NeoGenomics, Inc. reported a revenue increase of 11.6% for the fiscal year ending December 31, 2024, reaching $660.6 million compared to $591.6 million in 2023. The company also improved its gross profit margin to 43.9%, up from 41.3% the previous year, driven by a favorable test mix and strategic reimbursement initiatives. Despite these gains, NeoGenomics recorded a net loss of $78.7 million, a slight improvement from the $87.9 million loss in 2023. The increase in revenue was attributed to higher test volumes and average unit prices, although this was partially offset by a decline in revenue from its RaDaR® test.
In 2024, NeoGenomics streamlined its operations by consolidating its Clinical Services and Advanced Diagnostics segments into a single reporting segment. This restructuring is expected to enhance operational efficiencies and drive growth by providing a comprehensive range of oncology diagnostic services. The company also reported a significant increase in its Adjusted EBITDA, which rose to $39.6 million from $3.5 million in 2023, reflecting improved operational performance.
Operationally, NeoGenomics expanded its workforce to approximately 2,200 employees, including 170 MDs and PhDs, to support its growing service offerings. The company also reported a diverse client base, including community-based pathology practices, hospital labs, and pharmaceutical companies. The total number of tests performed increased, contributing to the overall revenue growth. However, the company faced challenges with its RaDaR® test, which saw a decrease in revenue, impacting overall performance.
Looking ahead, NeoGenomics aims to continue its growth trajectory by expanding its test offerings, particularly in next-generation sequencing (NGS) and companion diagnostics. The company plans to invest in technology and automation to enhance operational efficiency and reduce testing costs. Additionally, NeoGenomics is focused on developing oncology data solutions to assist stakeholders in identifying patients for clinical trials and improving clinical decision-making. The company remains optimistic about its future prospects, despite the evolving regulatory landscape and competitive pressures in the oncology diagnostics market.
About NEOGENOMICS INC
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