NeoGenomics Inc (NEO) Reports 18% Revenue Increase in Q3 2023
NeoGenomics Inc (NASDAQ:NEO) reports an 18% increase in consolidated revenue to $152 million in Q3 2023.
The company's net loss decreased by 50% to $19 million, while Adjusted EBITDA increased by 129% to a positive $3 million.
NeoGenomics raised its full-year 2023 guidance, projecting a 15% - 16% year-over-year growth in revenue.
The company's cash and cash equivalents and marketable securities totaled $402 million at the end of the quarter.
NeoGenomics Inc (NASDAQ:NEO), a leading oncology testing services company, released its third-quarter earnings for the period ended September 30, 2023, on November 6, 2023. The company reported significant growth in revenue and a decrease in net loss compared to the same period in 2022.
Financial Highlights
NeoGenomics reported an 18% increase in consolidated revenue, reaching $152 million. The Clinical Services revenue rose by 20% to $128 million, and the Advanced Diagnostics revenue increased by 8% to $24 million. The company's net loss decreased by 50% to $19 million, and the Adjusted EBITDA increased by 129% to a positive $3 million.
We had another strong quarter in which we delivered significant revenue growth over prior year, continued to gain operating leverage as we achieved positive adjusted EBITDA, and improved turnaround time for our customers for the fourth consecutive quarter," said Chris Smith, Chief Executive Officer of NeoGenomics. "With this strong momentum, we are pleased to be raising our annual guidance and believe we are well-positioned to deliver long-term sustainable growth."
Financial Outlook
NeoGenomics raised its full-year 2023 guidance, projecting a 15% - 16% year-over-year growth in revenue. The company also raised its Adjusted EBITDA guidance to a range of $4 million loss - $1 million loss, representing a 92% - 98% year-over-year increase.
Balance Sheet and Cash Flow
As of the end of Q3 2023, NeoGenomics had cash and cash equivalents and marketable securities totaling $402 million. The company's total current assets amounted to $586.95 million, while total non-current assets were $1.09 billion. Total liabilities were $730.81 million, and total stockholders' equity was $947.43 million.
Conclusion
The Q3 2023 earnings report shows a strong financial performance by NeoGenomics Inc (NASDAQ:NEO), with significant growth in revenue and a decrease in net loss. The company's positive outlook for the full-year 2023 indicates its confidence in maintaining this momentum.
Explore the complete 8-K earnings release (here) from NeoGenomics Inc for further details.
This article first appeared on GuruFocus.
