Business
NeoGenomics Reports Second Quarter 2024 Results
Second Quarter Revenue Increased 12% to $165 Million Raising Revenue Guidance $655 to $667 Million and Adjusted EBITDA to $33 to $37 Million FORT MYERS,
About this update from Neogenomics, Inc.
[{"type":"text","content":"\nSecond Quarter Revenue Increased 12% to $165 Million\n\n\nRaising Revenue Guidance $655 to $667 Million and Adjusted EBITDA to $33 to $37 Million\n\n\n FORT MYERS, Fla.--(BUSINESS WIRE)--\nNeoGenomics, Inc. (NASDAQ: NEO) (the “Company”), a leading oncology testing services company, today announced its second-quarter results for the period ended June 30, 2024.\n\n\n\n\nSecond Quarter 2024 Highlights As Compared To Second Quarter 2023\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nConsolidated revenue increased 12% to $165 million\n\n\n\nClinical Services revenue increased 15% to $141 million\n\n\n\nAdvanced Diagnostics revenue decreased 3% to $23 million\n\n\n\nNet loss decreased 23% to $19 million\n\n\n\nAdjusted EBITDA increased 630% to positive $11 million\n\n\n\n\n\n\n\n“The second quarter represents the fourth consecutive positive Adjusted EBITDA quarter with continued strong growth in volumes, revenues, and earnings,” said Chris Smith, NeoGenomics’ Chief Executive Officer. “We are well positioned to continue the momentum in the second half of the year and are committed to expanding our broad menu to help deliver innovative care for patients and driving long-term sustainable growth.”\n\n\nSecond-Quarter Results\n\n\nConsolidated revenue for the second quarter of 2024 was $165 million, an increase of 12% over the same period in 2023. Clinical Services revenue of $141 million increased year-over-year by 15%. Clinical test volume(1) increased by 6% year-over-year. Average revenue per clinical test (“revenue per test”) increased by 9% to $454. Advanced Diagnostics revenue decreased by 3% to $23 million compared to the second quarter of 2023.\n\n\nConsolidated gross profit for the second quarter of 2024 was $72.5 million, an increase of 21.0% compared to the second quarter of 2023. This increase was primarily due to an increase in revenue partially offset by higher compensation and benefit costs. Consolidated gross profit margin, including amortization of acquired intangible assets and stock-based compensation expense, was 44.1%. Adjusted Gross Profit Margin(2), excluding amortization of acquired intangible assets and stock-based compensation expense, was 47.3%.\n\n\nOperating expenses for the second quarter of 2023 were $94 million, an increase of $5 million, or 5%, compared to the second quarter of 2023. Operating expenses included hi...