NeoGenomics Reports Fourth Quarter and Full Year 2025 Results

Full-year revenue increased 10% to $727 million;

Full-year clinical revenue grew 15%, or 13% excluding the Pathline acquisition;

Successfully resolved RaDaR ST patent litigation

NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced its fourth-quarter and full-year results for the period ended December 31, 2025.

"We ended 2025 on a strong note, delivering double-digit revenue growth in the fourth quarter on the strength of our clinical volumes and ongoing mix shift toward higher value tests," stated Tony Zook, CEO of NeoGenomics. "Notably, NGS grew 23% in Q4 and 22% for the full year, both well ahead of the market growth rate, reflecting our ability to successfully pull innovation through the community channel, where we enjoy a leadership position and where approximately 80% of all cancer care is delivered today."

"Looking ahead, the imminent clinical launch of our RaDaR ST MRD assay further enhances our menu of advanced tests and allows us to address the $20+ billion molecular residual disease monitoring market. And while we anticipate modest revenue contribution from MRD in 2026, we believe the longer-term opportunity, in 2027 and beyond, is substantial. We believe RaDaR ST, together with our PanTracer family of therapy selection solutions, will be a key driver of our revenue growth over the long term. We envision a world where every cancer treatment decision is as personal as the patient, and this drives what we do every day. I am pleased with our progress in 2025 and excited about our current momentum."

Fourth Quarter Results

Consolidated revenue for the fourth quarter of 2025 was $190 million, an increase of 11% over the same period in 2024. Average revenue per clinical test ("revenue per test") increased by 5% to $488, with 7% growth excluding recently acquired Pathline tests. This increase reflects a shift toward higher-value tests, including NGS, and the positive impact of strategic reimbursement initiatives.

Consolidated gross profit for the fourth quarter of 2025 was $83 million, an increase of 8% compared to the fourth quarter of 2024. This increase was primarily due to an increase in revenue partially offset by higher compensation and benefit costs, and an increase in supplies costs. Consolidated gross profit margin⁽¹⁾, including amortization of acquired intangible assets and stock-based compensation expense, was 43.8%. Adjusted Gross Profit Margin⁽¹⁾, excluding amortization of acquired intangible assets and stock-based compensation expense, was 46.4%.

Operating expenses for the fourth quarter of 2025 remained relatively flat at $97 million compared to the fourth quarter of 2024. Operating expenses included higher compensation and benefit costs offset by a decrease in restructuring charges due to the completion of the restructuring program in 2024.

Net loss for the quarter was $10 million compared to net loss of $15 million for the fourth quarter of 2024.

Adjusted EBITDA⁽¹⁾ was positive $13 million compared to positive $12 million in the fourth quarter of 2024. Adjusted Net Income⁽¹⁾ was $8 million compared to Adjusted Net Income⁽¹⁾ of $6 million in the fourth quarter of 2024.

Cash and cash equivalents totaled $160 million at quarter end.

Full Year Results

Consolidated revenue for 2025 was $727 million, an increase of 10% over 2024. This increase primarily reflects an increase in test volumes, a shift toward higher value tests, and the positive impact of strategic reimbursement initiatives. Revenues from the Pathline acquisition also contributed to revenue growth, which was partially offset by lower non-clinical revenue due to macro trends in the pharmaceutical and biotech industries, and a less favorable test mix. Net loss for 2025 was $108 million compared to net loss of $79 million in 2024. Adjusted EBITDA⁽¹⁾ for 2025 was positive $43 million compared to positive $40 million in 2024. Adjusted net income⁽¹⁾ for 2025 was $15 million compared to adjusted net income⁽¹⁾ of $14 million in 2024.

2026 Financial Guidance

The Company issued its full-year 2026 guidance⁽²⁾ (in millions):

Conference Call

The Company has scheduled a webcast and conference call to discuss its fourth quarter and full year 2025 results on Tuesday, February 17, 2026, 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 825997. 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.

We routinely post information that may be important to investors on our website at https://www.neogenomics.com.

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. These forward-looking statements include statements regarding the Company's strategy, future operations, future financial position, future revenues, projected costs and capital expenditures, prospects and plans, estimates of market size and position, and objectives of Management. 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.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). However, 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. 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 and may exclude items that are significant to understanding and assessing the Company's financial results. Therefore, should not be considered measures of liquidity or considered in isolation or as an alternative to other measures of the Company's profitability or performance under GAAP. The Company's presentation of non-GAAP financial measures is unlikely to be comparable to similarly-titled non-GAAP financial measures provided by other companies.

Definitions of Non-GAAP Financial 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) CEO transition costs, (vii) acquisition and integration related expenses, (viii) restructuring charges, (ix) impairment charges, (x) intellectual property ("IP") litigation costs, and (xi) 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 (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) CEO transition costs, (iv) acquisition and integration related expenses, (v) restructuring charges, (vi) impairment charges, (vii) IP litigation costs, and (viii) 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.

The following tables present reconciliations of the Company's non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Reconciliation of Non-GAAP Financial Guidance to Corresponding GAAP Measures

(Unaudited, in thousands, except per share amounts)

GAAP net loss in 2026 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 2026 outlook for net loss and EPS to the corresponding non-GAAP measures of adjusted net loss, adjusted EBITDA, and adjusted diluted EPS:

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