NeoGenomics Announces Results for the 3rd Qu...(gin percentage increased by approximatel...),Health

Date:11/14/2007

gin percentage increased by approximately 100 basis points from Q2 07 to approximately 51.3% in Q3 07. Moving forward, we expect that our gross margins will continue to improve as the percentage of higher margin flow cytometry tests in our mix of business continues to increase.

Selling, general and administrative expenses increased in the third quarter by approximately 184% to $2.18 million from $766,000 in 3Q 06. This increase was largely a result of increased headcount, professional and consulting fees, and bad debt reserves related to higher revenues. In addition, during Q3 07 we incurred approximately $274,000 of litigation- related legal fees that were not present in Q3 06. On a sequential basis, however, our SG&A expenses only increased by approximately 133,000 or 6% from Q2 07, almost all of which is due to an increase in the amount of litigation expenses we accrued in Q3 07 from Q2 07. Absent this factor, our SG&A was essentially flat relative to Q2 07. Our net loss for Q3 07 expanded to $591,000 or $0.02/share from net income of $32,000 or $0.00/share in Q3 06. This increase in net loss on a year over year basis is a direct result of our decision earlier in the year to begin preparing the company to scale revenue at a faster rate in 2008, which has resulted in a significant expansion of our headcount and facilities expense since the beginning of the year. On a sequential basis, however, our net loss position improved substantially as net losses for Q3 07 decreased by approximately $382,000 or 39% from Q2 07.

Robert Gasparini, the Company's President and Chief Scientific Officer, commented, "We are especially pleased with our performance in Q3 07 given that historically the third quarter is the slowest quarter of the year due to summer seasonality issues. For NeoGenomics to increase revenues 33% on a sequential basis from Q2 is a significant accomplishment, especially given that our third quarter has historically been down or flat as compared to
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SOURCE NeoGenomics, Inc. Copyright©2007 PR Newswire. All rights reserved

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