Exhibit 99.1

NeoGenomics Reports Revenue of $87 Million
in the Second Quarter amid COVID-19 Pandemic
Second-Quarter 2020 Results and Highlights:

Consolidated revenue decreased 14% to $87 million
Clinical Services revenue decreased 17% to $74 million
Pharma Services revenue increased 3% to $13 million
Pharma Services backlog increased 63% to $173 million
Financial position strengthened with $322 million net convertible note and equity offerings
Test menu expanded with suite of solid tumor liquid biopsy tests
Strategic collaboration and minority investment in Inivata established
High-capacity COVID-19 testing lab operationalized

Fort Myers, Florida (July 28, 2020) - NeoGenomics, Inc. (NASDAQ: NEO) (the Company), a leading provider of cancer-focused genetics testing services,
today announced its second-quarter results for the period ended June 30, 2020.
“As expected, second quarter financial results were challenging due to the global COVID-19 crisis, which reduced both revenue and earnings,” said Douglas M. VanOort, Chairman and CEO of NeoGenomics.
“Even in the midst of this pandemic, we made several strategic moves and invested in our business. We fortified our balance sheet with a successful offering of both common stock and convertible securities, we strategically invested in Inivata for access to liquid biopsy and minimal residual disease testing capabilities, we launched a suite of liquid biopsy tests, we moved forward with investments to further globalize our Pharma Services business, and we built and operationalized a high-capacity COVID-19 testing laboratory. We believe these investments will deliver both near-term and long-term growth, and that we exited the second quarter in a stronger competitive position for the future.”
Second-Quarter Results
Consolidated revenue for the second quarter of 2020 was $87 million, a decrease of 14% over the same period in 2019. Clinical Services revenue decreased year-over-year by 17% to $74 million driven by a clinical test volume(1) decrease of 18%. Average revenue per clinical test (“revenue per test”) remained stable at $351. Pharma Services revenue grew by 3% to $13 million compared to the second quarter of 2019, primarily due to the January 10, 2020 acquisition of the Oncology Division assets of Human Longevity, Inc. (“HLI - Oncology”). While disruptions in volume stemming from the COVID-19 pandemic reduced growth in both Divisions, there was steady improvement throughout the quarter.
Gross profit was $28.0 million, a decline of 42.8%, compared to the second quarter of 2019. This reduction was the result of the combined effect of lower test volume due to the impact of the COVID-19 pandemic and our decision to retain employees.
Operating expenses increased by $2 million, or 5%, compared to the second quarter of 2019, reflecting investments in informatics, growth initiatives and costs associated with the integration of HLI - Oncology.

Net loss for the quarter was $7 million compared to net income of $2 million for the second quarter of 2019.
Adjusted EBITDA(2) was negative $7 million for the quarter compared to positive $15 million in the second quarter of 2019. Adjusted Net (Loss) Income(2) was a loss of $4 million compared to income of $7 million in the second quarter of 2019.
Cash and cash equivalents, including restricted cash, was $331 million and days sales outstanding (“DSO”) was 92 days at the end of the second quarter of 2020 due to the impact of COVID-19 and the distribution of revenue.

(1) Clinical tests exclude requisitions, tests, revenue and costs for Pharma Services and COVID-19 Polymerase Chain Reaction (“PCR”) tests.
(2) The Company has provided adjusted financial information that has not been prepared in accordance with GAAP, including Adjusted EBITDA, 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.
Conference Call
The Company has scheduled a webcast and conference call to discuss their first quarter results on Tuesday, July 28, 2020 at 8:30 AM EDT. Interested investors should dial (844) 602-0380 (domestic) and (862) 298-0970 (international) at least five minutes prior to the call. A replay of the conference call will be available until 8:30 AM EDT on August 11, 2020, and can be accessed by dialing (877) 481-4010 (domestic) and (919) 882-2331 (international). The playback conference ID Number is 35578. The webcast may be accessed under the Investor Relations section of our website at www.neogenomics.com. An archive of the webcast will be available until 08:30 AM EDT on October 28, 2020.
About NeoGenomics, Inc.
NeoGenomics, Inc. specializes in cancer genetics testing and information services. The Company provides one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company's Pharma Services Division serves pharmaceutical clients in clinical trials and drug development.
Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories in Fort Myers and Tampa, Florida; Aliso Viejo, Carlsbad, Fresno and San Diego, California; Houston, Texas; Atlanta, Georgia; Nashville, Tennessee; and CAP accredited laboratories in Rolle, Switzerland, and Singapore. 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 pharmaceutical firms in Europe and Asia. For additional information about NeoGenomics, visit http://www.neogenomics.com/.

