NeoGenomics Reports Record Revenue of $76 Million with 17% Organic Revenue Growth in the Fourth Quarter
Ft. Myers, Florida - February 19, 2019 - NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer-focused genetic testing services, today reported its results for the fourth quarter and full year 2018.
Fourth Quarter 2018 Highlights:
•Consolidated revenue increased 24.5% to $76.5 million
•Consolidated revenue increased 17.0% to $71.8 million, excluding Genoptix
•Clinical Services revenue increased 23.3% to $65.9 million
•Pharma Services revenue increased 32.6% to $10.6 million
•Gross profit increased 38.7% to $37.1 million
•Gross margin increased approximately 500 basis points to 48.5%
Douglas M. VanOort, the Company’s Chairman and CEO, commented, “Fourth quarter results were excellent, and a strong finish to a great year for our company. We reported record revenue and EBITDA for the quarter, with high-teens organic revenue growth for the second consecutive quarter and continuing improvements in profitability and cash flow.
Both the Clinical and Pharma Services divisions performed well in Quarter 4. Clinical division growth of 23% was driven by strong organic revenue growth and fueled by the acquisition of Genoptix which was completed on December 10th. Key fundamental measures of test volume, revenue-per-test and cost-per-test all improved. Pharma Services division revenue grew by 33% and the backlog of signed contracts is at record levels.
We are also excited about our opportunities in the near and long-term. The integration of Genoptix is well underway, and we are more convinced than ever of the benefits of this combination. We continue to sign a number of big contracts with oncology practices, hospitals, payors, group purchasing organizations, and leading pharma and biotech companies, and our pipelines remain robust. The opportunities for future growth are strong, and we believe that NeoGenomics is in better competitive and financial position than ever before.”
Fourth Quarter Results
Consolidated Revenues for the fourth quarter of 2018 were $76.5 million, an increase of 24.5% over the same period in 2017, including $4.6 million related to the acquisition of Genoptix which was completed on December 10, 2018. Clinical genetic test volume(1) increased by 13.3% year over year. Average revenue per clinical test (“Revenue per Test”) increased by 8.8% to $333. Excluding the impact of Genoptix, Revenue per Test increased by 5.6% to $323.
Consolidated gross profit improved by $10.3 million, or 38.7%, compared to the fourth quarter of 2017, to $37.1 million and consolidated gross margin improved by approximately 500 basis points year-over-year to 48.5%. Gross margin improvement was primarily driven by productivity gains, and
The following information was filed by Neogenomics Inc (NEO) on Tuesday, February 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.