NEW YORK (GenomeWeb) – NeoGenomics today reported a 5 percent year-over-year rise in revenues for the second quarter, driven by strong growth in clinical genetic testing.
For the three months ended June 30, the Fort Myers, Florida-based cancer genetic testing firm recorded $66.1 million in total revenues, up from $63.1 million in the year-ago period and beating the consensus Wall Street estimate of $63.0 million.
Clinical testing brought in $59.8 million in revenues, up 6 percent from $56.3 million in Q2 2016. Pharma service revenues slipped 7 percent year over year to $6.3 million from $6.8 million.
Clinical genetic testing revenues were up 7 percent year over to $58.1 million from $54.2 million, as the number of tests completed increased 16 percent to 163,620 from 140,822 a year ago. The firm said that among the highlights of the quarter, it achieved a 13 percent reduction in average cost per clinical genetic test.
NeoGeomics Chairman and CEO Douglas VanOort said in a statement that in Q2, clinical division test volume growth strengthened to one of its highest levels since 2015, and revenue per test stabilized.
He noted that “Virtually every measure of performance improved compared with the first quarter.”