Business
NeoGenomics Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter Revenue Increased 10% to $139 million;Full Year Revenue Increased 5% to $510 millionFORT MYERS, FL / ACCESSWIRE / February 23, 2023 /
About this update from Neogenomics, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increased 10% to $139 million;Full Year Revenue Increased 5% to $510 millionFORT MYERS, FL / ACCESSWIRE / February 23, 2023 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\") , a leading provider of oncology testing and global contract research services, today announced fourth quarter and full year 2022 results for the period ended December 31, 2022.HighlightsFourth quarter consolidated revenue increased 10% to $139 million; Full year consolidated revenue increased 5% to $510 millionFourth quarter Clinical Services revenue increased 4% to $108 million; Full year Clinical Services revenue increased 4% to $419 millionFourth quarter Pharma Services revenue increased 41% to $31 million; Full year Pharma Services revenue increased 14% to $91 million\"I am proud of the team's dedication to providing transformative cancer care for patients and providers and of the progress made in the fourth quarter as our organizational changes began to show results and we capped the year off with another sequential quarter of revenue, gross margin and adjusted EBITDA improvement. During the quarter we have been putting the pieces in place to advance the business, primarily focused on our people, culture, strategy and execution,\" said Chris Smith, Chief Executive Officer.\"We still have a lot of work ahead of us, but I believe we have laid the groundwork for sustainable, long-term profitable growth. I am excited about what 2023 has in store and look forward to sharing our progress.\"Fourth Quarter ResultsConsolidated revenue for the fourth quarter of 2022 was $139 million, an increase of 10% over the same period in 2021. Clinical Services revenue of $108 million was an increase year-over-year of 4%. Clinical test volume(1) increased by 2% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 2% to $389. Pharma Services revenue increased by 41% to $31 million compared to the fourth quarter of 2021.Consolidated gross profit for the fourth quarter of 2022 was $56.8 million, an increase of 26% compared to the fourth quarter of 2021. This increase was primarily due to an increase in revenue. Consolidated gross profit margin, including amortization of acquired Inivata developed technology intangible assets, was 41.0%. Adjusted Gross Profit Margin(2), excluding amortization of acquired Inivata developed...