NeoGenomics Inc. ( (NEO) ) has released its Q4 earnings. Here is a breakdown of the information NeoGenomics Inc. presented to its investors.
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NeoGenomics, Inc. is a premier oncology diagnostics company that specializes in cancer genetics testing and information services, providing comprehensive testing solutions across the cancer care continuum in the United States and the United Kingdom.
NeoGenomics has reported its financial results for the fourth quarter and full year of 2024, highlighting a consistent growth trajectory. The company achieved a 12% increase in full-year revenue, marking its ninth consecutive quarter of double-digit revenue growth. The company also reported a significant improvement in its adjusted EBITDA, which grew by over 1,000% for the year.
Key financial highlights include a fourth-quarter revenue increase of 11% to $172 million and a full-year revenue rise to $661 million. Although the net loss for the fourth quarter increased slightly to $15 million, the net loss for the entire year decreased by 11% to $79 million. The company also reported a dramatic rise in adjusted EBITDA, reaching $40 million for the year, a substantial increase from $3 million in 2023. This improvement is attributed to strategic reimbursement initiatives and growth in high-value tests such as Next Generation Sequencing (NGS), which saw a 34% increase.
NeoGenomics has taken steps to streamline its operations by consolidating its Clinical Services and Advanced Diagnostics into a single segment, aiming to enhance service offerings and operational efficiency. The company looks forward to leveraging its strong market position and expansive commercial channel to drive sustainable growth, with plans for new product launches and disciplined capital deployment.
Looking ahead, NeoGenomics has reaffirmed its financial guidance for 2025, projecting continued revenue growth and improved profitability. The company believes it is well-positioned for long-term success, backed by a solid foundation built on robust customer demand and strategic initiatives.
