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Neogenomics Revenues Grow 49 Percent, Sees Profit in Q2

NEW YORK (GenomeWeb News) – Cancer genetics testing company Neogenomics said on Thursday that revenues during the second quarter rose 49 percent year over year as test volume increased 57 percent.

For the period ended June 30, revenues totaled $15.6 million, up from $10.5 million a year ago as the number of tests performed jumped to 28,846 from 18,358.

R&D costs increased by more than three-fold to $528,000 from $172,000 during the second quarter of 2011 as a result of new test development. According to Douglas VanOort, the Ft. Myers, Fla.-based company has launched 20 new molecular tests in 2012 so far and expects to launch between 15 and 20 more assays, including the NeoType Cancer Profiles, by the end of the year.

SG&A costs rose to $6.0 million, up 30 percent from $4.6 million.

Neogenomics recorded a profit of $551,000, or $.01 per share, compared to a loss of $293,000, or $.01 per share, a year ago. The company ended the quarter with $2.6 million in cash and cash equivalents.