NeoGenomics Reports First Quarter 2024 Results

First Quarter Revenue Increased 14% to $156 Million

FORT MYERS, Fla.--(BUSINESS WIRE)-- NeoGenomics, Inc. (NASDAQ: NEO) (the Company), a leading provider of oncology testing and global contract research services, today announced its first-quarter results for the period ended March 31, 2024.

“NeoGenomics had a strong start to 2024, with first quarter revenue growth of 14% year-over-year driven by solid execution and teamwork across our organization,” said Chris Smith, CEO of NeoGenomics. “We’re pleased with our performance, highlighted by another consecutive quarterly improvement in revenue per test and increased adoption of our NGS products. We remain confident in our ability to execute on our growth plans this year based on our progress.”

First-Quarter Results

Consolidated revenue for the first quarter of 2024 was $156 million, an increase of 14% over the same period in 2023. Clinical Services revenue of $135 million was an increase year-over-year of 17%. Clinical test volume(1) increased by 5% year-over-year. Average revenue per clinical test (“revenue per test”) increased by 11% to $447. Advanced Diagnostics revenue decreased by 3% to $22 million compared to the first quarter of 2023.

Consolidated gross profit for the first quarter of 2024 was $65.5 million, an increase of 19.4% compared to the first quarter of 2023. This increase was primarily due to an increase in revenue. Consolidated gross profit margin, including amortization of intangible assets and stock-based compensation expense, was 41.9%. Adjusted Gross Profit Margin(2), excluding amortization of intangible assets and stock-based compensation expense, was 45.3%.

Operating expenses for the first quarter of 2024 were $96 million, an increase of $6 million, or 6.8%, compared to the first quarter of 2023. This increase was primarily due to an increase in legal and professional fees, and an increase in compensation and benefit costs. These increases were partially offset by a decrease in technology and equipment costs, and a decrease in credit card fees.

Net loss for the quarter was $27 million compared to net loss of $31 million for the first quarter of 2023.

Adjusted EBITDA(2) was positive $3 million compared to negative $7 million in the first quarter of 2023. Adjusted Net Loss(2) was $3 million compared to Adjusted Net Loss(2) of $12 million in the first quarter of 2023.

Cash and cash equivalents and marketable securities totaled $385 million at quarter end.

2024 Financial Guidance(3)

The Company reaffirmed its full-year 2024 guidance(3), initially issued on February 20, 2024.

 

 

FY 2023

 

Reaffirmed FY 2024 Guidance

 

YOY % Change from FY 2023

 

 

Actual

 

Low

 

High

 

Low

 

High

Consolidated revenue

 

$592

 

$650

 

$660

 

10%

 

12%

Net loss

 

$(88)

 

$(72)

 

$(66)

 

18%

 

25%

Adjusted EBITDA

 

$3

 

$21

 

$24

 

600%

 

700%

Conference Call

The Company has scheduled a webcast and conference call to discuss its first quarter 2024 results on Tuesday, April 30, 2024 at 8:30 a.m. Eastern Time. To access the live call via telephone, interested investors should dial (877) 545-0523 (domestic) or (973) 528-0016 (international) at least five minutes prior to the call. The participant access code provided for this call is 700733. The live webcast may be accessed by visiting the Investor Relations section of our website at ir.neogenomics.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company’s website.

About NeoGenomics, Inc.

NeoGenomics, Inc. specializes in cancer genetics testing and information services, providing one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company’s Advanced Diagnostics Division serves pharmaceutical clients in clinical trials and drug development.

NeoGenomics is committed to connecting patients with life altering therapies and trials. We believe that, together, with our partners, we can help patients with cancer today and the next person diagnosed tomorrow. In carrying out these commitments, NeoGenomics adheres to relevant data protection laws, provides transparency and choice to patients regarding the handling and use of their data through our Notice of Privacy Practices, and has invested in leading technologies to secure the data we maintain.

Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories for full-service sample processing in Fort Myers, Florida; Aliso Viejo and San Diego, California; Research Triangle Park, North Carolina; and Houston, Texas; and a CAP accredited full-service, sample-processing laboratory in Cambridge, United Kingdom. NeoGenomics also has several, small, non-processing laboratory locations across the United States for providing analysis services. 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 a pharmaceutical firm in Europe.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “would,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “guidance,” “plan,” “potential” and other words of similar meaning, although not all forward-looking statements include these words. These forward-looking statements address various matters, including statements regarding improving operational efficiency, returning to profitable growth and its ongoing executive recruitment process. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to identify and implement appropriate financial and operational initiatives to improve performance, to identify and recruit executive candidates, to continue gaining new customers, offer new types of tests, integrate its acquisitions and otherwise implement its business plan, and the risks identified under the heading "Risk Factors" contained in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission.

We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document (unless another date is indicated), and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

NeoGenomics, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

 

 

 

(unaudited)

March 31,
2024

 

December 31,
2023

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

331,914

 

 

$

342,488

 

Marketable securities, at fair value

 

 

52,916

 

 

 

72,715

 

Accounts receivable, net

 

 

140,279

 

 

 

131,227

 

Inventories

 

 

20,320

 

 

 

24,156

 

Prepaid assets

 

 

19,155

 

 

 

17,987

 

Other current assets

 

 

9,312

 

 

 

8,239

 

Total current assets

 

 

573,896

 

 

 

596,812

 

Property and equipment, net

 

 

87,865

 

 

 

92,012

 

Operating lease right-of-use assets

 

 

86,578

 

 

 

91,769

 

Intangible assets, net

 

 

364,764

 

 

 

373,128

 

Goodwill

 

 

522,766

 

 

 

522,766

 

Other assets

 

 

4,470

 

 

 

4,742

 

Total non-current assets

 

 

1,066,443

 

 

 

1,084,417

 

Total assets

 

$

1,640,339

 

 

$

1,681,229

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and other current liabilities

 

$

72,223

 

 

$

90,694

 

Current portion of operating lease liabilities

 

 

4,487

 

 

 

5,610

 

Total current liabilities

 

 

76,710

 

 

 

96,304

 

Long-term liabilities

 

 

 

 

Convertible senior notes, net

 

 

538,923

 

 

 

538,198

 

Operating lease liabilities

 

 

64,773

 

 

 

67,871

 

Deferred income tax liabilities, net

 

 

23,490

 

 

 

24,285

 

Other long-term liabilities

 

 

13,033

 

 

 

13,034

 

Total long-term liabilities

 

 

640,219

 

 

 

643,388

 

Total liabilities

 

$

716,929

 

 

$

739,692

 

Stockholders’ equity

 

 

 

 

Total stockholders’ equity

 

$

923,410

 

 

$

941,537

 

Total liabilities and stockholders’ equity

 

$

1,640,339

 

 

$

1,681,229

 

 

NeoGenomics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

NET REVENUE

 

 

 

 

Clinical Services

 

$

134,535

 

 

$

114,869

 

Advanced Diagnostics

 

 

21,705

 

 

 

22,351

 

Total net revenue

 

 

156,240

 

 

 

137,220

 

 

 

 

 

 

COST OF REVENUE

 

 

90,771

 

 

 

82,406

 

 

 

 

 

 

GROSS PROFIT

 

 

65,469

 

 

 

54,814

 

Operating expenses:

 

 

 

 

General and administrative

 

 

65,797

 

 

 

61,549

 

Research and development

 

 

7,620

 

 

 

7,395

 

Sales and marketing

 

 

20,221

 

 

 

16,259

 

Restructuring charges

 

 

2,398

 

 

 

4,684

 

Total operating expenses

 

 

96,036

 

 

 

89,887

 

LOSS FROM OPERATIONS

 

 

(30,567

)

 

 

(35,073

)

Interest income

 

 

(4,834

)

 

 

(3,224

)

Interest expense

 

 

1,685

 

 

 

1,757

 

Other expense (income), net

 

 

263

 

 

 

114

 

Loss before taxes

 

 

(27,681

)

 

 

(33,720

)

Income tax benefit

 

 

(620

)

 

 

(2,925

)

NET LOSS

 

$

(27,061

)

 

$

(30,795

)

 

 

 

 

 

NET LOSS PER SHARE

 

 

 

 

Basic

 

$

(0.21

)

 

$

(0.25

)

Diluted

 

$

(0.21

)

 

$

(0.25

)

 

 

 

 

