Business
NeoGenomics Reports Third Quarter 2022 Results
Third Quarter Revenue Increased 6% to $129 MillionFORT MYERS, FL / ACCESSWIRE / November 8, 2022 / NeoGenomics, Inc. (NASDAQ:NEO) (the "Company"), a leading
About this update from Neogenomics, Inc.
[{"type":"text","content":"Third Quarter Revenue Increased 6% to $129 MillionFORT MYERS, FL / ACCESSWIRE / November 8, 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 third-quarter results for the period ended September 30, 2022.HighlightsConsolidated revenue increased 6% to $129 millionClinical Services revenue increased 4% to $106 millionPharma Services revenue increased 18% to $23 million\"I am pleased by the progress that we made as a business during the third quarter, including improvements in turn-around time, revenue growth and gross margin. While we still have substantial opportunity ahead of us, I believe that the foundation for improvement is being set in place. Our focus for the remainder of the year is to leverage our leadership position in oncology testing and transform the business to build sustainable, long-term profitable growth,\" said Chris Smith, Chief Executive Officer. \"I am especially impressed with our people and their deep commitment to our customers and to the patients we serve and am excited about the journey in front of us.\"Third-Quarter ResultsConsolidated revenue for the third quarter of 2022 was $129 million, an increase of 6% over the same period in 2021. Clinical Services revenue of $106 million was an increase year-over-year of 4%. Clinical test volume(1) decreased by 1% year-over-year. Average revenue per clinical test (\"revenue per test\") increased by 5% to $392. Pharma Services revenue increased by 18% to $23 million compared to the third quarter of 2021.Consolidated gross profit for the third quarter of 2022 was $48.9 million, an increase of 4% compared to the third quarter of 2021. 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 38.0%. Adjusted Gross Profit Margin(2), excluding amortization of acquired Inivata developed technology intangible assets, was 41.7%.Operating expenses for the third quarter of 2022 were $88 million, an increase of $1 million, or 2%, compared to the third quarter of 2021. This increase was primarily due to higher payroll and payroll-related costs to support the C...