NeoGenomics at Jefferies Global Healthcare Conference: Strategic Growth Insights

On Wednesday, 04 June 2025, NeoGenomics (NASDAQ:NEO) participated in the Jefferies Global Healthcare Conference 2025, where the company outlined its strategic initiatives and financial performance. The focus was on leveraging strengths in the hospital community, expanding sales, and launching new products. The company also addressed operational improvements and competitive positioning, highlighting both opportunities and challenges in the evolving healthcare landscape.

Key Takeaways

• NeoGenomics aims for 11% to 13% revenue growth in 2025, with additional growth from the Pathline acquisition.
• The company is expanding its sales force, expecting full productivity within 6-9 months.
• New product launches, including PANTRACER, are key drivers for future growth.
• Operational improvements focus on automation and turnaround time.
• NeoGenomics plans to achieve positive free cash flow by 2026.

Financial Results

• Guidance: Initial revenue growth for 2025 is projected at 11% to 13%, with long-range plans including a 200 basis point increase from the Pathline acquisition.
• 2024 Performance: Revenue grew by 12%, with the clinical business experiencing a 15% increase.
• 2023 Performance: Achieved a 16% revenue growth.
• Sales Force Expansion: The company added 30 sales representatives between December and February, marking a 25% increase. Full productivity is expected within 6-9 months.
• Pathline Acquisition: Expected to contribute $12 million to $14 million in revenue for the year.
• Pricing: A direct client bill price increase was implemented in mid-Q1, with additional revenue anticipated from managed care contract wins starting in June and July.

Operational Updates

• Sales Force: NeoGenomics is targeting high-potential physicians with a strategic approach to maximize sales team effectiveness.
• Turnaround Time: Continued improvements are being made despite record volume.
• PANTRACER: The commercial launch of the PANTRACER liquid test is planned for Q3, following insights gained from an early access program.
• Adaptive Partnership: Collaboration with Adaptive to promote NeoGenomics’ products in academic centers, while NeoGenomics focuses on community settings.
• Interfaces and LIMS Project: Over 300 bidirectional interfaces have been established, with a partnership with Epic to accelerate implementation. The transition from eight LIMS to one is expected to yield efficiencies by 2026.

Future Outlook

• Revenue Growth Drivers: These include sales force expansion, new product launches, pricing success, and strategic partnerships.
• MRD Market Strategy: Preparation for the RADAR 1.1 launch is ongoing, with work on next-generation MRD with increased sensitivity.
• Margin Improvement: Significant EBITDA growth is expected in the latter half of the year, driven by automation and site rationalization.
• Capital Deployment: Positive free cash flow is anticipated in 2026, with a focus on licensing, partnerships, tuck-in acquisitions, and debt repayment.

Q&A Highlights

• Discussion on sales productivity expectations for new sales representatives.
• Plans to expand MRD testing into various settings, emphasizing the importance of guidelines for adoption.
• Impact of digital pathology and AI on lab efficiency.
• Capital allocation strategies, including potential share buybacks and M&A opportunities.

For a more detailed account of NeoGenomics’ strategic plans and financial outlook, please refer to the full transcript below.

Full transcript - Jefferies Global Healthcare Conference 2025:

Tycho Peterson, Life Science Tools Group: Afternoon. I’m Tycho Peterson from the Life Science Tools Group. It’s my pleasure to introduce our next company this afternoon, NeoGenomics. Tony, I’m going to maybe open it up with you. You’ve had a little bit of time in the CEO role here.

Just talk about early learnings, how you’re kind of thinking about stepping in, any big changes that need to happen?

Tony, CEO, NeoGenomics: No. I think it’s been a really good introductory period for me. I had the opportunity to be kind of a distant cousin watching the company for the last few years as a board member. But now that I’ve immersed myself in the company, I see a couple of areas that are even stronger than I envisioned originally. I think the history of NeoGenomics is well known and their strength in the hospital community, especially in the heme side.

