SoFi shares rise as record revenue, member growth drive strong Q3 results
FORT MYERS - On Tuesday, NeoGenomics Inc. (NASDAQ:NEO) reported third-quarter revenue that exceeded analyst expectations, driven by strong growth in its clinical testing business.
The oncology diagnostics provider’s shares rose 3.25% in pre-market trading after the release.
The company posted revenue of $187.8 million for the third quarter, surpassing the consensus estimate of $183.74 million and representing a 12% increase YoY. Adjusted earnings per share came in at $0.03, beating analyst expectations of $0.02. The clinical business showed particular strength, with revenue growing 18% compared to the same period last year.
Next-generation sequencing (NGS) testing emerged as a key growth driver, increasing 24% YoY and now accounting for nearly one-third of the company’s clinical revenue. Clinical test volumes rose 15% from the prior year, while average revenue per test increased by 3% to $476.
"During the third quarter, we again delivered strong clinical test volumes and revenue while advancing our long-term growth initiatives in therapy selection and MRD – two of the largest and fastest growing areas of cancer testing with significant unmet needs," stated Tony Zook, CEO of NeoGenomics.
Despite the revenue growth, the company reported a net loss of $27 million, which increased 53% from the $18 million loss in the same quarter last year. Adjusted EBITDA was $12.2 million, down 9% from the prior year.
The increased net loss was primarily attributed to $7.1 million in impairment charges related to assets held for sale and higher compensation costs. Operating expenses rose 12% to $107 million compared to the same period last year.
NeoGenomics reaffirmed its full-year 2025 guidance, projecting revenue between $720 million and $726 million, representing 9-10% growth from fiscal 2024. The company expects a net loss between $108 million and $116 million, with adjusted EBITDA of $41-44 million.
The company ended the quarter with $164 million in cash and cash equivalents.
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