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Sep 30, 2023
NeoGenomics Q3 2023 Earnings Report
NeoGenomics reported strong revenue growth and achieved positive adjusted EBITDA.
Key Takeaways
NeoGenomics, Inc. announced its third-quarter results, with consolidated revenue increasing by 18% to $152 million. The company achieved positive adjusted EBITDA of $3 million, a 129% increase year-over-year. Due to this strong momentum, the company raised its full-year guidance.
Consolidated revenue increased 18% to $152 million.
Clinical Services revenue increased 20% to $128 million.
Advanced Diagnostics revenue increased 8% to $24 million.
Adjusted EBITDA increased 129% to positive $3 million.
Forward Guidance
The Company raised revenue guidance to a range of $585 million - $592 million, representing 15% - 16% year-over-year growth. The Company raised Adjusted EBITDA guidance to a range of $4 million loss - $1 million loss, representing a 92% - 98% year-over-year increase
Positive Outlook
- Revenue guidance raised to $585M - $592M, 15-16% YoY growth
- Adjusted EBITDA guidance raised, loss between $4M - $1M
- Represents 92-98% year-over-year increase
- Improved turnaround time for customers for the fourth consecutive quarter
- Well-positioned to deliver long-term sustainable growth
Challenges Ahead
- GAAP net loss will be impacted by certain charges
- Includes expense related to amortization of intangible assets
- Includes non-cash stock-based compensation
- Includes restructuring charges
Historical Earnings Impact
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Avg. Return Before/After Earnings
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