NeoGenomics, Inc. reported significant financial developments in its 10-Q filing for the quarter ended September 30, 2024. The company achieved net revenue of $167.8 million for the three months ended September 30, 2024, marking a 10.4% increase from $151.9 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $488.6 million, up 12.0% from $436.1 million year-over-year. The growth in revenue was primarily driven by a 14.3% increase in Clinical Services revenue, which totaled $145.8 million for the quarter, attributed to higher clinical testing volumes and strategic reimbursement initiatives.
Despite the revenue growth, NeoGenomics reported a net loss of $17.7 million for the third quarter of 2024, a slight improvement from a net loss of $18.5 million in the same quarter of 2023. For the nine-month period, the net loss decreased to $63.4 million from $73.6 million in the prior year. The company’s gross profit for the third quarter was $74.9 million, reflecting a 20.2% increase compared to $62.3 million in the same period last year, with a gross profit margin improvement to 44.6% from 41.0%.
The company’s total assets as of September 30, 2024, were reported at $1.64 billion, a decrease from $1.68 billion at the end of 2023. Total current liabilities surged to $296.4 million from $96.3 million, while long-term liabilities decreased to $436.5 million from $643.4 million. Total stockholders’ equity also declined to $908.2 million from $941.5 million.
NeoGenomics continued its restructuring program initiated in 2022, aimed at enhancing operational efficiency, with expected additional charges of approximately $0.6 million in 2024. The company has also faced legal challenges, including a patent infringement complaint from Natera, Inc., which has impacted its operations and resulted in a preliminary injunction against its RaDaR® test.
In terms of cash flow, NeoGenomics reported a net cash used in operating activities of $2.8 million for the nine months ended September 30, 2024, a significant improvement from $19.7 million in the prior year. The company ended the quarter with $362.0 million in cash and cash equivalents, indicating strong liquidity to support its operations.
Overall, NeoGenomics is focusing on sustainable growth and transformation in cancer care, with initiatives aimed at increasing testing volumes and improving revenue cycle management.
About NEOGENOMICS INC
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