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FORT MYERS — Cancer-testing firm NeoGenomics posted sales growth of 9% in the fourth quarter on the heels of its acquisition of rival Clarient from GE Healthcare Life Services.
Fort Myers-based NeoGenomics reported a net loss of $1.5 million on sales of $27.3 million in the quarter ending Dec 31. That compares with net income of $1 million on sales of $25 million in the fourth quarter of 2014.
Selling, general and administrative expenses increased by $7.3 million from the fourth quarter of last year. However $4.7 million of the increase were one-time costs related to completing the Clarient acquisition and $1.6 million was due to increases in variable stock-based compensation expense as a result of the 37% increase in the NeoGenomics stock price during the quarter.
“Our acquisition of Clarient, completed on Dec. 30th, has clearly transformed NeoGenomics into a much larger and stronger company,” says Douglas M. VanOort, the company's chairman and CEO, in a statement. “Integration activities are progressing well as we bring the best of each organization's capabilities to our clients.”
With the acquisition of Clarient completed, NeoGenomics expects sales of $240 million to $250 million in 2016. “We believe NeoGenomics is exceptionally well positioned as we move into 2016,” says VanOort in a statement. “Our core business is strong, we expect modest price-per-test improvement for the first time in six years, and we expect to gain substantial cost synergies and increased momentum as the year progresses.”
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