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    NeoGenomics Reports Second Quarter 2024 Results

    7/29/24 4:05:00 PM ET
    $NEO
    Precision Instruments
    Health Care
    Get the next $NEO alert in real time by email

    Second Quarter Revenue Increased 12% to $165 Million

    Raising Revenue Guidance $655 to $667 Million and Adjusted EBITDA to $33 to $37 Million

    NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading oncology testing services company, today announced its second-quarter results for the period ended June 30, 2024.

    Second Quarter 2024 Highlights As Compared To Second Quarter 2023

     

    • Consolidated revenue increased 12% to $165 million
    • Clinical Services revenue increased 15% to $141 million
    • Advanced Diagnostics revenue decreased 3% to $23 million
    • Net loss decreased 23% to $19 million
    • Adjusted EBITDA increased 630% to positive $11 million

    "The second quarter represents the fourth consecutive positive Adjusted EBITDA quarter with continued strong growth in volumes, revenues, and earnings," said Chris Smith, NeoGenomics' Chief Executive Officer. "We are well positioned to continue the momentum in the second half of the year and are committed to expanding our broad menu to help deliver innovative care for patients and driving long-term sustainable growth."

    Second-Quarter Results

    Consolidated revenue for the second quarter of 2024 was $165 million, an increase of 12% over the same period in 2023. Clinical Services revenue of $141 million increased year-over-year by 15%. Clinical test volume(1) increased by 6% year-over-year. Average revenue per clinical test ("revenue per test") increased by 9% to $454. Advanced Diagnostics revenue decreased by 3% to $23 million compared to the second quarter of 2023.

    Consolidated gross profit for the second quarter of 2024 was $72.5 million, an increase of 21.0% compared to the second 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 44.1%. Adjusted Gross Profit Margin(2), excluding amortization of acquired intangible assets and stock-based compensation expense, was 47.3%.

    Operating expenses for the second quarter of 2023 were $94 million, an increase of $5 million, or 5%, compared to the second quarter of 2023. Operating expenses included higher compensation and benefit costs as well as an increase in legal and professional fees. These increases were partially offset by a decrease in restructuring activities.

    Net loss for the quarter decreased $6 million, or 23%, to $19 million compared to net loss of $24 million for the second quarter of 2023.

    Adjusted EBITDA(2) increased $13 million, or 630%, to positive $11 million compared to negative $2 million in the second quarter of 2023. Adjusted Net Income(2) was $4 million compared to Adjusted Net Loss(2) of $7 million in the second quarter of 2023.

    Cash and cash equivalents and marketable securities totaled $388 million at quarter end.

    2024 Financial Guidance(3)

    The Company revised its full-year 2024 guidance(3), as initially issued on February 20, 2024.

     

     

    FY 2023

     

    Initial FY 2024

    Guidance

     

    Revised

    FY 2024 Guidance(3)

     

    YOY % Change from

    FY 2023

    (in millions)

     

    Actual

     

    Low

     

    High

     

    Low

     

    High

     

    Low

     

    High

    Consolidated revenue

     

    $592

     

    $650

     

    $660

     

    $655

     

    $667

     

    11%

     

    13%

    Net loss

     

    $(88)

     

    $(72)

     

    $(66)

     

    $(88)

     

    $(81)

     

    —%

     

    8%

    Adjusted EBITDA

     

    $3

     

    $21

     

    $24

     

    $33

     

    $37

     

    1000%

     

    1133%

    ________________________________________

    (1)

    Clinical testing excludes tests and revenue for Advanced Diagnostics.

    (2)

    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, 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.

    (3)

    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 second quarter 2024 results on Monday, July 29, 2024 at 4:30 p.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 276062. 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. specializes in cancer genetics testing and information services, providing one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company's Advanced Diagnostics Division serves pharmaceutical clients in clinical trials and drug development.

