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FT. MYERS, Fla. - NeoGenomics, Inc. (NASDAQ:NEO), a prominent provider of oncology testing services trading near its 52-week low of $8.98, announced today that Tony Zook has taken over the role of Chief Executive Officer. According to InvestingPro data, the company’s stock has declined over 42% year-to-date, making this leadership change particularly significant. Zook, who has been on the company’s Board of Directors since 2023, is recognized for his extensive experience in the diagnostics and biopharmaceutical sectors.
Lynn Tetrault, Chair of the Board, expressed confidence in Zook’s expertise, highlighting his understanding of the healthcare industry and his alignment with NeoGenomics’ strategic direction. With the company achieving 11.65% revenue growth in the last twelve months and maintaining a healthy gross margin of 43.92%, Tetrault believes Zook’s leadership will be instrumental in propelling the company’s growth and increasing the availability of vital cancer diagnostics.
In his new position, Zook aims to capitalize on NeoGenomics’ existing momentum, focusing on execution and expansion. He plans to lead the company in innovating diagnostic testing, particularly in community oncology settings, which is where the majority of cancer patients are treated. Zook’s strategy involves operational discipline, strategic partnerships, and broadening access to advanced diagnostics that support precision medicine.
Zook expressed his commitment to driving innovation within community healthcare settings and is poised to further NeoGenomics’ impact in the field of precision medicine.
He succeeds Chris Smith, who will remain with NeoGenomics in an advisory capacity to ensure a smooth transition.
NeoGenomics operates an extensive network of CAP-accredited and CLIA-certified laboratories in the United States and a CAP-accredited laboratory in the United Kingdom. The company offers a wide range of cancer genetics testing and information services, catering to oncologists, pathologists, hospital systems, academic centers, and pharmaceutical firms.
The company’s press release also contains forward-looking statements regarding its business plans, including improving operational efficiency and achieving profitable growth. InvestingPro analysis indicates that while the company isn’t currently profitable, analysts expect positive earnings this year, with a consensus EPS forecast of $0.16 for FY2025. However, these statements are subject to risks and uncertainties, and the company cautions investors not to place undue reliance on them. For a comprehensive analysis of NeoGenomics’ financial health and growth prospects, investors can access the detailed Pro Research Report, available exclusively on InvestingPro. For a detailed discussion of these risks and uncertainties, NeoGenomics refers to its filings with the Securities and Exchange Commission.
This news is based on a press release statement from NeoGenomics, Inc.
In other recent news, NeoGenomics reported its fourth-quarter 2024 earnings, showing a mixed financial performance. The company exceeded earnings per share (EPS) expectations with $0.04 against a forecast of $0.03, but revenue fell short at $172 million compared to an anticipated $173.05 million. For the full year 2024, NeoGenomics experienced a 17% decline in revenue, totaling $476 million, although adjusted EBITDA grew by 70% to $64 million. The company also announced the strategic acquisition of Pathline LLC, aimed at strengthening its commercial presence in the Northeast and enhancing service offerings, particularly in Hematopathology.
Additionally, Piper Sandler maintained an Overweight rating for NeoGenomics with an $18 price target, expressing confidence in the new management team. This follows significant management changes, including the appointment of Warren Stone as COO and president, which is seen as a move to stabilize leadership after the CEO’s departure. Benchmark, on the other hand, reiterated a Hold rating on the company’s stock, maintaining the existing price target. Looking ahead, NeoGenomics projects full-year 2025 revenue between $735-745 million, with a net loss expected to range from $85 to $76 million. The company continues to focus on growth drivers like Next-Generation Sequencing and Oncology Data Services.
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