But I didn’t really appreciate how strong that feeling was until you actually get out with customers and see it firsthand. So I think our strength is more pronounced and I think it’s more leverageable than I had thought coming in. And you see it in different proof points. The last five of our last more recent launches, you see this transition towards therapy selection and 22% of our revenue driven in those products in a short period of time. So I think we have a stronger area of partnering in BD there than I had originally thought coming in.

Tycho Peterson, Life Science Tools Group: And then you’re obviously coming in off the board but also with a pharma background. Just talk a little bit about things that you bring to the table from the pharma perspective. Are there areas on the lab side that you can add value on?

Tony, CEO, NeoGenomics: Sure. Well, I think first off, coming from the pharma side, it’s been a minute, but I actually started in sales on the pharma side. And so I actually carried the bag. And so I carried that bag in both the hospital environment as well in the office side. So I know what it’s like when we talk about winning the customer experience and what that really takes, especially when you’re dealing with a combination of undifferentiated and differentiated products.

For example, I sold firsthand the hospital injectables. So I know what it’s like that you have to win on service, you have to win on contracting, you have to win on pull through. And so I have a firsthand experience in that front. Likewise, I sold in the oncology sector. And then I had the opportunity to run Mediavune, our biologics arm.

And so when it comes to product development and bringing products forward, I understand the value of being very selective in your initial indication, building it out clinically. And I think that’s an area we can continue to improve in neogenomics.

Tycho Peterson, Life Science Tools Group: Great. Maybe just touching on kind of recent results. It’s been obviously a choppy tape. Anything as you kind of think about guiding messaging, how do you think about any changes there going forward?

Tony, CEO, NeoGenomics: Do you want

Tycho Peterson, Life Science Tools Group: me to go ahead, Yes. I

Jeff, NeoGenomics: think from a guidance perspective, we started the year and guided 11%, thirteen % revenue growth. We did the Pathline acquisition and we added that to our overall revenue growth. I do think it’s important to realize and then our long range plan guide was 12% to 13%. And when we announced our long range plan guide, we were in the final phases of closing the Pathline acquisition. So we already knew the Pathline acquisition was going to close.

So from a long range plan perspective, we already had 200 basis points of that 12% to 13% growth rate really encompassed by the Pathline acquisition. So we’re going be adding NGS there. One of the strategic rationales and drivers of the Pathline acquisition was the ability to pull in NGS volume that they’re not currently getting today. And we found our penetration rates significantly lower in Northeast Corridor because of that lack of a lab with that twenty four hour turnaround time. In terms of 2025 guidance, again, guided to 11% to 13% before path line.

We did 12% revenue growth in 2024. We did 16% revenue growth in 2023. And our clinical business continues to grow nicely. We grew 15% in our clinical business in 2024. Q1 did have one less day due to the leap year versus 2024 due to the leap year.

And as we think about the growth trajectory and the growth drivers for the remainder of the year, there’s a couple of key drivers for us. One is sales force expansion. So we added 30 sales reps in the December to February time period and that’s over a 25% increase. That’s really focused on the community oncology segment, community practice segment. So that’s going to help drive NGS growth in the back half of the year.

We have new product launches, including PANTRACER liquid that we can go in more detail on as well. We have pricing success both in our direct client bill business as well as managed care pricing also driving revenue growth in the back half of the year. And we have a couple of other drivers including our Adaptive partnership that we announced as well as our Epic partnership as well that will help us drive interfaces with our clients. And when we do those interfaces, we’ve seen a material increase in revenue growth. And then finally, would say just the seasonal mix of our business to second half is always stronger than the first half.

So there’s a lot of drivers as we think about what’s in our guidance range for 2025 and a lot of things we’re executing on to achieve that guidance.

Tycho Peterson, Life Science Tools Group: Maybe just to pick up on some of that, so the 30 reps, I guess, how long do you think you’re at until you’re at full productivity? Then are there other things you’re doing to kind of drive in the community setting beyond the hires?

Tony, CEO, NeoGenomics: Sure.

