LAB Research Announces its 2008 Second Quarter Financial Results



    Record revenues of $16.1 million and strong backlog

    LAVAL, QC, July 31 /CNW Telbec/ - LAB Research Inc. (TSX: LRI) ("LAB
Research" or the "Company"), a Canadian-based global non-clinical contract
research organization, today announced its 2008 second quarter financial
results. This press release contains forward-looking information, investors
are invited to read the cautionary language contained under "Forward-Looking
Statements" below.

    
    Highlights

    Three months ended June 30, 2008 and 2007:

    - Revenues of $16.1 million, up 9% with strong performance from Canada
      and Denmark where combined revenues increased by 19% offset by a
      decrease in Hungary;
    - Adjusted EBITDA of $3.0 million, down 12% (up 15% compared to Q1 2008);
    - Net earnings of $0.7 million ($0.04 per share), down 54% (up 37%
      compared with Q1 2008);
    - Backlog of $28.8 million, up 31%;
    - Backlog in Hungary up 25%, compared to Q1 2008, representing 1.8:1 book
      to bill ratio

    Six months ended June 30, 2008 and 2007:

    - Revenues of $31.5 million, up 14%;
    - Adjusted EBITDA of $5.5 million down 10%;
    - Net earnings of $1.3 million ($0.07 per share), down 55%;
    - Backlog up 7% (335% in Hungary representing a book to bill ratio of
      2.27:1).

    "In the second quarter of 2008, our Canadian and Danish sites continued to
yield excellent performance and profit growth. Their combined revenues
increased by 19% compared to the results achieved in the second quarter of
2007, while their combined adjusted EBITDA increased by 11%. The Company's
overall financial performance was still affected by our Hungarian site, which
recorded sales of $1.3 million in the second quarter of the current fiscal
year due to slow study starts. As mentioned in our Q1 press release, the
situation in Hungary is improving as evidenced by our strong contract signing.
In fact, the backlog went from $1.4 million in December 2007, to $3.9 million
in March 2008, and to $4.8 million in June 2008, an increase of more than 300%
in six months. This backlog should convert into higher revenues and better
financial performance in the second half of 2008 as more revenues from signed
contracts start being recognized," said Luc Mainville, President and Chief
Executive Officer of LAB Research.

    Financial Results for the Quarter Ended June 30, 2008

    LAB Research posted record revenues of $16.1 million in the second quarter
of 2008, up 9% compared to $14.7 million in the second quarter of 2007. While
LAB Canada and LAB Denmark's combined revenues increased by 19%, the revenues
of the Hungarian site declined by 44%.
    Our Canadian non-clinical operations ("LAB Canada") posted record revenues
of $7.0 million in the second quarter of 2008, up 10% compared to $6.4 million
during the same period of 2007, and up 13% compared to $6.2 million in the
first quarter of 2008. These increases are attributable to increased
utilization of capacity following the December 2006 expansion and a good study
mix.
    Our Danish subsidiary ("LAB Denmark") posted revenues of $7.8 million in
the second quarter of 2008, up 28% compared to $6.1 million in the second
quarter of 2007. This increase is attributable to an increased utilization of
capacity, expanded by 25% in July 2007.
    Our Hungarian subsidiary ("LAB Hungary") posted revenues of $1.3 million
in the second quarter of 2008, down 44% compared to $2.3 million generated in
the same period of 2007. This significant decrease is due to slower than
anticipated study starts and a less than optimal study mix composed of a high
percentage of studies from the agro-chemical market in 2008. These studies
provide less revenues and lower margins than the more lucrative pharma and
biotech markets. Nevertheless, the backlog has increased more than three fold
since December 2007, from $1.4 million to $4.8 million as at June 30, 2008
representing a book-to-bill ratio of 2.27:1 for that six-month period. While
we are pleased by the increase in backlog in Hungary, we have experienced a
high level of delays in the initiation of many lucrative contracts which we
anticipated would have contributed to a more rapid recovery of our revenues in
Hungary. Nevertheless, we are benefiting from incremental contract signing
which we expect should provide better revenues in Hungary for the balance of
2008.
    Overall, the Company's gross margin was 33% in the second quarter of 2008,
compared with 39% in the second quarter of 2007 (33% in the first quarter of
2008). While Canadian gross margin held steady, gross margin for Danish
activities decreased by 10% and went from 43% to (14%) in Hungary. The
negative variances are explained in Denmark, by higher salary costs and less
than optimal study mix, and in Hungary by lower than anticipated revenues. For
the second quarters of 2008 and 2007, earnings before interest, income taxes,
depreciation and amortization ("EBITDA") stood at $3.0 million (adjusted
EBITDA of $3.0 million considering the impact of the Canadian facility's
sale-leaseback transaction) and $3.3 million (adjusted EBITDA $3.4 million),
respectively.
    The Company's 2007 repurchase of the Canadian site and improvement at the
Danish and Hungarian sites increased amortization and interest expenses. In
fact, amortization expense was $1.3 million, compared with $1.0 million in the
second quarter of 2007, and net interest expense was $0.6 million, compared
with $0.3 million in the second quarter of 2007.
    As a result, net earnings were $0.7 million, compared with $1.6 million
for the same period of 2007. Note that Canadian and Danish operations
generated net combined earnings of $1.7 million, while Hungarian operations
recorded a net loss of $0.4 million. Earnings per share were $0.04 per share
($0.04 per share on a diluted basis) on the basis of 18,062,526 weighted
average shares outstanding (basic), compared with earnings per share of $0.09
($0.09 per share on a diluted basis) for the same period in 2007 on the basis
of 18,035,714 shares.

