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FORT MYERS — Cancer-testing laboratory company Neogenomics swung to a profit in the third quarter on a boost in revenues.
Neogenomics posted net income of $900,000 in the quarter ending Sept. 30 compared with a net loss of $975,000 in the same quarter one year ago. Revenues rose 18.9% to $16.9 million in the third quarter compared with the same quarter in 2012 as cancer-test volumes rose 19.1%.
“Solid growth in test volume was driven by continued success with new products and growth in the number of customer accounts,” says Douglas VanOort, the company's chairman and CEO, in a statement. “The productivity of our sales team improved with gains in all geographic territories across the country. In addition, we have added five sales representatives and two product managers since the end of the second quarter to further accelerate growth.”
The company has been developing new tests to help oncologists identify particular types of cancers. “We have now introduced over 30 new molecular tests and profiles to our menu since the beginning of 2013 and we expect to launch several more tests and next generation sequencing for clinical use by early 2014,” VanOort says in the statement. “We believe we now have the broadest oncology-focused clinical testing menu in the country, and we are beginning to see increasing interest in our comprehensive genetic capabilities from the pharmaceutical industry.”
Fort Myers-based Neogenomics is publicly traded (symbol: NEO; recent price: $3).
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