Slides
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1 2Q 2025 Financial Results Nasdaq: NEO July 29, 2025
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2 Safe Harbor Statements This presentation has been prepared by NeoGenomics, Inc. (“we,” ”us,” “our,” “NeoGenomics” or the “Company”) and is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of any securities inany state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither this presentation, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to business, operations, and financial conditions of the Company. Words such as, but not limited to, “look forward to,” “believe,” “expect,” “anticipate,” “suggest”, “project”, “forecast”, “estimate,” “intend,” “plan,” “would,” “should” and “could,” and similar expressions or words, identify forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Actual results could differ materially from those projected in the Company’s forward-looking statements due to numerous known and unknown risks and uncertainties. All forward-looking statements speak only as of the date of this presentation and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to reviseor update this presentation to reflect events or circumstances after the date hereof. Information contained in this presentation concerning our industry and the markets in which we operate, including our generalexpectations and market position, market opportunity and market size, is based on information from various sources, on assumptions that we have made that are based onsuch information and other similar sources and on our knowledge of, and expectations about, the markets for our service offerings. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. This presentation contains financial measures, such as adjusted EBITDA, adjusted gross margin and adjusted net income, which are considered non-GAAP financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). Adjusted EBITDA, adjusted gross margin and adjusted net income, unusual or other items that we do not consider indicative of our ongoing operating performance. The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of thenon-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables in this presentation. We cannot estimate or project these items and they may have a substantial and unpredictable impact on our results presented in accordance with GAAP.
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3 Mission We save lives by improving patient care. Vision We are becoming the world’s leading provider of comprehensive cancer testing, data and solutions through uncompromising quality, exceptional customer experience, and innovative products and services.
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$454 $463 $465 $459 $461 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Clinical Revenue per Test $141 $146 $150 $150 $164 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 312 315 322 326 357 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Clinical Volume (unit thousands) Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non-GAAP reconciliation slides in Appendix for details. Inorganic including Pathline Clinical Revenue ($millions) 14% Inorganic 2% Inorganic 16% Inorganic 2nd Quarter Clinical Performance Organic excluding Pathline 10% Organic 3% Organic 13% Organic
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Our Strategic Drivers • Continued investments in community oncology call point • Investments in salesforce effectiveness and efficiency • LIMS integration The Customer Experience • Targeted partnerships to supplement current capability • Tuck-in/bolt-on acquisitions to fill product gaps The Community Channel • Focused R&D in MRD and Therapy Selection • Complimentary BD licensing and co-development New Products
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2nd Quarter Highlights • NGS revenue grew 23% over prior year • Adjusted EBITDA of $11M is the 8th consecutive quarter of positive earnings • Adjusted Gross Profit Margin of 45.4% declined 184 bps mostly from Pathline acquisition • Adj EBITDA excluding Pathline grew by 13% over prior year • Non-cash impairment charge • Closed on Pathline acquisition and integration on track • Launching PanTracer LBx on July 30, 2025 Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non-GAAP reconciliation slides in Appendix for details. Key Takeaways Revenue $181M | 10% growth Cash Flow (Ops) $20M | 46% growth Adj Gross Profit $82M | 6% growth Adj EBITDA $11M | flat to PY
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7 7 Updating FY 2025 Guidance Revised ($ Millions) YoY% Growth $720 - $726 9 – 10 % $41 - $44 3 – 10 % Guidance as of April 29th Guide ($ Millions) YoY% Growth Revenue $747 - $759 13 – 15 % Adj. EBIDTA $55 - $58 38 – 45 %
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8 2nd Quarter Financial Overview Financial Statement In $Millions 2Q’24 2Q’25 %vPY Revenue $164.5 $181.3 10.2% Adjusted Gross Profit $77.8 $82.4 5.9% Adjusted Gross Margin 47.3% 45.4% -184 bps Adjusted EBITDA $10.9 $10.7 -1.8% Adjusted EBITDA Margin 6.6% 5.9% -72 bps Cash and cash equivalents $355.0 $154.7 -56.4% Marketable securities, at fair value $32.8 $9.0 -72.7% Total Cash/Marketable Securities $387.8 $163.7 -57.8% Cash Flow from Operations $13.9 $20.3 46.3% Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non-GAAP reconciliation slides in Appendix for details.
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9 Summary • Attained 16% growth in our clinical business, achieved sequential improvement in AUP, produced a record quarter for volumes, and captured NGS growth rate of 23% • Continuing macroeconomic pressure in our Non-clinical business offset Clinical strength • Neo will continue to perform as a double-digit growth company, poised to capture additional market share • Implementing R&D efforts to develop new Therapy Selection NGS and Next-Gen MRD products • Commercial launch of PanTracer LBx, continually maturing sales team, increasing efficiencies and pursuing partnerships through BD efforts to enhance our portfolio and strengthen our community channel Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non-GAAP reconciliation slides in Appendix for details.
