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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 reported a 9% year-over-year increase in consolidated revenue for 2021, reaching $484 million. Excluding COVID-19 PCR testing, revenue rose 16%. The fourth quarter's revenue remained flat at $126 million, with a 3% decline in Clinical Services revenue. Gross profit fell 21.2% to $45.3 million, attributed to higher costs and the end of PCR testing. Full-year net loss was $8 million, a notable shift from previous profits. The company anticipates 2022 revenue of $530-$550 million but projects losses of $133-$118 million.
NeoGenomics, Inc. (NASDAQ: NEO) has appointed Dr. Shashikant Kulkarni as Executive Vice President for Research & Development and Chief Scientific Officer, effective March 7, 2022. Dr. Kulkarni, previously at Baylor Genetics, brings extensive experience in cancer genomics and has served on several regulatory panels. He aims to enhance NeoGenomics' diagnostic capabilities across the cancer care continuum. CEO Mark Mallon highlights Dr. Kulkarni's expertise as pivotal for innovation in precision medicine.
NeoGenomics has announced successful clinical validation of its RaDaR liquid biopsy test for head and neck squamous cell carcinoma (HNSCC), demonstrating 100% specificity and sensitivity. The data published in the British Journal of Cancer showed that all 17 patients tested had detectable circulating tumor DNA (ctDNA) before surgery, and 100% of patients who experienced recurrence were identified with lead times of 108 to 253 days. This highlights the potential of RaDaR for early intervention and personalized therapy planning in cancer treatment.
NeoGenomics, Inc. (NASDAQ: NEO), a leader in cancer-focused genetic testing, announced participation in several institutional investor conferences on February 17, 2022. The management will engage in investor meetings and fireside chats at SVB Leerink's and BTIG's conferences, both available via live webcast on their website. NeoGenomics, headquartered in Fort Myers, FL, operates accredited laboratories across the U.S. and internationally, providing extensive oncology testing services to support cancer diagnosis and treatment.
NeoGenomics, Inc. (NASDAQ:NEO) announced plans to release its fourth quarter and full year 2021 financial results on February 23, 2022. A webcast and conference call are scheduled for 8:30 AM EDT on the same day to discuss the results. Interested parties can access the call by dialing (888) 506-0062 domestically or (973) 528-0011 internationally. NeoGenomics specializes in cancer genetics testing and provides services for clinical trials, operating facilities in multiple locations, including the US and Europe. The company is committed to data protection and utilizing advanced technology.
NeoGenomics, Inc. (NASDAQ:NEO) has announced a strategic partnership with the Biomarker Collaborative to enhance support for cancer patients with specific biomarkers. This initiative enables patients who test positive for lung cancer biomarkers to access a dedicated resource page, offering education and connections to support groups. CEO Mark Mallon emphasized the importance of this partnership in improving patient care and outcomes. Through this collaboration, both patients and oncologists will have clearer insights into relevant biomarker groups crucial for treatment.
NeoGenomics, Inc. (NASDAQ: NEO) announced that its subsidiary, Inivata Limited, received CE mark certification for its RaDaR™ assay, which detects molecular residual disease (MRD) and detects recurrences in patients. This certification allows for clinical use in key territories like the UK and EU. Additionally, Inivata submitted a request for reimbursement for the RaDaR assay under the US MolDX program. RaDaR demonstrates high sensitivity (95%) and specificity (100%) for detecting circulating cancer DNA, marking significant progress in cancer diagnostics.
NeoGenomics, Inc. (NASDAQ:NEO) has appointed Dr. David Eberhard as Chief Medical Officer of its subsidiary Inivata, focusing on liquid biopsy tests, notably the RaDaR™ assay for minimal residual disease detection. Eberhard brings over 20 years of oncology experience, having previously held leadership roles at Illumina and Genomic Health. CEO Mark Mallon emphasized the importance of Eberhard's expertise in maximizing Inivata's assay potential, while Inivata President Clive Morris highlighted his extensive clinical strategy experience as a key asset for advancing their innovative technology.
NeoGenomics, Inc. (NASDAQ:NEO) announced its collaboration with Thermo Fisher Scientific to utilize the Ion Torrent Genexus System for a Phase 1 study focused on myeloid cancers. The Genexus System streamlines the specimen-to-report workflow, enabling result delivery in as little as one day. NeoGenomics gains early access to the Oncomine Myeloid Assay GX v2 to validate its performance. This partnership aims to enhance genomic data delivery speed, improving research capabilities for myeloid cancer treatment development, thus addressing critical patient needs.
NeoGenomics (NASDAQ: NEO) announced its participation in the Stephens Annual Investment Conference 2021 on December 3, 2021, at 9:00am CT, in Nashville, Tennessee. Key executives, including CEO Mark Mallon, will present during the event, which can be accessed via live webcast on the company's investor relations website. NeoGenomics specializes in cancer-focused genetic testing and serves various clients, including pharmaceutical companies. The company operates accredited laboratories across multiple U.S. locations and globally.
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