Full Year Revenue Increased 12% to $661
million; Ninth Consecutive Quarter of Double-Digit Revenue
Growth
NeoGenomics, Inc. (Nasdaq: NEO) (the “Company”), a
leading oncology testing services company, today announced its
fourth-quarter and full year results for the period ended December
31, 2024.
Fourth Quarter and Full Year 2024
Highlights
- Fourth quarter consolidated revenue increased 11% to $172
million; Full year consolidated revenue increased 12% to $661
million
- Fourth quarter net loss increased 7% to $15 million; Full
year net loss decreased 11% to $79 million
- Fourth quarter adjusted EBITDA increased 27% to positive $12
million; Full year adjusted EBITDA increased 1,036% to positive $40
million
“Our business continued to perform well throughout 2024 and we
have now achieved nine consecutive quarters of double digit revenue
growth and improved adjusted EBITDA over 1,000% for the year,” said
Chris Smith, Chief Executive Officer of NeoGenomics. “Thanks to the
strong execution of our Neo teammates and robust customer demand,
we continued to grow all modalities above market, including NGS
which grew 34% in 2024.”
“These results provide us with a strong foundation as we enter
the next phase of growth for NeoGenomics. We believe we are
well-positioned for long-term sustainable growth through our broad
commercial channel, upcoming product launches, and continued focus
on disciplined capital deployment,” Smith continued.
Fourth Quarter Results
Consolidated revenue for the fourth quarter of 2024 was $172
million, an increase of 11% over the same period in 2023. Average
revenue per clinical test (“revenue per test”) increased by 5% to
$465. These increases reflect higher value tests, including NGS,
and strategic reimbursement initiatives. In the fourth quarter of
2024, we simplified our operational approach, bringing Clinical
Services and Advanced Diagnostics under a single segment. This
decision was driven by an analysis of our reporting structure and
the strategic decisions being made to manage the business in order
to streamline our operations and enhance our service offerings.
Consolidated gross profit for the fourth quarter of 2024 was
$77.3 million, an increase of 14.3% compared to the fourth quarter
of 2023. This increase was primarily due to an increase in revenue
partially offset by higher compensation and benefit costs.
Consolidated gross profit margin, including amortization of
acquired intangible assets and stock-based compensation expense,
was 44.9%. Adjusted Gross Profit Margin(1), excluding amortization
of acquired intangible assets and stock-based compensation expense,
was 48.0%.
Operating expenses for the fourth quarter of 2024 were $96
million, an increase of $9 million, or 11%, compared to the fourth
quarter of 2023. Operating expenses included higher compensation
and benefit costs as well as an increase in software support fees.
These increases were partially offset by a decrease in legal and
professional fees.
Net loss for the quarter was $15 million compared to net loss of
$14 million for the fourth quarter of 2023.
Adjusted EBITDA(1) was positive $12 million compared to positive
$9 million in the fourth quarter of 2023. Adjusted Net Income(1)
was $6 million compared to Adjusted Net Income(1) of $4 million in
the fourth quarter of 2023.
Cash and cash equivalents and marketable securities totaled $387
million at quarter end.
Full Year Results
Consolidated revenue for 2024 was $661 million, an increase of
12% over 2023. This increase was primarily driven by an increase in
test volume, a more favorable test mix, an increase in average unit
price due to strategic reimbursement initiatives partially offset
by restructuring activities and lower RaDaR® revenue. Net loss for
2024 was $79 million compared to net loss of $88 million in 2023.
Adjusted EBITDA(1) for 2024 was positive $40 million compared to
positive $3 million in 2023. Adjusted net income(1) for 2024 was
$14 million compared to adjusted net loss(1) of $15 million in
2023.
2025 Financial Guidance
The Company reaffirmed its full-year 2025 guidance(2) initially
issued on January 15, 2025 (in millions).
FY 2024
FY 2025 Guidance
YOY % Change from FY
2024
Actual
Low
High
Low
High
Consolidated revenue
$661
$735
$745
11%
13%
Net loss
$(79)
$(85)
$(76)
(8)%
4%
Adjusted EBITDA
$40
$55
$58
38%
45%
(1)
The Company has provided adjusted
financial information that has not been prepared in accordance with
GAAP, including Adjusted EBITDA, Adjusted Gross Profit Margin,
Adjusted Net (Loss) Income, and Adjusted Diluted EPS. Each of these
measures is defined in the section of this report entitled “Use of
Non-GAAP Financial Measures.” See also the tables reconciling such
measures to their closest GAAP equivalent.
