NeoGenomics Reports 142% Revenue Growth to $60.8 Million and a Record $9.6 Million in Cash Flow from Operations in the Third Quarter of 2016

Adjusted EBITDA⁽²⁾ was $9.1 million in the third quarter, an increase of 224% over the prior year.  Adjusted Net Income⁽²⁾ was $3.4 million, a 302% increase over the prior year.  Adjusted Diluted EPS⁽²⁾ was $0.04 per share, versus $0.01 per share in Quarter 3 2015.

Douglas M. VanOort, the Company's Chairman and CEO, commented, "We are particularly pleased with our Clinical Division performance in Quarter 3.  We began migrating Clarient clients to the NeoGenomics Laboratory Information System (LIS) in July with a goal of 100% client retention.  Our Sales and Operating Teams have been working tirelessly to make this happen.  Their efforts are paying off, as half of the Clarient accounts have now been successfully migrated and retention rates are outstanding.   We expect to finish this migration process in the fourth quarter and are looking forward to moving our focus back to closing the large number of accounts in our sales pipeline."

Mr. VanOort continued, "Our Pharma Services Division continues to make very good progress, although revenue levels can fluctuate somewhat on a quarter to quarter basis.  We are managing important projects with many of the leading pharmaceutical companies in the world, and are adding new clients and developing a robust pipeline of opportunities.  As a result, we expect Pharma Services revenue to increase substantially in Quarter 4.  There are many promising new therapeutics being developed in Oncology, and we see great growth potential for our services.  We are adding to our capabilities with new resources and technologies, and expect to offer international lab services to pharma clients in the first half of next year."

"The consolidation of our two Orange County, California facilities is on schedule to be completed in the next four months.  While we drove cost-per-test to its lowest level ever in Quarter 3, we expect to make significantly more gains when our Orange County teams are together in one state-of-the-art laboratory facility early next year.  Even now, synergy-related improvements in productivity and efficiency have driven Adjusted EBITDA margin to a record 15% of revenue.  Importantly, cash flow from operations increased to a record $9.6 million in Quarter 3 from $5.2 million in Quarter 2, and our cash balance increased by $7.1 million in the quarter.  This acceleration in financial strength provides us with increasing flexibility to pursue strategic initiatives and/or redeem our preferred stock with internally generated cash flow and incremental bank financing." 

Mr. VanOort concluded, "As we finish 2016, I am enormously proud of our people and what they have accomplished in the ten months since we closed the Clarient acquisition.  It's a challenge to acquire a company larger than your own and then integrate the operations in a timely manner, but we are on track to do just that.  The integration risks are now subsiding rapidly, and we are extremely excited about our prospects for 2017."

Full-Year 2016 Financial Outlook:

NeoGenomics also revised its guidance for fiscal year 2016 today by narrowing the ranges for consolidated revenue to $245 - $250 million and Adjusted EBITDA⁽²⁾ to $36-38 million, but increasing the ranges for Adjusted Net Income⁽²⁾ to $13 - $15 million (previously $8 - 13 million) and Adjusted Diluted EPS⁽²⁾ to $0.14 - $0.16 per share (previously $0.08-$0.13 per share).  The Company expects GAAP Diluted EPS to be a loss of ($0.28) – ($0.27) per share.  Please also refer to the tables reconciling forecasted Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA to their closest GAAP equivalents in the section of this report entitled "Reconciliation of Non-GAAP Financial Guidance to Corresponding GAAP Measures".

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.

Conference Call

The Company has scheduled a web-cast and conference call to discuss their Q3 2016 results on Wednesday, October 26, 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.  A replay of the conference call will be available until 11:59 PM on November 9, 2016 and can be accessed by dialing (877) 481-4010 (domestic) and (919) 882-2331 (international).  The playback conference ID Number is 10095.  The web-cast may be accessed under the Investor Relations section of our website at http://neogenomics.com/ or http://investorcalendar.com/IC/CEPage.asp?ID=175326.  An archive of the web-cast will be available until 11:59 PM on January 26, 2017.

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 Pharma Services 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, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States. For additional information about NeoGenomics, visit http://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://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	September 30, 2016			December 31, 2015
Cash and cash equivalents	$	28,935		$	23,420
Accounts receivable (net of allowance for doubtful accounts of $11,056 and $4,759, respectively)		50,184			48,943
Inventory		5,952			5,108
Other current assets		7,488			4,889
Total current assets		92,559			82,360
Property and equipment (net of accumulated depreciation of $37,840		34,169			34,577
and $26,534, respectively)
Intangible assets, net		82,346			87,800
Goodwill		146,179			146,421
Other assets		174			129
TOTAL ASSETS	$	355,427		$	351,287
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities	$	29,746		$	26,055
Short term portion of capital leases and senior debt		5,646			14,003
Total Current liabilities		35,392			40,058
Long-term Liabilities:
Long term portion of capital leases and senior debt		57,706			57,376
Deferred income tax liability, net		16,237			15,741
Total long-term liabilities		73,943			73,117
TOTAL LIABILITIES		109,335			113,175
Series A Redeemable Convertible Preferred Stock		45,302			28,602
Total Stockholders' equity 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 24.04.24 - PR Newswire Oxford Instruments Plc - Holding(s) in Company 24.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Monthly Factsheet 24.04.24 - PR Newswire Vesuvius Plc - Transaction in Own Shares Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59