Neogenomics Inc is a leading provider of cancer-focused genetic testing and diagnostic services
The company specializes in developing advanced technologies that enhance the accuracy of cancer diagnosis and treatment planning. Through its comprehensive suite of laboratory services, Neogenomics aids healthcare providers by offering insights into genetic markers associated with various cancers, enabling personalized medicine approaches. In addition to its testing services, Neogenomics is dedicated to research and development, striving to improve and innovate methodologies that contribute to better patient outcomes in oncology.
Healthcare companies are pushing the status quo by innovating in areas like drug development and digital health. But speed bumps such as inventory destockings have persisted in the wake of COVID-19,
and over the past six months, the industry has pulled back by 6.3%. This performance is a noticeable divergence from the S&P 500’s 5.1% return.
Shares of oncology (cancer) diagnostics company NeoGenomics (NASDAQNEO)
fell 21.5% in the afternoon session after the company reported weak fourth-quarter results, with revenue falling below Wall Street's expectations. Also, the result revealed minimal bottom-line improvement, as the business remained unprofitable. Further weighing on results, the company posted negative free cash flow for the quarter.
On the other hand, guidance was more encouraging as full-year sales and EBITDA outlook were both ahead of consensus estimates. Overall, this was a challenging quarter.
Oncology (cancer) diagnostics company NeoGenomics (NASDAQNEO) missed Wall Street’s revenue expectations in Q4 CY2024, but sales rose 10.6% year on year to $172 million. On the other hand, the company’s full-year revenue guidance of $740 million at the midpoint came in 0.7% above analysts’ estimates. Its non-GAAP profit of $0.04 per share was $0.01 above analysts’ consensus estimates.
NeoGenomics stock price popped sharply this week after the company published strong financial results. It soared to a high of $16.50, its highest point since December 29th. It has soared by more than 20% from its lowest point this week.