    Financial Results for the Half-Year Ended June 30, 2008

    LAB Research posted revenues of $31.5 million in the first six months of
2008, up 14% compared to $27.7 million during the same period of 2007. While
LAB Canada and LAB Denmark's combined revenues increased by 26%, Hungarian
revenues declined by 45%. LAB Canada posted revenues of $13.2 million, up
27% compared to $10.4 million in the first half of 2007. LAB Denmark posted
revenues of $15.7 million, up 26% compared to $12.5 million during the same
period of 2007. Finally, LAB Hungary posted revenues of $2.7 million, down
45%, compared to $4.9 million in the first half of 2007.
    Gross margin was 33%, compared to 39% for the same period in 2007.
Adjusted EBITDA totalled $5.5 million, compared to $6.2 million, representing
adjusted EBITDA margins of 18% and 22%, respectively.
    The Company's net earnings totalled $1.3 million, compared to $2.9 million
for the same period in 2007. During the first six months of 2008, Canadian and
Danish operations generated net combined earnings of $3.3 million, compared to
$2.8 million in the first half of 2007. This strong performance was offset by
a reduced performance of our Hungarian site. Earnings per share were $0.07
($0.07 per share on a diluted basis) on the basis of 18,056,615 weighted
average shares outstanding (basic), compared with earnings per share of $0.16
($0.15 per share on a diluted basis) for the same period in 2007 on the basis
of 18,035,714 shares.

    Canadian Site Expansion

    In the second half of 2007, the Company initiated a major expansion of its
Canadian site. Significant progress was achieved in the first six months of
2008, and completion is still expected early in the fourth quarter of 2008
with some capacity added by the end of the third quarter. This expansion will
increase the facility from 87,000 to 170,000 square feet and its animal
housing capacity from 36 to 80 rooms. Once completed and fully equipped, the
expanded site capacity should increase three-fold. As announced on May 6,
2008, the Company secured bank financing in the amount of $21.1 million. The
loan consists of a $13.7 million mortgage with a 16-year term and a
$7.4 million loan to finance equipment, repayable over 11 years. As at
June 30, 2008, the projected $24 million expansion budget had been committed
as well as $1 million of the 2009 planned expenditures which have been
accelerated to initiate Absorption, Distribution, Metabolism, Excretion
("ADME") services more rapidly. As we are approaching the commissioning of the
building, we are foreseeing completion ahead of the original schedule and
within budget.

