ways, we are better defined by our willingness to defend our determination to compete in the marketplace. That determination to compete has allowed us to create new and disruptive testing solutions, new bioinformatics solutions and almost 4000 jobs since our beginnings over 26 years ago. Our performance in the third quarter was quite similar to the results we reported in the immediately preceding second quarter: growth in all elements of our business but especially strong in our genetics area through GeneDx. The operations and financial results of the Company met or exceeded our expectations for the quarter while our industry and healthcare in general were in a state of flux. Despite these extrinsic pressures, we were able to sustain our growth. We have seen recent changes that we believe will allow us to maintain our growth and improve some of the financial metrics that have been under pressure from temporary conditions. We recently announced two strategic acquisitions. We expanded our facilities in Florida based on previously announced acquisitions in order to achieve our goal of having a strong local presence in the South. Our recent acquisition in California provides us with a similar presence on the West Coast. We also started accepting specimens at GeneDx for our new inherited cancers panels and we completed enrollment in major payer programs that significantly expand our roster of in-network participation. These are the building blocks for continued growth and expansion.”
Key Stats (on next page)…
Revenue increased 5.07% from $176.45 million in the previous quarter. EPS increased 29.27% from $0.41 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.54 to a profit $0.53. For the current year, the average estimate has moved down from a profit of $1.78 to a profit of $1.76 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)