Warren, NeoGenomics: It’s a great question. So we’ve done various sales force expansions over the last two and a half years, so we’re getting fairly good at it and we continue to analyze every tranche of new sales people coming in to understand how do we drive to productivity faster. And we’re basically seeing right now that it typically takes six to nine months to get to productivity, and that that sort of range depends on kind of what was your background, where you’re in oncology diagnostics previously, was this your territory, what level of relationship you have, those sorts of things. But it’s within the six to nine months, and and important to note that we started to add these people in sort of after Thanksgiving in November through to sort of February of of this year. So we really feel that Q3 we’re in the sweet spot of that six to nine months.

So that’s the one area and we track from a leading indicator perspective from a stage gate how people are progressing. So it’s not a light switch that come Q3 everything is great. It does ramp through quarter two as well. I think the second thing that we’ve been doing very effectively from a commercial organization point of view is investing in sort of back office capabilities and really trying to drive our full sales team of 140 people on the clinical side to greater productivity. And a key aspect that we have focused on is what we call desiring, which is really at an NPI level, a physician level, understanding what their potential is.

And we do that by backing into their potential through how many prescriptions they’re writing for certain therapies. And the more prescriptions they’re writing, the higher their potential. So we basically decile each physician between one and ten, and 10 being a very high potential, one being a low potential. So we literally say to our salespeople, here’s your territory, here’s your customers within your territory, here are the physicians in your territory, and when you get to this customer, ask for this physician and when you get to that physician, talk about this product. It’s literally that prescriptive.

So we actually are finding personally that between DSL five and seven is our sweet spot. That’s where we highest impact and highest probability of winning and we’re targeting our people after that area. So not only are going to get the benefit of these 30 odd people we’ve bought and we’re seeing a whole 140 sort of raise in effectiveness.

Jeff, NeoGenomics: I do want to add too from an operational execution standpoint, even with our record volume in Q1 and strong volume growth over the last two years, we have continued to improve our turnaround time meaningfully. And so from a client service perspective, both from a customer retention, customer expansion and the ability to acquire new customers, turnaround time remains a critical factor and it’s an area we focus a lot on and have seen a lot of success in and it’s an area we’re going to continue to focus on. So it’s not just the sales force training, it’s also operational execution that’s allowing us to drive higher volume growth.

Tycho Peterson, Life Science Tools Group: Interesting. Are the reps, are they mostly pharma background and are you kind of done for now or how do we think about incremental hires on the sales?

Warren, NeoGenomics: I think we have a pretty diverse background of of salespeople. I mean, we’ve experimented with different skill sets, etcetera, but we have certainly found that people that come out of the health care side of the business, so whether that is life science tools or biopharma or diagnostics, that’s kind of where we see the biggest benefit. We’ve experimented outside of that and that doesn’t seem to be that successful. So that’s sort of where we’re focusing in. Our strategy to add salespeople has really been in combination with sort of understanding our market penetration and understanding timing of new products.

So it’s no coincidence that we added these 30 sales reps in the very end of last year and the beginning of this year to sort of coincide with the launch of our PANTRASER liquid tissue sorry, liquid test that we will launch next quarter. So really want those sales reps in stride when that product comes to market And we’ll be adding additional sales resources in the future as new products that are relevant and have a certain magnitude associated with them when those products come to market.

Tycho Peterson, Life Science Tools Group: And I guess just thinking about the back half of the year ramp, we’re modeling I think around 20% in clinical growth specifically higher than you’ve had historically. How much should be coming from PANTRACER and some of the new products?

Jeff, NeoGenomics: Yes. We haven’t disclosed discretely. I mean, clearly the sales force is going to be a big component of it and the maturation of that. We did announce we’ll be commercially launching PanTracer in Q3. So there will be a ramp there.

So there will be some revenue from PanTracer clearly in the year. I think the sales force expansion will be a driver and just overall seasonality of the business as well. And we have we did say we had some contract wins that are driving a higher volume of some lower value tests to begin with in Q1. As those contracts mature, we would expect higher pull through volume on the higher value tests as well as the year progresses.

