Business
NeoGenomics Reports Revenue of $117 Million in the First Quarter
First-Quarter 2022 ResultsConsolidated revenue increased 1% to $117 million; excluding 2021 COVID-19 PCR testing revenue, consolidated revenue increased
About this update from Neogenomics, Inc.
[{"type":"text","content":"First-Quarter 2022 ResultsConsolidated revenue increased 1% to $117 million; excluding 2021 COVID-19 PCR testing revenue, consolidated revenue increased 3%Clinical Services revenue increased 2% to $99 million; excluding 2021 COVID-19 PCR testing revenue, Clinical Services revenue increased 4%Pharma Services revenue decreased 4% to $18 millionFORT MYERS, FL / ACCESSWIRE / April 27, 2022 / 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, 2022.\"While our first quarter performance was disappointing and inconsistent with our company's strong track record, we are taking immediate actions to improve our operating performance and return to profitable growth. We remain focused on improved execution of our strategy and are confident that our comprehensive menu and leading scale in community oncology will continue to differentiate us and further strengthen our position in the market.\" said Lynn Tetrault, Executive Chair of NeoGenomics.\"Our Board of Directors is actively searching for an outstanding leader to serve as our next CEO. In the meantime, our new Clinical Services Division President, Dr. David Sholehvar, and Chief Scientific Officer, Dr. Shashi Kulkarni, bring extensive operating experience and expertise that will enable us to accelerate our efforts to improve operating performance and reinvigorate growth. With an effective interim management structure and team in place and the CEO search well underway, we are confident that we are on track to overcome the current challenges facing our business.\"First-Quarter ResultsConsolidated revenue for the first quarter of 2022 was $117 million, an increase of 1% over the same period in 2021. Clinical Services revenue of $99 million was an increase year-over-year of 2%. Excluding 2021 COVID-19 PCR testing, Clinical Services revenue increased by 4% year-over-year. Clinical test volume (1) increased by 2% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 2% to $371. Pharma Services revenue decreased by 4% to $18 million compared to the first quarter of 2021.Consolidated gross profit for the first quarter of 2022 was $38.2 million, a decrease of 8.0% compared to the first...