Bio-Reference Laboratories Inc. said Thursday its fiscal third-quarter net income jumped 24 percent, as the clinical laboratory testing services provider increased the number of patients served and its revenue per patient.
The Elmwood Park, N.J., company earned $8 million, or 29 cents per share, in the three months that ended July 31. That's up from $6.4 million, or 23 cents per share, in the same quarter of 2009.
Revenue climbed 25 percent to $121.7 million.
The performance topped Wall Street expectations. Analysts polled by Thomson Reuters expected, on average, earnings of 28 cents per share on $114.6 million in revenue.
The company's shares climbed 90 cents, or 4.7 percent, to $20.09 in midday trading.
Bio-Reference, which mainly serves physician offices, said its third-quarter revenue per patient rose 7 percent to $82.70 compared to last year. The number of patients served rose 17 percent to nearly 1.5 million.
Expenses rose as well. The company said its cost of services climbed 25 percent to $60.1 million, and general and administrative expenses rose by the same percentage to $46.7 million.