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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 announced a clinical collaboration between its subsidiary Inivata and the Princess Margaret Cancer Center in Toronto to conduct two studies using liquid biopsy assays. The ACCELERATE study will compare treatment initiation times in advanced non-small cell lung cancer (NSCLC) patients using Inivata's InVisionFirst-Lung biopsy against traditional tissue profiling. The second study, ctDNA Lung, will evaluate RaDaR assay efficacy in detecting minimal residual disease after lung cancer surgery. Both studies aim to enhance treatment outcomes and accelerate patient response.
NeoGenomics, Inc. (NASDAQ:NEO) announces the release of its third quarter 2021 financial results on November 4, 2021. A webcast and conference call are scheduled for 8:30 AM EDT on the same day to discuss results. Investors can dial in or access the replay until November 18, 2021. The company specializes in cancer genetics testing and has a comprehensive testing menu for oncologists. It operates multiple accredited laboratories across the U.S., Europe, and Asia, catering to various healthcare organizations and pharmaceutical firms.
NeoGenomics, Inc. (NASDAQ:NEO) has announced a leadership transition within its Board of Directors. Lynn A. Tetrault has been appointed Non-executive Chair, succeeding Douglas M. VanOort, who will retire from the Board by year-end. Tetrault, with over 25 years in healthcare, previously served as Lead Independent Director and has extensive experience in human resources and corporate governance. This transition is expected to enhance leadership stability and direction at NeoGenomics, renowned for its cancer-focused genetic testing services.
NeoGenomics, Inc. (NASDAQ: NEO) announced its subsidiary Inivata will present significant data at the ESMO Congress from September 16-21, 2021. The focus is on the RaDaR™ assay for detecting molecular residual disease (MRD) and the InVisionFirst®-Lung liquid biopsy test. Inivata will showcase two posters on RaDaR's sensitivity in head and neck squamous cell carcinoma and early-stage breast cancer. InVisionFirst-Lung's utility in treating advanced NSCLC will also be highlighted. The data underscores the potential of these assays in enhancing cancer treatment regimens.
NeoGenomics, Inc. (NASDAQ: NEO) announced that its executive team will present at the Morgan Stanley 19th Annual Global Healthcare Conference on September 14, 2021, at 10:15 am ET. The presentation will be available via live webcast on the Company's website.
NeoGenomics specializes in cancer genetic testing and services, with laboratories across the U.S. and internationally. The company focuses on connecting patients with therapies and adheres to data protection laws to secure patient information.
NeoGenomics reported strong second-quarter 2021 results with consolidated revenue increasing by 40% to $122 million. Clinical Services revenue rose 37% to $101 million, while Pharma Services surged 55% to $20 million. The company completed two acquisitions: Trapelo Health in April and Inivata in June, enhancing its strategic position. Net income for the quarter was $76 million, reversing a $7 million loss year-over-year, although adjusted net loss was $1 million. Cash reserves totaled $373 million with an optimistic outlook for 2021.
NeoGenomics, Inc. (NASDAQ:NEO) announced its plan to release second quarter 2021 financial results on August 6, 2021. A webcast and conference call will follow at 8:30 AM EDT to discuss the results, accessible via the company's website. Investors can dial in for the conference call using the provided domestic and international numbers. NeoGenomics, a leader in cancer genetics testing, aims to connect patients with innovative therapies while adhering to data protection laws. The company operates several accredited laboratories globally.
NeoGenomics, Inc. (NASDAQ:NEO) has successfully acquired Inivata Ltd, enhancing its leadership in the minimal residual disease (MRD) testing market. The acquisition, announced on June 18, 2021, will integrate Inivata's advanced RaDaR assay into NeoGenomics' existing oncology diagnostics framework. CEO Mark Mallon emphasized the strategic importance of this acquisition, aimed at leveraging NeoGenomics’ established market position and resources to accelerate the development of liquid biopsy solutions. Inivata will operate as a dedicated division under NeoGenomics, further solidifying its capabilities in liquid biopsy testing.
NeoGenomics, Inc. (NASDAQ:NEO) announced participation in several upcoming investor conferences. Senior management will meet with investors virtually at the 18th Annual Craig-Hallum Institutional Investor Conference on June 2, and at the William Blair's 41st Annual Growth Stock Conference on June 3, featuring a live webcast of a fireside chat at 10:20 AM ET. Additionally, they will be at the Goldman Sachs 42nd Annual Global Healthcare Conference on June 9, with another fireside chat at 3:00 PM ET. These events reflect NeoGenomics' commitment to transparency and investor engagement.
NeoGenomics, Inc. (NASDAQ:NEO) announced participation in the Bank of America 2021 Health Care Conference on May 12, 2021, at 4:15 PM ET. Key executives, including Douglas VanOort, Mark Mallon, and Kathryn McKenzie, will present, with the session available for live streaming on the company's investor website. NeoGenomics specializes in cancer genetic testing and contract research services, helping diagnose and treat cancer globally. The firm is committed to patient support, data protection, and technological advancement.
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