NeoGenomics, a high-complexity CLIA–certified clinical laboratory specializing in cancer genetics diagnostic testing, today reported its results for the fourth quarter and full year 2011.
“We are very pleased with our Quarter 4 results. For the third quarter in a row we posted the largest year-over-year and sequential quarterly increases in revenue in our corporate history, and our revenue growth rate continued to accelerate throughout the quarter,” Douglas M. VanOort, the company’s chairman and CEO stated in the press release. “Our sales teams were also more productive, as we achieved excellent revenue growth while keeping sales and marketing costs essentially unchanged from Quarter 4 last year. The improved operating leverage from our SG&A expenses allowed us to return to profitability.”
The company posted fourth-quarter revenue at $12.9 million, up 47 percent compared to fourth-quarter revenue of $8.8 million reported for 2010.
Net income for the 2011 fourth quarter was $152,000, or $0.00 per share, compared to a net loss of $377,000 or ($0.01) per share, reported for the fourth quarter of last year. Adjusted EBITDA increased by more than $1.0 million to $1.1 million from $29,000 last year.
For the full year 2011, NeoGenomics reported revenue of $43.5 million, a 27 percent increase over 2010 revenue of $34.4 million.
The company reported a 2011 net loss of $1.2 million or ($0.03) per share, compared to a net loss of $3.3 million or ($0.09) per share in 2010. Adjusted EBITDA for the year increased by $2.7 million to $2.1 million from a loss of $566,000 reported in 2010.
“Our performance improved steadily throughout the year with revenue growth rates and gross margin increasing sequentially in each of the four quarters of 2011,” VanOort continued. “Although average revenue per test declined in 2011, we were able to offset most of that impact with increases in productivity. We also maintained tight cost control throughout 2011. SG&A expense for the full year increased only slightly from 2010, and nearly half of the increase was for normal bad debt expense associated with the strong increase in revenue.”
The Company expects revenue between $54 million – $59 million and net income of $0.02 – $0.04 per share for 2012. For the fiscal first quarter, NeoGenomics said it expects revenue of $13.5 million – $14.0 million and net income of $0.00 to $0.01 per share.
“We believe we are well positioned for continued success. Our current sales pipeline is healthy, and we plan to launch several new sales and marketing initiatives to expand our strategic partnerships with large clients. We also expect a stable reimbursement environment this year, which should allow us to make further improvements in gross margin and profitability. In addition, we plan to significantly expand our molecular and immunohistochemistry test menus, launch the second test under our agreement with Abbott Molecular, and make important investments to begin developing the technology and tests we licensed from Health Discovery Corp,” VanOort stated.
For more information visit www.neogenomics.com
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