NeoGenomics Inc., a leading provider of cancer-focused genetic testing services, today reported its results for the third quarter 2011.
The company reported quarterly revenue at $11.3 million, an increase of 30 percent compared to the $8.7 million reported in the third quarter 2010.
Gross margin remained essentially flat at 44.8 percent in the 2011 quarter compared to 44.7 percent reported in last year’s third quarter.
NeoGenomics reported a net loss for the quarter of $143,000, or ($0.00) per share, compared to a net loss of $1.1 million, or ($0.03) per share, in the third quarter 2010.
Doug VanOort, the company’s chairman and CEO, detailed the company’s growth and the focus driving it.
“For the second quarter in a row, we posted the largest year over year and sequential increases in quarterly revenue in our corporate history. We are especially pleased with the approximately $850,000, or 8 percent, sequential growth in revenue versus the second quarter as normal seasonal reductions were offset by strong organic growth,” VanOort stated in the press release. “Continued increases in the number of new clients combined with additional work from existing clients is encouraging. Our focus on customer service, launch of innovative products and services, and deployment of extensive training and development programs has allowed our sales and marketing team to become more productive.”
VanOort said the company will maintain its focus on initiatives to improve gross margin. The company also reiterates previous guidance that it expects to return to profitability in the fourth quarter, with revenue of approximately$11.4 million – $12.0 million.
“We continue to invest in initiatives to grow our business. We are opening a small lab facility in Tampa, FL to attract additional laboratory technologists to help keep up with growth and to reduce the number of tests we have to send out. Our pace of new test development has increased markedly over previous years and we will have launched twelve new molecular genetic tests by year end,” VanOort stated. “In addition, we have begun to expand our immunohistochemistry product line, and are investing in new capabilities for digital pathology and image analysis. We believe these initiatives, together with our sales, marketing, and business development programs, will allow us to continue a high level of revenue growth.”
For more information visit www.neogenomics.com
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