NeoGenomics Reports 159% Revenue Growth to $63.1 Million and Strong Gains in Profitability in the Second Quarter of 2016

Non-cash "deemed preferred dividends" and non-cash amortization of the "beneficial conversion feature" related to preferred stock held by GE reduced net income attributable to common stockholders by $5.6 million, which resulted in net loss attributable to common stockholders of ($5.2 million) in Quarter 2 2016.  Earnings per share attributable to common stockholders was ($0.07) in Quarter 2, versus ($0.00) per share in last year's second quarter. 

Adjusted EBITDA⁽²⁾ was $9.2 million in the second quarter, an increase of 281% over the prior year.  Adjusted Net Income⁽²⁾ was $3.7 million, a 577% increase over the second quarter of 2015.  Adjusted Diluted EPS⁽²⁾ was $0.04 per share, versus $0.01 per share in Quarter 2 2015.

Douglas M. VanOort, the Company's Chairman and CEO, commented, "We are very pleased with our second quarter performance.  Market share gains continue to drive excellent performance in the base NeoGenomics business, and Clarient test volumes have stabilized nicely.  Overall, we are pleased that our revenue growth has been so strong even as we are in the midst of significant integration activities."

"In addition, our Bio Pharma business grew by 30% on a pro forma basis compared with Quarter 2 last year as we work on innovative projects with many of the world's leading pharmaceutical firms.  The combined capabilities of Clarient and NeoGenomics are making us a more attractive partner for BioPharma clients and their oncology-focused clinical trials.  We are excited about the long-term prospects for this business, which now represents over 10% of our total revenue."

Mr. VanOort continued, "Our teams are executing integration plans in a disciplined manner, and we are making good progress with the integration of Clarient.  Although we have not yet implemented significant efficiency-related initiatives, we were able to grow Adjusted EBITDA by 281% and increase Adjusted EBITDA margin to 14.5% of revenue.  We expect to realize additional cost synergies later in the year and especially in 2017 as a result of advances in our laboratory information system, adoption of best practices, consolidation of testing facilities and other integration activities currently being executed." 

Mr. VanOort concluded, "The acquisition of Clarient is clearly providing our company with many more opportunities.  Clients are responding well as client retention remains strong, and the pipeline of new potential clients continues to be robust.  Our ability to provide the best service offerings from each of Clarient and NeoGenomics to our combined client base should provide excellent growth potential as we complete our integration.  We believe this, combined with our continual investments in new products and services, will allow us to continue our strong growth." 

Full-Year 2016 Financial Outlook:

NeoGenomics also today reiterated the guidance for fiscal year 2016 that was released with its Quarter 1, 2016 Earnings Release on April 27, 2016.  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 Q2 2016 results on Tuesday, July 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 August 9, 2016 and can be accessed by dialing (877) 481-4010 (domestic) and (919) 882-2331 (international).  The playback conference ID Number is 10043.  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=175124.  An archive of the web-cast will be available until 11:59 PM on October 26, 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, 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		June 30, 2016								December 31, 2015
Cash and cash equivalents		$	21,786								$	23,420
Accounts receivable (net of allowance for doubtful accounts of $9,197 and $4,759, respectively)			53,513									48,943
Inventory			5,545									5,108
Other current assets			6,665									4,889
Total current assets			87,509									82,360
Property and equipment (net of accumulated depreciation of $33,858 and $26,534, respectively)			33,575									34,577
Intangible assets, net			84,164									87,800
Goodwill			146,179									146,421
Other assets			129									129
TOTAL ASSETS		$	351,556								$	351,287
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities		$	29,616								$	26,055
Short term portion of capital leases and senior debt			5,337									14,003
Total Current liabilities			34,953									40,058
Long-term Liabilities:
Long term portion of capital leases and senior debt			56,986									57,376
Deferred income tax liability, net			16,249									15,741
Total long-term liabilities			73,235									73,117
TOTAL LIABILITIES			108,188									113,175
Series A Redeemable Convertible Preferred Stock			39,735									28,602
Total Stockholders' equity			203,633									209,510
TOTAL LIABILITIES,  SERIES A REDEEMABLE CONVERTIBLE PREFERRED STOCK AND 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 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights 25.04.24 - PR Newswire Mid Wynd International Investment Trust Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59