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FOR IMMEDIATE RELEASE
NeoGenomics Reports Record Revenue of $18.3 Million, Adjusted EBITDA of $2.7 Million and Net Income of $0.02 per Share for the Fourth Quarter 2013
Company Set to Launch Next Generation Sequencing Services in March 2014
Ft. Myers, Florida - February 19, 2014 - NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer-focused genetic testing services today reported its results for the fourth quarter and full year of 2013.
Fourth Quarter 2013 Highlights:
|||Revenue growth of 23%|
|||Test volume growth of 28%|
|||Gross Profit Margin of 50.0% versus 43.2% last year|
|||Adjusted EBITDA(1) growth of 90%|
|||Net Income of $0.02 per share versus $0.00 last year|
Revenue for the fourth quarter was $18.3 million, a 23% increase over fourth quarter 2012 revenue. Test volume increased by 28%, while average revenue per test declined by 3.7%. Average cost of goods sold per test declined by 15.3% driven by continued productivity improvements, increased leverage from higher volumes, and other cost containment initiatives. As a result, gross profit increased by 42% to $9.2 million and gross margin increased to 50.0% from 43.2% in the prior year.
Total operating expenses increased by 27.6% from last years fourth quarter, primarily as a result of additional sales representatives, increases in billing and information technology costs, and an increase in stock-based compensation expense related to the increase in the Companys stock price in the fourth quarter 2013.
Net income for the quarter was $857,000, or $0.02 per share, versus a net loss of $(113,000), or $(0.00) per share, in last years fourth quarter. Adjusted EBITDA(1) improved by 90% to $2.7 million in Quarter 4 from $1.4 million last year.
The following information was filed by Neogenomics Inc (NEO) on Wednesday, February 19, 2014 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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