(2)
The Company reserves the right to adjust
this guidance at any time based on the ongoing execution of its
business plan. Current and prospective investors are encouraged to
perform their own due diligence before buying or selling any of the
Company’s securities, and are reminded that the foregoing estimates
should not be construed as a guarantee of future performance.
Conference Call
The Company has scheduled a webcast and conference call to
discuss its fourth quarter and full year 2024 results on
Tuesday, February 18, 2025 at 8:30 a.m. Eastern Time. To
access the live call via telephone, interested investors should
dial (888) 506-0062 (domestic) or (973) 528-0011 (international) at
least five minutes prior to the call. The participant access code
provided for this call is 167039. The live webcast may be accessed
by visiting the Investor Relations section of our website at
ir.neogenomics.com. A replay of the webcast will be available
shortly after the conclusion of the call and will be archived on
the Company’s website.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a premier cancer diagnostics company
specializing in cancer genetics testing and information services.
We offer one of the most comprehensive oncology-focused testing
menus across the cancer continuum, serving oncologists,
pathologists, hospital systems, academic centers, and
pharmaceutical firms with innovative diagnostic and predictive
testing to help them diagnose and treat cancer. Headquartered in
Fort Myers, FL, NeoGenomics operates a network of CAP-accredited
and CLIA-certified laboratories for full-service sample processing
and analysis services throughout the US and a CAP-accredited
full-service sample-processing laboratory in Cambridge, United
Kingdom.
Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “would,”
“may,” “will,” “believe,” “estimate,” “forecast,” “goal,”
“project,” “guidance,” “plan,” “potential” and other words of
similar meaning, although not all forward-looking statements
include these words. This press release includes forward-looking
statements. These forward-looking statements address various
matters, including statements regarding improving operational
efficiency, returning to profitable growth and the Company's
ongoing executive recruitment process. Each forward-looking
statement contained in this press release is subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statement.
Applicable risks and uncertainties include, among others, the
Company's ability to identify and implement appropriate financial
and operational initiatives to improve performance, to identify and
recruit executive candidates, to continue gaining new customers,
offer new types of tests, integrate its acquisitions and otherwise
implement its business plan, and the risks identified under the
heading "Risk Factors" contained in the Company's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and the Company's other
filings with the Securities and Exchange Commission.
We caution investors not to place undue reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this document (unless another date is
indicated), and we undertake no obligation to update or revise any
of these statements. Our business is subject to substantial risks
and uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
NeoGenomics, Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, in
thousands)
As of December 31,
2024
2023
ASSETS
Current Assets
Cash and cash equivalents
$
367,012
$
342,488
Marketable securities, at fair value
19,832
72,715
Accounts receivable, net
150,540
131,227
Inventories
26,748
24,156
Prepaid assets
20,165
17,987
Other current assets
11,722
8,239
Total current assets
596,019
596,812
Property and equipment (net of accumulated
depreciation of $189,990 and $158,211, respectively)
94,103
92,012
Operating lease right-of-use assets
79,583
91,769
Intangible assets, net
339,681
373,128
Goodwill
522,766
522,766
Other assets
5,886
4,742
Total non-current assets
1,042,019
1,084,417
Total assets
$
1,638,038
$
1,681,229
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable and other current
liabilities
$
97,083
$
90,694
Current portion of operating lease
liabilities
3,381
5,610
Current portion of convertible senior
notes, net
200,777
—
Total current liabilities
301,241
96,304
Long-term liabilities
Operating lease liabilities
60,841
67,871
Convertible senior notes, net
340,335
538,198
Deferred income tax liabilities, net
21,510
24,285
Other long-term liabilities
11,772
13,034
Total long-term liabilities
434,458
643,388
Total liabilities
735,699
739,692
Stockholders’ equity
Total stockholders’ equity
902,339
941,537
Total liabilities and stockholders’
equity
$
1,638,038
$
1,681,229
NeoGenomics, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands,
except per share amounts)
