NeoGenomics second-quarter revenues up 41.3% to $1.767 million

By Lisa Kerner

Charlotte, N.C., July 18 - NeoGenomics, Inc. said it increased second-quarter revenues to $1.767 million from $345,000 in the second quarter of 2005.

Net income increased to $161,000 in the quarter from a net loss of $181,000 in the prior-year period. This resulted in earnings per basic and diluted share of $0.01 during the second quarter of 2006, versus a loss per basic and diluted share of $0.01 during the second quarter of 2005.

Management increased 2006 guidance to revenues of $6 million to $7 million, up 16.6% to 20% from prior guidance, and net income of $500,000 to $600,000, an increase of 20% to 25% from the previous guidance.

"Even with the added expenses of our recently acquired Nashville, Tenn., operation, we were able to increase our gross margin to approximately 59% of revenue in the second quarter from 57% in the first quarter of FY 2006 and 47% in the second quarter of FY 2005," president and chief scientific officer Robert Gasparini said in a company news release.

"The fact that our net income for the quarter grew faster than our revenue on a sequential basis shows the operating leverage and inherent strength of our business model."

Ft. Myers, Fla.-based NeoGenomics is clinical laboratory that offers cancer genetic diagnostic testing services.

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