Neogenomics Inc Stock Price, News & Analysis

The Access to Comprehensive Genomic Profiling Coalition has welcomed NeoGenomics (NASDAQ: NEO) and Tempus, emphasizing advocacy for broad U.S. insurance coverage of comprehensive genomic profiling (CGP) for advanced cancer patients. NeoGenomics offers extensive cancer diagnostics and services, while Tempus utilizes AI to enhance precision medicine efforts. Both companies aim to improve patient outcomes through better access to CGP, which informs treatment decisions. The coalition will also engage insurers to highlight the clinical and economic benefits of CGP.

NeoGenomics announced the pricing of public offerings of 4,081,632 shares of common stock at $49.00 per share, aiming for gross proceeds of $200 million, and $300 million in 0.25% convertible senior notes due 2028. The offerings are set to close around January 11, 2021. The convertible notes have an initial conversion price of approximately $66.15 per share, with a conversion premium of 35%. Proceeds will be utilized for general corporate purposes and potential investments. Underwriters have a 30-day option to purchase additional shares and notes.

NeoGenomics, Inc. has announced public offerings of approximately $200 million in common stock and $250 million in convertible senior notes due 2028. The offerings are not contingent on each other and are subject to market conditions. The convertible notes will bear interest and can be converted into cash or shares based on specific circumstances. Funds will be utilized for general corporate purposes and capped call transactions, with potential investments in complementary businesses. Market reactions may vary based on derivatives transactions related to these offerings.

NeoGenomics, Inc. (NASDAQ: NEO) will participate in the virtual 39th Annual J.P. Morgan Healthcare Conference on January 11, 2021, at 5:20pm ET. Key executives, including Chairman Douglas VanOort and CFO Kathryn McKenzie, will present. The event will be accessible via the company's investor relations website. NeoGenomics specializes in cancer genetic testing and offers extensive services globally, catering to pathologists, oncologists, and pharmaceutical firms. The company operates accredited laboratories in multiple U.S. locations and internationally in Switzerland and Singapore.

NeoGenomics, Inc. (NASDAQ:NEO) will participate in a virtual fireside chat at the Stephens Annual Investment Conference on November 17, 2020, at 9:00 AM ET. Key executives, including Doug VanOort (CEO) and Kathryn McKenzie (CFO), will be featured in the presentation, which will be webcast live and archived for 90 days. NeoGenomics specializes in cancer genetics testing and global oncology contract research services, operating accredited laboratories across the U.S. and internationally. The company remains focused on gaining new customers and implementing its business plan amidst the ongoing challenges posed by COVID-19.

NeoGenomics announced the launch of a mobile phlebotomy service for blood-based tests, including InVisionFirst-Lung and the NeoLAB suite. This initiative aims to enhance patient access to timely testing during the COVID-19 pandemic. Collaborating with ExamOne and Metro Health Staffing, NeoGenomics ensures convenient, in-home blood sample collection at no cost to patients. The service addresses safety concerns while maintaining continuity of care for cancer patients, with assays offering turnaround times of seven days or less.

NeoGenomics reported strong third-quarter 2020 results with consolidated revenue increasing by 20% to $125 million, and clinical services revenue up 17% to $109 million. Pharma services revenue rose 38% to $17 million, while backlog surged 57% to $185 million. Despite a less than 3% drop in average revenue per clinical test, gross profit increased by 6.4% to $54.1 million. Net income was $3 million, up from $2 million last year. Cash and equivalents totaled $265 million, showcasing the company's strong liquidity position.

NeoGenomics plans to open a new clinical research laboratory in Suzhou, China, in collaboration with PPD, Inc. The facility, spanning 67,000 square feet, aims to support clinical trials for both global and local pharmaceutical companies in Greater China. Expected to commence operations in 2021, this expansion highlights NeoGenomics' strategic growth despite the challenges posed by the COVID-19 pandemic, following their earlier expansion into Singapore. Company leadership emphasizes the increased capability to serve pharma clients efficiently in the oncology sector.

NeoGenomics, Inc. (NASDAQ:NEO) announced plans to release its third quarter 2020 financial results on October 27, 2020. A conference call and webcast are scheduled for 8:30 AM EDT on the same day to discuss the financial results. Investors can access the call by dialing (844) 602-0380 or (862) 298-0970 for international participants. Call replays will be available until November 10, 2020. NeoGenomics specializes in cancer genetics testing and operates multiple accredited laboratories across the U.S. and internationally.