NeoGenomics, Inc. reports developments in oncology diagnostic testing, cancer genetics and information services. The company serves oncologists, pathologists, hospital systems, academic centers and pharmaceutical firms through cancer-focused laboratory testing, professional interpretation, clinical trial and research services, validation laboratory services and oncology data solutions.
Recurring news themes include clinical revenue trends, next-generation sequencing growth, reimbursement and coverage decisions, and additions to the company’s testing menu. Updates also cover products such as PanTracer LBx, PanTracer Tissue and RaDaR ST, electronic health record access through Epic Aura, research presentations using Oncology Data Solutions, and the operation of CAP-accredited and CLIA-certified laboratory capabilities in the United States and the United Kingdom.
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.