    NeoGenomics is committed to connecting patients with life altering therapies and trials. We believe that, together, with our partners, we can help patients with cancer today and the next person diagnosed tomorrow. In carrying out these commitments, NeoGenomics adheres to relevant data protection laws, provides transparency and choice to patients regarding the handling and use of their data through our Notice of Privacy Practices, and has invested in leading technologies to secure the data we maintain.

    Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories for full-service sample processing in Fort Myers, Florida; Aliso Viejo and San Diego, California; Research Triangle Park, North Carolina; and Houston, Texas; and a CAP accredited full-service, sample-processing laboratory in Cambridge, United Kingdom. NeoGenomics also has several, small, non-processing laboratory locations across the United States for providing analysis services. NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States, and a pharmaceutical firm in Europe.

    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 its 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

    (in thousands)

     

     

     

    June 30, 2024

    (unaudited)

     

    December 31, 2023

    ASSETS

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    $

    355,085

     

    $

    342,488

    Marketable securities, at fair value

     

     

    32,770

     

     

     

    72,715

     

    Accounts receivable, net

     

     

    146,581

     

     

     

    131,227

     

    Inventories

     

     

    23,214

     

     

     

    24,156

     

    Prepaid assets

     

     

    17,396

     

     

     

    17,987

     

    Other current assets

     

     

    9,157

     

     

     

    8,239

     

    Total current assets

     

     

    584,203

     

     

     

    596,812

     

    Property and equipment, net

     

     

    92,158

     

     

     

    92,012

     

    Operating lease right-of-use assets

     

     

    83,671

     

     

     

    91,769

     

    Intangible assets, net

     

     

    356,404

     

     

     

    373,128

     

    Goodwill

     

     

    522,766

     

     

     

    522,766

     

    Other assets

     

     

    4,075

     

     

     

    4,742

     

    Total non-current assets

     

     

    1,059,074

     

     

     

    1,084,417

     

    Total assets

     

    $

    1,643,277

     

     

    $

    1,681,229

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable and other current liabilities

     

    $

    86,312

     

     

    $

    90,694

     

    Current portion of operating lease liabilities

     

     

    3,574

     

     

     

    5,610

     

    Current portion of convertible senior notes, net

     

     

    200,073

     

     

     

    —

     

    Total current liabilities

     

     

    289,959

     

     

     

    96,304

     

    Long-term liabilities

     

     

     

     

    Operating lease liabilities

     

     

    63,294

     

     

     

    67,871

     

    Convertible senior notes, net

     

     

    339,577

     

     

     

    538,198

     

    Deferred income tax liabilities, net

     

     

    23,015

     

     

     

    24,285

     

    Other long-term liabilities

     

     

    11,548

     

     

     

    13,034

     

    Total long-term liabilities

     

     

    437,434

     

     

     

    643,388

     

    Total liabilities

     

    $

    727,393

     

     

    $

    739,692

     

    Stockholders' equity

     

     

     

     

    Total stockholders' equity

     

    $

    915,884

     

     

    $

    941,537

     

    Total liabilities and stockholders' equity

     

    $

    1,643,277

     

     

    $

    1,681,229

     

    NeoGenomics, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts)

    (unaudited)

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    NET REVENUE

     

     

     

     

     

     

     

     

    Clinical Services

     

    $

    141,388

     

     

    $

    123,156

     

     

    $

    275,923

     

     

    $

    238,025

     

    Advanced Diagnostics

     

     

    23,114

     

     

     

    23,761

     

     

     

    44,819

     

     

     

    46,112

     

    Total net revenue

     

     

    164,502

     

     

     

    146,917

     

     

     

    320,742

     

     

     

    284,137

     

     

     

     

     

     

     

     

     

     

    COST OF REVENUE

     

     

    92,008

     

     

     

    87,026

     

     

     

    182,779

     

     

     

    169,432

     

     

     

     

     

     

     

     

     

     

    GROSS PROFIT

     

     

    72,494

     

     

     

    59,891

     

     

     

    137,963

     

     

     

    114,705

     

    Operating expenses:

     

     

     

     

     

     

     

     

    General and administrative

     

     

    63,328

     

     

     

    60,308

     

     

     

    129,125

     

