Neogenomics posts $975K loss

FORT MYERS — Cancer-testing firm Neogenomics posted a loss in the third quarter from a decrease in Medicare reimbursements and higher research and development expenses.

Neogenomics reported it lost $975,000 in the third quarter on revenues of $14.2 million. That compared with a loss of $143,000 on revenues of $11.3 million in the third quarter of 2011.

Average revenue per cancer test fell 12% in the third quarter compared with the same quarter one year ago because of declining Medicare reimbursements. Medicare is the federal health-insurance program for older people. Neogenomics estimated it lost $1.3 million in revenues as a result.