    Follow-up on the Litigation by a Sponsor

    On January 30, 2008, the Company was informed by one of its sponsors that
it had received notice from the Food and Drug Administration ("FDA") that the
animal inhalation toxicology studies conducted by LAB Hungary were rejected
due to Good Laboratory Practices ("GLP") deficiencies. In their letter to the
sponsor, the FDA had highlighted deficiencies already mentioned and addressed
by LAB Hungary in its final GLP report of the respective studies to the
sponsor. Following issuing of the reports by LAB Hungary, each of the Company,
the sponsor and its third party expert concluded that these deficiencies did
not alter the results of the studies. Consequently, the sponsor filed its
Investigational New Drug filing with the FDA in September 2007. On June 3,
2008, LAB Research received a revised demand letter from the sponsor seeking
recovery of some study costs in the amount of 2.7 million Euros
($4.4 million), payment of the costs to repeat the studies evaluated at
US$5 million ($5.1 million), and damages in the amount of US$20 million
($20.4 million) representing the licensing fees the sponsor claimed it would
have received from a potential partner.
    The sponsor also reaffirmed its intention to seek damages from the Company
associated with the reduced market capitalization and loss of rights under the
sponsor's existing licensee, which the sponsor admittedly could not calculate.
Following an investigation and a review of the claim received from the
sponsor, the Company's insurer has indicated to LAB Research that the loss
would appear to be covered by the Company's insurance policy up to its
coverage level subject to review of a prospective breakdown of damages or
legal action, if taken by the sponsor. Under the contract signed between the
sponsor and the Company concurrently with the Initial Public Offering of
August 3, 2006, the Company cannot be held liable for any incidental, indirect
or consequential damages of the sponsor and LAB Research's liability is
limited to the amount received for such study work and, even in the case of
gross negligence, cannot exceed two times the amount received for the study,
an amount far less than the figures now being claimed.
    LAB Research continues to believe that most GLP deficiencies were directly
the result of the study protocol dictated by the sponsor. The sponsor is
seeking full reimbursement of the study costs which assumes that the studies
would have met regulatory requirements and that the study findings would have
provided no benefits to the sponsor in reaching this goal. Since the FDA
notice, the sponsor has publicly confirmed that the toxicology studies had
been re-initiated, and that the protocols had been modified to take into
account findings of the studies performed by LAB Hungary.
    We intend to vigorously contest any future legal action taken by the
sponsor. The ultimate resolution of this matter and the estimated damages, if
any, cannot be determined and, accordingly, the Company has not recorded any
provision in its financial statements for this matter.
    On December 21, 2007, LAB Research was served with an introductory motion
of suit from one of its former suppliers claiming an amount of $1.4 million
for the breach of a right of first refusal. On May 7, 2008, LAB Research
served its defence denying liability for the principal claim and filed its own
cross-claim for damages caused by same supplier during the construction of the
previous phase of building expansion in Canada. The ultimate resolution of
this matter and the estimated damages, if any, cannot be determined and,
accordingly, the Company has not recorded any provision in its financial
statements for this matter.
    LAB Research is party to other litigation arising in the normal course of
operations. LAB Research does not expect the resolution of these other matters
to have a materially adverse effect on the financial position of results of
operations of the Company.