Forward Looking Statements
Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward-looking statements as the result of the Company's ability to continue gaining new customers, respond to the effects of the COVID-19 outbreak, offer new types of tests, integrate its acquisitions and otherwise implement its business plan, as well as additional factors discussed under the heading "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2020. As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. In addition, it is the Company's practice

to make information about the Company available by posting copies of its Company Overview Presentation from time to time on the Investor Relations section of its website at http://ir.neogenomics.com/.
Forward-looking statements represent the Company's estimates only as of the date such statements are made (unless another date is indicated) and should not be relied upon as representing the Company's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if its estimates change.

For further information, please contact:
NeoGenomics, Inc. 
William Bonello
Director, Investor Relations
(239) 690-4238 (w)
(239) 284-4314 (m)

NeoGenomics, Inc.
(In thousands)

June 30, 2020 (Unaudited)December 31, 2019
Cash and cash equivalents$295,281  $173,016  
Accounts receivable, net87,766  94,242  
Inventories21,627  14,405  
Other current assets14,326  9,075  
   Total current assets419,000  290,738  
Property and equipment (net of accumulated depreciation of $80,143 and $68,809 respectively)83,969  64,188  
Operating lease right-of-use assets47,554  26,492  
Intangible assets, net125,821  126,640  
Goodwill210,833  198,601  
Restricted cash, non-current36,030  —  
Prepaid lease asset6,084  —  
Investment in non-consolidated affiliate13,137  —  
Other assets3,057  2,847  
      TOTAL ASSETS$945,485  $709,506  
Accounts payable and other current liabilities$52,746  $50,091  
Short-term portion of financing obligations4,458  10,432  
Short-term portion of operating leases4,496  3,381  
   Total current liabilities61,700  63,904  
Long-term portion of financing obligations1,911  95,028  
Long-term portion of operating leases44,524  24,034  
Convertible senior notes, net164,544  —  
Deferred income tax liability, net15,422  15,566  
Other long-term liabilities3,155  3,566  
   Total long-term liabilities229,556  138,194  
      TOTAL LIABILITIES$291,256  $202,098  
      TOTAL STOCKHOLDERS’ EQUITY$654,229  $507,408  


 NeoGenomics, Inc.
(In thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
Clinical Services$73,884  $88,982  $166,866  $175,192  
Pharma Services13,093  12,731  26,141  22,098  
Total revenue86,977  101,713  193,007  197,290  
COST OF REVENUE58,971  52,747  118,632  101,209  
GROSS PROFIT28,006  48,966  74,375  96,081  
Operating expenses:
General and administrative34,613  29,577  70,957  61,719  
Research and development2,105  2,587  4,165  3,796  
Sales and marketing10,195  12,324  23,453  23,540  
Total operating expenses46,913  44,488  98,575  89,055  
(LOSS) INCOME FROM OPERATIONS(18,907) 4,478  (24,200) 7,026  
Interest expense, net1,548  1,304  2,367  3,130  
Other (income) expense, net(7,405) (10) (7,628) 5,159  
Loss on extinguishment of debt1,400  1,018  1,400  1,018  
Loss on termination of cash flow hedge3,506  —  3,506  —  
(Loss) income before taxes(17,956) 2,166  (23,845) (2,281) 
Income tax (benefit) expense(11,132) 175  (10,043) (1,848) 
NET (LOSS) INCOME$(6,824) $1,991  $(13,802) $(433) 
Basic$(0.06) $0.02  $(0.13) $0.00  
Diluted$(0.06) $0.02  $(0.13) $0.00  
Basic107,887  98,297  106,209  96,734  
Diluted107,887  102,336  106,209  96,734  