     

     

    121,857

     

    Research and development

     

     

    7,886

     

     

     

    7,502

     

     

     

    15,506

     

     

     

    14,897

     

    Sales and marketing

     

     

    21,677

     

     

     

    18,901

     

     

     

    41,898

     

     

     

    35,160

     

    Restructuring charges

     

     

    1,544

     

     

     

    3,074

     

     

     

    3,942

     

     

     

    7,758

     

    Total operating expenses

     

     

    94,435

     

     

     

    89,785

     

     

     

    190,471

     

     

     

    179,672

     

    LOSS FROM OPERATIONS

     

     

    (21,941

    )

     

     

    (29,894

    )

     

     

    (52,508

    )

     

     

    (64,967

    )

    Interest income

     

     

    (4,592

    )

     

     

    (4,308

    )

     

     

    (9,426

    )

     

     

    (7,532

    )

    Interest expense

     

     

    1,666

     

     

     

    1,784

     

     

     

    3,351

     

     

     

    3,541

     

    Other expense (income), net

     

     

    2

     

     

     

    (730

    )

     

     

    265

     

     

     

    (616

    )

    Loss before taxes

     

     

    (19,017

    )

     

     

    (26,640

    )

     

     

    (46,698

    )

     

     

    (60,360

    )

    Income tax benefit

     

     

    (375

    )

     

     

    (2,309

    )

     

     

    (995

    )

     

     

    (5,234

    )

    NET LOSS

     

    $

    (18,642

    )

     

    $

    (24,331

    )

     

    $

    (45,703

    )

     

    $

    (55,126

    )

     

     

     

     

     

     

     

     

     

    NET LOSS PER SHARE

     

     

     

     

     

     

     

     

    Basic

     

    $

    (0.15

    )

     

    $

    (0.19

    )

     

    $

    (0.36

    )

     

    $

    (0.44

    )

    Diluted

     

    $

    (0.15

    )

     

    $

    (0.19

    )

     

    $

    (0.36

    )

     

    $

    (0.44

    )

     

     

     

     

     

     

     

     

     

    WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

     

     

     

     

     

     

     

     

    Basic

     

     

    126,405

     

     

     

    125,356

     

     

     

    126,257

     

     

     

    125,192

     

    Diluted

     

     

    126,405

     

     

     

    125,356

     

     

     

    126,257

     

     

     

    125,192

     

    NeoGenomics, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

     

    Six Months Ended June 30,

     

     

     

    2024

     

     

     

    2023

     

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

    Net loss

     

    $

    (45,703

    )

     

    $

    (55,126

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

     

    Depreciation

     

     

    19,651

     

     

     

    18,523

     

    Amortization of intangibles

     

     

    16,723

     

     

     

    17,566

     

    Stock-based compensation

     

     

    16,615

     

     

     

    10,463

     

    Non-cash operating lease expense

     

     

    4,793

     

     

     

    4,648

     

    Amortization of convertible debt discount and debt issue costs

     

     

    1,452

     

     

     

    1,433

     

    Impairment of assets

     

     

    333

     

     

     

    1,660

     

    Other adjustments

     

     

    159

     

     

     

    5

     

    Changes in assets and liabilities, net

     

     

    (26,046

    )

     

     

    (13,412

    )

    Net cash used in operating activities

     

     

    (12,023

    )

     

     

    (14,240

    )

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

     

    Purchases of marketable securities

     

     

    —

     

     

     

    (6,756

    )

    Proceeds from maturities of marketable securities

     

     

    40,501

     

     

     

    62,868

     

    Purchases of property and equipment

     

     

    (18,663

    )

     

     

    (17,421

    )

    Net cash provided by investing activities

     

     

    21,838

     

     

     

    38,691

     

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

    Repayment of equipment financing obligations

     

     

    —

     

     

     

    (61

    )

    Issuance of common stock, net

     

     

    2,782

     

     

     

    1,504

     

    Net cash provided by financing activities

     

     

    2,782

     

     

     

    1,443

     

    Net change in cash and cash equivalents

     