Three Months Ended
December 31,
Years Ended
December 31,
2024
2023
2024
2023
NET REVENUE
$
172,000
$
155,552
$
660,566
$
591,643
COST OF REVENUE
94,743
87,964
370,466
347,039
GROSS PROFIT
77,257
67,588
290,100
244,604
Operating expenses:
General and administrative
63,643
59,758
259,737
243,101
Research and development
7,969
7,127
31,159
27,309
Sales and marketing
22,339
18,072
84,652
70,842
Restructuring charges
1,707
1,205
6,658
11,088
Total operating expenses
95,658
86,162
382,206
352,340
LOSS FROM OPERATIONS
(18,401
)
(18,574
)
(92,106
)
(107,736
)
Interest income
(4,328
)
(4,845
)
(18,427
)
(16,902
)
Interest expense
1,624
1,681
6,617
6,907
Other expense (income), net
431
(124
)
379
(644
)
Loss before taxes
(16,128
)
(15,286
)
(80,675
)
(97,097
)
Income tax benefit
(804
)
(960
)
(1,949
)
(9,129
)
NET LOSS
$
(15,324
)
$
(14,326
)
$
(78,726
)
$
(87,968
)
NET LOSS PER SHARE
Basic
$
(0.12
)
$
(0.11
)
$
(0.62
)
$
(0.70
)
Diluted
$
(0.12
)
$
(0.11
)
$
(0.62
)
$
(0.70
)
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic
127,160
125,929
126,658
125,502
Diluted
127,160
125,929
126,658
125,502
NeoGenomics, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, in
thousands)
Years Ended December
31,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(78,726
)
$
(87,968
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation
39,101
37,450
Amortization of intangibles
33,446
35,133
Stock-based compensation
33,413
24,633
Non-cash operating lease expense
8,926
9,235
Amortization of convertible debt discount
and debt issue costs
2,914
2,876
(Gain) loss on disposal of assets, net
(49
)
292
Impairment of assets
450
1,703
Other adjustments
178
186
Changes in assets and liabilities,
net:
(32,630
)
(25,493
)
Net cash provided by (used in) operating
activities
$
7,023
$
(1,953
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of marketable securities
—
(6,756
)
Proceeds from maturities of marketable
securities
53,916
112,215
Purchases of property and equipment
(41,061
)
(28,752
)
Net cash provided by investing
activities
$
12,855
$
76,707
CASH FLOWS FROM FINANCING
ACTIVITIES
Repayment of equipment financing
obligations
—
(70
)
Issuance of common stock, net
4,646
4,624
Net cash provided by financing
activities
$
4,646
$
4,554
Net change in cash and cash
equivalents
$
24,524
$
79,308
Cash and cash equivalents, beginning of
year
$
342,488
$
263,180
Cash, cash equivalents and restricted
cash, end of year
$
367,012
$
342,488
Use of Non-GAAP Financial Measures
In order to provide greater transparency regarding our operating
performance, the financial results and financial guidance in this
press release refer to certain non-GAAP financial measures that
involve adjustments to GAAP results. Non-GAAP financial measures
exclude certain income and/or expense items that management
believes are not directly attributable to the Company’s core
operating results and/or certain items that are inconsistent in
amounts and frequency, making it difficult to perform a meaningful
evaluation of our current or past operating performance. Management
believes that the presentation of operating results using non-GAAP
financial measures provides useful supplemental information to
investors by facilitating the analysis of the Company’s core
test-level operating results across reporting periods and when
comparing those same results to those published by our peers. These
non-GAAP financial measures may also assist investors in evaluating
future prospects. Management also uses non-GAAP financial measures
for financial and operational decision making, planning and
forecasting purposes and to manage the business. These non-GAAP
financial measures do not replace the presentation of financial
information in accordance with U.S. GAAP financial results, should
not be considered measures of liquidity, and are unlikely to be
comparable to non-GAAP financial measures provided by other
companies.
Definitions of Non-GAAP Measures
Non-GAAP Adjusted EBITDA
“Adjusted EBITDA” is defined by NeoGenomics as net (loss) income
from continuing operations before: (i) interest income, (ii)
interest expense, (iii) tax (benefit) or expense, (iv) depreciation
and amortization expense, (v) stock-based compensation expense,
and, if applicable in a reporting period, (vi) restructuring
charges, (vii) intellectual property (“IP”) litigation costs, and
(viii) other significant or non-operating (income) or expenses,
net.
Non-GAAP Adjusted Cost of Revenue,
Adjusted Gross Profit and Adjusted Gross Profit Margin
“Adjusted cost of revenue” is defined by NeoGenomics as cost of
revenue before: (i) amortization of acquired intangible assets,
and, if applicable in a reporting period, (ii) stock-based
compensation expense.
“Adjusted gross profit” is defined by NeoGenomics as total
revenue less adjusted cost of revenue.
