NEW YORK (GenomeWeb) – NeoGenomics today reported that its fourth quarter revenues increased 36 percent with growth driven by both organic operations and its July 2014 acquisition of PathLogic.
The Ft. Myers, Fla.-based molecular testing clinical lab reported total revenues of $25 million for the three months ended Dec. 31, up from $18.3 million for the fourth quarter of 2013. It beat analysts' consensus estimate of $24.3 million.
NeoGenomics said that organic growth from its base business was 23 percent, while PathLogic contributed $2.5 million, or 13 percent of the Q4 growth.
Its net income for the quarter was $1 million, or $.02 per share, compared to a profit of $857,000, or $.02 per share, for the fourth quarter of 2013. It beat the average Wall Street estimate by a penny.
The firm's R&D spending declined to $414,000 from $649,000, while its SG&A expenses increased 33 percent to $9.7 million from $7.3 million.
For full-year 2014, NeoGenomics reported revenues of $87.1 million, a 31 percent increase from revenues of $66.5 million in FY 2013 and above the average Wall Street estimate of $86.5 million.
NeoGenomics Chairman and CEO Douglas VanOort noted in a statement that the firm's molecular testing revenue grew 63 percent in FY 2014 year over year.
"During 2014, we launched approximately 48 new molecular and FISH based tests and converted another 23 tests to Next-Generation Sequencing," VanOort said. "With over 90 new molecular tests launched over the last three years, we now have one of the broadest clinical, oncology-based molecular-testing menus in the world, and we are increasingly attracting high-profile clients, including academic institutions and pharmaceutical companies."
Its net income for the year was $1.1 million, or $.02 per share, versus a profit of $2 million, or $.04 per share, for FY 2014. Analysts, on average, had expected EPS of $.01.
NeoGenomics' R&D spending increased to $2.7 million from $2.4 million, while its SG&A costs jumped 37 percent to $35.8 million from $26.1 million.
The firm finished the year with $33.7 million in cash and cash equivalents.
It said that it expects FY 2015 revenues of $103 million to $108 million.
In Tuesday morning trade on the Nasdaq, shares of NeoGenomics were up around 10 percent at $4.80.