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NeoGenomics Posts 26 Percent Rise in Q3 Revenues

NEW YORK (GenomeWeb News) – NeoGenomics today reported third-quarter revenue growth of 26 percent year over year.

For the three months ended Sept. 30, the Ft. Meyers, Fla.-based cancer genetic testing firm said that revenues rose to $14.2 million from $11.3 million a year ago. The number of tests performed in the quarter increased to 28,315 from 19,977, but the average revenue per test dipped to $501.58 from $566.66.

The decrease resulted from the expiration of the Medicare Technical Component Grandfather Clause on June 30, leading to an estimated reduction in revenue of $1.3 million, NeoGenomics said.

Its R&D spending spiked to $808,000 from $125,000 a year ago, and SG&A costs of $5.8 million represented an 18 percent increase from $4.9 million for the third quarter a year ago.

NeoGenomics' net loss widened to $975,000, or $.02 per share, in the quarter from a net loss of $143,000, or break-even, a year ago.

NeoGenomics finished the quarter with $2.0 million in cash and cash equivalents, and $300,000 in restricted cash.

For the fourth quarter, the company forecast revenue of between $14.3 million and $15.0 million and per-share figures of between break-even and a net loss of $.01. Full-year revenue estimates were narrowed to a range of $59 million to $60 million from an earlier range of $57 million to $63 million.

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