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NeoGenomics released the report for their third quarter of 2017 financial information.
NeoGenomics (NASDAQ:NEO) released the report for their third quarter of 2017 financial information.
As quoted in the press release:
Consolidated revenues for the third quarter of 2017 were $63.1 million, an increase of 4% over the same period last year. Clinical genetic test volume increased 17% year over year. Average revenue per clinical genetic test (“Revenue per Test”) decreased by 11% to $342, primarily due to changes in test mix and a one-time $1.3 million revenue adjustment at quarter-end related to unbilled tests that were processed with insufficient specimen material. As a result of its divestiture on August 1, 2017, PathLogic revenue decreased by $1.4 million, or 78%, from the same period last year. The Company also estimates that Hurricanes Harvey and Irma depressed test volume by approximately 1.5% and revenue by approximately $1.0 million in the third quarter.
Consolidated gross profit improved by $1.5 million, or 5%, compared to last year’s third quarter and consolidated gross margin improved by 70 basis points to 45.7%. Gross margin improvement was driven by increased clinical test volume, an 11% reduction in average cost-of-goods-sold per clinical genetic test (“Cost per Test”), and a margin expansion in the Pharma Services business.
Click here to read the full press release.
Source: www.marketwired.com