Bio-Reference Laboratories Second-Quarter Profit Leaps on Strong Sales
ELMWOOD PARK, N.J. -- Bio-Reference Laboratories Inc., a provider of clinical lab services in the Northeast, said Thursday that its second-quarter profit rose 93 percent as revenue outpaced the rising cost of sales.
Net income grew to $2.7 million, or 20 cents per share, from $1.4 million, or 11 cents per share, a year ago.
Revenue rose 18 percent to $47.2 million from $40 million last year, while the cost of sales rose 12 percent to $23.4 million.
Analysts surveyed by Thomson Financial expected earnings per share of 18 cents on revenue of $46.6 million.
The company said it was able to adjust to changing reimbursement rates while improving margins. Sales to prisons have increased. Bio-Reference said it is the main provider of medical tests for a growing list of state prison systems.
Bio-Reference shares rose 82 cents, or over 4 percent, to $19.45 in morning trading on the Nasdaq.
ELMWOOD PARK, N.J. -- Bio-Reference Laboratories Inc., a provider of clinical lab services in the Northeast, said Thursday that its second-quarter profit rose 93 percent as revenue outpaced the rising cost of sales.
Net income grew to $2.7 million, or 20 cents per share, from $1.4 million, or 11 cents per share, a year ago.
Revenue rose 18 percent to $47.2 million from $40 million last year, while the cost of sales rose 12 percent to $23.4 million.
Analysts surveyed by Thomson Financial expected earnings per share of 18 cents on revenue of $46.6 million.
The company said it was able to adjust to changing reimbursement rates while improving margins. Sales to prisons have increased. Bio-Reference said it is the main provider of medical tests for a growing list of state prison systems.
Bio-Reference shares rose 82 cents, or over 4 percent, to $19.45 in morning trading on the Nasdaq.
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