Warren, NeoGenomics: And then price.

Jeff, NeoGenomics: And then finally price. Thanks Warren. Price would be the final area. So we did do a direct client bill price increase in the middle of Q1. So we’ll get the full year benefit of that.

And then managed care pricing is an area where we’ve had opportunities. We just haven’t had a lot of success. We brought on a leader on the managed care side about six months ago and we’ve had some recent success in some fairly large contracts that will start getting incremental revenue starting in June and July that will be 100% accretive to the revenue gross margin and adjusted EBITDA line.

Tony, CEO, NeoGenomics: And Jeff, Pathline?

Jeff, NeoGenomics: And then finally, obviously, is the final piece. We said Pathline would be 12,000,000 to $14,000,000 of revenue for the year. I think we’re in the midst of an integration. We closed on the acquisition April 1. We are integrating.

We also are validating some incremental new neo tests at Pathline, which will take a couple of months. But we’re clearly excited about the opportunity to ramp and do our NGS work. We won’t actually be doing the NGS testing in the Northeast so we’ll get economies of scale doing the NGS testing in our existing labs.

Tycho Peterson, Life Science Tools Group: And maybe just to pick up on some of that on PANTRACER early days. How do we think about how you’re positioning it relative to competitive offerings in the market? And then how should we also think about tissue add ons and kind of expansion there?

Warren, NeoGenomics: Yes. Actually I’ll go backwards to go forward. So our entire therapy selection is now branded PANTRACER and within that we have PANTRACER tissue that was previously near comprehensive. We will later this month actually add a new asset there which is Pan Tracer plus tissue plus HRD which is specifically for the ovarian market. So that’s coming to market later this month.

And then in Q3 we’ll launch PANTRACER liquid. Now in terms of positioning, in terms of lung testing and position this concurrently, so recommending to physicians to order both the tissue and the liquid together because that’s part of the guidelines today and we see a clear path to reimbursement on both of those. In terms of sort of penetration, we have started with an early access program which started in April. We got some really good insights from ordering physicians. It was a group of about 85 ordering physicians around how we could optimize the assay both in terms of clinically optimized but also how we could address just the simple things on the report.

We’ve made those changes and this month we will significantly broaden that early access program to a significantly larger pool of physicians and we will not limit the number of tests that each physician can order. And our penetration strategy when we launch commercially is first and foremost to convert all EAP customers to PANTRASE liquid because they’re familiar with the test and have experienced it. That’s the first conversion. The second is to go after the customers that are ordering PANTRACER solid and say to them use it in use the liquid in conjunction with the solid with lung indications. And then thirdly is to go after customers that are using none of our pan tracer portfolio.

So a stepwise approach, but again in conjunction with that desiring approach that I mentioned earlier. So we know whether there are customer hours or not, whether they’re a decile one to 10 and we can target very, very specifically in terms of who we want to go after.

Tycho Peterson, Life Science Tools Group: How should we think about, I guess, guidelines around concurrent testing for liquid and tissue? How important are

Warren, NeoGenomics: those gonna be? Certainly, again, I think it’s very important to call out the fact that our strategy is to really focus in the community, so addressing community hospital and community oncologists, and they definitely look towards the guidelines in terms of what to do and think about the fact that in many of these practices, a single oncologist may be multidisciplinary. They may be seeing breast, lung, prostate, head and neck, and in some cases, they may be specific indications, but the reality is they turn to guidelines to know what to do. That’s that’s just how they they tend to operate and are typically slightly later adopters than what you see in the academic medical centers. So guidelines plays a critical role and that’s why a lot of our initial focus will be targeted towards lung because that’s what’s in the guidelines today And we’re working by doing certain clinical studies, etcetera, to influence the guidelines to expand how liquid will be included in the guidelines in the future.

Tycho Peterson, Life Science Tools Group: Any takeaways from ASCO? Obviously, you had a big presence, obviously important for the pan tracer kind of rollout. But any kind of notable takeaways from the conference?

