BioReference Laboratories Company Profile

Background

Overview

BioReference Laboratories, Inc., established in 1981, is one of the largest full-service clinical diagnostic laboratories in the United States. Headquartered in Elmwood Park, New Jersey, the company provides comprehensive laboratory testing services to physicians, clinics, hospitals, long-term care facilities, employers, government units, and correctional institutions. BioReference operates a network of laboratory locations across the U.S., serving approximately 11 million patients annually.

Mission and Vision

BioReference is committed to delivering high-quality, innovative laboratory testing solutions that empower healthcare providers and patients to make informed decisions. The company's mission is to provide credible and tailored diagnostic services, with a focus on scientific excellence and trusted service.

Primary Area of Focus

The company specializes in a wide range of diagnostic services, including molecular diagnostics, anatomical pathology, genetics, and women's health. Through its subsidiary, GeneDx, BioReference has an international presence, offering genetic testing services in more than 50 countries.

Industry Significance

BioReference plays a pivotal role in the healthcare sector by providing essential diagnostic testing services that support disease detection, diagnosis, evaluation, monitoring, and treatment. Its comprehensive test menu and commitment to scientific excellence have established it as a leading provider in the clinical laboratory industry.

Key Strategic Focus

Core Objectives

Expansion of Services: BioReference aims to broaden its service offerings to meet the evolving needs of healthcare providers and patients.

Technological Innovation: The company focuses on integrating advanced technologies to enhance diagnostic accuracy and efficiency.

Patient-Centered Care: BioReference is dedicated to improving patient outcomes by providing accessible and reliable diagnostic testing services.

Specific Areas of Specialization

Oncology: Offering a range of diagnostic services for cancer detection and monitoring.

Urology: Providing specialized testing for urological conditions, including prostate cancer.

Women's Health: Delivering comprehensive testing services tailored to women's health needs.

Key Technologies Utilized

Molecular Diagnostics: Employing advanced techniques for precise disease detection.

Anatomical Pathology: Utilizing state-of-the-art methods for tissue analysis.

Genetic Testing: Offering genetic testing services through its subsidiary, GeneDx.

Primary Markets Targeted

Healthcare Providers: Including physicians, clinics, and hospitals.

Employers and Government Agencies: Providing diagnostic services for employee health and public health initiatives.

Correctional Institutions: Offering laboratory testing services tailored to the needs of correctional facilities.

Financials and Funding

Funding History

BioReference Laboratories was acquired by OPKO Health, Inc., a diversified healthcare company, in 2015.

Recent Funding Rounds

Specific details regarding recent funding rounds are not publicly disclosed.

Notable Investors

As a subsidiary of OPKO Health, BioReference benefits from the financial backing and resources of its parent company.

Intended Utilization of Capital

The capital from OPKO Health supports BioReference's strategic initiatives, including service expansion, technological innovation, and enhancement of patient care.

Pipeline Development

Key Pipeline Candidates

BioReference's pipeline includes the development and offering of specialized diagnostic tests in oncology, urology, and women's health.

Stages of Clinical Trials or Product Development

The company is involved in the continuous development and refinement of diagnostic tests to meet the needs of healthcare providers and patients.

Target Conditions

Oncology: Various types of cancer.

Urology: Prostate cancer and other urological conditions.

Women's Health: Conditions specific to women's health needs.

Relevant Timelines for Anticipated Milestones

Specific timelines for pipeline milestones are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

4Kscore® Test: A proprietary blood test developed to assess the risk of aggressive prostate cancer.

Significant Scientific Methods

Molecular Diagnostics: Utilizing advanced techniques for disease detection.

Anatomical Pathology: Employing state-of-the-art methods for tissue analysis.

Genetic Testing: Offering genetic testing services through its subsidiary, GeneDx.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, BioReference is committed to integrating advanced technologies to enhance diagnostic accuracy and efficiency.

Leadership Team

Key Executive Profiles

Dr. Marc D. Grodman: Founder of BioReference Laboratories.

Geoff Monk: President of BioReference Laboratories.

Dr. Jon R. Cohen: Executive Chairman of BioReference Laboratories.

Professional Backgrounds

Dr. Marc D. Grodman: Established BioReference Laboratories in 1981, leading its growth into a major clinical diagnostic laboratory.

Geoff Monk: Serves as President, overseeing the company's operations and strategic initiatives.

Dr. Jon R. Cohen: As Executive Chairman, he provides leadership and strategic direction for the company.

Key Contributions or Roles Within the Company

Dr. Marc D. Grodman: Instrumental in founding and expanding BioReference Laboratories.

Geoff Monk: Leads the company's operations and strategic growth.

Dr. Jon R. Cohen: Guides the company's strategic vision and leadership.

Leadership Changes

Recent Significant Changes or Appointments

Specific details regarding recent leadership changes are not publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The clinical laboratory industry is characterized by rapid technological advancements and increasing demand for diagnostic testing services. Key players in the market include Labcorp, Sonic Healthcare, and Quest Diagnostics.

Competitor Analysis

Labcorp: A global leader in laboratory services, offering a comprehensive range of diagnostic tests.

Sonic Healthcare: An international medical diagnostics company providing laboratory services.

Quest Diagnostics: A leading provider of diagnostic information services.

Strategic Collaborations and Partnerships

In July 2019, BioReference formed a strategic collaboration with SOMOS, a physician-led network in New York City, to improve health outcomes for underserved populations.

Operational Insights

BioReference differentiates itself through its comprehensive test menu, in-house testing capabilities, and commitment to scientific excellence. The company's focus on patient-centered care and technological innovation positions it as a competitive player in the clinical laboratory industry.

Strategic Opportunities and Future Directions

Strategic Roadmap

BioReference continues to focus on expanding its service offerings, integrating advanced technologies, and enhancing patient care to meet the evolving needs of the healthcare industry.

Future Business Directions

Service Expansion: Broadening the range of diagnostic tests and services offered.

Technological Integration: Incorporating advanced technologies to improve diagnostic accuracy and efficiency.

Patient-Centered Initiatives: Developing services that prioritize patient convenience and care.

Opportunities for Expansion

BioReference has opportunities to expand its reach by forming strategic partnerships, entering new markets, and leveraging its technological capabilities to offer innovative diagnostic solutions.

Positioning for Future Objectives

The company's strengths in scientific expertise, comprehensive service offerings, and commitment to innovation position it well to achieve its future objectives in the clinical laboratory industry.