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    NeoGenomics Reports Fourth Quarter and Full Year 2024 Results

    2/18/25 7:05:00 AM ET
    $NEO
    Precision Instruments
    Health Care
    Get the next $NEO alert in real time by email

    Full Year Revenue Increased 12% to $661 million;

    Ninth Consecutive Quarter of Double-Digit Revenue Growth

    NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading oncology testing services company, today announced its fourth-quarter and full year results for the period ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Highlights

    • Fourth quarter consolidated revenue increased 11% to $172 million; Full year consolidated revenue increased 12% to $661 million
    • Fourth quarter net loss increased 7% to $15 million; Full year net loss decreased 11% to $79 million
    • Fourth quarter adjusted EBITDA increased 27% to positive $12 million; Full year adjusted EBITDA increased 1,036% to positive $40 million

    "Our business continued to perform well throughout 2024 and we have now achieved nine consecutive quarters of double digit revenue growth and improved adjusted EBITDA over 1,000% for the year," said Chris Smith, Chief Executive Officer of NeoGenomics. "Thanks to the strong execution of our Neo teammates and robust customer demand, we continued to grow all modalities above market, including NGS which grew 34% in 2024."

    "These results provide us with a strong foundation as we enter the next phase of growth for NeoGenomics. We believe we are well-positioned for long-term sustainable growth through our broad commercial channel, upcoming product launches, and continued focus on disciplined capital deployment," Smith continued.

    Fourth Quarter Results

    Consolidated revenue for the fourth quarter of 2024 was $172 million, an increase of 11% over the same period in 2023. Average revenue per clinical test ("revenue per test") increased by 5% to $465. These increases reflect higher value tests, including NGS, and strategic reimbursement initiatives. In the fourth quarter of 2024, we simplified our operational approach, bringing Clinical Services and Advanced Diagnostics under a single segment. This decision was driven by an analysis of our reporting structure and the strategic decisions being made to manage the business in order to streamline our operations and enhance our service offerings.

    Consolidated gross profit for the fourth quarter of 2024 was $77.3 million, an increase of 14.3% compared to the fourth quarter of 2023. This increase was primarily due to an increase in revenue partially offset by higher compensation and benefit costs. Consolidated gross profit margin, including amortization of acquired intangible assets and stock-based compensation expense, was 44.9%. Adjusted Gross Profit Margin(1), excluding amortization of acquired intangible assets and stock-based compensation expense, was 48.0%.

    Operating expenses for the fourth quarter of 2024 were $96 million, an increase of $9 million, or 11%, compared to the fourth quarter of 2023. Operating expenses included higher compensation and benefit costs as well as an increase in software support fees. These increases were partially offset by a decrease in legal and professional fees.

    Net loss for the quarter was $15 million compared to net loss of $14 million for the fourth quarter of 2023.

    Adjusted EBITDA(1) was positive $12 million compared to positive $9 million in the fourth quarter of 2023. Adjusted Net Income(1) was $6 million compared to Adjusted Net Income(1) of $4 million in the fourth quarter of 2023.

    Cash and cash equivalents and marketable securities totaled $387 million at quarter end.

    Full Year Results

    Consolidated revenue for 2024 was $661 million, an increase of 12% over 2023. This increase was primarily driven by an increase in test volume, a more favorable test mix, an increase in average unit price due to strategic reimbursement initiatives partially offset by restructuring activities and lower RaDaR® revenue. Net loss for 2024 was $79 million compared to net loss of $88 million in 2023. Adjusted EBITDA(1) for 2024 was positive $40 million compared to positive $3 million in 2023. Adjusted net income(1) for 2024 was $14 million compared to adjusted net loss(1) of $15 million in 2023.

    2025 Financial Guidance

    The Company reaffirmed its full-year 2025 guidance(2) initially issued on January 15, 2025 (in millions).

