NeoGenomics Reports 50% Revenue Growth to Record $102 Million
in the Second Quarter
•Consolidated revenue increased 50% to $101.7 million
•Clinical Services revenue increased 49% to $89.0 million
•Pharma Services revenue increased 55% to $12.7 million
•Pharma Services backlog increased 18% to $106.1 million
•Gross profit increased 60% to $49.0 million
•Completed $160.8 million net equity offering and refinanced credit facility to $250.0 million
•Full-year 2019 guidance increased
Fort Myers, Florida (July 30, 2019) - NeoGenomics, Inc. (NASDAQ: NEO) (the “Company”), a leading provider of cancer-focused genetics testing services, today announced second-quarter and first-half results for the period ended June 30, 2019.
Douglas M. VanOort, the Company’s Chairman and CEO, commented, “Our second quarter financial results were strong, building on the momentum that we saw in the first quarter. Our Clinical Services revenue growth remains well above our expectations and is driven by continued market share gains. Our Pharma Services revenue growth accelerated to more than 50%, even as we grew our backlog of contracted business to record levels. The integration of Genoptix is proceeding on schedule and profitability continued to improve as a result of better operating leverage and cost efficiency.
During the quarter we significantly strengthened our Balance Sheet, launched a critical new companion diagnostic test for breast cancer patients and announced plans for a new state-of-the art laboratory and global headquarters.
We are pleased with our 2019 first-half performance, optimistic about our prospects for the second half of this year, and confident in our strategies for the future.”
Consolidated revenues for the second quarter of 2019 were $101.7 million, an increase of 50% over the same period in 2018. Clinical test volume(1) increased by 34% year over year. Average revenue per clinical test (“revenue per test”) increased by 12% to $355, primarily due to the acquisition of Genoptix. Clinical Services revenue was $89.0 million resulting in a 49% increase over the second quarter of prior year. Pharma Services reported record revenue of $12.7 million, which represented a 55% growth rate over the second quarter of 2018.
Gross profit improved by $18.4 million, or 60%, compared to the second quarter of 2018, to $49.0 million. Gross margin improved by approximately 300 basis points year-over-year to 48.1%. Gross margin improvement reflects the impact of volume growth, higher revenue per test, productivity gains,
The following information was filed by Neogenomics Inc (NEO) on Tuesday, July 30, 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.