Government cuts hit lab results

FORT MYERS — Government and insurer reimbursement cuts for cancer tests hurt NeoGenomics' financial results in the most recent quarter.

The cancer-diagnostic company reported a net loss of $761,000 on revenues of $23 million in the first quarter ending March 31. That compares with net income of $102,000 on revenues of $18.2 million in the first quarter one year ago.

While testing and revenues rose in part because of the acquisition of California-based PathLogic in July, the average revenue per test dropped 11%. The company attributed the decline to lower reimbursements for a cancer test called fluorescence in-situ hybridization (FISH).