     

     

    FY 2024

     

    FY 2025 Guidance

     

    YOY % Change from FY 2024

     

     

    Actual

     

    Low

     

    High

     

    Low

     

    High

    Consolidated revenue

     

    $661

     

    $735

     

    $745

     

    11%

     

    13%

    Net loss

     

    $(79)

     

    $(85)

     

    $(76)

     

    (8)%

     

    4%

    Adjusted EBITDA

     

    $40

     

    $55

     

    $58

     

    38%

     

    45%

    (1)

     

    The Company has provided adjusted financial information that has not been prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Gross Profit Margin, Adjusted Net (Loss) Income, and Adjusted Diluted EPS. Each of these measures is defined in the section of this report entitled "Use of Non-GAAP Financial Measures." See also the tables reconciling such measures to their closest GAAP equivalent.

    (2)

     

    The Company reserves the right to adjust this guidance at any time based on the ongoing execution of its business plan. Current and prospective investors are encouraged to perform their own due diligence before buying or selling any of the Company's securities, and are reminded that the foregoing estimates should not be construed as a guarantee of future performance.

    Conference Call

    The Company has scheduled a webcast and conference call to discuss its fourth quarter and full year 2024 results on Tuesday, February 18, 2025 at 8:30 a.m. Eastern Time. To access the live call via telephone, interested investors should dial (888) 506-0062 (domestic) or (973) 528-0011 (international) at least five minutes prior to the call. The participant access code provided for this call is 167039. The live webcast may be accessed by visiting the Investor Relations section of our website at ir.neogenomics.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the Company's website.

    About NeoGenomics, Inc.

    NeoGenomics, Inc. is a premier cancer diagnostics company specializing in cancer genetics testing and information services. We offer one of the most comprehensive oncology-focused testing menus across the cancer continuum, serving oncologists, pathologists, hospital systems, academic centers, and pharmaceutical firms with innovative diagnostic and predictive testing to help them diagnose and treat cancer. Headquartered in Fort Myers, FL, NeoGenomics operates a network of CAP-accredited and CLIA-certified laboratories for full-service sample processing and analysis services throughout the US and a CAP-accredited full-service sample-processing laboratory in Cambridge, United Kingdom.

    Forward-Looking Statements

    This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "would," "may," "will," "believe," "estimate," "forecast," "goal," "project," "guidance," "plan," "potential" and other words of similar meaning, although not all forward-looking statements include these words. This press release includes forward-looking statements. These forward-looking statements address various matters, including statements regarding improving operational efficiency, returning to profitable growth and the Company's ongoing executive recruitment process. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to identify and implement appropriate financial and operational initiatives to improve performance, to identify and recruit executive candidates, to continue gaining new customers, offer new types of tests, integrate its acquisitions and otherwise implement its business plan, and the risks identified under the heading "Risk Factors" contained in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission.

    We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document (unless another date is indicated), and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

    NeoGenomics, Inc.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited, in thousands)

     

     

     

    As of December 31,

     

     

     

    2024

     

     

     

    2023

     

    ASSETS

     

     

     

     

    Current Assets

     

     

     

     

    Cash and cash equivalents

     

    $

    367,012

     

    $

    342,488

    Marketable securities, at fair value

     

     

    19,832

     

     

     

    72,715

     

    Accounts receivable, net

     

     

    150,540

     

     

     

    131,227

     

    Inventories

     

     

    26,748

     

     

     

    24,156

     

    Prepaid assets

     

     

    20,165

     

     

     

    17,987

     

    Other current assets

     

     

    11,722

     

     

     

    8,239

     

    Total current assets

     

     

    596,019

     

     

     

    596,812

     

    Property and equipment (net of accumulated depreciation of $189,990 and $158,211, respectively)

     

     

    94,103

     

     

     

    92,012

     

    Operating lease right-of-use assets

     

     

    79,583

     

     

     

    91,769

     

    Intangible assets, net

     

     

    339,681

     

     

     

    373,128

     

    Goodwill

     

     

    522,766

     

     

     

    522,766

     

    Other assets

     

     

    5,886

     

     

     

    4,742

     

    Total non-current assets

     

     

    1,042,019

     

     

     

    1,084,417

     

    Total assets

     

    $

    1,638,038

     

     

    $

    1,681,229

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable and other current liabilities

     

    $

    97,083

     

