Neogenomics | GenomeWeb

Neogenomics

The company lowered its financial guidance for fiscal 2016, citing delays in recognizing fourth quarter revenue from its pharma services business.

The revenue growth was driven by clinical genetic testing volume, which benefitted from the inclusion of the 2015 acquisition of Clarient.

The investment bank said NeoGenomics and its clients are likely to benefit from a product portfolio expanded by the acquisition of Clarient.

The company's Q2 net loss attributable to common stockholders widened to $5.2 million from essentially break even a year ago.

The company's net loss in the quarter grew nearly eightfold, primarily due to the impact of preferred dividends and stock tied to the acquisition of Clarient.

Excluding acquisitions PathLogic and Clarient, base test volume grew 25 percent in the quarter amid increases in all product lines across all regions.

The cancer genetics testing provider acquired its new business unit from GE Healthcare.

Following Covance's acquisition by LabCorp, NeoGenomics will no longer be an exclusive testing services partner but will receive a $2 million payment.

By buying Clarient, NeoGenomics hopes to move closer to its goal of becoming America's top cancer genetic testing lab.

NeoGenomics and GE Healthcare will also collaborate on a bioinformatics initiative for personalized oncology.

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