NeoGenomics Reports Second Quarter 2026 Results

Financial Highlights

For the three-month period ended June 30, 2026, as compared to the same period in 2025:

• Increased total revenue by 11% to $202 million

• Increased clinical revenue by 14% to $187 million driven by robust NGS growth of 26%

• Recorded GAAP net income of $2 million, including a gain on extinguishment of debt of $11 million

• Delivered adjusted EBITDA ⁽¹⁾ of $14 million, an increase of 36%

• Generated $20 million from cash from operations to end the quarter with $146 million of cash, cash equivalents, and short-term investments

Business Highlights

• Sharpened commercial strategy and go-to-market execution by launching a dedicated pathology and oncology commercial team

• Submitted new RaDaR ST evidence to MolDx supporting Medicare reimbursement for a new indication. This marks the third RaDaR ST submission to MolDx pending approval

• Strengthened capital structure through the completion of a $316 million private offering of 0.75% convertible senior notes due 2032

• Finalized a civil settlement with the Department of Justice resolving a self-disclosed matter and investigation concerning consulting services provided by the Company

⁽¹⁾

The Company has provided adjusted financial information that has not been prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Gross Profit Margin, Adjusted Net (Loss) Income, and Adjusted Diluted EPS. Each of these measures is defined in the section of this press release entitled "Use of Non-GAAP Financial Measures." See also the tables reconciling such measures to their closest GAAP equivalent.

FY 2025

Previous
FY 2026 Guidance

Updated
FY 2026 Guidance

YOY % Change from
FY 2025

(in millions)

Actual

Low

High

Low

High

Low

High

Consolidated revenue

$727

$797

$803

$802

$806

10%

11%

Net loss

$(108)

$(63)

$(50)

$(42)

$(34)

61%

69%

Adjusted EBITDA

$43

$55

$57

$56

$58

29%

34%

NeoGenomics, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2026
(unaudited)

December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

$

145,539

$

159,618

Accounts receivable, net

175,405

159,242

Inventories

27,137

28,566

Prepaid assets

23,590

21,443

Other current assets

9,807

7,417

Total current assets

381,478

376,286

Property and equipment, net

80,938

84,834

Operating lease right-of-use assets

78,606

78,444

Financing lease right-of-use assets

6,653

54

Intangible assets, net

271,262

286,528

Goodwill

523,995

524,344

Other assets

9,311

9,340

Total non-current assets

970,765

983,544

Total assets

$

1,352,243

$

1,359,830

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and other current liabilities

$

100,457

$

83,496

Current portion of operating lease liabilities

3,722

4,776

Current portion of finance lease liabilities

1,704

28

Total current liabilities

105,883

88,300

Long-term liabilities

Operating lease liabilities

64,671

62,822

Finance lease liabilities

4,030

27

Convertible senior notes, net

374,241

341,858

Deferred income tax liabilities, net

16,824

18,219

Other long-term liabilities

862

12,042

Total long-term liabilities

460,628

434,968

Total liabilities

$

566,511

$

523,268

Stockholders' equity

Total stockholders' equity

$

785,732

$

836,562

Total liabilities and stockholders' equity

$

1,352,243

$

1,359,830

NeoGenomics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

NET REVENUE

$

201,656

$

181,330

$

388,328

$

349,365

COST OF REVENUE

109,778

104,072

215,586

198,861

GROSS PROFIT

91,878

77,258

172,742

150,504

Operating expenses:

General and administrative

63,613

71,747

129,354

139,954

Research and development

10,761

9,023

20,295

19,204

Sales and marketing

27,275

24,075

51,105

46,758

Impairment charges

—

20,041

—

20,041

Total operating expenses

101,649

124,886

200,754

225,957

LOSS FROM OPERATIONS

(9,771

)

(47,628

)

(28,012

)

(75,453

)

Interest income

1,214

2,263

2,487

5,984

Interest expense

(781

)

(933

)

(1,379

)

(2,551

)

Other (expense) income, net

(17

)