     

    $

    90,694

     

    Current portion of operating lease liabilities

     

     

    3,381

     

     

     

    5,610

     

    Current portion of convertible senior notes, net

     

     

    200,777

     

     

     

    —

     

    Total current liabilities

     

     

    301,241

     

     

     

    96,304

     

    Long-term liabilities

     

     

     

     

    Operating lease liabilities

     

     

    60,841

     

     

     

    67,871

     

    Convertible senior notes, net

     

     

    340,335

     

     

     

    538,198

     

    Deferred income tax liabilities, net

     

     

    21,510

     

     

     

    24,285

     

    Other long-term liabilities

     

     

    11,772

     

     

     

    13,034

     

    Total long-term liabilities

     

     

    434,458

     

     

     

    643,388

     

    Total liabilities

     

     

    735,699

     

     

     

    739,692

     

    Stockholders' equity

     

     

     

     

    Total stockholders' equity

     

     

    902,339

     

     

     

    941,537

     

    Total liabilities and stockholders' equity

     

    $

    1,638,038

     

     

    $

    1,681,229

     

     

    NeoGenomics, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited, in thousands, except per share amounts)

     

     

     

    Three Months Ended

    December 31,

     

    Years Ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    NET REVENUE

     

    $

    172,000

     

     

    $

    155,552

     

     

    $

    660,566

     

     

    $

    591,643

     

     

     

     

     

     

     

     

     

     

    COST OF REVENUE

     

     

    94,743

     

     

     

    87,964

     

     

     

    370,466

     

     

     

    347,039

     

     

     

     

     

     

     

     

     

     

    GROSS PROFIT

     

     

    77,257

     

     

     

    67,588

     

     

     

    290,100

     

     

     

    244,604

     

    Operating expenses:

     

     

     

     

     

     

     

     

    General and administrative

     

     

    63,643

     

     

     

    59,758

     

     

     

    259,737

     

     

     

    243,101

     

    Research and development

     

     

    7,969

     

     

     

    7,127

     

     

     

    31,159

     

     

     

    27,309

     

    Sales and marketing

     

     

    22,339

     

     

     

    18,072

     

     

     

    84,652

     

     

     

    70,842

     

    Restructuring charges

     

     

    1,707

     

     

     

    1,205

     

     

     

    6,658

     

     

     

    11,088

     

    Total operating expenses

     

     

    95,658

     

     

     

    86,162

     

     

     

    382,206

     

     

     

    352,340

     

    LOSS FROM OPERATIONS

     

     

    (18,401

    )

     

     

    (18,574

    )

     

     

    (92,106

    )

     

     

    (107,736

    )

    Interest income

     

     

    (4,328

    )

     

     

    (4,845

    )

     

     

    (18,427

    )

     

     

    (16,902

    )

    Interest expense

     

     

    1,624

     

     

     

    1,681

     

     

     

    6,617

     

     

     

    6,907

     

    Other expense (income), net

     

     

    431

     

     

     

    (124

    )

     

     

    379

     

     

     

    (644

    )

    Loss before taxes

     

     

    (16,128

    )

     

     

    (15,286

    )

     

     

    (80,675

    )

     

     

    (97,097

    )

    Income tax benefit

     

     

    (804

    )

     

     

    (960

    )

     

     

    (1,949

    )

     

     

    (9,129

    )

    NET LOSS

     

    $

    (15,324

    )

     

    $

    (14,326

    )

     

    $

    (78,726

    )

     

    $

    (87,968

    )

     

     

     

     

     

     

     

     

     

    NET LOSS PER SHARE

     

     

     

     

     

     

     

     

    Basic

     

    $

    (0.12

    )

     

    $

    (0.11

    )

     

    $

    (0.62

    )

     

    $

    (0.70

    )

    Diluted

     

    $

    (0.12

    )

     

    $

    (0.11

    )

     

    $

    (0.62

    )

     

    $

    (0.70

    )

     

     

     

     

     

     

     

     

     

    WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

     

     

     

     

     

     

     

     

    Basic

     

     

    127,160

     

     

     

    125,929

     