Tony, CEO, NeoGenomics: You want to start? Yeah, I would say for me at least it was an interesting experience in that typically, I would spend the bulk of my time scientific exhibits and then with pharma, just staying current in what’s happening. This was an instance where I think I spent a disproportionate amount of time in a positive way more with potential partnerships. So this idea of recognition that we do have a strength in the community channel, and we have seen a vast array of types of companies that would like to take more complete advantage of that. And so I probably came out of ASCO feeling more buoyant about the possibilities to do right sized opportunities for us in licensing and BD.

Tycho Peterson, Life Science Tools Group: I guess on that note, maybe just touch on the adaptive partnership, Compass plus Chart. How does that work with and clonoSEQ?

Warren, NeoGenomics: So I think the way the relationship is structured today is that the adaptive team with clonoSEQ focuses most of their commercial selling time on academic medical centers. As I said earlier, that’s not where NeoGenomics typically plays. Yet our Compass product and Chart as well is very relevant in academic medical centers. So they will be promoting our Compass and Chart solution within academic medical centers. And that will drive incremental demand for Compass and Chart.

And it’s really important to note that Compass is one of our highest value AUP products. So every additional unit we sell has a very high revenue associated with it. On the flip side of that, we obviously spend our time in the community oncology setting where we promote Compass but through voice of customer and other feedback we’ve collected, these physicians have said that they see a significant synergy between the combination of Compass and clonal seek and largely because of the improved workflow around sample acquisition. So many of the samples for Compass and for clonal seek is a bone marrow which is a very painful extraction. And today, if a physician would want to do a COMPASS and a clonal seek, they’d have to subject the patient to two bone marrow samples, and that’s pretty painful.

So with this new partnership, they’re able to requisition both COMPASS and clonal seek on a single requisition and a single sample. And they have told us that the combination of of clonal seek and COMPASS will result in them ordering more COMPASS. So again, it’ll drive incremental volume for COMPASS for us and important because it’s a high AUP. The operational side of things is we will run the COMPASS and the remainder of the sample will be sent to Adaptive where they’ll run the clonal seek. They’ll send us the results back.

We’ll append our report because their physician will already have had it for COMPASS and they’ll get a complete report. Adaptive will continue to build for clonal seek and we will continue to build Compass. So the economics and the benefits come from incremental volume of Compass and clonal seek.

Tycho Peterson, Life Science Tools Group: Is there an EMR angle here as well? Mean, Adapt is in the middle of an epic rollout. They’re gonna do Flatiron. I mean, do you bring stuff to the table that can help them?

Warren, NeoGenomics: Yes. So I think interfaces for us is a critical part. I think today ease of requisitioning a sample and also ensuring that results actually render in the EMR immediately to sort of streamline that workflow and then also make the genomic data available to the physician so that they can do other types of interpretation research and analysis is important. So we have over 300 bidirectional interfaces already established. We recently announced the further partnership with Epic which will help us.

We have a number of Epic interfaces already, but the Epic Aura partnership allows us to accelerate the implementation of an interface and also gets us access to the genomics module which a lot of larger health systems are actually utilizing for analysis purposes. We’ll be bringing that to the table as well.

Tycho Peterson, Life Science Tools Group: Maybe we can spend a minute on RADAR 1.1. How do you differentiate a similar question I guess I had to Pan Tracer. How do you differentiate in a market for MRD that’s gotten fairly crowded?

Tony, CEO, NeoGenomics: Maybe is it okay just to take a moment and first just kind of talk about our positioning and how we view the MRD marketplace and then get more specific into I would tell you that, as I said earlier, it’s our goal to move more and more towards therapy selection and MRD. MRD is a marketplace that we intend to enter. And so we look at our strategy in maybe three areas. I would say, first and foremost, we are preparing for 1.1. We can’t go into great detail.