482

(29

)

547

Gain on extinguishment of debt

11,181

—

11,181

—

Income (loss) before taxes

1,826

(45,816

)

(15,752

)

(71,473

)

Income tax benefit

412

724

884

458

NET INCOME (LOSS)

$

2,238

$

(45,092

)

$

(14,868

)

$

(71,015

)

NET INCOME (LOSS) PER SHARE

Basic

$

0.02

$

(0.35

)

$

(0.11

)

$

(0.56

)

Diluted

$

0.02

$

(0.35

)

$

(0.11

)

$

(0.56

)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

Basic

129,628

127,949

129,398

127,664

Diluted

130,831

127,949

129,398

127,664

NeoGenomics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Six Months Ended June 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(14,868

)

$

(71,015

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation

17,356

18,506

Amortization of intangibles

15,267

16,486

Stock-based compensation

17,852

22,968

Non-cash operating lease expense

3,226

3,346

Non-cash finance lease amortization

322

7

Amortization of debt issue costs

20

69

Amortization of convertible debt discount

753

1,164

Gain on debt extinguishment

(11,181

)

—

Impairment charges

—

20,041

Other adjustments

(15

)

(340

)

Changes in assets and liabilities, net

(16,910

)

(16,229

)

Net cash provided by (used in) operating activities

11,822

(4,997

)

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from maturities of marketable securities

—

11,060

Purchases of property and equipment

(13,219

)

(10,823

)

Business acquisition, net of cash acquired

—

(5,991

)

Purchase of convertible note

(100

)

—

Net cash used in investing activities

(13,319

)

(5,754

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of convertible debt, net of discount

305,434

—

Repayment of convertible debt

(262,890

)

(201,250

)

Premiums paid for capped call confirmations

(28,747

)

—

Proceeds received from capped call terminations

77

—

Repurchases of common stock

(25,000

)

—

Repayment of financing leases

(1,313

)

(7

)

Proceeds from issuance of common stock under employee stock purchase plan

1,752

2,266

Proceeds from issuance of common stock upon exercise of stock options

1,273

74

Employee taxes paid related to net share settlement of restricted stock

(3,168

)

(2,567

)

Net cash used in financing activities

(12,582

)

(201,484

)

Net change in cash and cash equivalents, including cash classified within current assets held for sale

(14,079

)

(212,235

)

Less: net change in cash classified within current assets held for sale

—

(54

)

Net change in cash and cash equivalents

(14,079

)

(212,289

)

Cash and cash equivalents, beginning of period

159,618

367,012

Cash and cash equivalents, end of period

$

145,539

$

154,723

Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income (loss) (GAAP)

$

2,238

$

(45,092

)

$

(14,868

)

$

(71,015

)

Adjustments to net income (loss):

Interest income

(1,214

)

(2,263

)

(2,487

)

(5,984

)

Interest expense

781

933

1,379

2,551

Income tax benefit

(412

)

(724

)

(884

)

(458

)

Depreciation

8,577

9,140

17,357

18,506

Amortization

7,974

8,124

15,607

16,486

EBITDA (non-GAAP)

$

17,944

$

(29,882

)

$

16,104

$

(39,914

)

Further adjustments to EBITDA:

Leadership transition costs ⁽¹⁾

245

637

563

2,831

Acquisition and integration related expenses ⁽²⁾

—

3,204

806

4,376

Stock-based compensation expense

8,216

12,215

17,852

22,968

Gain on extinguishment of debt

(11,181

)

—

(11,181

)

—

Impairment charges ⁽³⁾

—

20,041

—

20,041

IP litigation costs ⁽⁴⁾

81

4,460

165

7,443

Adjustment to contingency for regulatory matter

(1,155

)

—

(1,155

)

—

Other significant expenses, net ⁽⁵⁾

317

—

317

—

Adjusted EBITDA (non-GAAP)

$

14,467

$

10,675

$

23,471

$

17,745

⁽¹⁾

For the three and six months ended June 30, 2026, leadership transition costs include executive retention costs. For the three months ended June 30, 2025, leadership transition costs include executive retention costs. For the six months ended June 30, 2025, leadership transition costs include executive severance costs, executive retention costs, and executive search costs.