     

     

    126,658

     

     

     

    125,502

     

    Diluted

     

     

    127,160

     

     

     

    125,929

     

     

     

    126,658

     

     

     

    125,502

     

     

    NeoGenomics, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited, in thousands)

     

     

     

    Years Ended December 31,

     

     

     

    2024

     

     

     

    2023

     

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

    Net loss

     

    $

    (78,726

    )

     

    $

    (87,968

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

     

    Depreciation

     

     

    39,101

     

     

     

    37,450

     

    Amortization of intangibles

     

     

    33,446

     

     

     

    35,133

     

    Stock-based compensation

     

     

    33,413

     

     

     

    24,633

     

    Non-cash operating lease expense

     

     

    8,926

     

     

     

    9,235

     

    Amortization of convertible debt discount and debt issue costs

     

     

    2,914

     

     

     

    2,876

     

    (Gain) loss on disposal of assets, net

     

     

    (49

    )

     

     

    292

     

    Impairment of assets

     

     

    450

     

     

     

    1,703

     

    Other adjustments

     

     

    178

     

     

     

    186

     

    Changes in assets and liabilities, net:

     

     

    (32,630

    )

     

     

    (25,493

    )

    Net cash provided by (used in) operating activities

     

    $

    7,023

     

     

    $

    (1,953

    )

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

     

    Purchases of marketable securities

     

     

    —

     

     

     

    (6,756

    )

    Proceeds from maturities of marketable securities

     

     

    53,916

     

     

     

    112,215

     

    Purchases of property and equipment

     

     

    (41,061

    )

     

     

    (28,752

    )

    Net cash provided by investing activities

     

    $

    12,855

     

     

    $

    76,707

     

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

    Repayment of equipment financing obligations

     

     

    —

     

     

     

    (70

    )

    Issuance of common stock, net

     

     

    4,646

     

     

     

    4,624

     

    Net cash provided by financing activities

     

    $

    4,646

     

     

    $

    4,554

     

    Net change in cash and cash equivalents

     

    $

    24,524

     

     

    $

    79,308

     

     

     

     

     

     

    Cash and cash equivalents, beginning of year

     

    $

    342,488

     

     

    $

    263,180

     

    Cash, cash equivalents and restricted cash, end of year

     

    $

    367,012

     

     

    $

    342,488

     

    Use of Non-GAAP Financial Measures

    In order to provide greater transparency regarding our operating performance, the financial results and financial guidance in this press release refer to certain non-GAAP financial measures that involve adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management believes are not directly attributable to the Company's core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. Management believes that the presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors by facilitating the analysis of the Company's core test-level operating results across reporting periods and when comparing those same results to those published by our peers. These non-GAAP financial measures may also assist investors in evaluating future prospects. Management also uses non-GAAP financial measures for financial and operational decision making, planning and forecasting purposes and to manage the business. These non-GAAP financial measures do not replace the presentation of financial information in accordance with U.S. GAAP financial results, should not be considered measures of liquidity, and are unlikely to be comparable to non-GAAP financial measures provided by other companies.

    Definitions of Non-GAAP Measures

    Non-GAAP Adjusted EBITDA

    "Adjusted EBITDA" is defined by NeoGenomics as net (loss) income from continuing operations before: (i) interest income, (ii) interest expense, (iii) tax (benefit) or expense, (iv) depreciation and amortization expense, (v) stock-based compensation expense, and, if applicable in a reporting period, (vi) restructuring charges, (vii) intellectual property ("IP") litigation costs, and (viii) other significant or non-operating (income) or expenses, net.

    Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

    "Adjusted cost of revenue" is defined by NeoGenomics as cost of revenue before: (i) amortization of acquired intangible assets, and, if applicable in a reporting period, (ii) stock-based compensation expense.

    "Adjusted gross profit" is defined by NeoGenomics as total revenue less adjusted cost of revenue.

    "Adjusted gross profit margin" is defined by NeoGenomics as adjusted cost of revenue divided by total revenue.

