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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, a leader in cancer-focused genetics testing, reported a 9% increase in consolidated revenue to $116 million for Q1 2021. Clinical Services revenue rose 4% to $96 million, while Pharma Services surged 46% to $19 million. The company completed the acquisition of Trapelo Health in April, enhancing its market position. However, gross profit declined by 10.3% to $41.6 million due to COVID-19 impacts and an inventory write-off. Net loss increased to $22 million, and operating expenses grew by 10%. The company expects 2021 revenue between $490 million and $510 million.
NeoGenomics, a key player in cancer-focused genetic testing, has announced its acquisition of Inivata Ltd for $390 million, following an earlier $25 million investment. This strategic move enhances NeoGenomics' position in the minimal residual disease (MRD) testing market, projected to exceed $15 billion. The acquisition will be funded through a $200 million private placement involving institutional investors. This merger aims to accelerate development and commercialization of advanced testing solutions, aiming for a June 2021 closing.
NeoGenomics has launched an Amgen-sponsored program to provide KRAS G12C testing for advanced or metastatic non-small cell lung cancer (NSCLC) patients at no cost. This initiative aims to enhance personalized medicine by identifying viable treatment strategies for eligible patients. The program, part of Amgen's Biomarker AssistTM, will help address barriers in education and access, ensuring more patients receive the necessary testing. NSCLC comprises 85% of lung cancer cases, with KRAS G12C being a prevalent biomarker.
NeoGenomics, Inc. (NASDAQ: NEO) will be presenting at the 20th Annual Needham Virtual Healthcare Conference on April 15, 2021, at 11:00 am ET. The presentation will focus on their expertise in cancer genetic testing and global oncology contract research services. Interested parties can access the live webcast via the company's investor section on their website. With multiple accredited laboratories across the U.S. and international locations, NeoGenomics is dedicated to supporting oncologists and pharmaceutical firms in cancer diagnosis and treatment.
NeoGenomics, Inc. (NASDAQ:NEO) announced its first quarter 2021 financial results will be released on May 5, 2021. The company will host a conference call and webcast at 8:30 AM EDT the same day to discuss these results. Investors are encouraged to join by calling the specified numbers for domestic and international participants. A replay of the call will be available until May 19, 2021. Headquartered in Fort Myers, FL, NeoGenomics specializes in cancer-focused genetic testing and offers a comprehensive testing menu for oncologists and pathologists.
NeoGenomics, Inc. (NASDAQ:NEO) announced its acquisition of Intervention Insights, Inc. (d/b/a Trapelo Health) for $65 million, combining $35 million in cash and $30 million in stock. Expected to close in April 2021, this deal enhances NeoGenomics' capabilities in precision oncology through Trapelo's innovative decision-support platform. This platform enables efficient treatment selection and clinical trial matching, aligning patient diagnostics with clinical guidelines. The acquisition aims to broaden access to quality cancer care.
NeoGenomics (NASDAQ:NEO) has partnered with Elevation Oncology to enhance patient identification for the Phase 2 CRESTONE study focusing on solid tumors with NRG1 gene fusions. NRG1 fusion incidence is estimated at 0.2% across all solid tumors, making efficient detection crucial. NeoGenomics conducts over 50,000 next-generation sequencing tests annually, which will aid in matching patients to targeted therapies. The collaboration aims to improve precision oncology for patients, ensuring actionable treatment opportunities in ongoing clinical trials.
NeoGenomics (NASDAQ: NEO) and Elevation Oncology announced a collaboration to improve the identification of patients with solid tumors that have NRG1 gene fusions. This partnership aims to enroll eligible patients in the Phase 2 CRESTONE study, targeting the treatment of these rare genetic alterations. NRG1 fusions are found in approximately 0.2% of solid tumors and are actionable targets for precision oncology. The collaboration reflects a commitment to enhance diagnostic capabilities and patient outcomes in oncology.
NeoGenomics, Inc. (NASDAQ:NEO) will present at the Virtual Raymond James 42nd Annual Institutional Investors Conference on March 3, 2021, at 10:50 AM ET. CFO Kathryn McKenzie and Chief Strategy Officer Doug Brown will discuss the company's cancer-focused genetic testing services. The presentation will be available via webcast on the company's website. NeoGenomics specializes in oncology testing and supports pharmaceutical clients in clinical trials. The company operates multiple accredited laboratories across the U.S. and internationally.
NeoGenomics, Inc. (NASDAQ:NEO) will present at the Virtual 10th Annual SVB Leerink Global Healthcare Conference on February 26, 2021, at 10:00 AM ET. Key executives, including CEO Douglas VanOort and CFO Kathryn McKenzie, will be involved in the presentation. The event will be webcast live, accessible via the company’s investor relations page. NeoGenomics specializes in cancer genetic testing and serves a wide range of healthcare providers and pharmaceutical firms globally. For more information, visit www.neogenomics.com.
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