Alico, NeoGenomics post losses

Alico Inc.
LA BELLE — Alico Inc. (symbol: ALCO) lost $92,000 over the three months ended Dec. 31, 2010, essentially breaking even as a result of its $16.6 million in revenues.

In the same period last year, Alico lost $1.4 million against $14.1 million in revenues. The firm's near return to profitability, along with the 17.3% increase to its revenues, could be attributed to strong performance in its agricultural operations.

“Operating results from citrus and sugarcane improved significantly in the current quarter over prior year results, in part because of the stringent cost cutting efforts put in place during 2010,” explained JD Alexander, the firm's president and CEO. “Strong citrus and sugarcane prices also helped improve our margins.”

Alexander added that those strong results should continue through the rest of the 2011 harvest season. And next year, 4,500 acres of recently-planted sugarcane should contribute to the firm's financial results.

Alico Inc. is a land management firm based in La Belle. The company owns nearly 140,000 acres of land in Southwest Florida.

NeoGenomics Inc.
FORT MYERS — NeoGenomics Inc. (symbol: NGNM) earned $34.4 million in revenues, up 17% over the year. But its net losses grew by 50%, from a $2.2 million loss in 2009 to a $3.3 million loss in 2010.

NeoGenomics' core competency is in diagnostic testing; the Fort Myers-based clinical laboratory specializes in cancer genetics diagnostics. As such, its financial performance is largely based on its testing business.

And in 2010, despite the fact that test volumes increased 26%, average revenue per test fell 7%. That led to the increase in its revenue, as well as the growth of its losses.

Regardless, chairman and CEO Douglas VanOort is optimistic about the company's future, promising profits later this year.

“We are in a stronger position than we have ever been moving into 2011,” VanOort said in a release. “Although the severe weather in much of the country is impacting our first quarter trends, we are re-iterating our previously issued guidance for... a return to quarterly profitability later in 2011."

To VanOort's credit, there may be a silver lining in NeoGenomics' most recent results: it appears the decline to its per-test revenues was caused by a new contract with just one of its larger clients. If that client were excluded, test volumes and per-test revenues would have grown by 36% and 25% respectively in 2010.