“Adjusted gross profit margin” is defined by NeoGenomics as
adjusted cost of revenue divided by total revenue.
Non-GAAP Adjusted Net (Loss)
Income
“Adjusted net (loss) income” is defined by NeoGenomics as net
(loss) income from continuing operations plus: (i) amortization of
intangible assets, (ii) stock-based compensation expense, and, if
applicable in a reporting period, (iii) restructuring charges, (iv)
IP litigation costs, and (v) other significant or non-operating
(income) or expenses, net. If GAAP net (loss) income is negative
and adjusted net (loss) income is positive, adjusted net (loss)
income will also be adjusted to reverse any recognized interest
expense (including any amortization of discounts) on the
convertible notes using the if-converted method unless the effect
of this adjustment on both the adjusted net (loss) income and
weighted average diluted common shares outstanding would be
anti-dilutive. If GAAP net (loss) income is positive and adjusted
net (loss) income is negative, adjusted net (loss) income will also
be adjusted to reverse any recognized interest expense (including
any amortization of discounts) on the convertible notes using the
if-converted method.
Non-GAAP Adjusted Diluted EPS
“Adjusted diluted EPS” is defined by NeoGenomics as adjusted net
(loss) income divided by adjusted diluted shares outstanding. If
GAAP net (loss) income is negative and adjusted net (loss) income
is positive, adjusted diluted shares outstanding will also include
any options or restricted stock that would be outstanding as
dilutive instruments using the treasury stock method and the
weighted average number of common shares that would be outstanding
if the convertible notes were converted into common stock on the
original issue date based on the number of days such common shares
would have been outstanding in the reporting period, until the
effect of these adjustments are anti-dilutive. If GAAP net (loss)
income is positive and adjusted net (loss) income is negative,
adjusted diluted shares outstanding will exclude any options or
restricted stock that would be outstanding as dilutive instruments
using the treasury stock method and the weighted average number of
common shares that would be outstanding if the convertible notes
were converted into common stock on the original issue date based
on the number of days such common shares would have been
outstanding in the reporting period.
Reconciliation of GAAP Net
Loss to Non-GAAP EBITDA and Adjusted EBITDA
(Unaudited, in
thousands)
Three Months Ended December
31,
Years Ended December
31,
2024
2023
2024
2023
Net loss (GAAP)
$
(15,324
)
$
(14,326
)
$
(78,726
)
$
(87,968
)
Adjustments to net loss:
Interest income
(4,328
)
(4,845
)
(18,427
)
(16,902
)
Interest expense
1,624
1,681
6,617
6,907
Income tax benefit
(804
)
(960
)
(1,949
)
(9,129
)
Depreciation
9,827
9,578
39,101
37,450
Amortization of intangibles
8,361
8,783
33,446
35,133
EBITDA (non-GAAP)
(644
)
(89
)
(19,938
)
(34,509
)
Further adjustments to EBITDA:
Stock-based compensation expense
8,328
6,990
33,413
24,633
Restructuring charges
1,707
1,205
6,658
11,088
IP litigation costs(3)
1,397
1,111
13,753
1,111
Other significant expenses, net(4)
1,085
131
5,722
1,163
Adjusted EBITDA (non-GAAP)
$
11,873
$
9,348
$
39,608
$
3,486
(3)
For the three months ended December 31,
2024, IP litigation costs include legal fees. For the year ended
December 31, 2024, IP litigation costs include a legal fees and a
settlement payment. For the three months and year ended December
31, 2023, IP litigation costs include legal fees.
(4)
For the three months ended December 31,
2024, other significant (income) expenses, net, includes CEO
transition costs and site closure costs. For the three months ended
December 31, 2023, other significant (income) expenses, net,
includes fees related to a regulatory matter and other
non-recurring items. For the year ended December 31, 2024, other
significant (income) expenses, net, includes site closure costs,
severance costs, fees related to non-recurring legal matters, and
CEO transition costs. For the year ended December 31, 2023, other
significant (income) expenses, net, fees related to a regulatory
matter, CEO transition costs and other non-recurring items.
