Welcome to our dedicated page for NeoGenomics news (Ticker: NEO), a resource for investors and traders seeking the latest updates and insights on NeoGenomics stock.
NeoGenomics, Inc. (NASDAQ: NEO)
NeoGenomics, Inc. is a leading oncology testing services company devoted to cancer diagnostic and information services. Headquartered in Fort Myers, Florida, NeoGenomics operates a network of state-of-the-art laboratories across the United States and a full-service laboratory in Cambridge, United Kingdom. The company specializes in cancer genetics testing, providing physicians with comprehensive testing menus to aid in the diagnosis and treatment of cancer.
NeoGenomics operates through two primary segments: Clinical Services and Advanced Diagnostics. The Clinical Services segment offers a wide range of genetic and molecular testing services, including Cytogenetics, Fluorescence In-Situ Hybridization (FISH), Flow Cytometry, Immunohistochemistry (IHC), Molecular Testing, and Pathology Consultation. These services are essential for oncologists and pathologists to deliver accurate diagnoses and personalized treatment plans for their patients.
The Advanced Diagnostics segment collaborates with pharmaceutical companies to support their drug development and clinical trial programs. This division provides key insights and data that are crucial for the development of new cancer therapies.
Recent Achievements and Financial Highlights
- In the third quarter of 2023, NeoGenomics reported a consolidated revenue of $152 million, reflecting an 18% increase compared to the same period in 2022.
- Clinical Services revenue rose by 20% to $128 million, with clinical test volumes increasing by 7% year-over-year.
- Advanced Diagnostics revenue grew by 8% to $24 million.
- The company achieved a positive Adjusted EBITDA of $3 million, a significant improvement from a negative $12 million in the third quarter of 2022.
- Operating expenses decreased by 2%, while net loss for the quarter was reduced by 50% to $19 million.
- NeoGenomics ended the quarter with $402 million in cash and cash equivalents.
NeoGenomics has a reputation for reliability and efficiency, boasting industry-leading turnaround times in cancer cytogenetics and an extensive menu of technical-only services. The company is also known for its rapid test development cycle, continually enhancing its offerings to meet the evolving needs of the medical community.
Despite recent legal challenges related to its RaDaR technology, NeoGenomics remains committed to bringing innovative cancer diagnostics to market. The company plans to appeal the preliminary injunction issued against its RaDaR technology and continues to support patients and ongoing research projects.
NeoGenomics serves a diverse customer base, including pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, and managed care organizations. With a focus on improving patient care, the company is dedicated to advancing the field of oncology diagnostics through its high-quality testing services and strategic partnerships.
NeoGenomics (NASDAQ: NEO) published a study in ESMO Open demonstrating the effectiveness of circulating tumor DNA (ctDNA) in monitoring molecular residual disease (MRD) for high-risk melanoma patients. The research, conducted with Princess Margaret Hospital, analyzed 276 plasma samples from 66 melanoma patients using NeoGenomics' RaDaR® sequencing assay.
The study revealed that ctDNA detection post-surgery can identify patients with worse prognosis and enable earlier detection of disease recurrence. Notably, the research successfully identified ctDNA in patients lacking BRAF and NRAS mutations, suggesting broader applicability compared to earlier studies. The findings have led to the development of the CLEAR-Me trial for detecting and clearing MRD in high-risk melanoma patients.
NeoGenomics (NASDAQ: NEO) will present significant research on hematologic malignancies at the 2024 American Society of Hematology (ASH) Annual Meeting in San Diego, December 7-10. The company will showcase findings on CNS lymphoma, myeloid malignancies, and gene fusions in acute myeloid leukemia.
The presentation includes a poster on neuronal-glial and immune microenvironment signatures in primary CNS lymphoma, scheduled for December 9. Additionally, two abstracts were published in the Blood supplement: one comparing genetic insights into myeloid malignancies across NCCN Guidelines, WHO Classification, and ICC System, and another studying gene fusion prevalence in 2,958 AML patients using FISH and NGS testing.
The company will also feature its hematological oncology solutions, including COMPASS, AML Express, and AML MRD Flow Panel at booth #2347.
ConcertAI and NeoGenomics (NASDAQ: NEO) have announced a joint software-as-a-service solution called CTO-H for hematological malignancies research. The solution provides the largest reference dataset ever created for hematological malignancies, featuring data from over 370,000 patient lives with 7-11 years of surveillance and comprehensive biomarker information.
The collaboration aims to address challenges in clinical trial design and execution in hematology research. CTO-H will be deployed as a SaaS solution within ConcertAI's CARAai™ cloud, with NeoGenomics providing specialized biomarker testing interpretation services. The solution will be available for pre-release evaluation immediately, with general availability scheduled for January 17, 2025.
