BioReference Laboratories posted record quarterly revenue in the second quarter, it announced Thursday, on the back of record patient volumes.
The Elmwood Park-based clinical testing company’s net income shrank, however, from 41 cents per share in 2013 to 37 cents per share in 2014. The company blamed an approximately 5-cent reduction on bad weather during the quarter. Nevertheless, revenue was up 14 percent, to $201.4 million, as the number of patients served was also up 14 percent from the year before.
"Our net income during the current quarter, when adjusted for the impact of the weather, is comparable to where we were in the same quarter last year despite the changes in reimbursement and the added infrastructure from our investments in Florida and California,” CEO Marc D. Grodman said in a news release. “Although reimbursements are down from last year, we believe that most of the pricing pressures are behind us.”
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