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Cancer Test Firm NeoGenomics Reports Q1 Revenues up 3 Percent

NEW YORK (GenomeWeb News) – Cancer genetic testing firm NeoGenomics today said that its revenues for the first quarter bounced 3 percent year over year.

Revenues for the three months ending March 31 totaled $15.7 million, compared to $15.2 million a year ago, as the number of requisitions in the quarter increased to 20,604 from 16,934 a year ago, and the number of tests performed climbed to 32,088 from 26,932.

Net income was down, however, to $3,000, or breakeven on a per-share basis, compared to a profit of $603,000, or $.01 per share, a year ago.

R&D costs were up 68 percent to $835,000 from $497,000 a year ago, while SG&A costs rose 5 percent to $6.1 million from $5.8 million.

The Ft. Myers, Fla.-based firm reported $4.6 million in cash and cash equivalents as of March 31. In February, it announced a public offering expected to bring in about $7.8 million in net proceeds.

For the second quarter, NeoGenomics said it anticipates revenues of between $15.8 million and $16.4 million, with EPS of breakeven to $.01.