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NeoGenomics Announces Results for the 3rd Quarter 2007
Date:11/14/2007

our second quarter. I am also pleased to report that our new Contract Research Organization (CRO) completed its first three contracts during Q3. Although the revenue from this activity was modest, we believe we can continue to penetrate this important market segment and have hired a dedicated sales person to ramp up this activity. The third quarter also saw the startup of our managed care team and a new focus on becoming a participating provider with various insurance carriers. We expect that these new contracts and our continued focus on obtaining additional contracts will help to increase the speed of our payments and enhance our overall reimbursements."

Mr. Gasparini concluded by saying, "There are a lot of terrific things happening at NeoGenomics and our momentum is continuing to build. The number of customers currently in trials with us at the end of Q3 07 increased by over 50% from the end of Q2 07 and our tech-only, NeoFISH(TM) product continues to surpass all of our expectations. In addition, we rolled out a major improvement to our tech-only, flow cytometry product during Q3. This new product platform called NeoFlow(TM) has substantial new functionality, which we believe will help us attract significant incremental flow cytometry business, one of our highest margin product lines. While we still have some work to do to overcome our net losses, we are optimistic that our recent investments in additional sales personnel will allow us to begin scaling revenue more rapidly. We are also encouraged by the fact that 49% of the incremental $779,000 of revenues we posted in Q3 07 relative to Q2 07 dropped to the bottom line in the third quarter. This helped to decrease our net losses in the quarter by 39% from Q2 07 demonstrating the operating leverage in our business model. We believe the investments we have made and continue to make in 2007 are starting to pay off and we expect to return to profitability in early 2008."

The Company has scheduled a webca
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SOURCE NeoGenomics, Inc.
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