UPDATE: NeoGenomics Reports 5 Percent Rise in Q2 Revenues

The story has been updated to include comments from NeoGenomics’ conference call on Tuesday. 

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

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