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NeoGenomics isn't slowing down despite the threat of drastically lower government reimbursements for the cancer tests it performs.
The firm plans to more than double the size of its Fort Myers headquarters, CEO Douglas VanOort told analysts during a recent conference call to discuss the company's quarterly earnings.
“After the successful expansion and move of our laboratory facility in Irvine, [Calif.] last year, we are now engaged in an expansion of our largest laboratory in Fort Myers,” says VanOort, in a transcript posted on SeekingAlpha.com.
“We are making significant changes in workflow and expanding our capacity at the same time. With this expansion, we now have 75,000 square feet of laboratory and administrative space, which we expect to be fully operational in the first quarter of 2014.”
In its most recent annual report in February, NeoGenomics says its Fort Myers facility encompassed 33,700 square feet. For comparison, the size of a football field is 57,600 square feet.
NeoGenomics has boosted the number of oncology tests it performs, hired sales staff and implemented measures to improve the efficiency of its operations. The company recently reported revenues rose 19% in the third quarter to $16.9 million and it swung to a profit of $900,000.
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