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NeoGenomics Reports Second Quarter 2009 Results
Date:7/28/2009

FT. MYERS, Fla., July 28 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (NASD OTC Bulletin Board: NGNM), a leading provider of cancer-focused genetic testing services today reported its results for the second quarter of 2009.

Highlights:

  • Revenue increased 53% versus Q2 08 to $7.5 million
  • Revenue increased 8% sequentially compared with Q1 09
  • Profitability achieved for second straight quarter
  • Major new initiative to develop a Melanoma FISH Test announced

Quarterly comparisons with Q2 08 (year-over-year comparisons)

Revenue increased by $2.6 million or 53% to $7.5 million in Q2 09 from $4.9 million in Q2 08. The number of tests increased by 43% in Q2 09, and average revenue per test increased by 7%. Gross profit margin of 55% was essentially unchanged from last year. Selling, general & administrative (SG&A) expenses increased by $1.4 million or 54% from Q2 08 as a result of continued investments in sales and marketing activities. Sales and marketing expenses increased $920,000 or 116%, and general and administrative expenses increased $450,000 or 26%. However, total SG&A expenses as a percentage of revenue remained unchanged from Q2 08 at approximately 53%. Net Income was $8,000 or $0.00/share, which was a modest decrease from the prior year as a result of the increases in sales and marketing expense.

Quarterly comparison with Q1 09 (sequential comparisons)

Revenue increased by $546,000 or 8% from Q1 09 driven by an 8% increase in the number of tests completed. The number of tests per requisition increased by 6.6% primarily due to a change in the mix of test types performed. Average revenue per test was flat versus last quarter. Gross profit margin remained unchanged from Q1 09 at
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SOURCE NeoGenomics, Inc.
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