    Towards a Strong Ending of 2008

    Achieving critical mass and maximizing capacity utilization are two of LAB
Research's main objectives. These key success factors allow for increased
scheduling flexibility and internalization of additional services, leading to
higher profit margins. Since December 2006, LAB Research added 106,000 square
feet to its overall surface area, numerous services, and more than 100
high-calibre employees. The site's average surface area is now 115,000 square
feet (51 animal rooms), compared to an estimated average of 286,000 square
feet (131 animal rooms) for the world's five largest non-clinical Contract
Research Organizations. Following the completion of LAB Research's Canadian
expansion in the fourth quarter of the current fiscal year, its total surface
area will be 427,000 square feet, for an average of 142,000 square feet per
site and 66 animal rooms, representing a 94% increase in square footage and
77% increase in animal rooms since the 2006 Initial Public Offering.
    "Our Canadian and Danish sites have done very well at maximizing their
capacity utilization following recent expansions. As for our Hungarian site,
the expansion of which was completed in the third quarter of 2007, capacity
utilization remains our main objective. Through the efforts of the new
management and all employees, the backlog has increased considerably since the
beginning of the year, and this will translate into increased revenues and
gross margin in the coming quarters. All in all, we are still confident that
our 2008 growth rate will exceed the industry's projected 15% growth, and that
the Company's profitability will return to its historical levels," added
Mr. Mainville. "The ongoing litigation with our former parent company impacted
our ability to quickly recover from a difficult year, last year, in Hungary.
Nevertheless we remain very optimistic about the ability of the site to reach
profitability in the coming quarters based on our growing backlog. Based on
progress made to date, we are convinced that LAB Hungary has the required
ingredients to be successful." added Mr. Mainville.

    Forward-Looking Statements

    Certain statements in this document are forward looking and prospective.
By their nature, forward-looking statements require us to make assumptions and
are subject to inherent risks and uncertainties. There is significant risk
that predictions and other forward-looking statements will not prove to be
accurate. Readers of this document are cautioned not to place undue reliance
on our forward-looking statements as a number of factors could cause future
results, conditions, actions, or events to differ materially from the
operating target, expectations, estimates, or intentions expressed in the
forward-looking statements. For additional information on these and other
factors, see the reports filed by LAB Research with Canadian securities
regulators.
    Forward-looking statements reflect our current views with respect to
future events and are based upon what we believe are reasonable assumptions
and subject to risks and uncertainties. These forward-looking statements
represent our estimates and assumptions only as at the date of this document.
We undertake no obligation and do not intend to update or revise these
forward-looking statements, unless required by law.

    About LAB Research Inc.

    LAB Research is a Canadian global non-clinical contract research
organization that provides contract research services to the pharmaceutical,
biotechnology, agro-chemical, petro-chemical, and industrial markets. LAB
Research supports the development of its clients' products from three
state-of-the-art facilities located in Canada, Denmark, and Hungary. LAB
Research shares trade on the TSX under the symbol "LRI," with 18.1 million
shares outstanding.

    Appendix 1: Non Generally Accepted Accounting Principles ("GAAP")
    Measures

    We use certain non-GAAP measures, including Book to Bill ratio, Backlog,
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Gross Margin, as
financial performance indicators. The Company believes such measures provide
meaningful information on its performance and operating results. However,
readers are cautioned that non-GAAP measures do not have a standardized
meaning under GAAP and, thus, they are unlikely to be comparable to similar
measures presented by other issuers.

    (a) EBITDA

    The following table reconciles our net earnings to our EBITDA and our
Adjusted EBITDA, from continuing activities by reporting periods.


                                      Three months             Six months
                                         ended                   ended
                                        June 30                 June 30
                                    2008        2007        2008        2007
                                 --------    --------    --------    --------
    (in thousands of dollars)          $           $           $           $
    Net earnings from
     continuing activities           748       1,615       1,295       2,871
    Adjustements for:
      Income taxes                   332         304         547         668
      Interest on long-term
       debt                          573         376       1,153         487
      Amortization                 1,303         968       2,538       1,793
                                 --------    --------    --------    --------
    EBITDA                         2,956       3,263       5,533       5,819

    Rent Expense(1)                    -         102           -         363
                                 --------    --------    --------    --------
    Adjusted EBITDA                2,956       3,365       5,533       6,182
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------
    Adjusted EBITDA margin %        18.3%       22.8%       17.5%       22.3%
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------

    (1) Rent expense on the Canadian facility, as a result of the sale-
        leaseback transaction from November 1, 2005 to April 16, 2007 (see
        below).

    While operating as a segment of our former parent company, Akela Pharma
Inc. ("Akela"), we entered into a sale-leaseback transaction on the Canadian
facility, which took effect on November 1, 2005. On April 17, 2007, following
the Initial Public Offering ("IPO"), and in accordance with our strategic
growth plan, we reacquired the property. Accordingly, prior to November 1,
2005 and after April 16, 2007, "amortization" includes amortization of the
related building and "interest, net" includes interest expense on the
long-term debt secured by the building. Between November 2005 and April 2007,
while the sale-leaseback transaction was in effect, amortization and interest
expense related to the building was replaced by "rent expense" in our
statements of earnings.