Reconciliation of Consolidated
GAAP Cost of Revenue, Gross Profit and Gross Profit Margin
to
Non-GAAP Adjusted Cost of
Revenue, Adjusted Gross Profit and Adjusted Gross Profit
Margin
(Unaudited, dollars in
thousands)
Three Months Ended December
31,
Years Ended December
31,
2024
2023
% Change
2024
2023
% Change
Consolidated:
Total revenue (GAAP)
$
172,000
$
155,552
10.6
%
$
660,566
$
591,643
11.6
%
Cost of revenue (GAAP)
$
94,743
$
87,964
7.7
%
$
370,466
$
347,039
6.8
%
Adjustments to cost of revenue(5)
(5,292
)
(5,079
)
(21,127
)
(19,638
)
Adjusted cost of revenue
(non-GAAP)
$
89,451
$
82,885
7.9
%
$
349,339
$
327,401
6.7
%
Gross profit (GAAP)
$
77,257
$
67,588
14.3
%
$
290,100
$
244,604
18.6
%
Adjusted gross profit
(non-GAAP)
$
82,549
$
72,667
13.6
%
$
311,227
$
264,242
17.8
%
Gross profit margin (GAAP)
44.9
%
43.5
%
43.9
%
41.3
%
Adjusted gross profit margin
(non-GAAP)
48.0
%
46.7
%
47.1
%
44.7
%
(5)
Cost of revenue adjustments for the three
months ended December 31, 2024 includes $4.9 million of
amortization of acquired intangible assets and $0.4 million of
stock-based compensation. Cost of revenue adjustments for the three
months ended December 31, 2023 includes $5.1 million of
amortization of acquired intangible assets. Cost of revenue
adjustments for the year ended December 31, 2024 includes $19.6
million of amortization of acquired intangible assets and $1.4
million of stock-based compensation. Cost of revenue adjustments
for the year ended December 31, 2023 includes $19.6 million of
amortization of acquired intangible assets. There were no
stock-based compensation amounts recorded for the three months and
year ended December 31, 2023.
Reconciliation of GAAP Net
Loss to Non- GAAP Adjusted Net Loss and
GAAP EPS to Non-GAAP Adjusted
EPS
(Unaudited, in thousands,
except per share amounts)
Three Months Ended
December 31,
Years Ended
December 31,
2024
2023
2024
2023
Net loss (GAAP)
$
(15,324
)
$
(14,326
)
$
(78,726
)
$
(87,968
)
Adjustments to net loss:
Amortization of intangibles
8,361
8,783
33,446
35,133
Stock-based compensation expense
8,328
6,990
33,413
24,633
Restructuring charges
1,707
1,205
6,658
11,088
IP litigation costs(6)
1,397
1,111
13,753
1,111
Other significant expenses, net(7)
1,085
131
5,722
1,163
Adjusted net income (loss)
(non-GAAP)
$
5,554
$
3,894
$
14,266
$
(14,840
)
Net loss per diluted share
(GAAP)
Diluted EPS
$
(0.12
)
$
(0.11
)
$
(0.62
)
$
(0.70
)
Adjustments to net loss per diluted
share:
Amortization of intangibles
0.07
0.07
0.26
0.28
Stock-based compensation expense
0.07
0.06
0.26
0.20
Restructuring charges
0.01
0.01
0.05
0.09
IP litigation costs(6)
0.01
0.01
0.11
0.01
Other significant expenses, net(7)
0.01
—
0.05
0.01
Rounding and impact of diluted shares in
adjusted diluted share(8)
(0.01
)
(0.01
)
—
(0.01
)
Adjusted diluted EPS (non-GAAP)
$
0.04
$
0.03
$
0.11
$
(0.12
)
Weighted average shares used in
computation of
adjusted diluted EPS:
Diluted common shares (GAAP)
127,160
125,929
126,658
125,502
Dilutive effect of options, restricted
stock, and converted shares(9)(10)
—
—
—
—
Adjusted diluted shares outstanding
(non-GAAP)
127,160
125,929
126,658
125,502
(6)
For the three months ended December 31,
2024, IP litigation costs include legal fees. For the year ended
December 31, 2024, IP litigation costs include a legal fees and a
settlement payment. For the three months and year ended December
31, 2023, IP litigation costs include legal fees.
(7)
For the three months ended December 31,
2024, other significant (income) expenses, net, includes CEO
transition costs and site closure costs. For the three months ended
December 31, 2023, other significant (income) expenses, net,
includes fees related to a regulatory matter and other
non-recurring items. For the year ended December 31, 2024, other
significant (income) expenses, net, includes site closure costs,
severance costs, CEO transition costs, and fees related to
non-recurring legal matters. For the year ended December 31, 2023,
other significant (income) expenses, net, fees related to a
regulatory matter and other non-recurring items. items.
