Bio Reference Laboratories (BRLI), a clinical testing laboratory, has recorded a 3.73 percent increase in profit for the quarter ended Jul. 31, 2014.
The company earned $15.25 million or $0.55 a share in the third-quarter compared with $14.70 million or $0.53 a share a year ago. Analysts on average had predicted net income of $0.53 a share.
Revenue during the third-quarter grew 19.75 percent to $222.05 million from $185.43 million in the last year period.
Gross margin contracted by 6 basis points over the previous year period to 46.13 percent. Total expenses as a percentage of revenues increased to 87.45 percent from 86.49 percent in the same period last year. That has resulted in contraction of 96 basis points in operating margins to 12.55 percent.
The company disclosed operating income of $27.87 million, compared with $25.06 million in the last year period.
Marc D. Grodman, MD, CEO, commented, ''BioReference grew 20% in net revenues, with over 16% increase in patient count. This was achieved despite the decrease in revenue per patient for our non-genetic testing services. The net result during our current third quarter was a year over year increase of revenue per patient from $85.25 to $87.54.''
Cash Position
As on Jul. 31, 2014, the company's cash balance stood at $20 million, down 29.96 percent or $8.56 million from Jul. 31, 2013.
Working Capital
Bio Reference Laboratories has witnessed a decline in the working capital over the last one year. The company's working capital stood at $163.84 million as at Jul. 31, 2014, down $4.54 million or 2.69 percent from $168.37 million on Jul. 31, 2013. It registered a decrease in current ratio to 2.52 as at Jul. 31, 2014 from 2.60 on Jul. 31, 2013.
Debt Position
Bio Reference Laboratories has witnessed an increase in the total debt over the last one year. As on Jul. 31, 2014, total debt stood at $96.21 million, up 168.00 percent or $60.31 million, from Jul. 31, 2013. The company total debt was 20.64 percent of total assets as on Jul. 31, 2014, compared with 9.49 percent on Jul. 31, 2013.