Exhibit 99.1

 

LOGO

NEOGENOMICS, INC.

PRESS RELEASE

FOR IMMEDIATE RELEASE

NeoGenomics Reports Record Revenue of $25.0 Million, Adjusted EBITDA of $2.8 MM and Net Income of $0.02 per Share for the Fourth Quarter 2014

Company’s Commitment to Fast-paced Innovation Continues to Drive Growth.

Ft. Myers, Florida – February 24, 2015 - 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 2014.

Fourth Quarter 2014 Highlights:

 

    Consolidated Revenue growth of 36%

 

    Base(1) Revenue growth of 23%

 

    Base Test volume growth of 23%

 

    Adjusted EBITDA(2) of $2.8 million

 

    Net Income of $0.02 per share

Revenue for the fourth quarter was $25.0 million, a 36% increase over fourth quarter 2013 revenue. The PathLogic acquisition, completed on July 8, 2014, accounted for $2.5 million or 13% of this revenue growth. Organic growth in the base business, excluding PathLogic, was 23%, and average revenue per test was unchanged compared with last year’s fourth quarter.

Consolidated operating expenses increased by 27.6% from last year’s fourth quarter, primarily as a result of expanding our sales force, increasing billing and information technology costs, and the inclusion of PathLogic’s operating expenses. Increases in these operating expenses were partially offset by a decrease in bad debt expense.

Net income for the quarter was $1.05 million, or $0.02 per share, up from net income of $857,000, or $0.02 per share, in last year’s fourth quarter. Adjusted EBITDA(2) was $2.8 million for the fourth quarter of 2014, versus $2.7 million in the prior year.

For fiscal year 2014, consolidated revenue was $87.1 million, a 31% increase from 2013. Revenue from the base business increased by $15.7 million, or 24%, from 2013, and PathLogic revenue accounted for $4.9 million of the consolidated revenue. Organic test volume growth in the base business was 29%, and average revenue per test declined by 4.2%. Average cost of goods sold

 

1


The following information was filed by Neogenomics Inc (NEO) on Tuesday, February 24, 2015 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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