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Business Observer Wednesday, Oct. 19, 2011 8 years ago

NeoGenomics brings in $11.3M

The Fort Myers genetics firm saw a 30% over-the-year increase in business.

FORT MYERS -- NeoGenomics Inc. (symbol: NGNM) reported third quarter revenues of $11.3 million this year, up 30% from last year's total of $8.7 million.

The firm, which provides cancer-focused genetic testing services, nearly broke even in the quarter, with $143,000 in net losses reported. A year ago, the company posted $1.2 million in third quarter losses.

“We maintained good control of our costs and continued to realize significant operating leverage in the third quarter,” explains CEO Doug VanOort in a company release. “Even as test volume grew by 38% year over year, total SG&A expense increased by only 2.7% and allowed 40% of our incremental revenue to drop to the bottom line.”

“We remain focused on initiatives to improve gross margin,” VanOort says.

Shares of NeoGenomics stock reached a high of $1.35 in early Wednesday trading, near the company's 52-week high of $1.67 per share. The company raised $3 million in new equity capital earlier this year.

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