Business
NeoGenomics Reports First Quarter 2023 Results
First Quarter Revenue Increased 17% to $137 MillionFORT MYERS, FL / ACCESSWIRE / May 8, 2023 / NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading
About this update from Neogenomics, Inc.
[{"type":"text","content":"First Quarter Revenue Increased 17% to $137 MillionFORT MYERS, FL / ACCESSWIRE / May 8, 2023 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\"), a leading provider of cancer-focused genetics testing services and global oncology contract research services, today announced its first-quarter results for the period ended March 31, 2023.HighlightsConsolidated revenue increased 17% to $137 millionClinical Services revenue increased 16% to $115 millionPharma Services revenue increased 22% to $22 million\"Our business continued the momentum we saw in the fourth quarter of last year into the first quarter with accelerated double-digit revenue growth in both the Clinical and Pharma businesses,\" said Chris Smith, Chief Executive Officer of NeoGenomics. \"The key strategic initiatives set forth in second half of 2022 are continuing to have a positive impact on the business. Thanks to the strong execution of our Neo teammates and the growing demand for our tests from our existing client base and new customers, we continued to generate significant operating leverage as revenue favorability contributed to a significant improvement in AEBITDA.\"First-Quarter ResultsConsolidated revenue for the first quarter of 2023 was $137 million, an increase of 17% over the same period in 2022. Clinical Services revenue of $115 million was an increase year-over-year of 16%. Clinical test volume(1) increased by 7% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 8% to $402. Pharma Services revenue increased by 22% to $22 million compared to the first quarter of 2022.Consolidated gross profit for the first quarter of 2023 was $54.8 million, an increase of 43.4% compared to the first quarter of 2022. This increase was primarily due to an increase in revenue partially offset by higher payroll and payroll-related costs and an increase in supplies expense. Consolidated gross profit margin, including amortization of acquired Inivata developed technology intangible assets, was 39.9%. Adjusted Gross Profit Margin(2), excluding amortization of acquired Inivata developed technology intangible assets, was 43.5%.Operating expenses for the first quarter of 2023 were $90 million, flat when compared to the first quarter of 2022. Operating expenses included a decrease in non-cash stock-based compensation expense and professional fees. Th...