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Lee-Collier-Charlotte
Business Observer Friday, Aug. 12, 2022 1 month ago

Lab testing giant, approaching $500M in revenue, welcomes new CEO

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NeoGenomics was under interim CEO leadership since March.

Fort Myers cancer-focused genetic testing services and oncology contract research firm NeoGenomics released its second-quarter earnings report last week, including some statements about the firm’s new CEO, Chris Smith.

Smith was named CEO on July 21, effective Monday, Aug. 15. He replaces interim CEO Lynn Tetrault, who will resume her role as independent board chair while assisting in the transition of responsibilities, according to a statement. Tetrault had been interim CEO since March, when Mark Mallon, who had been CEO for a little over a year, resigned in the wake of an underperforming earnings report.

"During a challenging time in our business, our people have rallied together as we welcome talented new leaders (and) embark on an enterprise wide performance improvement plan,” Tetrault says in the Aug. 9 earnings statement. “On the leadership front we have added some exceptional talent over the last six months highlighted by last month's announcement of our new Chief Executive Officer, Chris Smith.

"We have a compelling strategic position in the cancer diagnostics market and we are positioned well for improving execution under new leadership. Serving as Interim CEO of NeoGenomics has been an honor and incredibly rewarding, but I am thrilled to resume my role as independent Chair of the Board and to welcome Chris as our next CEO."

Smith has an extensive background in health care and bioscience. He was previously CEO of Ortho Clinical Diagnostics, from 2019 to May 2022. Ortho Clinical raised $1.45 billion in funding in a Q1 2021 IPO and achieved accelerated revenue growth while simultaneously improving profitability, the release states. Prior to Ortho Clinical. Smith served in key executive leadership positions at Cochlear Limited, a global market leader in implantable hearing solutions with over $1.2 billion in annual revenue.

Before Cochlear, Smith was a CEO in residence at global private equity firm Warburg Pincus and Global Group President at Gyrus Group Plc. Prior to that he served in a variety of leadership roles at Abbott, KCI, Prism and Cardinal Health, the release states.

"I'm excited to join NeoGenomics at a pivotal time in the company's history. In an underserved and growing oncology market, NeoGenomics, a market leader in oncology testing and information, is well positioned to bring business model innovation and elite service levels to both our clinical physician customers and BioPharma partners,” Smith says in the release. “NeoGenomics has a critically important role to play in the oncology ecosystem helping to enhance the lives of millions of cancer patients.

On second-quarter earnings, meanwhile, highlights include the following results: Consolidated revenue increased 3% to $125 million; clinical services revenue increased 4% to $106 million; pharma services revenue decreased 4% to $19 million.

NeoGenomics has offices in Fort Myers; Tampa; Research Triangle Park, North Carolina; Houston; Atlanta; Nashville, Tennessee; Phoenix; and Aliso Viejo, Carlsbad and San Diego, California. It also has locations in Cambridge, England; Rolle, Switzerland; and Singapore. It posted $483.21 million in revenue in 2021.

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