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NeoGenomics, Inc. Reports First Quarter 2009 Financial Results
Date:4/23/2009

Revenue and Gross Margin Increases, Company Achieves Profitability

FT. MYERS, Fla., April 23 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (NASD OTC BB: NGNM), a leading provider of cancer-focused genetic testing services, today reported its results for the first quarter ended March 31, 2009.

First Quarter 2009 Highlights:

  • Revenue of $6.9 million, an increase of 66% year-over-year from Q1 08
  • 16.8% sequential increase in revenues from Q4 08
  • 55.3% gross margin up from 53.1% in Q4 08
  • 9.8% sequential increase in Avg. Revenue/Requisition to $900 from $820 in Q4 08
  • 6.0% sequential increase in Avg. Revenue/Test to $661 from $624 in Q4 08
  • SG&A expenses declined to 53.2% of revenue from 56.1% in Q4 08

Sequential Comparisons (Q1 09 vs. Q4 08)

On a sequential basis, our revenues increased approximately $1.0 million or 16.8% to $6.9 million in Q1 09 from Q4 08. This was driven by a 10.2% increase in the number of tests completed and a 6.0% increase in the average revenue/test vs. Q4 08. Our average revenue/requisition increased by 9.8% to $900. Gross profit margin increased to 55.3% in Q1 09 from 53.1% in Q4 08, which resulted in a $680,000 or 21.6% overall increase in gross profit from Q4 08. Our selling, general and administrative (SG&A) expenses increased by approximately $354,000 or 10.7% in Q1 09 from the normalized SG&A expense level in Q4 08 which adjusts for the $518,000 of write-offs we took in Q4 08 in connection with expensing previously capitalized items. SG&A as a percentage of revenue decreased to 53.2% in Q1 09 from 56.1% (as adjusted) in Q4 08. Net income in Q1 09 increased by approximately $1.0 million to $33,000 or $0.00/share from ($994,000) or
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SOURCE NeoGenomics, Inc.
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