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FORT MYERS — Cancer-testing laboratory NeoGenomics posted 159% quarterly revenue growth, boosted by its recent acquisition of rival Clarient from GE Healthcare.
The stock of NeoGenomics jumped nearly 10% on the news. The company's shares are publicly traded on Nasdaq (symbol: NEO; recent price: $8.20).
The Fort Myers-based company reported net income of $155,000 on revenues of $59.7 in the quarter ending March 31. That compares with a net loss of $761,000 on revenues of $23 million in the same quarter one year ago.
“The acquisition of Clarient is providing scale advantages and we're beginning to realize synergies as planned,” says Douglas VanOort, the company's chairman and CEO, in a statement. “Integration planning has now been completed, and our teams have begun to execute plans with speed and rigor.”
NeoGenomics has been investing in new growth opportunities following the Clarient acquisition. “We've added resources in our biopharma business, and we are further building our sales and marketing team to leverage our expanding and comprehensive oncology-focused test menu,” VanOort says in the statement. “We expect new testing services for immunotherapy, our expanding line of liquid biopsy tests and greater market adoption of advanced molecular testing to add to our growth prospects.”
As a result, NeoGenomics forecast better performance ahead. “We exited the first quarter with strong momentum and we're increasing both our revenue and adjusted EBITDA guidance by $2 million,” VanOort says in the statement.
In addition to Fort Myers and Tampa, NeoGenomics operates labs in California, Tennessee and Texas. The company provides cancer tests for pathologists, oncologists, academic centers, hospitals and managed-care organizations throughout the United States.
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