NeoGenomics Announces Results for the Fourth Quarter and Full Ye...( Also Announces Preliminary Agreeme...)

Also Announces Preliminary Agreement to Settle Litigation with US Labs

FT. MYERS, Fla., March 18 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) today announced its results for the fourth quarter and full year of fiscal 2007. Significant accomplishments during the fourth quarter and calendar year included the following:

Fourth Quarter 2007 Highlights:

-- Revenue of $3.8 million, an increase of 115% year-over-year from Q4 06

-- Avg. Rev/Requisition increased 12.5% in Q4 07 from Q4 06

-- 22% sequential increase in revenues in Q4 07 vs. Q3 07

-- Hiring of additional 7 sales representatives

-- Roll-out of our NeoFLOW(TM) product

-- Almost tripling in size of our Ft. Myers, FL headquarters location

Fiscal Year 2007 Highlights:

-- Revenue of $11.5 million, an increase of 78% from $6.5 million in FY 06

-- Avg. Revenue/Test increased 8.6% in FY 07 from FY 06

-- Received CAP Accreditation for all specialties in all of our laboratory

locations

-- Continued rapid expansion of NeoFISH(TM) tech-only FISH services

Robert Gasparini, the Company's President, stated, "Before discussing our results, I am happy to report that we have reached a preliminary agreement to settle US Labs' claims against the Company and certain of its officers and employees. Under the terms of the agreement, NeoGenomics, on behalf of all defendants, will make a $250,000 payment to US Labs within thirty days and pay another $250,000 over the remaining nine months of this year. We expect that approximately 50% of these payments will be covered by our insurance policies. As a result, our fourth quarter financials include a $250,000 charge to cover the Company's expected portion of this settlement and an additional $125,000 charge to cover the Company's portion of the estimated legal fees incurred in Q1 up to the date of settlement. We are pleased to finally put this litigation beh
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