Business
NeoGenomics Reports Revenue Growth of 20% to Record $125 Million in the Third Quarter
Third-Quarter 2020 Results and Highlights:Consolidated revenue increased 20% to $125 millionClinical Services revenue increased 17% to $109 millionPharma
About this update from Neogenomics, Inc.
[{"type":"text","content":"Third-Quarter 2020 Results and Highlights:Consolidated revenue increased 20% to $125 millionClinical Services revenue increased 17% to $109 millionPharma Services revenue increased 38% to $17 millionPharma Services backlog increased 57% to $185 millionFORT MYERS, FL / ACCESSWIRE / October 27, 2020 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\"), a leading provider of cancer-focused genetics testing services, today announced its third-quarter results for the period ended September 30, 2020.\"Third quarter results were strong as we bounced back nicely from a challenging second quarter and set new company records for quarterly consolidated revenue and pharma services revenue and backlog. Importantly, test volume in our core clinical(1) oncology business continued to trend higher on what looks to be a V-Shaped recovery and the majority of our pharma clients' clinical trial sites are now open,\" said Douglas M. VanOort, Chairman and CEO of NeoGenomics.We have continued to make strategic investments, even in the midst of the pandemic, to put us in a stronger position for growth. We are particularly excited about our investments in global Pharma Services, Informatics, strategic marketing initiatives, liquid biopsy, including our investment in Inivata, certain research and development priorities, and the on-going construction of our new state-of-the-art laboratory and global headquarters in Fort Myers.Even in this uncertain and challenging operating environment, the dedication of NeoGenomics' employees has been extraordinary as we have stayed laser-focused on patient care.\"Third-Quarter ResultsConsolidated revenue for the third quarter of 2020 was $125 million, an increase of 20% over the same period in 2019. Clinical Services revenue increased year-over-year by 17% to $109 million, primarily driven by COVID-19 Polymerase Chain Reaction (\"PCR\") testing revenue of $17 million. Clinical testing volume(1) grew 2% year-over-year and improved month-to-month as the quarter progressed. Average revenue per clinical test (\"revenue per test\") decreased by less than 3% to $359. Pharma Services revenue grew by 38% to $17 million compared to the third quarter of 2019, primarily due to an increase in revenue related to clinical trials.Gross profit was $54.1 million, an increase of 6.4%, compared to the third quarter of 2019. This increase was...