    Non-GAAP Adjusted Net (Loss) Income

    "Adjusted net (loss) income" is defined by NeoGenomics as net (loss) income from continuing operations plus: (i) amortization of intangible assets, (ii) stock-based compensation expense, and, if applicable in a reporting period, (iii) restructuring charges, (iv) IP litigation costs, and (v) other significant or non-operating (income) or expenses, net. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method unless the effect of this adjustment on both the adjusted net (loss) income and weighted average diluted common shares outstanding would be anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method.

    Non-GAAP Adjusted Diluted EPS

    "Adjusted diluted EPS" is defined by NeoGenomics as adjusted net (loss) income divided by adjusted diluted shares outstanding. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted diluted shares outstanding will also include any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted diluted shares outstanding will exclude any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period.

    Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

    (Unaudited, in thousands)

     

     

    Three Months Ended December 31,

     

    Years Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net loss (GAAP)

    $

    (15,324

    )

     

    $

    (14,326

    )

     

    $

    (78,726

    )

     

    $

    (87,968

    )

    Adjustments to net loss:

     

     

     

     

     

     

     

    Interest income

     

    (4,328

    )

     

     

    (4,845

    )

     

     

    (18,427

    )

     

     

    (16,902

    )

    Interest expense

     

    1,624

     

     

     

    1,681

     

     

     

    6,617

     

     

     

    6,907

     

    Income tax benefit

     

    (804

    )

     

     

    (960

    )

     

     

    (1,949

    )

     

     

    (9,129

    )

    Depreciation

     

    9,827

     

     

     

    9,578

     

     

     

    39,101

     

     

     

    37,450

     

    Amortization of intangibles

     

    8,361

     

     

     

    8,783

     

     

     

    33,446

     

     

     

    35,133

     

    EBITDA (non-GAAP)

     

    (644

    )

     

     

    (89

    )

     

     

    (19,938

    )

     

     

    (34,509

    )

    Further adjustments to EBITDA:

     

     

     

     

     

     

     

    Stock-based compensation expense

     

    8,328

     

     

     

    6,990

     

     

     

    33,413

     

     

     

    24,633

     

    Restructuring charges

     

    1,707

     

     

     

    1,205

     

     

     

    6,658

     

     

     

    11,088

     

    IP litigation costs(3)

     

    1,397

     

     

     

    1,111

     

     

     

    13,753

     

     

     

    1,111

     

    Other significant expenses, net(4)

     

    1,085

     

     

     

    131

     

     

     

    5,722

     

     

     

    1,163

     

    Adjusted EBITDA (non-GAAP)

    $

    11,873

     

     

    $

    9,348

     

     

    $

    39,608

     

     

    $

    3,486

     

     

    (3)

     

    For the three months ended December 31, 2024, IP litigation costs include legal fees. For the year ended December 31, 2024, IP litigation costs include a legal fees and a settlement payment. For the three months and year ended December 31, 2023, IP litigation costs include legal fees.

    (4)

     

    For the three months ended December 31, 2024, other significant (income) expenses, net, includes CEO transition costs and site closure costs. For the three months ended December 31, 2023, other significant (income) expenses, net, includes fees related to a regulatory matter and other non-recurring items. For the year ended December 31, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, fees related to non-recurring legal matters, and CEO transition costs. For the year ended December 31, 2023, other significant (income) expenses, net, fees related to a regulatory matter, CEO transition costs and other non-recurring items.

     

    Reconciliation of Consolidated GAAP Cost of Revenue, Gross Profit and Gross Profit Margin to

    Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

    (Unaudited, dollars in thousands)

     

     

     

    Three Months Ended December 31,

     

    Years Ended December 31,

     

     

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Consolidated:

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue (GAAP)

     

    $

    172,000

     

     

    $

    155,552

     

     

    10.6

    %

     

    $

    660,566

     

     

    $

    591,643

     

     

    11.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenue (GAAP)

     

    $

    94,743

     

     

    $

    87,964

     

     

    7.7

    %

     

    $

    370,466

     

     

    $

    347,039

     

     

    6.8

    %

    Adjustments to cost of revenue(5)

     

     

    (5,292

    )

     

     