     

    12,597

     

     

     

    25,894

     

    Cash and cash equivalents, beginning of period

     

     

    342,488

     

     

     

    263,180

     

    Cash and cash equivalents, end of period

     

    $

    355,085

     

     

    $

    289,074

     

    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, 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, 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

    (in thousands)

    (unaudited)

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net loss (GAAP)

    $

    (18,642

    )

     

    $

    (24,331

    )

     

    $

    (45,703

    )

     

    $

    (55,126

    )

    Adjustments to net loss:

     

     

     

     

     

     

     

    Interest income

     

    (4,592

    )

     

     

    (4,308

    )

     

     

    (9,426

    )

     

     

    (7,532

    )

    Interest expense

     

    1,666

     

     

     

    1,784

     

     

     

    3,351

     

     

     

    3,541

     

    Income tax benefit

     

    (375

    )

     

     

    (2,309

    )

     

     

    (995

    )

     

     

    (5,234

    )

    Depreciation

     

    9,746

     

     

     

    9,475

     

     

     

    19,651

     

     

     

    18,523

     

    Amortization of intangibles

     

    8,361

     

     

     

    8,783

     

     

     

    16,723

     

     

     

    17,566

     

    EBITDA (non-GAAP)

    $

    (3,836

    )

     

    $

    (10,906

    )

     

    $

    (16,399

    )

     

    $

    (28,262

    )

    Further adjustments to EBITDA:

     

     

     

     

     

     

     

    Stock-based compensation expense

     

    8,841

     

     

     

    5,705

     

     

     

    16,615

     

     

     

    10,463

     

    Restructuring charges

     

    1,544

     

     

     

    3,074

     

     

     

    3,942

     

     

     

    7,758

     

    IP litigation

     

    1,962

     

     

     

    —

     

     

     

    6,243

     

     

     

    —

     

    Other significant (income) expenses, net(4)

     

    2,358

     

     

     

    76

     

     

     

    3,960

     

     

     

    874

     

    Adjusted EBITDA (non-GAAP)

    $

    10,869

     

     

    $

    (2,051

    )

     

    $

    14,361

     

     

    $

    (9,167

    )

    _________________

    (4)

    For the three months ended June 30, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. For the three months ended June 30, 2023, other significant (income) expenses, net, includes fees related to a regulatory matter and other non-recurring items. For the six months ended June 30, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. For the six months ended June 30, 2023, other significant (income) expenses, net, CEO transition costs, fees related to a regulatory matter and other non-recurring items.

    Reconciliation of Segment and 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

    (dollars in thousands)

    (unaudited)

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Clinical Services:

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue (GAAP)

     

    $

    141,388

     

     

    $

    123,156

     

     

    14.8

    %

     

    $

    275,923

     

     

    $

    238,025

     

     

    15.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenue (GAAP)

     

    $

    78,094

     

     

    $

    71,746

     

     

    8.8

    %

     

    $

    154,938

     

     

    $

    139,038

     

     

    11.4

    %

    Adjustments to cost of revenue(5)

     

     

    (4,552

    )

     

     

    (4,263

    )

     

     

     

     

    (9,159

    )

     

     

    (8,527

    )

     

     

    Adjusted cost of revenue (non-GAAP)

     

    $

    73,542

     

     

    $

    67,483

     

     

    9.0

    %

     

    $

    145,779

     

     

    $

    130,511

     

     

    11.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit (GAAP)

     

    $

    63,294

     

     

    $

    51,410

     

     

    23.1

    %

     

    $

    120,985

     

     

    $

    98,987

     

     

    22.2

    %

    Adjusted gross profit (non-GAAP )

     

    $

    67,846

     

     

    $

    55,673

     

     

    21.9

    %

     

    $

    130,144

     

     

    $

    107,514

     

     

    21.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit margin (GAAP)

     

     

    44.8

    %

     

     

    41.7

    %

     

     

     

     

    43.8

    %

     

     

    41.6

    %

     

     

    Adjusted gross profit margin (non-GAAP)

