Business
NeoGenomics Reports 40% Revenue Growth to $107 Million in the Fourth Quarter
Fourth-Quarter 2019 Highlights:Consolidated revenue increased 39.7% to $106.9 millionClinical Services revenue increased 41.7% to $93.4 million Pharma
About this update from Neogenomics, Inc.
[{"type":"text","content":"Fourth-Quarter 2019 Highlights:Consolidated revenue increased 39.7% to $106.9 millionClinical Services revenue increased 41.7% to $93.4 million Pharma Services revenue increased 27.5% to $13.5 millionPharma Services backlog increased 31.8% to $130.3 millionCompany issues 2020 financial guidanceFT. MYERS, FL / ACCESSWIRE / February 27, 2020 / NeoGenomics, Inc. (NASDAQ:NEO), a leading provider of cancer-focused genetic testing services, today announced fourth-quarter and full-year 2019 results for the period ended December 31, 2019.\"Our fourth quarter performance concludes a very successful year for NeoGenomics in which our company grew by nearly 50% and our competitive position strengthened dramatically\", said Douglas M. VanOort, the Company's Chairman and CEO.\"In the fourth quarter, our Clinical Services Division once again reported excellent volume growth of 27% driven by market share gains and the addition of Genoptix. We are particularly pleased that combined molecular and Next Generation Sequencing test volume continued to grow at rates approximating 50%, and that average-revenue-per-test improved by over 10% from last year. Pharma Services Division growth was also excellent with strong revenue gains, a record amount of newly-signed contracts, and a current backlog of approximately $130 million in signed contracts.\"\"Perhaps more importantly, we are very excited about the opportunities in front of us. We've made significant investments in a variety of growth initiatives over the past year, including our recent acquisition of the Oncology Division of Human Longevity, Inc., investments in Next Generation Sequencing, and Informatics. We believe that NeoGenomics has significant, sustainable competitive advantages and is well positioned for growth in each of the markets in which we operate.\"Fourth-Quarter ResultsConsolidated revenue for the fourth quarter of 2019 was $106.9 million, an increase of 40% over the same period in 2018. Clinical test volume(1) increased by 27% year over year. Average revenue per clinical test (\"revenue per test\") increased by 11% to $370, primarily due to the acquisition of Genoptix and the impact of favorable test mix and growth in next-generation sequencing. Clinical Services revenue was $93.4 million, resulting in a 42% increase over the fourth quarter of 2018. Pharma Services revenue was $13...