    (5,079

    )

     

     

     

     

    (21,127

    )

     

     

    (19,638

    )

     

     

    Adjusted cost of revenue (non-GAAP)

     

    $

    89,451

     

     

    $

    82,885

     

     

    7.9

    %

     

    $

    349,339

     

     

    $

    327,401

     

     

    6.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit (GAAP)

     

    $

    77,257

     

     

    $

    67,588

     

     

    14.3

    %

     

    $

    290,100

     

     

    $

    244,604

     

     

    18.6

    %

    Adjusted gross profit (non-GAAP)

     

    $

    82,549

     

     

    $

    72,667

     

     

    13.6

    %

     

    $

    311,227

     

     

    $

    264,242

     

     

    17.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit margin (GAAP)

     

     

    44.9

    %

     

     

    43.5

    %

     

     

     

     

    43.9

    %

     

     

    41.3

    %

     

     

    Adjusted gross profit margin (non-GAAP)

     

     

    48.0

    %

     

     

    46.7

    %

     

     

     

     

    47.1

    %

     

     

    44.7

    %

     

     

     

    (5)

     

    Cost of revenue adjustments for the three months ended December 31, 2024 includes $4.9 million of amortization of acquired intangible assets and $0.4 million of stock-based compensation. Cost of revenue adjustments for the three months ended December 31, 2023 includes $5.1 million of amortization of acquired intangible assets. Cost of revenue adjustments for the year ended December 31, 2024 includes $19.6 million of amortization of acquired intangible assets and $1.4 million of stock-based compensation. Cost of revenue adjustments for the year ended December 31, 2023 includes $19.6 million of amortization of acquired intangible assets. There were no stock-based compensation amounts recorded for the three months and year ended December 31, 2023.

     

    Reconciliation of GAAP Net Loss to Non- GAAP Adjusted Net Loss and

    GAAP EPS to Non-GAAP Adjusted EPS

    (Unaudited, in thousands, except per share amounts)

     

     

    Three Months Ended

    December 31,

     

    Years Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net loss (GAAP)

    $

    (15,324

    )

     

    $

    (14,326

    )

     

    $

    (78,726

    )

     

    $

    (87,968

    )

    Adjustments to net loss:

     

     

     

     

     

     

     

    Amortization of intangibles

     

    8,361

     

     

     

    8,783

     

     

     

    33,446

     

     

     

    35,133

     

    Stock-based compensation expense

     

    8,328

     

     

     

    6,990

     

     

     

    33,413

     

     

     

    24,633

     

    Restructuring charges

     

    1,707

     

     

     

    1,205

     

     

     

    6,658

     

     

     

    11,088

     

    IP litigation costs(6)

     

    1,397

     

     

     

    1,111

     

     

     

    13,753

     

     

     

    1,111

     

    Other significant expenses, net(7)

     

    1,085

     

     

     

    131

     

     

     

    5,722

     

     

     

    1,163

     

    Adjusted net income (loss) (non-GAAP)

    $

    5,554

     

     

    $

    3,894

     

     

    $

    14,266

     

     

    $

    (14,840

    )

     

     

     

     

     

     

     

     

    Net loss per diluted share (GAAP)

     

     

     

     

     

     

     

    Diluted EPS

    $

    (0.12

    )

     

    $

    (0.11

    )

     

    $

    (0.62

    )

     

    $

    (0.70

    )

    Adjustments to net loss per diluted share:

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.07

     

     

     

    0.07

     

     

     

    0.26

     

     

     

    0.28

     

    Stock-based compensation expense

     

    0.07

     

     

     

    0.06

     

     

     

    0.26

     

     

     

    0.20

     

    Restructuring charges

     

    0.01

     

     

     

    0.01

     

     

     

    0.05

     

     

     

    0.09

     

    IP litigation costs(6)

     

    0.01

     

     

     

    0.01

     

     

     

    0.11

     

     

     

    0.01

     

    Other significant expenses, net(7)

     

    0.01

     

     

     

    —

     

     

     

    0.05

     

     

     

    0.01

     

    Rounding and impact of diluted shares in adjusted diluted share(8)