     

     

    48.0

    %

     

     

    45.2

    %

     

     

     

     

    47.2

    %

     

     

    45.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Advanced Diagnostics:

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue (GAAP)

     

    $

    23,114

     

     

    $

    23,761

     

     

    (2.7

    )%

     

    $

    44,819

     

     

    $

    46,112

     

     

    (2.8

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenue (GAAP)

     

    $

    13,914

     

     

    $

    15,280

     

     

    (8.9

    )%

     

    $

    27,841

     

     

    $

    30,394

     

     

    (8.4

    )%

    Adjustments to cost of revenue(6)

     

     

    (715

    )

     

     

    (590

    )

     

     

     

     

    (1,413

    )

     

     

    (1,179

    )

     

     

    Adjusted cost of revenue (non-GAAP)

     

    $

    13,199

     

     

    $

    14,690

     

     

    (10.1

    )%

     

    $

    26,428

     

     

    $

    29,215

     

     

    (9.5

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit (GAAP)

     

    $

    9,200

     

     

    $

    8,481

     

     

    8.5

    %

     

    $

    16,978

     

     

    $

    15,718

     

     

    8.0

    %

    Adjusted gross profit (non-GAAP )

     

    $

    9,915

     

     

    $

    9,071

     

     

    9.3

    %

     

    $

    18,391

     

     

    $

    16,897

     

     

    8.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit margin (GAAP)

     

     

    39.8

    %

     

     

    35.7

    %

     

     

     

     

    37.9

    %

     

     

    34.1

    %

     

     

    Adjusted gross profit margin (non-GAAP)

     

     

    42.9

    %

     

     

    38.2

    %

     

     

     

     

    41.0

    %

     

     

    36.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated:

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue (GAAP)

     

    $

    164,502

     

     

    $

    146,917

     

     

    12.0

    %

     

    $

    320,742

     

     

    $

    284,137

     

     

    12.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenue (GAAP)

     

    $

    92,008

     

     

    $

    87,026

     

     

    5.7

    %

     

    $

    182,779

     

     

    $

    169,432

     

     

    7.9

    %

    Adjustments to cost of revenue(5)(6)

     

     

    (5,267

    )

     

     

    (4,853

    )

     

     

     

     

    (10,572

    )

     

     

    (9,706

    )

     

     

    Adjusted cost of revenue (non-GAAP)

     

    $

    86,741

     

     

    $

    82,173

     

     

    5.6

    %

     

    $

    172,207

     

     

    $

    159,726

     

     

    7.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit (GAAP)

     

    $

    72,494

     

     

    $

    59,891

     

     

    21.0

    %

     

    $

    137,963

     

     

    $

    114,705

     

     

    20.3

    %

    Adjusted gross profit (non-GAAP )

     

    $

    77,761

     

     

    $

    64,744

     

     

    20.1

    %

     

    $

    148,535

     

     

    $

    124,411

     

     

    19.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit margin (GAAP)

     

     

    44.1

    %

     

     

    40.8

    %

     

     

     

     

    43.0

    %

     

     

    40.4

    %

     

     

    Adjusted gross profit margin (non-GAAP)

     

     

    47.3

    %

     

     

    44.1

    %

     

     

     

     

    46.3

    %

     

     

    43.8

    %

     

     

    _______________

    (5)

    Clinical Services cost of revenue adjustments for the three months ended June 30, 2024 includes $4.3 million of amortization of acquired intangible assets and $0.2 million of stock-based compensation. Clinical Services cost of revenue adjustments for the three months ended June 30, 2023 includes $4.3 million of amortization of acquired intangible assets. Clinical Services cost of revenue adjustments for the six months ended June 30, 2024 includes $8.6 million of amortization of acquired intangible assets and $0.5 million of stock-based compensation. Clinical Services cost of revenue adjustments for the six months ended June 30, 2023 includes $8.5 million of amortization of acquired intangible assets. There were no stock-based compensation amounts recorded for the three and six months ended June 30, 2023.

