FORT MYERS — NeoGenomics, a cancer-testing firm, grew revenues by 16% to $18.2 million in the first quarter compared to the same quarter a year ago despite uncertainty in Medicare reimbursements.
“After starting somewhat slowly as a result of weather impacts, testing volumes accelerated rapidly throughout the quarter,” says Chairman and CEO Douglas VanOort, in a statement. “The average number of tests processed per day increased by 12% from January to March.”
The company reported a slim profit of $102,000 in the first quarter that was greater than the $3,000 it earned in the first quarter of 2013. In a statement, VanOort says resolution of uncertain Medicare reimbursements could boost annual revenues by $3 million and increase earnings per share by 2 cents to 4 cents.
“During the first quarter, we added more talented sales representatives, and are now expanding to new geographies where we previously had little presence. We also continued to make significant investments to build our clinical trials business,” VanOort says.
In addition, NeoGenomics is nearing completion of a $1.2 million overhaul of its lab in Fort Myers. “Led by our internal lean team, we literally moved or changed everything in the lab, but our people managed the process well and maintained strong service levels throughout the construction process,” VanOort says. “This new laboratory facility will allow us to handle higher volumes more efficiently at lower costs, and positions us well to achieve our short and longer-term strategies.”