Obviously, there is a litigation that will culminate in October. But we have continued to do all the work necessary behind the scenes so that the bridging work that’s necessary for MolDX and validations and all of that will have been completed and submitted so that we are prepared. Regardless of that outcome, though, we have already initiated our work for next generation MRD. And that will be a completely different platform. So the challenge there is we’re going to make sure that we’ve studied the white spaces, know where there’s IP areas that we can pursue, and then increase sensitivity along with that test.

And we could see a world where we have both 1.1 and next generation MRD in the marketplace, enhanced sensitivity versus and there might be cost differentials. And the third part of that stool is we continue to look for business development opportunities. We are going to stay very focused on tissue informed. It’s where we have a capability. But we could leverage others, tissue naive as an example.

And so those three elements will make up the foundation of how we want to enter and compete in the MRD space over time. And then we can go more specific on the questions around

Tycho Peterson, Life Science Tools Group: Sure. Our

Warren, NeoGenomics: strategy, and it comes back focus around tissue informed is really around sensitivity. And right from the outset when we launched RADAR one point o, we’re not on the market at the moment because of the preliminary injunction, but it was really to go after cancers that shed less. And as a result, if they’re shedding less, you need a higher sensitivity assay. And and we continue to to focus down that path, driving towards greater sensitivity. So you will see us going after indications like head and neck, breast, lung, etcetera, is where we we’ll target from from our perspective.

So that’s the first. Secondly, we’ll continue to to leverage our breadth of portfolio and the continuous expansion of our sales force within the community. And I I agree that there has been more entrance into the market that’s clear, but we still see the market to only be sort of 5% penetrated. It’s really the early adopters that are making use of of the test today, and most of those are actually in the academic medical centers. So lots of opportunity for us to penetrate within the community.

Tycho Peterson, Life Science Tools Group: And sensitivity obviously matters most, but how do you think about turnaround time, some of the other stuff that’s gonna be important

Warren, NeoGenomics: for those? I mean, turnaround time is something that we differentiate on significantly today. We always optimize our our workflows around improved turnaround time. Again, we don’t have an asset on the market today, so I can’t provide specifics. I can just say that we recognize the importance of turnaround time.

It’s a golden thread that runs through all of our business, and we’ll do the same with our RADAR 1.1 product when we come to market.

Tycho Peterson, Life Science Tools Group: And do you expect to come into surveillance? Like how do you think about getting into surveillance post launch?

Warren, NeoGenomics: Yes. So I think the starting point for us will certainly be from a surveillance perspective, but expect to pretty soon enter into near adjuvant and adjuvants as well within certain cancer types. Again, this is where the sensitivity assay is important even though the RADAR one point one assay would arguably be one of the most sensitive assays on the market. Some of the lower shedding cancers in the adjuvant and near adjuvant setting would need even a more sensitive assay. So that’s why Tony mentioned the fact that the next gen will be even more sensitive to address those adjuvant and near adjuvant in lower shedding cancers.

Tycho Peterson, Life Science Tools Group: And how do you think about guidelines and the importance there? I mean, you’ve got, you know, decent market that’s emerged without guidelines yet. Yeah.

Warren, NeoGenomics: Yeah. I fully agree. It’s it’s actually quite incredible in terms of how much penetration is taking place without any guidelines. And I I think guidelines around colorectal are coming, and the good news is there’s been a lot of groundswell around this, so the awareness, and we saw that at ASCO, I don’t know what the exact step was, but it felt like every second session I went to had something to do with circulating tumor DNA. So highly relevant in the minds of physicians today.

So it’s getting a lot of ground swell without guidelines, but I come back to what I said earlier in the community physicians lean on guidelines to know what to do. So it is imperative to get broad adoption that we all work collectively to get this into the guidelines.

Tony, CEO, NeoGenomics: Yeah. To get to that double digit adoption rate is gonna be necessary.

Warren, NeoGenomics: Yeah. And and that’s where I think it’s positive that more people are entering the the MRD market because there’s gonna be a groundswell to drive towards guidelines.

