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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 (NASDAQ: NEO), a premier oncology testing services company, will release its Q2 2024 financial results on July 29, 2024, after U.S. markets close. A webcast and conference call to discuss the financial outcomes and recent highlights are scheduled for 4:30 p.m. ET the same day. Interested parties can access the live webcast through the Investor Relations section on NeoGenomics' website, with a replay available afterward. For phone access, dial (888) 506-0062 (domestic) or (973) 528-0011 (international) using the participant code 276062.
NeoGenomics (NASDAQ: NEO), a leader in oncology testing services, announced that Fort Myers’ Mayor Kevin Anderson will proclaim June as NeoGenomics’ Commitment to Cancer Month. This proclamation honors cancer survivors and those living with cancer. NeoGenomics, headquartered in Fort Myers, serves over 600,000 patients annually and aims to serve one million patients per year by 2028. The formal announcement will take place at the City Council meeting on June 17. CEO Chris Smith will attend to accept the honor. The proclamation acknowledges NeoGenomics' dedication to supporting cancer patients and survivors. This follows NeoGenomics' signing of the Working with Cancer Pledge, showcasing their support for team members affected by cancer or caring for loved ones with the disease.
NeoGenomics, a leader in oncology testing services, will unveil its comprehensive lung solutions and COMPASS® Hematopathology Services at the ASCO conference in Chicago from May 31 to June 4. Targeting the rise in cancer cases, the company emphasizes the importance of proper test selection for precision medicine. The new testing solutions include an early-stage NSCLC therapy panel, a 50-gene NGS panel, a liquid biopsy assay, and a 517-gene solid tumor test. NeoGenomics' COMPASS provides single-order, sample-to-diagnosis services for hematological malignancies, offering actionable insights for over 100 subtypes of leukemia, lymphoma, and myeloma. A poster presentation on gene reporting in solid tumor samples will also be featured.
NeoGenomics, Inc. (NASDAQ: NEO) reported a 14% increase in consolidated revenue to $156 million for the first quarter of 2024. Clinical Services revenue rose by 17% to $135 million, while Advanced Diagnostics revenue declined by 3% to $22 million. The net loss decreased by 12% to $27 million, with Adjusted EBITDA reaching positive $3 million, a 149% increase year-over-year.
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