- NeoGenomics Inc (NASDAQ:NEO) reported Q2 revenue of $122 million, +40% Y/Y, beating the consensus of $118.16 million.
- Clinical Services revenue of $101 million increased 37% Y/Y and 5% sequentially. Excluding COVID-19 PCR testing, Clinical Services revenue was up 41% Y/Y and 7% Q/Q.
- Clinical test volume increased by 37% Y/Y, with average revenue per clinical test up by 3% to $360.
- Pharma Services revenue increased by 55% Y/Y to $20 million, primarily due to increased clinical trials and informatics revenue.
- Adjusted gross margin improved from 32.2% to 44.1% due to the combined effect of higher test volume and recovery from the COVID-19 pandemic in both segments.
- Adjusted EPS loss of $(0.01) better than $(0.04) posted a year ago, beating the consensus of $(0.06).
- Adjusted EBITDA was $5 million compared to a negative $7 million in Q2 FY20.
- Cash and cash equivalents, including restricted cash, were $373 million and short-term marketable securities were $203 million.
- Days sales outstanding (“DSO”) was 80 days at the end of the second quarter of 2021.
- Outlook: NeoGenomics reiterated FY21 guidance, with sales of $490 million – $510 million, net loss of $(70) million – $(65) million and Adjusted EBITDA of $10 million – $15 million.
- Price Action: NEO shares are trading lower by 3% at $46.28 on the last check Friday.
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