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NeoGenomics Announces Fourth Quarter and Full Year 2008 Financial Results

FT. MYERS, Fla., March 5 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (NASD OTC Bulletin Board: NGNM), an operator of a network of cancer-focused testing laboratories, today announced its results for the fourth quarter and full-year ended December 31, 2008.

Fourth Quarter 2008 Highlights:

  • Revenue of $5.9 million, an increase of 56% year-over-year from Q4 07
  • 17.2% sequential increase in revenues in Q4 08 vs. Q3 08
  • Avg. Rev/Requisition increased 13.7% in Q4 08 from Q4 07
  • Avg. Rev/Test increased 9.6% in Q4 08 from Q4 07
  • Development of in-house molecular testing capability

Fiscal Year 2008 Highlights:

  • Revenue of $20.0 million, an increase of 74% year-over-year from FY 07
  • Avg. Rev/Requisition increased 15% in FY 08 from FY 07
  • Avg. Rev/Test increased 12.3% in FY 08 from FY 07
  • Days Sales Outstanding (DSO) declined to 45 days on 12/31/08 from 79 on 12/31/07

Fourth Quarter 2008

Revenues increased 56.0% year-over-year to $5.9 million in Q4 08 from Q4 07. Requisitions increased 37.2% and average revenue/requisition increased 13.7% to $819.77. Gross profit increased 65.8% to approximately $3.1 million in Q4 08. Gross profit margin increased by 310 basis points to 53.1% in Q4 08 from 50.0% in Q4 07. Selling, general and administrative ("SG&A") expenses increased 11.0% to approximately $3.8 million. However, SG&A expenses as a percentage of revenue fell to 64.8% in Q4 08 from 91.1% in Q4 07. Net loss decreased by approximately $601,000 to ($994,000) or ($0.03)/share in Q4 08 from ($1,596,000) or ($0.05/share) in Q4 07.

SG&A expenses in the fourth quarter

SOURCE NeoGenomics, Inc.
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