    (6)

    Advanced Diagnostics cost of revenue adjustments for the three months ended June 30, 2024 includes $0.6 million of amortization of acquired intangible assets and $0.1 million of stock-based compensation. Advanced Diagnostics cost of revenue adjustments for the three months ended June 30, 2023 includes $0.6 million of amortization of acquired intangible assets. Advanced Diagnostics cost of revenue adjustments for the six months ended June 30, 2024 includes $1.2 million of amortization of acquired intangible assets and $0.2 million of stock-based compensation. Advanced Diagnostics cost of revenue adjustments for the six months ended June 30, 2023 includes $1.2 million of amortization of acquired intangible assets. There were no stock-based compensation amounts recorded for the three and six months ended June 30, 2023.

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

    and GAAP EPS to Non-GAAP Adjusted EPS

    (in thousands, except per share amounts)

    (unaudited)

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net loss (GAAP)

    $

    (18,642

    )

     

    $

    (24,331

    )

     

    $

    (45,703

    )

     

    $

    (55,126

    )

    Adjustments to net loss, net of tax:

     

     

     

     

     

     

     

    Amortization of intangibles

     

    8,361

     

     

     

    8,783

     

     

     

    16,723

     

     

     

    17,566

     

    Stock-based compensation expense

     

    8,841

     

     

     

    5,705

     

     

     

    16,615

     

     

     

    10,463

     

    Restructuring charges

     

    1,544

     

     

     

    3,074

     

     

     

    3,942

     

     

     

    7,758

     

    IP litigation

     

    1,962

     

     

     

    —

     

     

     

    6,243

     

     

     

    —

     

    Other significant (income) expenses, net(7)

     

    2,358

     

     

     

    76

     

     

     

    3,960

     

     

     

    874

     

    Adjusted net loss (non-GAAP)

    $

    4,424

     

     

    $

    (6,693

    )

     

    $

    1,780

     

     

    $

    (18,465

    )

     

     

     

     

     

     

     

     

    Net loss per common share (GAAP)

     

     

     

     

     

     

     

    Diluted EPS

    $

    (0.15

    )

     

    $

    (0.19

    )

     

    $

    (0.36

    )

     

    $

    (0.44

    )

    Adjustments to diluted loss income per share:

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.07

     

     

     

    0.07

     

     

     

    0.13

     

     

     

    0.14

     

    Stock-based compensation expense

     

    0.07

     

     

     

    0.05

     

     

     

    0.13

     

     

     

    0.08

     

    Restructuring charges

     

    0.01

     

     

     

    0.02

     

     

     

    0.03

     

     

     

    0.06

     

    IP litigation

     

    0.02

     

     

     

    —

     

     

     

    0.05

     

     

     

    —

     

    Other significant (income) expenses, net(7)

     

    0.02

     

     

     

    —

     

     

     

    0.03

     

     

     

    0.01

     

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

     

    (0.01

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted diluted EPS (non-GAAP)

    $

    0.03

     

     

    $

    (0.05

    )

     

    $

    0.01

     

     

    $

    (0.15

    )

     

     

     

     

     

     

     

     

    Weighted average shares used in computation of adjusted diluted EPS:

     

     

     

     

     

     

     

    Diluted common shares (GAAP)

     

    126,405

     

     

     

    125,356

     

     

     

    126,257

     

     

     

    125,192

     

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

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted diluted shares outstanding (non-GAAP)

     

    126,405

     

     

     

    125,356

     

     

     

    126,257

     

     

     

    125,192

     

    _________________

    (7)

    For the three months ended June 30, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. For the three months ended June 30, 2023, other significant (income) expenses, net, includes fees related to a regulatory matter and other non-recurring items. For the six months ended June 30, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. For the six months ended June 30, 2023, other significant (income) expenses, net, includes CEO transition costs, fees related to a regulatory matter and other non-recurring 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

    (in thousands, except per share amounts)

    (unaudited)

     

    GAAP net loss in 2024 will be impacted by certain charges, including: (i) expense related to the amortization of intangible assets, (ii) stock-based compensation, (iii) restructuring charges, and (iv) 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 2024 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, 2024

