(BRLI) Bio-Reference Laboratories Inc. – In spite of the weak economy, revenue was up 16% from last year

July 23rd, 2009

Bio-Reference Laboratories Inc. (BRLI) is posting impressive gains in response to strong revenue growth and expanding margins.

Company Description

Bio-Reference Laboratories, provides clinical laboratory testing services such as blood and urine analysis in the New York metropolitan area. The company was founded in 1981 and has a market cap of $436 million.

Shares of BRLI began rallying in early March with the overall market, but received a nice boost on June 4 when the company reported strong second-quarter results.

Second-Quarter Results

In spite of the weak economy, revenue was up 16% from last year to $87.2 million, a company record. Earnings came in at 33 cents per share, besting the consensus of 28 cents.

Details

Bio-Reference gained in a number of key statistical categories, posting a 17% improvement in gross margin from last year. The company added that the number of patients it served grew 7% to 1,127.

Guidance and Estimates

During the earnings call, CEO Marc Grodman, MD, affirmed previous guidance of 15% revenue growth and 20% income growth.

Analysts are bullish on the company’s next-year period, projecting 18% growth in 2010.

Valuations

Based upon the current-year estimate of $1.38, this stock has a P/E multiple of 23X, a fairly steep premium to the overall market in spite of the solid growth projection.

The Chart

Shares of BRLI have been rallying since early March after bottoming out just above $20. Since then, shares have risen above the $31 mark, take a look below.

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