Tycho Peterson, Life Science Tools Group: Maybe just a question on margins. As we think about balancing R and D, SG and A with hitting EBITDA guidance, 70, I think, the full year of EBITDA comes in the back half of the year. Talk about some of the assumptions there and how does the Epic integration plan to get margins assumptions for the year, too?

Jeff, NeoGenomics: Yes. Our of the year our back half is always heavily weighted towards earnings. It looked like the last few years. So I’d say our normal trajectory is to see Q1 being the softest and starting to build in Q2 and Q3 and Q4 being heavier weighted from an overall percentage perspective. So incremental new product launches will help drive margin profile in the back half of the year as well as the expansion of the sales force that we talked about earlier.

We are investing in automations. We have our LEMS project underway as well. We’re progressing as the year goes on. We’re doing modalities as we progress throughout the year. So we’ll get incremental benefits throughout the year.

We’ll get more benefits in 2026 from the LEMS project where we were going from eight LIMS live information systems to one. And so today we still have clinical and pharma staff operating discreetly on different LIMS platforms. We’ll be able to get operating efficiencies as well from that. And we also see a big opportunity from a margin perspective to automate more of our business. So we’re investing in automation.

Some of the pricing increases I talked about earlier will help drive margins in the back half of the year as well. So I think our traditional mix is to be heavily weighted towards the back half of the year. The sales force expansion, new product launches, pricing, adaptive. So there’s a lot of things that will be driving the increase in earnings profile in the back half of the year.

Tony, CEO, NeoGenomics: I think if you just extend that view another couple of years, right, I think you talked a little bit about G and A. That is an area for us that we can get much better at over time. As Jeff said, the LIMS is just the beginning, There’s opportunity for ongoing automation to get rid of all the redundancies that are across the organization from all of the multiple acquisition programs. So we think there’s plenty of opportunity for ongoing improvement over the next few years, and then, of course, site rationalization as well and modification. We see opportunity.

Tycho Peterson, Life Science Tools Group: Are there big kind of opportunities within the lab whether it’s new technology to kind of drive additional efficiencies?

Warren, NeoGenomics: I think there’s I’d probably say there are four pillars for us. The first one is we have obviously a fixed cost sort of model. So the more volume we drive, we dilute the fixed cost. So that’s the one aspect. There is significant opportunity in terms of our site network strategy.

Today, we’re too fragmented. And I think as we look to consolidate that, that’s gonna drive significant efficiencies. We are, I would say, in the second or potentially third innings with regards to automation and robotics in terms of the lab. And and as volumes continue to grow the way they are, there’s there becomes a real opportunity for us to to use robotics and and automation more effectively. And then the last one for us, which is is awesome material and some good strides already, is around digital pathology and AI and using AI to to sort of support medical interpretation.

So those these four areas, I think, it’s a it’s sort of a great road map over the next two to four years to continue to drive operational efficiency.

Tycho Peterson, Life Science Tools Group: Great. Maybe in the last minute we can just hit on capital deployment. Given valuation, how do you think about buybacks, additional M and A like Pathline as well as paying down debt?

Jeff, NeoGenomics: Yes. I mean we brought on Kareem’s in the audience, a corporate development strategy leader last year. We said we’re going to be focusing on licensing and partnerships and tuck in acquisitions. Pathline certainly check that box. We did pay off our convert in May, that was $200,000,000 convert that we paid off in May.

We do expect we’ll be producing positive free cash flow in 2026. So as we think about taking that balanced approach to growing top line, incremental investments in our sales force, investments in R and D and investments in partnerships and licensing, all those are factors that we take into account. We think producing cash, positive free cash flow in 2026 is going to increase our ability to reinvest in the business. And I think look we’ll always evaluate where the stock is as another investment opportunity, but we’re trying to balance that with making sure we’re positioning for long term growth of the business.

Tycho Peterson, Life Science Tools Group: Great. I think we’ll leave it at that. Thanks. Thanks for

Jeff, NeoGenomics: having us.

Warren, NeoGenomics: Thank you.

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