NeoGenomics Reports 159% Revenue growth to $59.7 Million and 442% Adjusted EBITDA increase to $8.2 Million, Driven by Clarient acquisition and Strong Volume Gains

First quarter net loss available to common shareholders was ($5.4 million), or ($0.07) per share, versus a net loss of ($0.7 million), or ($0.01) per share, in the first quarter of last year.  Non-cash "deemed preferred dividends" and amortization of the "beneficial conversion feature" related to the preferred stock accounted for $5.6 million of the net loss available to common shareholders.

Douglas M. VanOort, the Company's Chairman and CEO, commented, "We are very pleased with our first quarter performance.  The acquisition of Clarient is providing scale advantages and we're beginning to realize synergies as planned.  Customer retention has been excellent as a result of continued strong service levels.  In addition, we achieved very strong core volume growth even as we engaged deeply in integration activities.  Current and potential clients have responded exceptionally well to the acquisition, and our sales pipeline is very strong." 

"Integration planning has now been completed, and our teams have begun to execute plans with speed and rigor.  Although we've just begun to execute our integration plans, we're already achieving benefits.  The significant gain in gross margin and over 400% increase in Adjusted EBITDA reflect some of the benefit of operating synergies.  We expect to realize additional cost synergies as the year progresses driven by advances in our laboratory information systems, adoption of best practices, consolidation of facilities and other integration activities.  We're also beginning to realize revenue synergies as we cross sell our Molecular testing services and Clarient's strong IHC menu."         

Mr. VanOort continued, "Although we're deeply involved with integrating Clarient, we're also continuing to invest in growth opportunities.  We've added resources in our BioPharma business, and we are further building our Sales and Marketing team to leverage our expanding and comprehensive oncology-focused test menu.   We expect new testing services for immunotherapy, our expanding line of liquid biopsy tests, and greater market adoption of advanced molecular testing to add to our growth prospects.  Importantly, these new tests have the potential to improve the quality of patient care while lowering costs for health care systems."

Mr. VanOort concluded, "We exited the first quarter with strong momentum, and we're increasing both our revenue and adjusted EBITDA guidance by $2 million.  We believe NeoGenomics is exceptionally well positioned for the balance of 2016 and beyond." 

Full-Year 2016 Financial Outlook:

NeoGenomics also revised upward its guidance for fiscal year 2016 today.  The Company now expects full year 2016 revenue to be in the range of $242 - $252 million, Adjusted EBITDA⁽¹⁾ to be in the range of $35 - $40 million, Adjusted Net Income⁽²⁾ to be in the range of $8 - $13 million, and Adjusted Diluted EPS to be in the range of $0.08 - $0.13 per share.

2016 net income available to common stockholders calculated in accordance with GAAP will be impacted by certain non-cash charges, including: (i) expenses related to variable stock-based compensation, (ii) approximately $7.3 million of expense related to the amortization of customers lists and other intangibles from the Path Logic and Clarient acquisitions, (iii) approximately $7.4 million of deemed preferred stock dividends, and (iv) approximately $14.9 million of related to the amortization of the beneficial conversion feature related to the preferred stock issued in connection with the Clarient acquisition.  These non-cash charges have been included in GAAP net income (loss) available to common shareholders and GAAP net income (loss) per share; however, they have been removed from Adjusted Net Income and Adjusted Diluted Net Income per Share.  As a result, the Company expects 2016 diluted net loss per share calculated in accordance with GAAP to be $0.35 - $0.40 per share lower than 2016 Adjusted Diluted Net Income per Share.  We recommend that analysts designate Adjusted Net Income per Share as the primary EPS when they report their estimates to Fact Set, First Call, or any other organizations that publish analyst consensus estimates.

The Company reserves the right to adjust this guidance at any time based on the ongoing execution of its business plan.  Current and prospective investors are encouraged to perform their own due diligence before buying or selling any of the Company's securities, and are reminded that the foregoing estimates should not be construed as a guarantee of future performance.

