NeoGenomics Inc., a provider of cancer-focused genetic testing services, today posted its third-quarter results for the three months ended September 30, 2010.
Revenue for the third quarter was reported at $8.7 million, a 19 percent increase over the $7.3 million reported in the third quarter 2009.
The company increased its sales and marketing expenses by 11 percent over the third quarter of last year, spending approximately $190,000 on increases in sales and recruiting staff.
General and administrative expenses increased 19 percent. The company attributes the increase primarily as a result of additional information technology personnel, R&D activities, and to approximately $100,000 of non-recurring charges related to a reduction in force that was completed in September. The company said it estimates that the reduction will save the company $1.5 million in annual savings starting in the fourth quarter.
Net loss for the quarter was $1.2 million or ($0.03)/share versus a net loss of $755,000, or ($0.02)/share, in the third quarter 2009.
Doug VanOort, NeoGenomics’ chairman and CEO, said the quarterly results aren’t reflective of the company’s overall position and that it plans on strengthening its financial outlook in the future.
“Although our financial results don’t fully reflect the improvements in our business yet, we believe the company is in a stronger position today than ever before. During the last quarter, we made significant changes in our management team, successfully converted our entire laboratory information system, and implemented changes to reduce our cost structure. We are continuing to implement initiatives to increase our sales force productivity, and with important managed care plans now under contract, we are beginning to experience price stabilization,” VanOort stated in the press release. “It is also significant to note that the impact from the internalization of over $4.0 million annually of high margin revenue by the company’s largest customer is now fully behind us. Moving forward, we expect to grow from a more stable base of revenue and our team is focused on driving sustainable revenue growth and achieving profitability.”
For more information visit www.neogenomics.com
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