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FORT MYERS — Neogenomics, a cancer-testing laboratory, reported a smaller net loss in the second quarter as revenues grew 23% compared with the same quarter in 2010.
Neogenomics reported a net loss of $293,000 in the second quarter ending June 30, smaller than the $978,000 the company lost in the second quarter of 2010. Net revenues jumped 23% to $10.5 million because of increased number of cancer tests its employees performed.
“Driven by the addition of a number of new clients, we posted the largest increase in quarterly revenue in our corporate history,” said Neogenomics Chairman and CEO Doug VanOort, in a statement. “Importantly, we saw steady increases in the average number of tests reported per day in each month of the quarter, which allowed us to overcome historical seasonality trends.”
VanOort also noted that the company remains focused on improving productivity to improve margins. The company says it expects third-quarter revenues in the range of $10.2 million to $10.8 million and adjusted earnings of between $0 to 2 cents loss per share.
Neogenomics shares are publicly traded (symbol: NGNM).
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