     

    Low Range

     

    High Range

    Net loss (GAAP)

    $

    (88,000

    )

     

    $

    (81,000

    )

    Amortization of intangibles

     

    33,000

     

     

     

    33,000

     

    Stock-based compensation expenses

     

    33,000

     

     

     

    32,000

     

    Restructuring charges

     

    5,000

     

     

     

    5,000

     

    Other one-time expenses

     

    20,000

     

     

     

    20,000

     

    Adjusted net loss (non-GAAP)

     

    3,000

     

     

     

    9,000

     

    Interest and taxes

     

    (11,000

    )

     

     

    (11,000

    )

    Depreciation

     

    41,000

     

     

     

    39,000

     

    Adjusted EBITDA (non-GAAP)

    $

    33,000

     

     

    $

    37,000

     

     

     

     

     

    Net loss per diluted share (GAAP)

    $

    (0.69

    )

     

    $

    (0.64

    )

    Adjustments to net loss per diluted share:

     

     

     

    Amortization of intangibles

     

    0.26

     

     

     

    0.26

     

    Stock-based compensation expenses

     

    0.26

     

     

     

    0.25

     

    Restructuring charges

     

    0.04

     

     

     

    0.04

     

    Other one-time expenses

     

    0.16

     

     

     

    0.16

     

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

     

    (0.01

    )

     

     

    —

     

    Adjusted diluted EPS(12) (non-GAAP)

    $

    0.02

     

     

    $

    0.07

     

     

     

     

     

    Weighted average assumed shares outstanding in 2024:

     

     

     

    Diluted shares (GAAP)

     

    127,000

     

     

     

    127,000

     

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

     

    —

     

     

     

    —

     

    Adjusted diluted shares outstanding (non-GAAP)

     

    127,000

     

     

     

    127,000

     

    _________________

    (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 June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Clinical(13):

     

     

     

     

     

     

     

     

     

     

     

    Number of tests performed

     

    311,670

     

     

    295,116

     

    5.6

    %

     

     

    612,497

     

     

    580,592

     

    5.5

    %

    Average revenue/test

    $

    454

     

     

    $

    417

     

     

    8.9

    %

     

    $

    450

     

     

    $

    410

     

     

    9.8

    %

    _________________

    (13)

    Excludes tests and revenue for Advanced Diagnostics.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240729440384/en/

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    • NeoGenomics Reports First Quarter 2025 Results

      Consolidated Revenue Increased 8% to $168 million NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced its first-quarter results for the period ended March 31, 2025. First Quarter 2025 Highlights As Compared To First Quarter 2024 Consolidated revenue increased 8% to $168 million Net loss decreased 4% to $26 million Adjusted EBITDA increased 102% to positive $7 million "Our business is off to a solid start in 2025 with our team delivering a record number of results to patients in the first quarter and improving our adjusted EBITDA by over 100% from prior year," said Ton

      4/29/25 7:30:00 AM ET
      $NEO
      Precision Instruments
      Health Care
    • NeoGenomics to Report First Quarter 2025 Financial Results on April 29, 2025

      NeoGenomics, Inc. (NASDAQ:NEO), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced that it will report its first quarter 2025 financial results prior to the open of the U.S. financial markets on Tuesday, April 29, 2025. Company management will host a webcast and conference call at 8:30 a.m. ET to discuss financial results and recent highlights. The live webcast may be accessed by visiting the Investor Relations section of our website at ir.neogenomics.com or by clicking here. The webcast will be archived and available for replay shortly after the conclusion of the call. To access the live call via telephone, dial (888) 506-0062 (domestic) o

      4/8/25 7:05:00 AM ET
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      Precision Instruments
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    • NeoGenomics Expands Oncology Testing Reach in the Northeast with Acquisition of Pathline

