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Jun 30, 2023
NeoGenomics Q2 2023 Earnings Report
NeoGenomics experienced revenue growth and improved profitability in Q2 2023.
Key Takeaways
NeoGenomics reported an 18% increase in consolidated revenue, reaching $147 million in the second quarter of 2023. The company's net loss decreased by 31% to $24 million, and adjusted EBITDA improved by 87% to negative $2 million. Both Clinical Services and Advanced Diagnostics segments contributed to the revenue growth.
Consolidated revenue increased by 18% to $147 million.
Clinical Services revenue grew by 17% to $123 million.
Advanced Diagnostics revenue increased by 22% to $24 million.
Net loss decreased by 31% to $24 million.
Forward Guidance
NeoGenomics revised its full-year 2023 guidance, expecting consolidated revenue between $565 million and $575 million, net loss between $(107) million and $(100) million, and adjusted EBITDA between $(13) million and $(10) million.
Positive Outlook
- Consolidated revenue is expected to be between $565 million and $575 million.
- Net loss is projected to be between $(107) million and $(100) million.
- Adjusted EBITDA is anticipated to be between $(13) million and $(10) million.
- The company aims to improve operational efficiency.
- NeoGenomics intends to return to profitable growth.
Challenges Ahead
- The company's business is subject to substantial risks and uncertainties.
- The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
- The company may adjust its guidance at any time based on the ongoing execution of its business plan.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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