     

    (0.01

    )

     

     

    (0.01

    )

     

     

    —

     

     

     

    (0.01

    )

    Adjusted diluted EPS (non-GAAP)

    $

    0.04

     

     

    $

    0.03

     

     

    $

    0.11

     

     

    $

    (0.12

    )

     

     

     

     

     

     

     

     

    Weighted average shares used in computation of

    adjusted diluted EPS:

     

     

     

     

     

     

     

    Diluted common shares (GAAP)

     

    127,160

     

     

     

    125,929

     

     

     

    126,658

     

     

     

    125,502

     

    Dilutive effect of options, restricted stock, and converted shares(9)(10)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted diluted shares outstanding (non-GAAP)

     

    127,160

     

     

     

    125,929

     

     

     

    126,658

     

     

     

    125,502

     

     

    (6)

     

    For the three months ended December 31, 2024, IP litigation costs include legal fees. For the year ended December 31, 2024, IP litigation costs include a legal fees and a settlement payment. For the three months and year ended December 31, 2023, IP litigation costs include legal fees.

    (7)

     

    For the three months ended December 31, 2024, other significant (income) expenses, net, includes CEO transition costs and site closure costs. For the three months ended December 31, 2023, other significant (income) expenses, net, includes fees related to a regulatory matter and other non-recurring items. For the year ended December 31, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, CEO transition costs, and fees related to non-recurring legal matters. For the year ended December 31, 2023, other significant (income) expenses, net, fees related to a regulatory matter and other non-recurring items. items.

    (8)

     

    This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive or GAAP net (loss) income is positive and adjusted net (loss) income is negative, also compensates for the effects of additional diluted shares included or excluded in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.

    (9)

     

    In those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.

    (10)

     

    In those periods in which GAAP net (loss) income is positive and adjusted net (loss) income is negative, this adjustment excludes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period.

     

    Reconciliation of Non-GAAP Financial Guidance to Corresponding GAAP Measures

    (Unaudited, in thousands, except per share amounts)

    GAAP net loss in 2025 will be impacted by certain charges, including: (i) expense related to the amortization of intangible assets, (ii) stock-based compensation, and (iii) other one-time expenses. These charges have been included in GAAP net loss available to stockholders and GAAP net loss per share; however, they have been removed from adjusted net loss and adjusted diluted net loss per share.

    The following table reconciles the Company's 2025 outlook for net loss and EPS to the corresponding non-GAAP measures of adjusted net loss, adjusted EBITDA, and adjusted diluted EPS:

     

    Year Ended December 31, 2025

     

    Low Range

     

    High Range

    Net loss (GAAP)

    $

    (85,000

    )

     

    $

    (76,000

    )

    Amortization of intangibles

     

    34,000

     

     

     

    34,000

     

    Stock-based compensation

     

    50,000

     

     

     

    46,000

     

    Other one-time expenses

     

    20,000

     

     

     

    20,000

     

    Adjusted net loss (non-GAAP)

     

    19,000

     

     

     

    24,000

     

    Interest and taxes

     

    (7,000

    )

     

     

    (7,000

    )

    Depreciation

     

    43,000

     

     

     

    41,000

     

    Adjusted EBITDA (non-GAAP)

    $

    55,000

     

     

    $

    58,000

     

     

     

     

     

    Net loss per diluted share (GAAP)

    $

    (0.66

    )

     

    $

    (0.59

    )

    Adjustments to net loss per diluted share:

     

     

     

    Amortization of intangibles

     

    0.27

     

     

     

    0.27

     

    Stock-based compensation

     

    0.39

     

     

     

    0.36

     

    Other one-time expenses

     

    0.16

     

     

     

    0.16

     

    Rounding and impact of diluted shares in adjusted diluted shares(11)

     

    (0.01

    )

     

     

    (0.01

    )

    Adjusted diluted EPS(12) (non-GAAP)

    $

    0.15

     

     

    $

    0.19

     

     

     

     

     

    Weighted average assumed shares outstanding in 2025:

     

     

     

    Diluted shares (GAAP)

     

    128,000

     

     

     

    128,000

     

    Options, restricted stock, and converted shares not included in diluted shares(12)

     

    —

     

     

     

    —

     

    Adjusted diluted shares outstanding (non-GAAP)

     

    128,000

     

     

     

    128,000

     

     

    (11)

     

    This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, also compensates for the effects of additional diluted shares included in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.

