BioReference Labs Sees Q4 EPS To Be About $0.40 - Quick Facts

(RTTNews) - BioReference Laboratories Inc. (BRLI) said that it expects to report earnings to be approximately $0.40 per share for the fourth-quarter of fiscal 2013, compared to $0.46 per share for the fourth-quarter of fiscal 2012. The company anticipates revenues of approximately $192.00 million for the fourth-quarter of fiscal 2013. Analysts polled by Thomson Reuters expect the company to report earnings of $0.55 per share and revenues of $188.96 million for the fourth-quarter of fiscal 2013. Analysts' estimates typically exclude special items.

The firm anticipates earnings to be approximately $1.65 per share for fiscal 2013, compared to $1.51 for fiscal 2012. Analysts expect the company to report earnings of $1.79 per share for fiscal 2013.

The company also indicated that patient volume continued to show strength and tracked well with growth patterns of prior fiscal years. On a year-over-year basis, the company expects to report for the fourth-quarter of fiscal 2013 patient volume grew 15% over for the fourth-quarter of fiscal 2012 (12% when allowing for lost growth due to Super Storm Sandy).

The Company further expects to report revenue per patient for non-genetic tests trended downward by about 4% in for the fourth-quarter of fiscal 2013 compared to previous reimbursement levels for the same tests in third-quarter of fiscal 2013.

Despite continued strong volume growth, the company said it believed there was an ongoing recalibration of reimbursement for the industry, which has resulted in substantial downward pressure from many payers regarding reimbursement in fiscal 2013. In addition, increased infrastructure expenses related to upgrading acquisitions in Florida and California and the launch of the Company's inherited cancer program that occurred too late in the period to meaningfully contribute to revenue in the fourth-quarter fiscal 2013 also contributed to the results and for the quarter as well as guidance for the upcoming Fiscal Year.

In addition, the company expects that its guidance for 2014 will call for an increase in net revenues of 10%, an increase in patient volume of 10% and an increase in net income of 10%.

The Company notes, however, that this guidance may be subject to adjustment in the event that CMS (Medicare) makes any significant changes to the Physician Fee schedules for 2014 (originally scheduled to be announced in early November, but delayed due to the Government shutdown in October).

The company expects to release earnings and host a year-end conference call on December 19, 2013.