Neogenomics Inc Stock Price, News & Analysis

NeoGenomics, Inc. (NASDAQ: NEO) will participate in a fireside chat at the 44th Annual Raymond James Institutional Investors Conference on March 6, 2023, at 7:30 AM ET. CEO Chris Smith and CFO Jeff Sherman will represent the company. A live audio webcast can be accessed on the Investor Relations section of their website. NeoGenomics specializes in cancer genetics testing and aims to connect patients with therapies. The company operates accredited laboratories across the U.S. and in Switzerland and Singapore, serving various healthcare stakeholders. For more information, updates are available in their SEC filings.

NeoGenomics, a leader in oncology testing, reported a 10% increase in Q4 2022 revenue to $139 million, and a 5% increase in full-year revenue to $510 million. Clinical Services revenue grew by 4% to $108 million, while Pharma Services revenue surged by 41% to $31 million. Despite operational improvements, the net loss for Q4 2022 narrowed to $23 million from $42 million in Q4 2021. The company anticipates FY 2023 consolidated revenue between $545 million and $555 million, projecting a 7% to 9% growth. However, the full-year 2022 net loss expanded to $144 million, emphasizing ongoing challenges despite revenue growth.

NeoGenomics, Inc. (NASDAQ:NEO) has released new findings on the RaDaR® assay, highlighting its ability to detect circulating tumor DNA (ctDNA) in blood, which correlates with responses to neoadjuvant immune therapies in muscle-invasive bladder cancer. Published in Nature Medicine, the study suggests that the absence of ctDNA can indicate effective treatment and potentially allow patients to avoid radical cystectomy. In the Phase 1b/2a NABUCCO trial, 43% of patients in one cohort achieved a complete pathological response, showcasing the assay's clinical utility for personalized cancer care.

NeoGenomics, Inc. (NASDAQ:NEO) announced its plans to release fourth quarter and full year 2022 financial results on February 23, 2023. A webcast and conference call will follow at 8:30 AM EDT that day, where executives will discuss the results. Participants can access the call at (888) 506-0062 (domestic) or (973) 528-0011 (international), with a conference ID of 647216. A replay will be available until March 9, 2023. NeoGenomics specializes in oncology testing and contract research services, catering to healthcare professionals and pharmaceutical clients.

NeoGenomics (NASDAQ: NEO) has granted equity inducement awards to its new CFO, Jeff Sherman, as per Nasdaq Listing Rules. The awards consist of 133,809 restricted stock shares and 249,169 stock options, effective December 5, 2022. Two-thirds of the restricted stock will vest based on the company's total stockholder return over the next year, while the stock options have a seven-year term with a strike price of $11.62. The awards aim to incentivize Mr. Sherman’s performance and align his interests with shareholders' goals.

NeoGenomics, Inc. (NASDAQ: NEO) has appointed Jeffrey S. Sherman as the new Chief Financial Officer, effective December 7, 2022. Sherman, who brings over 32 years of finance experience in the healthcare sector, succeeds William Bonello, who will assist in the transition. The CEO, Chris Smith, expressed confidence in Sherman's abilities, particularly in pricing management and revenue cycle management. NeoGenomics specializes in oncology testing and aims to connect patients with therapeutic solutions. The company operates multiple accredited labs across the U.S. and internationally.

NeoGenomics has introduced a groundbreaking biomarker testing program for patients with epithelial ovarian cancer through the FR-ASSIST™ initiative, in collaboration with ImmunoGen. This program provides FOLR1 expression testing at no cost, aimed at facilitating access to the recently FDA-approved ELAHERE™ treatment. With approximately 19,880 ovarian cancer cases expected in 2022, and nearly 90% likely expressing the FOLR1 marker, this program addresses a critical need in personalized cancer treatment. The partnership aims to enhance treatment decision-making for patients.

NeoGenomics, a leader in cancer-focused genetics testing, reported a 6% increase in third-quarter revenue to $129 million for the period ending September 30, 2022. Clinical Services revenue grew 4% to $106 million, while Pharma Services saw an 18% increase to $23 million. Despite these gains, the company faced a net loss of $37 million, wider than the $20 million loss from the previous year. Operating expenses rose by 2%, reaching $88 million. Despite a strong cash position of $444 million, the adjusted EBITDA was negative $12 million, highlighting ongoing challenges.

NeoGenomics has appointed David B. Perez, a veteran in medical devices and healthcare services, to its Board of Directors, effective November 3, 2022. With over 40 years of executive experience, Perez has a proven track record in leading organizations through growth and innovation. Notably, he helped Terumo BCT increase global revenue from $160 million to $1 billion during his tenure. This strategic addition aims to bolster NeoGenomics' objective of enhancing cancer care through expanded testing and information services.