NeoGenomics Announces Results for the Second Quarter of Fiscal...( FT. MYERS Fla. July 31 /- NeoGeno...),Health

FT. MYERS, Fla., July 31 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) today announced its results for the second quarter of 2008. Significant accomplishments during the quarter included the following:

Second Quarter 2008 Highlights:

-- 108% year-over-year increase in revenue vs. Q2 07

-- 17% sequential increase in revenue vs. Q1 08

-- Significant momentum garnered from California hematopathology

initiative

-- Average number of tests/requisition increased 8.0% to 1.35 from 1.25 in

Q1 08

-- Net income increased by approximately $1.05 million from Q2 07 to

achieve quarterly profitability in Q2 08

Second Quarter Performance

Second quarter revenues increased 108% to $4.9 million on a year over year basis from Q2 07. Requisitions increased 69% and average revenue per requisition increased 24% to $835. The increase in average revenue/requisition was driven by a greater percentage of flow cytometry in our testing mix as well as increases in the Medicare reimbursement rates for the technical component of FISH and flow cytometry relative to last year. Gross profit margin increased by approximately 500 basis points (5%) to 55.3% from 50.3% in the comparable period last year. Selling, general and administrative (SG&A) expenses increased 24% to approximately $2.6 million. Net income increased by $1,045,000 to $72,000 or $0.00/share from ($973,000) or ($0.03/share) in Q2 07.

Robert Gasparini, the Company's President and Chief Scientific Officer, stated, "We saw terrific growth in the second quarter. While the year over year revenue growth of 108% was robust, the sequential revenue growth of 17% relative to Q1 08 was also strong. I am particularly pleased with the success of our California Heme-Path initiative that we started in late April. This initiative received rapid market acceptance in Southern California, and I am happy to report that it has been profi
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