⁽²⁾

For the six months ended June 30, 2026, acquisition and integration related expenses include severance costs. There were no such costs for the three months ended June 30, 2026. For the three and six months ended June 30, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs.

⁽³⁾

For the three and six months ended June 30, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and impairment of disposal groups held for sale. There were no such costs for the three and six months ended June 30, 2026.

⁽⁴⁾

For the three and six months ended June 30, 2026 and June 30, 2025, IP litigation costs include legal fees.

⁽⁵⁾

For the three and six months ended June 30, 2026, other significant expenses, net, include severance costs. There were no such costs for the three and six months ended June 30, 2025.

Reconciliation of Consolidated GAAP Cost of Revenue, Gross Profit and Gross Profit Margin to

Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

(dollars in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Consolidated:

Total revenue (GAAP)

$

201,656

$

181,330

11.2

%

$

388,328

$

349,365

11.2

%

Cost of revenue (GAAP)

$

109,778

$

104,072

5.5

%

$

215,586

$

198,861

8.4

%

Adjustments to cost of revenue ⁽¹⁾

(5,021

)

(5,114

)

(9,972

)

(10,439

)

Adjusted cost of revenue (non-GAAP)

$

104,757

$

98,958

5.9

%

$

205,614

$

188,422

9.1

%

Gross profit (GAAP)

$

91,878

$

77,258

18.9

%

$

172,742

$

150,504

14.8

%

Adjusted gross profit (non-GAAP )

$

96,899

$

82,372

17.6

%

$

182,714

$

160,943

13.5

%

Gross profit margin (GAAP)

45.6

%

42.6

%

44.5

%

43.1

%

Adjusted gross profit margin (non-GAAP)

48.1

%

45.4

%

47.1

%

46.1

%

⁽¹⁾

Cost of revenue adjustments for the three months ended June 30, 2026, include $4.6 million of amortization of acquired intangible assets and $0.4 million of stock-based compensation. Cost of revenue adjustments for the six months ended June 30, 2026, include $9.2 million of amortization of acquired intangible assets and $0.7 million of stock-based compensation. Cost of revenue adjustments for the three months ended June 30, 2025, include $4.8 million of amortization of acquired intangible assets and $0.3 million of stock-based compensation. Cost of revenue adjustments for the six months ended June 30, 2025, include $9.7 million of amortization of acquired intangible assets and $0.7 million of stock-based compensation.

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income

and GAAP EPS to Non-GAAP Adjusted EPS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income (loss) (GAAP)

$

2,238

$

(45,092

)

$

(14,868

)

$

(71,015

)

Adjustments to net income (loss) net of tax:

Amortization

7,974

8,124

15,607

16,486

Leadership transition costs ⁽¹⁾

245

637

563

2,831

Acquisition and integration related expenses ⁽²⁾

—

3,204

806

4,376

Stock-based compensation expense

8,216

12,215

17,852

22,968

Gain on extinguishment of debt

(11,181

)

—

(11,181

)

—

Impairment charges ⁽³⁾

—

20,041

—

20,041

IP litigation costs ⁽⁴⁾

81

4,460

165

7,443

Adjustment to contingency for regulatory matter

(1,155

)

—

(1,155

)

—

Other significant expenses, net ⁽⁵⁾

317

—

317

—

Adjusted net income (non-GAAP)

$

6,735

$

3,589

$

8,106

$

3,130

Net income (loss) per common share (GAAP)

Diluted EPS

$

0.02

$

(0.35

)

$

(0.11

)

$

(0.56

)

Adjustments to diluted net income (loss) per share:

Amortization

0.06

0.06

0.12

0.13

Leadership transition costs ⁽¹⁾

—

—

—

0.02

Acquisition and integration related expenses ⁽²⁾

—

0.03

0.01

0.03

Stock-based compensation expense

0.06

0.10

0.14

0.18

Gain on extinguishment of debt

(0.09

)

