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What: Shares of clinical laboratory testing services company Bio-Reference Laboratories (Nasdaq: BRLI) are leaping out of their petri dishes and shooting up 13% after reporting better-than-expected first-quarter results.

So what: In the first quarter, Bio-Reference reported a 23% increase in sales to $149.9 million and a profit of $0.26. Both of these figures easily surpassed Wall Street's expectations for $143.1 million in sales and a profit of $0.21. Management cited strength across all business segments, a warmer winter, and the introduction of new products as the reasons for Bio-Reference's success. Management also reaffirmed its full-year earnings forecast.

Now what: There's not much in terms of bad news that I could draw from this report. For laboratory testing companies, innovating and introducing new products is of the utmost importance. Bio-Reference introduced OnkoMatch in the first-quarter and is set to introduce pre-natal testing products in the upcoming quarter. At a mere 14 times forward earnings, and boasting a five-year projected growth rate of 17%, Bio-Reference could still have some room to run.

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