 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

 

126,111

 

 

 

125,026

 

Diluted

 

 

126,111

 

 

 

125,026

 

 

NeoGenomics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net loss

 

$

(27,061

)

 

$

(30,795

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation

 

 

9,905

 

 

 

9,048

 

Amortization of intangibles

 

 

8,362

 

 

 

8,783

 

Non-cash stock-based compensation

 

 

7,774

 

 

 

4,758

 

Non-cash operating lease expense

 

 

2,401

 

 

 

2,330

 

Amortization of convertible debt discount and debt issue costs

 

 

725

 

 

 

715

 

Impairment of assets

 

 

145

 

 

 

923

 

Other adjustments

 

 

(57

)

 

 

(31

)

Changes in assets and liabilities, net

 

 

(28,109

)

 

 

(8,423

)

Net cash used in operating activities

 

 

(25,915

)

 

 

(12,692

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Purchases of marketable securities

 

 

 

 

 

(6,756

)

Proceeds from maturities of marketable securities

 

 

20,110

 

 

 

40,425

 

Purchases of property and equipment

 

 

(5,585

)

 

 

(9,927

)

Net cash provided by investing activities

 

 

14,525

 

 

 

23,742

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Repayment of equipment financing obligations

 

 

 

 

 

(32

)

Issuance of common stock, net

 

 

816

 

 

 

1,411

 

Net cash provided by financing activities

 

 

816

 

 

 

1,379

 

Net change in cash and cash equivalents

 

 

(10,574

)

 

 

12,429

 

Cash and cash equivalents, beginning of period

 

 

342,488

 

 

 

263,180

 

Cash and cash equivalents, end of period

 

$

331,914

 

 

$

275,609

 

Use of Non-GAAP Financial Measures

In order to provide greater transparency regarding our operating performance, the financial results and financial guidance in this press release refer to certain non-GAAP financial measures that involve adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management believes are not directly attributable to the Company’s core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. Management believes that the presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors by facilitating the analysis of the Company’s core test-level operating results across reporting periods and when comparing those same results to those published by our peers. These non-GAAP financial measures may also assist investors in evaluating future prospects. Management also uses non-GAAP financial measures for financial and operational decision making, planning and forecasting purposes and to manage the business. These non-GAAP financial measures do not replace the presentation of financial information in accordance with U.S. GAAP financial results, should not be considered measures of liquidity, and are unlikely to be comparable to non-GAAP financial measures provided by other companies.

Definitions of Non-GAAP Measures

Non-GAAP Adjusted EBITDA

“Adjusted EBITDA” is defined by NeoGenomics as net (loss) income from continuing operations before: (i) interest income, (ii) interest expense, (iii) tax (benefit) or expense, (iv) depreciation and amortization expense, (v) non-cash stock-based compensation expense, and, if applicable in a reporting period, (vi) restructuring charges, and (vii) other significant or non-operating (income) or expenses, net.

Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

“Adjusted cost of revenue” is defined by NeoGenomics as cost of revenue before: (i) amortization expense of acquired intangible assets, and, if applicable in a reporting period, (ii) non-cash stock-based compensation expense.

“Adjusted gross profit” is defined by NeoGenomics as total revenue less adjusted cost of revenue.

“Adjusted gross profit margin” is defined by NeoGenomics as adjusted cost of revenue divided by total revenue.

Non-GAAP Adjusted Net (Loss) Income

“Adjusted net (loss) income” is defined by NeoGenomics as net (loss) income from continuing operations plus: (i) non-cash amortization of intangible assets, (ii) non-cash stock-based compensation expense, and, if applicable in a reporting period, (iii) restructuring charges, and (iv) other significant or non-operating (income) or expenses, net. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method unless the effect of this adjustment on both the adjusted net (loss) income and weighted average diluted common shares outstanding would be anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method.

Non-GAAP Adjusted Diluted EPS

“Adjusted diluted EPS” is defined by NeoGenomics as adjusted net (loss) income divided by adjusted diluted shares outstanding. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted diluted shares outstanding will also include any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes 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, until the effect of these adjustments are anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted diluted shares outstanding will exclude any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes 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.

Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Net loss (GAAP)

$

(27,061

)

 

$

(30,795

)

Adjustments to net loss:

 

 

 

Interest income

 

(4,834

)

 

 

(3,224

)

Interest expense

 

1,685

 

 

 

1,757

 

Income tax benefit

 

(620

)

 

 

(2,925

)

Depreciation

 

9,905

 

 

 

9,048

 

Amortization of intangibles

 

8,362

 

 

 

8,783

 

EBITDA (non-GAAP)

$

(12,563

)

 

$

(17,356

)

Further adjustments to EBITDA:

 

 

 

Non-cash stock-based compensation expense

 

7,774

 

 

 

4,758

 

Restructuring charges

 

2,398

 

 

 

4,684

 

Other significant (income) expenses, net(4)

 

5,883

 

 

 

798

 

Adjusted EBITDA (non-GAAP)

$

3,492

 

 

$

(7,116

)

Reconciliation of Segment and Consolidated GAAP Cost of Revenue, Gross Profit and Gross Profit Margin to Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

(dollars in thousands)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

% Change

Clinical Services:

 

 

 

 

 

 

Total revenue (GAAP)

 

$

134,535

 

 

$

114,869

 

 

17.1

%

 

 

 

 

 

 

 

Cost of revenue (GAAP)

 

$

76,844

 

 

$

67,292

 

 

14.2

%

Adjustments to cost of revenue(5)

 

 

(4,607

)

 

 

(4,264

)

 

 

Adjusted cost of revenue (non-GAAP)

 

$

72,237

 

 

$

63,028

 

 

14.6

%

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

57,691

 

 

$

47,577

 

 

21.3

%

Adjusted gross profit (non-GAAP)

 

$

62,298

 

 

$

51,841

 

 

20.2

%

 

 

 

 

 

 

 

Gross profit margin (GAAP)

 

 

42.9

%

 

 

41.4

%

 

 

Adjusted gross profit margin (non-GAAP)

 

 

46.3

%

 

 

45.1

%

 

 

 

 

 

 

 

 

 

Advanced Diagnostics

 

 

 

 

 

 

Total revenue (GAAP)

 

$

21,705

 

 

$

22,351

 

 

(2.9

)%

 

 

 

 

 

 

 

Cost of revenue (GAAP)

 

$

13,927

 

 

$

15,114

 

 

(7.9

)%

Adjustments to cost of revenue(6)

 

 

(698

)

 

 

(589

)

 

 

Adjusted cost of revenue (non-GAAP)

 

$

13,229

 

 

$

14,525

 

 

(8.9

)%

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

7,778

 

 

$

7,237

 

 

7.5

%

Adjusted gross profit (non-GAAP)

 

$

8,476

 

 

$

7,826

 

 

8.3

%

 

 

 

 

 

 

 

Gross profit margin (GAAP)

 

 

35.8

%

 

 

32.4

%

 

 

Adjusted gross profit margin (non-GAAP)

 

 

39.1

%

 

 

35.0

%

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

Total revenue (GAAP)

 

$

156,240

 

 

$

137,220

 

 

13.9

%

 

 

 

 

 

 

 

Cost of revenue (GAAP)

 

$

90,771

 

 

$

82,406

 

 

10.2

%

Adjustments to cost of revenue(5)(6)

 

 

(5,305

)

 

 

(4,853

)

 

 

Adjusted cost of revenue (non-GAAP)

 

$

85,466

 

 

$

77,553

 

 

10.2

%

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

65,469

 

 

$

54,814

 

 

19.4

%

Adjusted gross profit (non-GAAP)

 

$

70,774

 

 

$

59,667

 

 

18.6

%

 

 

 

 

 

 

 

Gross profit margin (GAAP)

 

 

41.9

%

 

 

39.9

%

 

 

Adjusted gross profit margin (non-GAAP)

 

 

45.3

%

 

 

43.5

%

 

 

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss and GAAP EPS to Non-GAAP Adjusted EPS

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Net loss (GAAP)

$

(27,061

)

 

$

(30,795

)

Adjustments to net loss, net of tax:

 

 

 

Amortization of intangibles

 

8,362

 

 

 

8,783

 

Non-cash stock-based compensation expense

 

7,774

 

 

 

4,758

 

Restructuring charges

 

2,398

 

 