—

(0.09

)

—

Impairment charges ⁽³⁾

—

0.16

—

0.16

IP litigation costs ⁽⁴⁾

—

0.03

—

0.06

Adjustment to contingency for regulatory matter

(0.01

)

—

(0.01

)

—

Other significant expenses, net ⁽⁵⁾

—

—

—

—

Rounding and impact of diluted shares in adjusted diluted shares ⁽⁶⁾

0.01

—

—

Adjusted diluted EPS (non-GAAP)

$

0.05

$

0.03

$

0.06

$

0.02

Weighted average shares used in computation of adjusted diluted EPS:

Diluted common shares (GAAP)

130,831

127,949

129,398

127,664

Dilutive effect of options, restricted stock, and converted shares ⁽⁷⁾⁽⁸⁾

—

—

1,396

—

Adjusted diluted shares outstanding (non-GAAP)

130,831

127,949

130,794

127,664

⁽¹⁾

For the three and six months ended June 30, 2026, leadership transition costs include executive retention costs. For the three months ended June 30, 2025, leadership transition costs include executive retention costs. For the six months ended June 30, 2025, leadership transition costs include executive severance costs, executive retention costs, and executive search costs.

⁽²⁾

For the six months ended June 30, 2026, acquisition and integration related expenses include severance costs. There were no such costs for the three months ended June 30, 2026. For the three and six months ended June 30, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs.

⁽³⁾

For the three and six months ended June 30, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and impairment of disposal groups held for sale. There were no such costs for the three and six months ended June 30, 2026.

⁽⁴⁾

For the three and six months ended June 30, 2026 and June 30, 2025, IP litigation costs include legal fees.

⁽⁵⁾

For the three and six months ended June 30, 2026, other significant expenses, net, include severance costs. There were no such costs for the three and six months ended June 30, 2025.

⁽⁶⁾

This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive or GAAP net (loss) income is positive and adjusted net (loss) income is negative, also compensates for the effects of additional diluted shares included or excluded in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.

⁽⁷⁾

In those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.

⁽⁸⁾

In those periods in which GAAP net (loss) income is positive and adjusted net (loss) income is negative, this adjustment excludes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period.

Year Ended December 31, 2026

Low Range

High Range

Net loss (GAAP)

$

(42,000

)

$

(34,000

)

Amortization

32,000

32,000

Stock-based compensation expenses

37,000

35,000

Other one-time expenses

(5,000

)

(7,000

)

Adjusted net income (non-GAAP)

22,000

26,000

Interest and taxes

(2,000

)

(2,000

)

Depreciation

36,000

34,000

Adjusted EBITDA (non-GAAP)

$

56,000

$

58,000

Net loss per diluted share (GAAP)

$

(0.32

)

$

(0.26

)

Adjustments to net loss per diluted share:

Amortization

0.25

0.25

Stock-based compensation expenses

0.28

0.27

Other one-time expenses

(0.04

)

(0.05

)

Rounding and impact of diluted shares in adjusted diluted shares ⁽¹⁾

—

(0.01

)

Adjusted diluted EPS (non-GAAP)

$

0.17

$

0.20

Weighted average assumed shares outstanding in 2026:

Diluted shares (GAAP)

130,000

130,000

Options, restricted stock, and converted shares not included in diluted shares ⁽²⁾

—

—

Adjusted diluted shares outstanding (non-GAAP)

130,000

130,000

⁽¹⁾

This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, also compensates for the effects of additional diluted shares included in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.

⁽²⁾

For those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.

Supplemental Information

Clinical Tests Performed and Revenue

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Clinical ⁽¹⁾ :

Number of tests performed

363,498

356,630

1.9

%

709,177

682,793

3.9

%

Average revenue/test

$

515

$

461

11.7

%

$

505

$

460

9.8

%

⁽¹⁾

Excludes tests and revenue related to non-clinical activity.