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    NeoGenomics Reports Record Revenue of $67.7 Million with 14% Increase in Clinical Volume Growth and 95% Increase in Pharma Services Backlog

    Jocelyn Aspa
    Jul. 24, 2018 09:50AM PST
    Genetics Investing

    NeoGenomics (NASDAQ:NEO) has announced its results for the second quarter of 2018. As quoted in the press release: Second Quarter 2018 Highlights: •  9% increase in consolidated revenue; 12% excluding PathLogic •  14% increase in clinical genetic testing volume(1) •  22% increase in Pharma Services revenue; 95% increase in Pharma Services backlog •  Announced global …

    NeoGenomics (NASDAQ:NEO) has announced its results for the second quarter of 2018.

    As quoted in the press release:

    Second Quarter 2018 Highlights:

    •  9% increase in consolidated revenue; 12% excluding PathLogic
    •  14% increase in clinical genetic testing volume(1)
    •  22% increase in Pharma Services revenue; 95% increase in Pharma Services backlog
    •  Announced global strategic affiliation with PPD
    •  Redeemed 100% of outstanding preferred stock

    Consolidated revenues for the second quarter of 2018 were $67.7 million, an increase of 8.8% over the same period in 2017.  After adjusting 2017 results for the divestiture of PathLogic, revenue growth was 11.6%.  Clinical genetic test volume(1) increased by 14.4% year over year.  Average revenue per clinical genetic test (“Revenue per Test”) decreased by 3.6% to $318, primarily due to changes in Medicare reimbursement and regulation.

    Consolidated gross profit improved by $3.2 million, or 11.6%, to $30.5 million and consolidated gross margin improved by approximately 120 basis points year-over-year to 45.1%. Gross margin improvement was primarily driven by productivity gains, cost efficiencies and the divestiture of PathLogic. Average cost-of-goods-sold per clinical genetic test (“Cost per Test”) decreased by 4.5%.

    Consolidated operating expenses increased by $4.2 million, or 16.6% from the prior year, primarily due to the opening of our new Houston laboratory in May 2018, and continued investments in sales and marketing. Excluding the one-time costs related to the Houston expansion, general and administrative expenses increased by 4.0%.

     Net loss in Quarter 2 was $0.4 million compared to net income of $0.5 million in the prior year’s second quarter. One-time costs related to the Houston expansion reduced net income by $1.8 million in the quarter. Net income available to common shareholders was $5.9 million, including a $9.1 million gain on the redemption of the preferred stock.

    Adjusted EBITDA(2) was $10.1 million in Quarter 2, a 3.9% improvement from the prior year.  Adjusted Net Income(2) was $4.5 million compared to $3.5 million in the prior year.

    Click here to read the full press release.

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