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EX - 99.1 2 a99-106302021 earningsrelea.htm EX - 99.1 NEO GENOMICS NeoGenomics Reports 40 % Revenue Growth to $ 122 Million in the Second Quarter Second - Quarter 2021 Results and Highlights : • Consolidated revenue increased 40 % to $ 122 million • Clinical Services revenue increased 37 % to $ 101 million • Pharma Services revenue increased 55 % to $ 20 million Exhibit 99.1 • Completed the acquisitions of Trapelo Health in April and Inivata Limited in June Fort Myers , Florida ( August 6 , 2021 ) - NeoGenomics , Inc. ( NASDAQ : NEO ) ( the “ Company ” ) , a leading provider of cancer - focused genetics testing services , today announced its second - quarter results for the period ended June 30 , 2021 . " Second - quarter results were strong as all three of our divisions grew significantly year - over - year . Importantly , our core cancer businesses showed meaningful signs of recovery as our clinical business processed record oncology volumes and Pharma Services posted record revenues . ” said Mark Mallon , CEO of NeoGenomics . " We also strengthened our strategic position considerably during the quarter , closing on the acquisitions of Trapelo Health in April and Inivata in June . Both acquisitions bring important capabilities to NeoGenomics that we believe can accelerate our growth in the years to come . " Second - Quarter Results Consolidated revenue for the second quarter of 2021 was $ 122 million , an increase of 40 % over the same period in 2020 . Clinical Services revenue of $ 101 million was an increase year - over - year of 37 % and an increase over the first quarter of 2021 of 5 % . Excluding COVID - 19 PCR testing , Clinical Services revenue was an increase year - over - year of 41 % and an increase over the first quarter of 2021 of 7 % . Clinical test volume ( ¹ ) increased by 37 % year - over - year . Average revenue per clinical test ( " revenue per test ” ) increased by 3 % to $ 360 . Pharma Services revenue increased by 55 % to $ 20 million compared to the second quarter of 2020 , primarily due to an increase in revenue related to clinical trials and informatics . Consolidated gross profit for the second quarter of 2021 was $ 53 million , an increase of 89.2 % , compared to the second quarter of 2020. This increase was a result of the combined effect of higher test volume and recovery from the COVID - 19 pandemic in both segments . Consolidated gross profit margin including amortization of acquired intangible assets was 43.5 % . Adjusted Gross Profit Margin ( 2 ) excluding amortization of acquired intangible assets was 44.1 % . Operating expenses increased by $ 28 million , or 61 % , compared to the second quarter of 2020 , which includes $ 11 million of acquisition and integration costs , Inivata and Trapelo Health operating expenses following their respective acquisition dates , and higher payroll and payroll - related costs to support the Company's near and long - term growth . Net income for the quarter was $ 76 million compared to net loss of $ 7 million for the second quarter of 2020 , which includes a $ 97 million gain on the Company's prior investment in and loan receivable from non - consolidated affiliate due to the acquisition of Inivata Limited , a private limited company incorporated in England and Wales . Net loss for the quarter excluding this gain was $ 21 million . Adjusted EBITDA ( 2 ) was $ 5 million compared to negative $ 7 million in the second quarter of 2020. Adjusted Net Loss ( 2 ) was $ 1 million compared to $ 4 million in the second quarter of 2020 . Cash and cash equivalents , including restricted cash , was $ 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 .