    (b) Gross margin

    Gross margin refers to revenues less direct costs. Direct costs do not
include depreciation expense of assets used in our direct operations.
    The following table presents our gross margins from continuing activities
by reporting periods.


                                      Three months             Six months
                                         ended                   ended
                                        June 30                 June 30
                                    2008        2007        2008        2007
                                 --------    --------    --------    --------
    (in thousands of dollars)          $           $           $           $

    Revenues                      16,120      14,742      31,549      27,727
    Direct costs                  10,882       8,935      21,247      16,928
                                 --------    --------    --------    --------
    Gross Margin                   5,238       5,807      10,302      10,799
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------
    Gross Margin %                  32.5%       39.4%       32.7%       38.9%
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------

    LAB RESEARCH INC.
    Consolidated Balance Sheets
    (Unaudited)
    June 30, 2008 and December 31, 2007
    (in thousands of Canadian dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                       June 30,  December 31,
                                                          2008          2007
    -------------------------------------------------------------------------
                                                                    (audited)
    Assets

    Current assets:
      Cash and cash equivalents                       $  4,511      $  6,825
      Accounts and other receivables                    10,574         9,450
      Work in progress                                   4,525         2,913
      Income taxes receivable                            3,202         1,894
      Prepaid expenses                                   1,090         1,361
      Future income taxes                                  906           916
      -----------------------------------------------------------------------
                                                        24,808        23,359

    Property and equipment                              81,164        60,176
    Intangible assets                                    2,023         2,076
    Other assets                                         3,574         3,598
    Future income taxes                                  3,398         3,435
    -------------------------------------------------------------------------
                                                      $114,967      $ 92,644
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued liabilities        $  9,260      $ 10,066
      Building expansions related accounts payable       7,111         1,607
      Deferred revenue                                   8,873         7,949
      Current portion of long-term debt                  2,667         2,111
      Holdback payable                                   1,442           203
      Future income taxes                                  579           585
      -----------------------------------------------------------------------
                                                        29,932        22,521

    Long-term debt                                      45,314        33,825
    Future income taxes                                  1,903         1,924
    Shareholders' equity:
      Share capital                                     63,873        63,753
      Additional paid-in capital                           882           682
      Accumulated other comprehensive
       earnings (loss)                                     643        (1,186)
      Deficit                                          (27,580)      (28,875)
      -----------------------------------------------------------------------
                                                        37,818        34,374

    -------------------------------------------------------------------------
                                                      $114,967      $ 92,644
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    LAB RESEARCH INC.
    Consolidated Statements of Earnings
    (Unaudited)
    Periods ended June 30, 2008 and 2007
    (in thousands of Canadian dollars, except per share and share data)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     Three months            Six months
                                    ended June 30,          ended June 30,
                               ---------------------  ----------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Revenues                   $  16,120   $  14,742   $  31,549   $  27,727

    Expenses:
      Direct costs                10,882       8,935      21,247      16,928
      Selling, general and
       administrative              2,765       2,303       5,204       4,627
      Stock-based compensation       114         113         231         226
      Amortization of property
       and equipment               1,164         838       2,267       1,528
      Amortization of
       intangible assets             139         130         271         265
      Interest, net                  562         338       1,106         409
      Foreign exchange              (586)        166        (619)        205
      -----------------------------------------------------------------------
                                  15,040      12,823      29,707      24,188
    -------------------------------------------------------------------------
    Earnings before income
     taxes from continuing
     operations                    1,080       1,919       1,842       3,539
    Provision for income taxes       332         304         547         668
    -------------------------------------------------------------------------
    Net earnings from
     continuing operations           748       1,615       1,295       2,871
    Net loss from discontinued
     operations                        -         (25)          -         (74)
    -------------------------------------------------------------------------
    Net earnings                $    748    $  1,590    $  1,295    $  2,797
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings per share:
      Basic:
        Continuing operations   $   0.04    $   0.09    $   0.07    $   0.16
        Discontinued operations        -           -           -           -
      -----------------------------------------------------------------------
                                $   0.04    $   0.09    $   0.07    $   0.16
    -------------------------------------------------------------------------

