Business
NeoGenomics Reports Revenue of $121 Million in the Third Quarter
Third-Quarter 2021 Results and Highlights:Consolidated revenue of $121 million, comprised of Clinical Services revenue of $102 million and Pharma Services
About this update from Neogenomics, Inc.
[{"type":"text","content":"Third-Quarter 2021 Results and Highlights:Consolidated revenue of $121 million, comprised of Clinical Services revenue of $102 million and Pharma Services revenue of $19 millionConsolidated revenue decreased 3% due to the discontinuation of prior year COVID-19 revenue; consolidated revenue increased 12% when excluding prior year COVID-19 revenueAnnounces plan to double its Clinical Services sales and medical affairs teams to further support RaDaR™ and drive the next phase of the Company's growthFT. MYERS, FL / ACCESSWIRE / November 4, 2021 / NeoGenomics, Inc. (NASDAQ:NEO) (the \" Company \"), a leading provider of cancer-focused genetics testing services and global oncology contract research services, today announced its third-quarter results for the period ended September 30, 2021.\"In the third quarter, our Clinical Services revenue increased 11% when excluding COVID-19 PCR testing revenue in prior year. We also had record bookings for Pharma despite challenges the COVID-19 Delta variant surge presented for our business. These challenges were particularly impactful in our home state of Florida where the related incidence was hardest felt,\" said Mark Mallon, CEO of NeoGenomics. \"While this dynamic impacted near-term results and our sales teams' access to clients, we remain excited about our longer-term growth prospects across the company and today we are announcing a major step towards accelerating that growth by sharing our intent to double our sales team to support RaDaR™. It is clear to us that RaDaR™ is a special asset and we are committed to making the investments necessary to realize its sizable Clinical and Pharma market opportunities for minimal residual disease and recurrence testing.\"Third-Quarter ResultsConsolidated revenue for the third quarter of 2021 was $121 million, a decrease of 3% over the same period in 2020. Clinical Services revenue of $102 million was a decrease year-over-year of 6%. Excluding COVID-19 PCR testing, Clinical Services revenue increased by 11% year-over-year. Clinical test volume (1) increased by 7% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 4% to $375. Pharma Services revenue increased by 14% to $19 million compared to the third quarter of 2020, primarily due to an increase in revenue related to research studies and informatics.Consolidated gross...