Loading
FORT MYERS — NeoGenomics, a cancer-focused genetic testing services firm headquartered in Fort Myers, has completed the acquisition of the parent company of Genoptix Inc. of Carlsbad, Calif.
It paid $125 million in cash, as adjusted by working capital and other adjustments, and 1 million shares of NeoGenomics common stock, according to a release. Genoptix, a private company founded in 1999, is a leading clinical oncology laboratory specializing in hematology and solid tumor testing.
The acquisition expands NeoGenomics’ reach into oncology practices, the release adds. Genoptix is expected to contribute $85 million in revenue and break-even earnings before interest, tax, depreciation and amortization in year one; $25 million of cost synergies over time; and 25% EBITDA margin by the end of year three.
NeoGenomics reported earnings of $248 million in 2017.
“We are pleased to welcome each and every Genoptix employee to the NeoGenomics family and look forward to incorporating Genoptix’s outstanding oncology diagnostic services into our own," says Douglas VanOort, NeoGenomics’ chairman and CEO in the statement. “We also extend a warm welcome to all of the oncologists, pathologists, physician offices and hospitals who have worked with Genoptix over the years. Our goal is to combine the best practices of both companies to create a service offering that is unparalleled in the oncology testing market.”
Headquartered in Fort Myers, NeoGenomics provides one a comprehensive oncology-focused testing menu to help physicians diagnose and treat cancer. The company’s Pharma Services division serves pharmaceutical clients in clinical trials and drug development.
The company operates CLIA-certified laboratories in Tampa and Fort Myers; in Aliso Viejo and Fresno, Calif.; Houston; Nashville; and Rolle, Switzerland.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
