Neogenomics Inc Stock Price, News & Analysis

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.

NeoGenomics, Inc. (NASDAQ:NEO) has provided an update on its RaDaR^TM assay, focusing on minimal residual disease detection. Medicare coverage for RaDaR^TM in colorectal cancer (CRC) is contingent on additional clinical evidence. In response, the company will prioritize the commercial launch for RaDaR^TM in breast cancer, targeting Q1 2023. NeoGenomics is expanding efforts in both breast cancer and CRC to meet the growing demand and secure reimbursement. CEO Chris Smith expressed confidence in generating necessary clinical evidence to support reimbursement efforts.

NeoGenomics, Inc. (NASDAQ:NEO) announced the release date for its third quarter 2022 financial results, set for November 8, 2022. The company will conduct a webcast and conference call at 8:30 AM EDT on the same day to discuss the results. Interested parties can participate by calling specific access numbers. A replay will be available until November 22, 2022. NeoGenomics specializes in cancer-focused genetic testing and operates several accredited labs across the U.S. and internationally.

NeoGenomics (NASDAQ: NEO) announces presentations of new research at the ESMO Congress from September 9-13, 2022. The studies showcase the RaDaR™ assay, which proved effective in detecting minimal residual disease in head and neck squamous cell carcinoma patients. Additionally, early findings suggest PAK4 as a potential biomarker for poor immunotherapy response in melanoma patients. These developments highlight the assay's applicability across tumor types, aiming to enhance cancer treatment decisions and outcomes.

NeoGenomics, Inc. (Nasdaq:NEO) announced equity inducement awards for new CEO Chris Smith, as mandated by Nasdaq Listing Rules. The awards include 336,767 restricted stock shares, a sign-on award of 265,452 restricted shares, and a stock option for 694,444 shares, all effective from August 15, 2022. The restricted stock will vest over time, contingent on continued service, while the stock option has a seven-year term with an exercise price of $12.62. These grants aim to incentivize and retain the new CEO as the company excels in oncology testing and research services.