      NeoGenomics, Inc. ("NeoGenomics" or the "Company") (NASDAQ:NEO), a leading provider of oncology testing services, today announced the acquisition of Pathline, LLC, a CLIA/CAP/NYS-certified laboratory based in New Jersey. The acquisition strengthens NeoGenomics' commercial presence in the Northeast U.S., expanding its service capabilities and accelerating growth in molecular and hematology-oncology testing by establishing a local presence for the company in a historically under penetrated but rapidly growing geographical region of the country. Founded in 2009, Pathline serves a long-standing client base of hospitals, cancer centers, and physician practices, with approximately 98% of its rev

      3/10/25 7:00:00 AM ET
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      Precision Instruments
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    $NEO
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • NeoGenomics downgraded by Leerink Partners with a new price target

      Leerink Partners downgraded NeoGenomics from Outperform to Market Perform and set a new price target of $9.00

      4/30/25 8:08:08 AM ET
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      Precision Instruments
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    • NeoGenomics downgraded by The Benchmark Company

      The Benchmark Company downgraded NeoGenomics from Buy to Hold

      1/13/25 8:42:07 AM ET
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    • Jefferies initiated coverage on NeoGenomics with a new price target

      Jefferies initiated coverage of NeoGenomics with a rating of Buy and set a new price target of $22.00

      12/10/24 9:06:00 AM ET
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    Press Releases

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    • NeoGenomics Pays Off 1.25% Convertible Senior Notes

      NeoGenomics, Inc. ("NeoGenomics" or the "Company") (NASDAQ:NEO), a leading provider of oncology testing services, today announced that it has paid off in full the remaining $201.25 million in principal amount outstanding of its 1.25% Convertible Senior Notes with a maturity date of May 1, 2025, using cash on hand. 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 predict

      5/1/25 7:05:00 AM ET
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      Precision Instruments
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    • NeoGenomics and Ultima Genomics collaborate to expand clinical test offerings in Oncology using the UG 100 sequencing platform

      FORT MYERS, Fla. and FREMONT, Calif., April 29, 2025 /PRNewswire/ -- NeoGenomics, Inc. (NASDAQ:NEO), a leading provider of oncology diagnostic solutions that enable precision medicine, and Ultima Genomics, Inc., a developer of a revolutionary ultra-high throughput next-generation sequencing (NGS) platform, today announced a collaboration to use Ultima's UG 100™ sequencing platform and its ppmSeq™ technology to advance NeoGenomics' ability to offer innovative clinical tests. NeoGenomics has purchased a UG 100 sequencer that will be installed in its innovation center in Cambridge, UK.

      4/29/25 8:00:00 AM ET
      $NEO
      Precision Instruments
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    • NeoGenomics Reports First Quarter 2025 Results

      Consolidated Revenue Increased 8% to $168 million NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced its first-quarter results for the period ended March 31, 2025. First Quarter 2025 Highlights As Compared To First Quarter 2024 Consolidated revenue increased 8% to $168 million Net loss decreased 4% to $26 million Adjusted EBITDA increased 102% to positive $7 million "Our business is off to a solid start in 2025 with our team delivering a record number of results to patients in the first quarter and improving our adjusted EBITDA by over 100% from prior year," said Ton

      4/29/25 7:30:00 AM ET
      $NEO
      Precision Instruments
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    SEC Filings

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    • SEC Form 10-Q filed by NeoGenomics Inc.

      10-Q - NEOGENOMICS INC (0001077183) (Filer)

      4/29/25 4:06:41 PM ET
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    • NeoGenomics Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - NEOGENOMICS INC (0001077183) (Filer)

      4/29/25 7:35:33 AM ET
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    • SEC Form DEFA14A filed by NeoGenomics Inc.

      DEFA14A - NEOGENOMICS INC (0001077183) (Filer)

      4/23/25 4:01:58 PM ET
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    Insider Trading

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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
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    • 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
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    • 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
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    Insider Purchases

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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
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      Precision Instruments
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    • 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
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    • 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
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    Leadership Updates

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    • NeoGenomics Appoints Warren Stone as President & Chief Operating Officer

      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
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    • 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
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    • 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
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      Precision Instruments
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