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FOR IMMEDIATE RELEASE
NeoGenomics Reports 181% Increase in Adjusted EBITDA on 38% Revenue
Growth and Achieves Profitability in 2012
Provides Financial Outlook for 2013
Ft. Myers, Florida - February 14, 2013 - NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer-focused genetic testing services today reported its results for the fourth quarter and full year 2012
Fiscal Year 2012 Highlights:
50% Test Volume Growth
38% Revenue Growth
181% Increase in Adjusted EBITDA
Net Income of $65K, or $0.00 per Share
Revenue for the full year 2012 was $59.9 million, a $16.4 million or 38% increase over 2011 revenue of $43.5 million on test volume growth of 50%. Average revenue-per-test decreased by 8% as a result of the expiration of the TC Grandfather Clause on June 30th, which resulted in the loss of approximately $2.6 million of revenue in the second half of the year. Despite this major regulatory change, gross margin improved slightly to 44.8% on a full-year basis from 44.7% in 2011. Total operating expenses increased by 29% from 2011, primarily as a result of a $1.7 million increase in R&D expenditures related to new test development, as well as increased personnel, depreciation and bad debt expense associated with the revenue growth. As a percentage of revenue, operating expenses improved to 42.8% in 2012 from 45.6% in 2011. Net income for 2012 was $65,000 or $0.00 per share versus a net loss of $1.2 million or ($0.03) per share in 2011. Adjusted EBITDA for the year improved by $3.9 million or 181% to $6.0 million from $2.1 million in 2011.
Fourth Quarter 2012 Highlights:
35% Test Volume Growth
16% Revenue Growth
36% Increase in Adjusted EBITDA
Net Loss of $113K, or ($0.00) per Share
The following information was filed by Neogenomics Inc (NEO) on Tuesday, February 19, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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