NeoGenomics (NASDAQ: NEO) will present four abstracts at the AMP 2024 Annual Meeting & Expo in Vancouver, showcasing advancements in cancer diagnostics through ctDNA and next-generation sequencing (NGS). The presentations include research on: the G4 sequencing platform for gene fusion detection, TSO500 ctDNA v2 assay performance, enhanced workflow for Neo Comprehensive™ tumor profiling, and HPV subtyping using whole transcriptome sequencing.
The company will also host a workshop on November 20 focusing on comprehensive genomic profiling for myeloid neoplasms. These presentations demonstrate NeoGenomics' commitment to improving cancer care through precision medicine and advanced testing methodologies.
NeoGenomics (NASDAQ: NEO) has appointed Felicia Williams to its Board of Directors, effective November 1, 2024. Williams, former interim CFO of Macy's and Fellow for CEO Action for Racial Equality, brings over 35 years of experience in finance, accounting, audit, and enterprise risk management from multinational corporations including Macy's, The Coca-Cola Company, and Bristol Myers-Squibb. She will serve on the Audit and Finance and Nominating and Corporate Governance Committees. Williams currently serves on the Board of Directors of Paycom and Anywhere Real Estate.
NeoGenomics (NASDAQ: NEO), a leading oncology testing services company, has announced its participation in the Piper Sandler 36th Annual Healthcare Conference. The company's management team will engage in a fireside chat on Thursday, December 5, 2024, at 9:30 a.m. ET in New York City. The presentation will be available via live webcast, with a replay accessible through the company's Investor Relations website section at ir.neogenomics.com.
NeoGenomics (NEO) reported strong Q3 2024 results with consolidated revenue increasing 10% to $168 million. Clinical Services revenue grew 14% to $146 million, while Advanced Diagnostics revenue decreased 10% to $22 million. The company achieved a 305% increase in Adjusted EBITDA to $13 million, marking its fifth consecutive quarter of positive Adjusted EBITDA. Net loss decreased 4% to $18 million. Based on strong performance, NeoGenomics raised its full-year 2024 Adjusted EBITDA guidance to $37-$40 million. Clinical test volume increased 9% year-over-year, with average revenue per test rising 5% to $463.
NeoGenomics (NASDAQ: NEO) has received conditional approval from the New York State Department of Health for its Neo Comprehensive Solid Tumor assay and NeoTYPE® DNA & RNA Lung test. This approval allows for immediate commercial access in New York, known for its stringent validation standards for laboratory-developed tests.
These next-generation sequencing (NGS) tests offer improved diagnostic value and cost-effectiveness compared to single gene testing, guiding first-line treatment for various solid tumors, including non-small cell lung cancer. The approval enables NeoGenomics to expand its services to more healthcare providers and patients in New York, where approximately 116,000 people are diagnosed with cancer annually.
The tests align with National Comprehensive Cancer Network (NCCN) guidelines and can detect less common genetic markers that cancer-specific profiles or single-gene tests might miss. NeoGenomics operates CLIA-certified and CAP-accredited laboratories across the U.S., ensuring high-quality standards for clinical testing.
NeoGenomics (NASDAQ: NEO), a leading oncology testing services company, has announced it will release its third quarter 2024 financial results before the U.S. financial markets open on Tuesday, November 5, 2024. The company's management will host a webcast and conference call at 8:30 a.m. ET to discuss the financial results and recent highlights.
Investors can access the live webcast through the Investor Relations section of NeoGenomics' website at ir.neogenomics.com. The webcast will be archived for replay shortly after the call concludes. For those preferring to join via telephone, the dial-in numbers are (888) 506-0062 (domestic) or (973) 528-0011 (international), with the participant access code 676597. Callers are advised to dial in at least five minutes before the call starts.
NeoGenomics (NASDAQ: NEO) has announced progress with a new version of its RaDaR® technology and resolved litigation with Natera regarding RaDaR 1.0. The company will host a business update conference call on September 24, 2024, at 8:30 a.m. ET.
The settlement with Natera is confidential but not material to the company's bottom line and does not impact its adjusted EBITDA guidance range or liquidity expectations. Investors can access the live webcast through the Investor Relations section of NeoGenomics' website or join the call via telephone using the provided dial-in numbers and access code.
FAQ
What is the current stock price of NeoGenomics (NEO)?
What is the market cap of NeoGenomics (NEO)?
What services does NeoGenomics, Inc. offer?
Where is NeoGenomics, Inc. headquartered?
What are the main business segments of NeoGenomics, Inc.?
How did NeoGenomics perform financially in the third quarter of 2023?
What is the focus of NeoGenomics’ Advanced Diagnostics segment?
What legal challenges has NeoGenomics faced recently?
What distinguishes NeoGenomics' cancer cytogenetics testing?
What kind of customers does NeoGenomics serve?
What are NeoGenomics' plans for the future?
Where can I find more information about NeoGenomics' financial performance?