 

4,684

 

Other significant (income) expenses, net(7)

 

5,883

 

 

 

798

 

Adjusted net loss (non-GAAP)

$

(2,644

)

 

$

(11,772

)

 

 

 

 

Net loss per common share (GAAP)

 

 

 

Diluted EPS

$

(0.21

)

 

$

(0.25

)

Adjustments to diluted loss per share:

 

 

 

Amortization of intangibles

 

0.07

 

 

 

0.07

 

Non-cash stock-based compensation expense

 

0.06

 

 

 

0.04

 

Restructuring charges

 

0.02

 

 

 

0.04

 

Other significant (income) expenses, net(7)

 

0.05

 

 

 

0.01

 

Rounding and impact of diluted shares in adjusted diluted shares(8)

 

(0.01

)

 

 

 

Adjusted diluted EPS (non-GAAP)

$

(0.02

)

 

$

(0.09

)

 

 

 

 

Weighted average shares used in computation of adjusted diluted EPS:

 

 

 

Diluted common shares (GAAP)

 

126,111

 

 

 

125,026

 

Dilutive effect of options, restricted stock, and converted shares(9)(10)

 

 

 

 

 

Adjusted diluted shares outstanding (non-GAAP)

 

126,111

 

 

 

125,026

 

Reconciliation of Non-GAAP Financial Guidance to Corresponding GAAP Measures
(Unaudited, in thousands, except per share amounts)

GAAP net loss in 2024 will be impacted by certain charges, including: (i) expense related to the amortization of intangible assets, (ii) non-cash stock based compensation and (iii) restructuring charges. These charges have been included in GAAP net loss available to stockholders and GAAP net loss per share; however, they have been removed from adjusted net loss and adjusted diluted net loss per share.

The following table reconciles the Company’s 2024 outlook for net loss and EPS to the corresponding non-GAAP measures of adjusted net loss, adjusted EBITDA, and adjusted diluted EPS:

 

Year Ended December 31, 2024

 

Low Range

 

High Range

Net loss (GAAP)

$

(72,000

)

 

$

(65,000

)

Amortization of intangibles

 

35,000

 

 

 

35,000

 

Non-cash stock-based compensation

 

27,000

 

 

 

26,000

 

Restructuring charges

 

7,000

 

 

 

6,000

 

Acquisition and integration related expenses

 

 

 

 

 

Other one-time expenses

 

3,000

 

 

 

3,000

 

Adjusted net loss (non-GAAP)

 

 

 

 

5,000

 

Interest and taxes

 

(20,000

)

 

 

(20,000

)

Depreciation

 

41,000

 

 

 

39,000

 

Adjusted EBITDA (non-GAAP)

$

21,000

 

 

$

24,000

 

 

 

 

 

Net loss per diluted share (GAAP)

$

(0.57

)

 

$

(0.51

)

Adjustments to net loss per diluted share:

 

 

 

Amortization of intangibles

 

0.28

 

 

 

0.28

 

Non-cash stock-based compensation expenses

 

0.21

 

 

 

0.20

 

Restructuring charges

 

0.06

 

 

 

0.05

 

Other one-time expenses

 

0.02

 

 

 

0.02

 

Rounding and impact of diluted shares in adjusted diluted shares(11)

 

 

 

 

 

Adjusted diluted EPS(12) (non-GAAP)

$

 

 

$

0.04

 

 

 

 

 

Weighted average assumed shares outstanding in 2024:

 

 

 

Diluted shares (GAAP)

 

127,000

 

 

 

127,000

 

Options, restricted stock, and converted shares not included in diluted shares(12)

 

 

 

 

 

Adjusted diluted shares outstanding (non-GAAP)

 

127,000

 

 

 

127,000

 

Supplemental Information

Clinical(13) Tests Performed and Revenue

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

% Change

Clinical(13):

 

 

 

 

 

Number of tests performed

 

300,827

 

 

 

285,476

 

 

5.4

%

Average revenue/test

$

447

 

 

$

402

 

 

11.2

%

 

NeoGenomics, Inc.
Kendra Sweeney
Vice President, Investor Relations and ESG
kendra.sweeney@neogenomics.com
T: +1-239-877-7474

Source: NeoGenomics, Inc.