    (12)

     

    For those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.

     

    Supplemental Information

    Clinical(13) Tests Performed and Revenue

    (Unaudited)

     

     

    Three Months Ended December 31,

     

    Years Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Clinical(13):

     

     

     

     

     

     

     

     

     

     

     

    Number of tests performed

     

    321,679

     

     

    294,850

     

    9.1

    %

     

     

    1,248,740

     

     

    1,165,079

     

    7.2

    %

    Average revenue/test

    $

    465

     

     

    $

    441

     

     

    5.4

    %

     

    $

    457

     

     

    $

    425

     

     

    7.5

    %

     

    (13)

     

    Excludes non-clinical tests and revenue.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250218439283/en/

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      Stone to drive lab operations, data solutions division and enterprise operations functions in addition to existing commercial responsibilities Leadership team aligned to support long term growth, profitability, and operational execution NeoGenomics, Inc. ("NeoGenomics" or the "Company") (NASDAQ:NEO), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced that it has promoted Warren Stone, the Company's current Chief Commercial Officer (CCO), to President & Chief Operating Officer, effective April 1, 2025. Mr. Stone has over 25 years of general management and cross-functional commercial experience. In his expanded role, he will be responsible f

      3/18/25 7:05:00 AM ET
      $NEO
      Precision Instruments
      Health Care
    • PacBio Announces Appointment of Chris Smith to Board of Directors

      MENLO PARK, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ:PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced the appointment of Chris Smith to its Board of Directors, effective today. Mr. Smith is currently the Chief Executive Officer of NeoGenomics, Inc. (NASDAQ:NEO), a leading oncology testing services company. Mr. Smith, a seasoned executive with extensive experience in the life sciences and healthcare industries, brings a strong track record of leadership in genomics, diagnostics, and corporate strategy. As CEO of NeoGenomics, a leading provider of oncology testing services, he has overseen the company's continued growth and in

      1/30/25 9:05:00 AM ET
      $NEO
      $PACB
      Precision Instruments
      Health Care
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Felicia Williams Joins NeoGenomics Board of Directors

      NeoGenomics, Inc. (NASDAQ:NEO), a leading oncology testing services company, today announced the appointment of Felicia Williams to its Board of Directors. "We are fortunate to welcome Felicia Williams to our board of directors, bringing her experience across the spectrum of finance, accounting, audit, and enterprise risk management to NeoGenomics," said Lynn Tetrault, Chairwoman of the Board of NeoGenomics. "We look forward to working together to support the company and improve patient care." The Board has elected Felicia Williams to join the Board as an independent director effective November 1, 2024. Felicia, former interim CFO of Macy's Inc. and Fellow for CEO Action for Racial Equa

      11/14/24 8:10:00 AM ET
      $NEO
      Precision Instruments
      Health Care

    $NEO
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Tetrault Lynn A. bought $56,974 worth of shares (7,000 units at $8.14) (SEC Form 4)

      4 - NEOGENOMICS INC (0001077183) (Issuer)

      5/9/25 5:26:57 PM ET
      $NEO
      Precision Instruments
      Health Care
    • Director Kanovsky Stephen M bought $31,124 worth of shares (4,000 units at $7.78), increasing direct ownership by 11% to 40,090 units (SEC Form 4)

      4 - NEOGENOMICS INC (0001077183) (Issuer)

      5/9/25 5:24:53 PM ET
      $NEO
      Precision Instruments
      Health Care
    • Chief Executive Officer Zook Anthony P. bought $148,919 worth of shares (18,900 units at $7.88) (SEC Form 4)

      4 - NEOGENOMICS INC (0001077183) (Issuer)

      5/8/25 4:13:18 PM ET
      $NEO
      Precision Instruments
      Health Care