NeoGenomics, Inc.
(In thousands)
Six Months Ended June 30,
Net loss$(13,802) $(433) 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation12,177  10,352  
Loss on disposal of assets263  404  
Loss on debt extinguishment1,400  1,018  
Loss on termination of cash flow hedge3,506  —  
Amortization of intangibles4,919  5,102  
Amortization of debt issue costs112  250  
Amortization of convertible debt discount864  —  
Non-cash stock-based compensation4,821  4,452  
Non-cash operating lease expense4,113  2,218  
Changes in assets and liabilities, net(23,424) (21,987) 
Net cash (used in) provided by operating activities$(5,051) $1,376  
Purchases of property and equipment(9,734) (6,637) 
Business acquisition(37,000) —  
Acquisition working capital adjustment—  399  
Investment in non-consolidated affiliate(13,137) —  
Net cash used in investing activities$(59,871) $(6,238) 
Repayment of revolving credit facility —  (5,000) 
Repayment of equipment financing obligations(3,059) (3,644) 
Proceeds from term loan —  100,000  
Repayment of term loan(97,540) (96,750) 
Cash flow hedge termination(3,317) —  
Payments of debt issuance costs—  (954) 
Issuance of common stock, net5,469  8,061  
Proceeds from issuance of convertible debt, net of issuance costs194,376  —  
Proceeds from equity offering, net127,288  160,774  
Net cash provided by financing activities$223,217  $162,487  
Net change in cash, cash equivalents and restricted cash$158,295  $157,625  
Cash, cash equivalents and restricted cash, beginning of period173,016  9,811  
Cash, cash equivalents and restricted cash, end of period$331,311  $167,436  
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
   Cash and cash equivalents$295,281  $167,436  
   Restricted cash, non-current36,030  —  
Total cash, cash equivalents and restricted cash$331,311  $167,436  


Use of Non-GAAP Financial Measures
The Companys financial results and financial guidance are provided in accordance with GAAP and using certain non-GAAP financial measures. Management believes that the presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of core operating results across reporting periods. Management also uses non-GAAP financial measures for financial and operational decision making, planning and forecasting purposes and to manage the Companys business. Management believes that these non-GAAP financial measures enable investors to evaluate the Companys operating results and future prospects in the same manner as management. The non-GAAP financial measures do not replace the presentation of GAAP financial results and should only be used as a supplement to, and not as a substitute for, the Companys financial results presented in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation and do not present the full measure of the Companys recorded costs against its net revenue. In addition, the Companys definition of the non-GAAP financial measures below may differ from non-GAAP measures used by other companies.

Definitions of Non-GAAP Measures

Non-GAAP Adjusted EBITDA

Adjusted EBITDA is defined by NeoGenomics as net income from continuing operations before: (i) interest expense, (ii) tax expense, (iii) depreciation and amortization expense, (iv) non-cash stock-based compensation expense, and, if applicable in a reporting period, (v) acquisition and integration related expenses, (vi) non-cash impairments of intangible assets, (vii) and other significant non-recurring or non-operating (income) or expenses, including any debt financing costs.

Non-GAAP Adjusted Net (Loss) Income

Adjusted Net (Loss) Income is defined by NeoGenomics as net (loss) income available to common shareholders from continuing operations plus: (i) non-cash amortization of customer lists and other intangible assets, (ii) non-cash stock-based compensation expense, and, if applicable in a reporting period, (iii) acquisition and integration related expenses, (iv) non-cash impairments of intangible assets, (v) and other significant non-recurring or non-operating (income) or expenses, including any debt financing costs.

Non-GAAP Adjusted Diluted EPS

Adjusted Diluted EPS is defined by NeoGenomics as adjusted net (loss) income divided by adjusted diluted shares outstanding. Adjusted diluted shares outstanding is the sum of diluted shares outstanding and the weighted average number of common shares that would be outstanding if the preferred stock 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. In addition, if GAAP net income is negative and adjusted net (loss) income is positive, adjusted diluted shares will also include any options or warrants that would be outstanding as dilutive instruments using the treasury stock method.


Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
(In thousands)

Three Months Ended June 30,Six Months Ended June 30,
Net (loss) income (GAAP)$(6,824) $1,991  $(13,802) $(433) 
Adjustments to net (loss) income:
Interest expense, net1,548  1,304  2,367  3,130  
Income tax (benefit) expense(11,132) 175  (10,043) (1,848) 
Amortization of intangibles2,467  2,543  4,919  5,102  
Depreciation5,937  5,081  12,177  10,352  
EBITDA (non-GAAP)$(8,004) $11,094  $(4,382) $16,303  
Further adjustments to EBITDA:
Acquisition and integration related expenses110  512  1,406  1,778  
Other significant non-recurring (income) expenses (3)
(1,965) 1,018  (1,996) 6,163  
Non-cash stock-based compensation expense2,635  2,313  4,821  4,452  
Adjusted EBITDA (non-GAAP)$(7,224) $14,937  $(151) $28,696  

(3) Other significant non-recurring expenses includes reimbursements received related to the CARES Act, cash flow hedge termination fees, debt retirement fees and other non-recurring items.

