NeoGenomics, Inc. (NGNM.OB) Reports Record Revenue of $16.9 Million, Adjusted EBITDA of $2.2 Million and Net Income of $900K for the Third Quarter 2013
10/23/2013 10:03:18 AM
FT. MYERS, Fla., Oct. 23, 2013 /PRNewswire/ -- NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer-focused genetic testing services today reported its results for the third quarter of 2013.
Third Quarter 2013 Highlights:
• Revenue growth of 18.9%
• Test volume growth of 19.1%
• Gross Profit Margin of 48.4% versus 41.5% last year
• Adjusted EBITDA(1) growth of 157%
• Net Income of $0.02 per share versus a loss of $0.02 last year
Revenue for the third quarter was $16.9 million, an 18.9% increase from third quarter 2012 revenue.Test volume increased by 19.1% year over year, while average revenue per test was largely unchanged. Average cost of goods sold per test declined by 12% as a result of continued productivity improvements, increased leverage from higher volumes, and other cost containment initiatives. As a result, gross profit increased by 38.7% from the prior year.
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