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NeoGenomics announced their financial results for the second quarter of 2017.
NeoGenomics (NASDAQ:NEO) announced their financial results for the second quarter of 2017.
As quoted in the press release:
Second Quarter 2017 Highlights:
- 16% increase in clinical genetic testing volume(1)
- 5% increase in consolidated revenue to $66.1 million
- 13% reduction in average cost per clinical genetic test(1)
- Significant improvement in Gross Margin to 47.2% from 45.3% in Q2 16
- GAAP EPS of ($0.03) per share and non-GAAP Adj. Diluted EPS(2) of $0.04 per share
Consolidated revenues for the second quarter were $66.1 million, an increase of 5% over the same period last year. Clinical genetic test volume(1) increased 16% year over year, and average revenue per clinical genetic test (“Revenue per Test”) decreased by 8% to $355, primarily due to changes in test mix as a result of our leadership in the rapidly growing field of immuno-oncology testing, which currently has lower average pricing because of the large influx of PD-L1 testing.
Consolidated gross profit improved by $2.6 million compared to last year’s second quarter and consolidated gross margin improved by 190 basis points to 47.2%. Gross margin improvement was driven by increased clinical test volume and realization of certain Clarient synergies. Average cost-of-goods-sold per clinical genetic test (“Cost per Test”) declined by 13% compared to the second quarter of 2016.
Click here to read the full press release.
Source: www.marketwired.com