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NeoGenomics Announces Results for the Second Quarter of Fiscal Year 2008
Date:7/31/2008

table since inception. The resulting increase in leukemia/lymphoma cases received, which typically have 2-4 tests ordered for each requisition, led to an 8% increase in our overall average number of tests performed per requisition relative to Q1 08. Increases in this important metric lead to more operating leverage in our business, and we are hopeful that we can continue to increase it further in coming quarters."

Mr. Gasparini continued, "I am also pleased to report that despite our robust revenue growth, we were able to hold our SG&A expenses in check and finally begin to realize significant economies of scale on the investments in people and infrastructure we previously made. Indeed, SG&A expenses as a percentage of revenue decreased from approximately 88% in Q2 07 to approximately 52% in Q2 08. Furthermore, on a sequential basis, SG&A expenses increased by only $42,000 or 1.7% relative to Q1 08. All of these sequential increases were in our sales and marketing department where we continue to invest for growth, and the corporate general and administrative expenses were flat relative to the first quarter. Our strong revenue momentum coupled with our tight control of SG&A expenses enabled us to turn profitable for the second quarter. In fact, now that we have reached the inflection point in our business, we were able to turn 47% of the incremental $719,000 in revenue from Q1 08 into profits for the second quarter."

First Half Performance

For the first six months of 2008, revenue increased by 97% to $9.04 million from the comparable period in 2007. Requisitions increased by 72% and average revenue/requisition increased by 15%. Gross profit margin increased by approximately 110 basis points to 55.3% from 54.2% for the first six months of 2007. SG&A expenses increased by 45% to $5.07 million for the first six months of 2008. These increases in SG&A are primarily the result of adding sales and marketing and corporate personnel to continue to scale
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SOURCE NeoGenomics, Inc.
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