(8)
This adjustment is for rounding and, in
those periods in which GAAP net (loss) income is negative and
adjusted net (loss) income is positive or GAAP net (loss) income is
positive and adjusted net (loss) income is negative, also
compensates for the effects of additional diluted shares included
or excluded in adjusted diluted shares outstanding for the treasury
stock impact of outstanding stock options and restricted stock and
the if-converted impact of convertible notes.
(9)
In those periods in which GAAP net (loss)
income is negative and adjusted net (loss) income is positive, this
adjustment includes any options or restricted stock that would be
outstanding as dilutive instruments using the treasury stock method
and the weighted average number of common shares that would be
outstanding if the convertible notes were converted into common
stock on the original issue date based on the number of days such
common shares would have been outstanding in the reporting period,
until the effect of these adjustments are anti-dilutive.
(10)
In those periods in which GAAP net (loss)
income is positive and adjusted net (loss) income is negative, this
adjustment excludes any options or restricted stock that would be
outstanding as dilutive instruments using the treasury stock method
and the weighted average number of common shares that would be
outstanding if the convertible notes were converted into common
stock on the original issue date based on the number of days such
common shares would have been outstanding in the reporting
period.
Reconciliation of Non-GAAP Financial
Guidance to Corresponding GAAP Measures (Unaudited, in
thousands, except per share amounts)
GAAP net loss in 2025 will be impacted by certain charges,
including: (i) expense related to the amortization of intangible
assets, (ii) stock-based compensation, and (iii) other one-time
expenses. These charges have been included in GAAP net loss
available to stockholders and GAAP net loss per share; however,
they have been removed from adjusted net loss and adjusted diluted
net loss per share.
The following table reconciles the Company’s 2025 outlook for
net loss and EPS to the corresponding non-GAAP measures of adjusted
net loss, adjusted EBITDA, and adjusted diluted EPS:
Year Ended December 31,
2025
Low Range
High Range
Net loss (GAAP)
$
(85,000
)
$
(76,000
)
Amortization of intangibles
34,000
34,000
Stock-based compensation
50,000
46,000
Other one-time expenses
20,000
20,000
Adjusted net loss (non-GAAP)
19,000
24,000
Interest and taxes
(7,000
)
(7,000
)
Depreciation
43,000
41,000
Adjusted EBITDA (non-GAAP)
$
55,000
$
58,000
Net loss per diluted share
(GAAP)
$
(0.66
)
$
(0.59
)
Adjustments to net loss per diluted
share:
Amortization of intangibles
0.27
0.27
Stock-based compensation
0.39
0.36
Other one-time expenses
0.16
0.16
Rounding and impact of diluted shares in
adjusted diluted shares(11)
(0.01
)
(0.01
)
Adjusted diluted EPS(12)
(non-GAAP)
$
0.15
$
0.19
Weighted average assumed shares
outstanding in 2025:
Diluted shares (GAAP)
128,000
128,000
Options, restricted stock, and converted
shares not included in diluted shares(12)
—
—
Adjusted diluted shares outstanding
(non-GAAP)
128,000
128,000
(11)
This adjustment is for rounding and, in
those periods in which GAAP net (loss) income is negative and
adjusted net (loss) income is positive, also compensates for the
effects of additional diluted shares included in adjusted diluted
shares outstanding for the treasury stock impact of outstanding
stock options and restricted stock and the if-converted impact of
convertible notes.
(12)
For those periods in which GAAP net (loss)
income is negative and adjusted net (loss) income is positive, this
adjustment includes any options or restricted stock that would be
outstanding as dilutive instruments using the treasury stock method
and the weighted average number of shares that would be outstanding
if the convertible notes were converted into common stock on the
original issue date based on the number of days such shares would
have been outstanding in the reporting period, until the effect of
these adjustments are anti-dilutive.
Supplemental
Information
Clinical(13) Tests
Performed and Revenue
(Unaudited)
Three Months Ended December
31,
Years Ended December
31,
2024
2023
% Change
2024
2023
% Change
Clinical(13):
Number of tests performed
321,679
294,850
9.1
%
1,248,740
1,165,079
7.2
%
Average revenue/test
$
465
$
441
5.4
%
$
457
$
425
7.5
%
(13)
Excludes non-clinical tests and
revenue.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250218439283/en/
Investor Contact Kendra Sweeney
kendra.sweeney@neogenomics.com
Media Contact Andrea Sampson
asampson@sampsonprgroup.com
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