Business
NeoGenomics Reports Second Quarter 2023 Results
Second Quarter Revenue Increased 18% to $147 MillionFORT MYERS, FL / ACCESSWIRE / August 8, 2023 / NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading
About this update from Neogenomics, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased 18% to $147 MillionFORT MYERS, FL / ACCESSWIRE / August 8, 2023 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\"), a leading oncology testing services company, today announced its second-quarter results for the period ended June 30, 2023 as compared to June 30, 2022.Highlights Consolidated revenue increased 18% to $147 million Clinical Services revenue increased 17% to $123 million Advanced Diagnostics revenue increased 22% to $24 million Net loss decreased 31% to $24 million Adjusted EBITDA increased 87% to negative $2 million \"Our team delivered another excellent quarter with double-digit growth in both our Clinical Services and Advanced Diagnostics businesses,\" said Chris Smith, Chief Executive Officer of NeoGenomics. \"Building on our focused initiatives we implemented in the second half of 2022, our strategic priorities continue to drive accelerated growth supported by improvements in execution. This strong positioning provides us with significant opportunity to carry our strength forward into the second half of 2023.\"Second-Quarter ResultsThe Company has historically reported its activities in two reportable segments; (1) the Clinical Services segment and (2) the Pharma Services segment. In the second quarter of 2023, the Pharma Services segment was rebranded as the Advanced Diagnostics segment. This change had no impact on the Company's consolidated financial statements for any prior periods.Consolidated revenue for the second quarter of 2023 was $147 million, an increase of 18% over the same period in 2022. Clinical Services revenue of $123 million increased year-over-year by 17%. Clinical test volume(1) increased by 8% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 8% to $417. Advanced Diagnostics revenue increased by 22% to $24 million compared to the second quarter of 2022.Consolidated gross profit for the second quarter of 2023 was $59.9 million, an increase of 36.3% compared to the second quarter of 2022. This increase was primarily due to an increase in revenue partially offset by higher payroll and payroll-related costs. Consolidated gross profit margin, including amortization of acquired Inivata developed technology intangible assets, was 40.8%. Adjusted Gross Profit Margin(2), excluding amortization of acquired Inivata developed technolo...