      Diluted:
        Continuing operations   $   0.04    $   0.09    $   0.07    $   0.16
        Discontinued operations        -           -           -       (0.01)
      -----------------------------------------------------------------------
                                $   0.04    $   0.09    $   0.07    $   0.15
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average number
     of outstanding shares:
        Basic                 18,062,526  18,035,714  18,056,615  18,035,714
        Effect of
         dilutive options        415,237     352,159     412,704     233,664
    -------------------------------------------------------------------------
        Diluted               18,477,763  18,387,873  18,469,319  18,269,378
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    LAB RESEARCH INC.
    Consolidated statements of Cash Flows
    (Unaudited)
    Periods ended June 30, 2008 and 2007
    (in thousands of Canadian dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     Three months              Six months
                                    ended June 30,           ended June 30,
                              ----------------------  -----------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Cash flows from
     operating activities:
      Net earnings              $    748    $  1,590    $  1,295    $  2,797
      Net loss from
       discontinued operations         -          25           -          74
    -------------------------------------------------------------------------
    Net earnings from
     continuing operations           748       1,615       1,295       2,871
    Adjustments for:
      Amortization of property
       and equipment               1,164         838       2,267       1,528
      Amortization of
       intangible assets             139         130         271         265
      Unrealized gain on
       foreign exchange             (127)        (30)       (147)        (10)
      Stock-based compensation       114         113         231         226
      Future income taxes           (144)       (344)       (248)     (1,017)
      Other                            5          69          14          89
    Net changes in non-cash
     operating assets
     and liabilities              (1,448)     (2,408)     (2,743)     (1,946)
    -------------------------------------------------------------------------
                                     451         (17)        940       2,006

    Net cash from operations
     provided by discontinued
     operations                        -          97           -         175
    -------------------------------------------------------------------------
                                     451          80         940       2,181

    Cash flows from financing
     activities:
      Proceeds from issuance
       of shares                      89           -          89           -
      Proceeds from issuance
       of long-term debt          11,305      23,100      11,358      23,100
      Repayment of
       long-term debt               (640)     (3,138)     (1,060)     (3,356)
      Repayment of capital leases   (165)       (138)       (291)       (289)
      Repayments under bank
       credit facilities               -           -           -        (223)
    -------------------------------------------------------------------------
                                  10,589      19,824      10,096      19,232

    Cash flows from
     investing activities:
      Cash held in escrow              -         500           -           -
      Payment of holdback payable    (59)        (34)        (59)       (835)
      Additions to property
       and equipment              (9,650)    (20,230)    (13,016)    (23,340)
      Proceeds from disposal
       of property and equipment       -          69           -          86
      Loan receivable                  -        (300)          -        (300)
      Other assets                     7          27          (7)         19
    -------------------------------------------------------------------------
                                  (9,702)    (19,968)    (13,082)    (24,370)

    Effect of exchange rate
     changes on cash and
     cash equivalents               (478)       (105)       (268)        (92)
    -------------------------------------------------------------------------

    Net increase (decrease)
     in cash and cash equivalents    860        (169)     (2,314)     (3,049)

    Cash and cash equivalents,
     beginning of period           3,651       5,636       6,825       8,516
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period              $  4,511    $  5,467    $  4,511    $  5,467
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
    %SEDAR: 00023798EF




For further information:

For further information: LAB Research Inc.: Luc Mainville, President and
Chief Executive Officer, (450) 973-2240, ext. 1206,
mainvillel@labresearch.com, www.labresearch.com; Media and Investors: Echoes
Financial Network Inc.: Dominic Sicotte, (866) 633-9551, (514) 842-9551,
dsicotte@echoesfinancial.com

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LAB RESEARCH INC.

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