_____________________

(1)    NeoGenomics has provided adjusted financial information that has not been prepared in accordance with GAAP, including "Adjusted EBITDA", "Adjusted Net Income", and "Adjusted EPS".  Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, non-cash stock-based compensation expenses, and transaction related expenses and other non-recurring charges.  Adjusted Net Income and Adjusted Diluted EPS exclude non-cash stock-based compensation expenses, transaction related expenses and other non-recurring changes, amortization of intangibles, deemed dividends on preferred stock, and amortization of the beneficial conversion feature related to the preferred stock issued in connection with the Clarient acquisition. See tables for reconciliations to GAAP net income and GAAP EPS.

(2)    Clinical genetic tests exclude tests performed for BioPharma customers and tests performed by PathLogic.

(3)    To facilitate year over year comparisons, base NeoGenomics figures exclude the impacts from the consolidation of the PathLogic and Clarient acquisitions.

Conference Call

The Company has scheduled a web-cast and conference call to discuss their Q1 2016 results on Wednesday April 27, 2016 at 11:00 AM EDT.  Interested investors should dial (877) 407-8035 (domestic) and (201) 689-8035 (international) at least five minutes prior to the call and ask for Conference ID Number 13635144.  A replay of the conference call will be available until 11:59 PM on May 11, 2016 and can be accessed by dialing (877) 660-6853 (domestic) and (201) 612-7415 (international).  The playback conference ID Number is 13635144.  The web-cast may be accessed under the Investor Relations section of our website at www.neogenomics.com or http://www.investorcalendar.com/IC/CEPage.asp?ID=174928.  An archive of the web-cast will be available until 11:59 PM on July 27, 2016.

About NeoGenomics, Inc.

NeoGenomics, Inc. specializes in cancer genetics testing and information services.  The Company provides one of the most comprehensive oncology-focused testing menus in the world for Physicians to help them diagnose and treat cancer.  The Company's BioPharma division serves pharmaceutical clients in clinical trials and drug development.   

Headquartered in Fort Myers, FL, NeoGenomics operates CLIA certified laboratories in Aliso Viejo, Fresno, Irvine, and West Sacramento, California; Tampa and Fort Myers, Florida; Houston, Texas and Nashville, Tennessee.  NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, integrated service delivery networks, and managed care organizations throughout the United States. For additional information about NeoGenomics, visit www.neogenomics.com.     

Forward Looking Statements

Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including the information set forth in the "Full-Year 2016 Financial Outlook."  These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements as the result of the Company's ability to continue gaining new customers, offer new types of tests, integrate its acquisition of the Clarient business, and otherwise implement its business plan, as well as additional factors discussed under the heading "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on March 15, 2016 as amended on April 18, 2016.  As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC.  In addition, it is the Company's practice to make information about the Company available by posting copies of its Company Overview Presentation from time to time on the Investor Relations section of its website at http://www.ir.neogenomics.com/.

Forward-looking statements represent the Company's estimates only as of the date such statements are made (unless another date is indicated) and should not be relied upon as representing the Company's estimates as of any subsequent date.  While the Company may elect to update forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if its estimates change.

NeoGenomics, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
ASSETS		March 31, 2016				December 31, 2015
Cash and cash equivalents		$	19,256			$	23,420
Accounts receivable (net of allowance for doubtful accounts of       $7,343 and $4,759, respectively)			50,088				48,943
Inventory			5,334				5,108
Deferred income tax asset(a)			-				16,668
Other current assets			6,525				4,889
Total current assets			81,203				99,028
Property and equipment (net of accumulated depreciation of       $30,135 and $26,534, respectively)			33,559				34,577
Intangible assets, net			85,774				87,800
Goodwill			146,179				146,421
Other assets			129				129
TOTAL ASSETS		$	346,844			$	367,955
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities		$	29,453			$	26,055
Short term portion of capital leases and senior debt			4,863				14,003
Total Current liabilities			34,316				40,058
Long-term Liabilities:
Long term portion of capital leases and senior debt			56,440				57,376
Deferred taxes(a)			15,916				32,409
Total long-term liabilities			72,356				89,785
TOTAL LIABILITIES			106,672 Werbung Mehr Nachrichten zur Neogenomics Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire BlackRock Energy and Resources Income Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire BlackRock Latin American Investment Trust Plc - Dividend Exchange Rate Set 23.04.24 - PR Newswire Wood Group (John) Plc - Director/PDMR Shareholding SolarBank - Solarenergie    Die einmalige Gelegenheit in diesem Jahrzehnt weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59