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EX - 99.1 2 a99-103312021 earningsrelea.htm EX - 99.1 NEO GENOMICS NeoGenomics Reports 9 % Revenue Growth to $ 116 Million in the First Quarter Exhibit 99.1 First - Quarter 2021 Results and Highlights : • • • • Consolidated revenue increased 9 % to $ 116 million Clinical Services revenue increased 4 % to $ 96 million Pharma Services revenue increased 46 % to $ 19 million Completed the acquisition of Trapelo Health in April Fort Myers , Florida ( May 5 , 2021 ) - NeoGenomics , Inc. ( NASDAQ : NEO ) ( the “ Company ” ) , a leading provider of cancer - focused genetics testing services , today announced its first - quarter results for the period ended March 31 , 2021 . Mark W. Mallon , the Company's CEO said “ I couldn't be more excited to be joining NeoGenomics at such a pivotal time in the Company's history . Trends in the business are strong and we are positioned well to take market share as we emerge from the pandemic . Today's announced acquisition of Inivata along with the completion of the acquisition of Trapelo Health in April are significant milestones on our journey to become the world's leading cancer testing and information company and we expect both to accelerate NeoGenomics ' long term growth rate . " First - Quarter Results Consolidated revenue for the first quarter of 2021 was $ 116 million , an increase of 9 % over the same period in 2020. Clinical Services revenue increased year - over - year by 4 % to $ 96 million . Clinical test volume ( ¹ ) increased by 4 % year - over - year . Average revenue per clinical test ( “ revenue per test ” ) decreased by less than 2 % to $ 364 . Pharma Services revenue increased by 46 % to $ 19 million compared to the first quarter of 2020 , primarily due to an increase in revenue related to clinical trials and informatics . Consolidated gross profit was $ 41.6 million , a decrease of 10.3 % , compared to the first quarter of 2020. This decrease was a result of the combined effect of lower test volume due to the impact of the COVID - 19 pandemic , adverse weather in February 2021 , payroll and payroll - related costs , as well as a $ 5.3 million inventory write - off due to the exit from COVID - 19 PCR testing recorded to cost of revenue in the first quarter of 2021. Due to a significant decline in demand for COVID - 19 PCR overflow testing during the quarter , the Company made the decision to wind down its COVID - 19 PCR testing capabilities . Consolidated gross profit margin was 36.0 % when including COVID - 19 PCR testing exit costs and 40.6 % excluding these charges . Operating expenses increased by $ 5 million , or 10 % , compared to the first quarter of 2020 , primarily related to higher payroll and payroll - related costs due to increases in personnel to support our near and long - term growth , acquisition costs , and a write - off of COVID - 19 PCR testing laboratory equipment due to the exit from COVID - 19 PCR testing . Net loss for the quarter was $ 22 million compared to net loss of $ 7 million for the first quarter of 2020 . Adjusted EBITDA ( 2 ) was $ 4 million compared to $ 7 million in the first quarter of 2020. Adjusted Net Loss ( 2 ) was $ 5 million compared to a loss of $ 2 million in the first quarter of 2020 . During the quarter , the Company completed a concurrent common stock and convertible note offering , which added net proceeds of $ 523 million to the Company's liquidity . Cash and cash equivalents , including restricted cash , was $ 623 million and short - term marketable securities were $ 191 million . Days sales outstanding ( " DSO " ) was 80 days at the end of the first quarter of 2021 . Subsequent Events