NeoGenomics Reports Q1 Topline Growth, Lifts Annual Guidance, Shares Soar

NeoGenomics Inc (NASDAQ: NEO) reported Q1 revenues of $137.22 million, +17.1% Y/Y beating the consensus of $126.39 million.

Clinical Services revenue of $115 million increases 16% Y/Y. Clinical test volume increased by 7%. The average revenue per clinical test increased by 8% to $402.

Pharma Services revenue increased by 22% to $22 million.

Adjusted EBITDA loss was $(7) million compared to $(19) million in the first quarter of 2022.

Adjusted Net Loss was $(12) million compared to $(25) million a year ago. Adjusted EPS came in at $(0.09), down from $(0.20) a year ago and a consensus of $(0.15).

“The key strategic initiatives set forth in the second half of 2022 are continuing to have a positive impact on the business. Thanks to the strong execution of our Neo teammates and the growing demand for our tests from our existing client base and new customers, we continued to generate significant operating leverage as revenue favorability contributed to a significant improvement in EBITDA,” commented Chris Smith, CEO.

In March, NeoGenomics announced the commercial availability of the RaDaR assay, a liquid biopsy test for molecular/minimal residual disease (MRD).

Outlook: NeoGenomics raised FY23 revenues outlook to $555-$565 million compared to prior guidance of $545 million – $555 million and against the $549.82 million estimate.

The company expects an adjusted EBITDA loss of $(22)-$(18) million compared to previous guidance of $(27)-$(22) million.

Price Action: NEO shares are up 21.8% at $16.27 on the last check Thursday.

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This article NeoGenomics Reports Q1 Topline Growth, Lifts Annual Guidance, Shares Soar originally appeared on Benzinga.com

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