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net (Loss) Income and GAAP EPS to Non-GAAP Adjusted EPS
(In thousands, except per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
Net (loss) income (GAAP)$(6,824) $1,991  $(13,802) $(433) 
Adjustments to net (loss) income, net of tax:
Amortization of intangibles1,949  2,009  3,886  4,031  
Non-cash stock-based compensation expense2,202  2,019  4,049  3,978  
Acquisition and integration related expenses87  405  1,111  1,405  
Other significant non-recurring (income) expenses (4)
(1,553) 804  (1,577) 4,869  
Adjusted net (loss) income (non-GAAP)$(4,139) $7,228  $(6,333) $13,850  
Net (loss) income per common share (GAAP)
Diluted EPS$(0.06) $0.02  $(0.13) $0.00  
Adjustments to diluted (loss) income per share:
Amortization of intangibles0.02  0.02  0.04  0.04  
Non-cash stock-based compensation expense0.02  0.02  0.04  0.04  
Acquisition and integration related expenses—  —  0.01  0.01  
Other significant non-recurring (income) expenses (4)
(0.01) 0.01  (0.01) 0.05  
Rounding and impact of stock options in adjusted diluted shares in net loss periods (5)
(0.01) —  (0.01) —  
Adjusted diluted EPS (non-GAAP)$(0.04) $0.07  $(0.06) $0.14  
Weighted average shares used in computation of adjusted diluted EPS:
Diluted common shares (GAAP)107,887  102,336  106,209  96,734  
Options and restricted stock not included in GAAP diluted shares (using treasury stock method)—  —  —  3,664  
Adjusted diluted shares outstanding (non-GAAP)107,887  102,336  106,209  100,398  

(4) Other significant non-recurring expenses includes reimbursements received related to the CARES Act, cash flow hedge termination fees, debt retirement fees and other non-recurring items.

(5) This adjustment is for rounding and, in those periods in which there is a net loss, will also compensate for the effects of the treasury stock impact of outstanding stock options in the Adjusted Diluted Shares outstanding, which are not included in GAAP Diluted Shares outstanding.


Supplemental Information
Segment Revenue, Cost of Revenue and Gross Profit
(In thousands)

Three Months Ended June 30,Six Months Ended June 30,
20202019% Change20202019% Change
Clinical Services:
Clinical Revenue$73,884  $88,982  (17.0)%$166,866  $175,192  (4.8)%
Cost of revenue48,757  46,380  5.1 %97,680  89,031  9.7 %
Gross profit$25,127  $42,602  (41.0)%$69,186  $86,161  (19.7)%
Gross margin34.0 %47.9 %41.5 %49.2 %
Pharma Services:
Pharma Revenue$13,093  $12,731  2.8 %$26,141  $22,098  18.3 %
Cost of revenue10,214  6,367  60.4 %20,952  12,178  72.0 %
Gross profit$2,879  $6,364  (54.8)%$5,189  $9,920  (47.7)%
Gross margin22.0 %50.0 %19.9 %44.9 %

Supplemental Information
Clinical (6) Requisitions Received, Tests Performed, Revenue and Cost of Revenue

Three Months Ended June 30,Six Months Ended June 30,
20202019% Change20202019% Change
Clinical Services:
Requisitions (cases) received114,413  144,983  (21.1)%258,732  282,094  (8.3)%
Number of tests performed204,844  250,330  (18.2)%455,220  484,647  (6.1)%
Average number of tests/requisitions1.79  1.73  3.5 %1.76  1.72  2.3 %
Average revenue/requisition$629  $614  2.4 %$637  $621  2.6 %
Average revenue/test$351  $355  (1.1)%$362  $361  0.3 %
Average cost/requisition$414  $320  29.4 %$372  $316  17.7 %
Average cost/test$231  $185  24.9 %$211  $184  14.7 %

(6) Clinical tests exclude requisitions, tests, revenue and costs of revenue for Pharma Services and COVID-19 PCR tests.


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