ELMWOOD PARK, N.J. (AP) — Bio-Reference Laboratories Inc., a clinical laboratory testing services provider, reported second-quarter earnings Thursday that edged past Wall Street expectations as revenue grew nearly 19 percent.
The company said sales for the fiscal quarter ended April 30 grew to $163.4 million from $137.7 million in the same quarter last year. The company's net profit grew to $9.3 million, or 34 cents per share, from $7.2 million, or 26 cents per share.
That performance was just enough to beat analyst expectations of 32 cents on sales of $161.5 million, according to polling by FactSet.
Bio-Reference Labs said it served 1,952 patients during the period, up 16 percent from the prior-year period.
The company said testing for rare substances and conditions made up 59 percent of revenue, up from 58 percent.
"We continue to be paced by esoteric growth, but we have also been able to expand routine clinical testing into those same physician offices and have been able to achieve a more stable position in the physicians' offices," said CEO Marc Grodman.
Shares of Bio-Reference Laboratories Inc. fell $1.76, or 8 percent, to $20.17 in morning trading.