Business
NeoGenomics Reports Revenue of $87 Million in the Second Quarter amid COVID-19 Pandemic
Second-Quarter 2020 Results and Highlights:Consolidated revenue decreased 14% to $87 millionClinical Services revenue decreased 17% to $74 millionPharma
About this update from Neogenomics, Inc.
[{"type":"text","content":"Second-Quarter 2020 Results and Highlights:Consolidated revenue decreased 14% to $87 millionClinical Services revenue decreased 17% to $74 millionPharma Services revenue increased 3% to $13 millionPharma Services backlog increased 63% to $173 millionFinancial position strengthened with $322 million net convertible note and equity offeringsTest menu expanded with suite of solid tumor liquid biopsy testsStrategic collaboration and minority investment in Inivata establishedHigh-capacity COVID-19 testing lab operationalizedFORT MYERS, FL / ACCESSWIRE / July 28, 2020 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\"), a leading provider of cancer-focused genetics testing services, today announced its second-quarter results for the period ended June 30, 2020.\"As expected, second quarter financial results were challenging due to the global COVID-19 crisis, which reduced both revenue and earnings,\" said Douglas M. VanOort, Chairman and CEO of NeoGenomics.\"Even in the midst of this pandemic, we made several strategic moves and invested in our business. We fortified our balance sheet with a successful offering of both common stock and convertible securities, we strategically invested in Inivata for access to liquid biopsy and minimal residual disease testing capabilities, we launched a suite of liquid biopsy tests, we moved forward with investments to further globalize our Pharma Services business, and we built and operationalized a high-capacity COVID-19 testing laboratory. We believe these investments will deliver both near-term and long-term growth, and that we exited the second quarter in a stronger competitive position for the future.\"Second-Quarter ResultsConsolidated revenue for the second quarter of 2020 was $87 million, a decrease of 14% over the same period in 2019. Clinical Services revenue decreased year-over-year by 17% to $74 million driven by a clinical test volume(1) decrease of 18%. Average revenue per clinical test (\"revenue per test\") remained stable at $351. Pharma Services revenue grew by 3% to $13 million compared to the second quarter of 2019, primarily due to the January 10, 2020 acquisition of the Oncology Division assets of Human Longevity, Inc. (\"HLI - Oncology\"). While disruptions in volume stemming from the COVID-19 pandemic reduced growth in both Divisions, there was steady improvement throughout the ...