On Friday, NeoGenomics, Inc. (NASDAQ: NEO) shares recorded a trading volume 6,174,846 shares as compared to its average volume of 587,414 shares. The shares price traded between $11.87 and $12.65 during the last trading session below with -4.36 percent at $12.50. The company has 81.64M shares outstanding and market value of 1.02B. Over the one year trading period, the stock has a peak price of $15.00 and its down is recorded at $7.08.
NeoGenomics, Inc. (NEO) recently stated its results for the second quarter of 2018.
Second Quarter 2018 Highlights:
- 9 percent raise in consolidated revenue; 12 percent not including PathLogic
• 14 percent raise in clinical genetic testing volume(1)
• 22 percent raise in Pharma Services revenue; 95 percent raise in Pharma Services backlog
• Reported global planned affiliation with PPD
• Redeemed 100 percent of outstanding preferred stock
Consolidated revenues for the 2nd quarter of 2018 were $67.7M, an raise of 8.8 percent over the same period in 2017. After adjusting 2017 results for the divestiture of PathLogic, revenue growth was 11.6 percent. Clinical genetic test volume(1) raised by 14.4 percent year over year. Average revenue per clinical genetic test (“Revenue per Test”) reduced by 3.6 percent to $318, primarily Because of changes in Medicare reimbursement and regulation.
Consolidated gross profit improved by $3.2M, or 11.6 percent, to $30.5M and consolidated gross margin improved by about 120 basis points year-over-year to 45.1 percent. Gross margin improvement was primarily driven by productivity gains, cost efficiencies and the divestiture of PathLogic. Average cost-of-goods-sold per clinical genetic test (“Cost per Test”) reduced by 4.5 percent.
Net loss in Quarter 2 was $0.4M contrast to net income of $0.5M in the previous year’s 2nd quarter. One-time costs related to the Houston expansion reduced net income by $1.8M in the quarter. Net income accessible to ordinary shareholders was $5.9M, including a $9.1M gain on the redemption of the preferred stock.
Adjusted EBITDA(2) was $10.1M in Quarter 2, a 3.9 percent improvement from the previous year. Adjusted Net Income(2) was $4.5M contrast to $3.5M in the previous year.
2018 Financial Outlook:
NeoGenomics is maintaining its guidance for Revenue and Adjusted EBITDA. The Company has updated its guidance for net income and EPS to reflect the redemption of its preferred stock on June 25, 2018. The Company expects consolidated revenue to be in the range of $260 to $272M which is unchanged from the guidance issued on February 21, 2018. GAAP Diluted EPS is predictable to be $0.01 to $0.06 per share, contrast to previous guidance of a loss of ($0.13) to ($0.08) per share. The Company expects Adjusted EBITDA(2) to be in the range of $39 to $43M, which is also unchanged from the previous guidance issued on February 21, 2018. The Company expects Adjusted diluted EPS(2) to be $0.12 – $0.17 per share contrast to previous guidance of $0.16 – $0.20 per share.
In the profitability analysis, net profit margin of the firm was recorded at -0.70 percent and operating profit margin was calculated at 1.70 percent while gross profit margin was measured as 45.70 percent. Beta factor, which measures the riskiness of the security, was registered at 0.61.