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10 © 2024 NeoGenomics Laboratories, Inc. All rights reserved. All other trademarks are the property of their respective owners. Rev. MMDDYY
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11 Appendix
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12 Balance Sheet June 30, 2025 (unaudited, in thousands) June 30, 2025 (unaudited) December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 154,723 $ 367,012 Marketable securities, at fair value 8,962 19,832 Accounts receivable, net 153,125 150,540 Inventories 34,171 26,748 Prepaid assets 22,831 20,165 Other current assets 9,785 11,722 Assets held for sale 8,956 — Total current assets 392,553 596,019 Property and equipment, net 85,462 94,103 Operating lease right-of-use assets 82,870 79,583 Intangible assets, net 301,795 339,681 Goodwill 524,143 522,766 Other assets 7,127 5,886 Total non-current assets 1,001,397 1,042,019 Total assets $ 1,393,950 $ 1,638,038 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and other current liabilities $ 95,612 $ 97,083 Current portion of operating lease liabilities 4,052 3,381 Current portion of convertible senior notes, net — 200,777 Liabilities held for sale 456 — Total current liabilities 100,120 301,241 Long-term liabilities Operating lease liabilities 66,616 60,841 Convertible senior notes, net 341,095 340,335 Deferred income tax liabilities, net 19,976 21,510 Other long-term liabilities 12,103 11,772 Total long-term liabilities 439,790 434,458 Total liabilities $ 539,910 $ 735,699 Stockholders’ equity Total stockholders' equity $ 854,040 $ 902,339 Total liabilities and stockholders’ equity $ 1,393,950 $ 1,638,038
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13 Income Statement June 30, 2025 (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 NET REVENUE $ 181,330 $ 164,502 $ 349,365 $ 320,742 COST OF REVENUE 104,072 92,008 198,861 182,779 GROSS PROFIT 77,258 72,494 150,504 137,963 Operating expenses: General and administrative 71,747 63,328 139,954 129,125 Research and development 9,023 7,886 19,204 15,506 Sales and marketing 24,075 21,677 46,758 41,898 Restructuring charges — 1,544 — 3,942 Impairment charges 20,041 — 20,041 — Total operating expenses 124,886 94,435 225,957 190,471 LOSS FROM OPERATIONS (47,628) (21,941) (75,453) (52,508) Interest income (2,263) (4,592) (5,984) (9,426) Interest expense 933 1,666 2,551 3,351 Other (income) expense, net (482) 2 (547) 265 Loss before taxes (45,816) (19,017) (71,473) (46,698) Income tax benefit (724) (375) (458) (995) NET LOSS $ (45,092) $ (18,642) $ (71,015) $ (45,703) NET LOSS PER SHARE Basic $ (0.35) $ (0.15) $ (0.56) $ (0.36) Diluted $ (0.35) $ (0.15) $ (0.56) $ (0.36) WEIGHTED A VERAGE COMMON SHARES OUTSTANDING Basic 127,949 126,405 127,664 126,257 Diluted 127,949 126,405 127,664 126,257
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14 Statements of Cash Flows June 30, 2025 (unaudited, in thousands) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (71,015) $ (45,703) Adjustments to reconcile net loss to netcash used in operating activities: Depreciation 18,506 19,651 Amortization of intangibles 16,486 16,723 Stock-based compensation 22,968 16,615 Non-cash operating lease expense 3,353 4,793 Amortization of convertible debt discount and debt issue costs 1,233 1,452 Impairment charges 20,041 — Other impairment charges — 333 Other adjustments (340) 159 Changes in assets and liabilities, net (16,229) (26,046) Net cash used in operating activities (4,997) (12,023) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from maturities of marketable securities 11,060 40,501 Purchases of property and equipment (10,823) (18,663) Business acquisition, net of cash acquired (5,991) — Net cash (used in) provided by investing activities (5,754) 21,838 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock, net (234) 2,782 Repayment of convertible debt (201,250) — Net cash (used in) provided by financing activities (201,484) 2,782 Net change in cash and cash equivalents, including cash classified within current assets held for sale (212,235) 12,597 Less: net change in cash classified within current assets held for sale (54) — Net change in cash and cash equivalents (212,289) 12,597 Cash and cash equivalents, beginning of period 367,012 342,488 Cash and cash equivalents, end of period $ 154,723 $ 355,085
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15 _________________ (1) Cost of revenue adjustments for the three months ended June 30, 2025, includes $4.8 million of amortization of acquired intangible assets and $0.3 million of stock-based compensation. Cost of revenue adjustments for the six months ended June 30, 2025, includes $9.7 million of amortization of acquired intangible assets and $0.7 million of stock-based compensation. Cost of revenue adjustments for the three months ended June 30, 2024, includes $4.9 million of amortization of acquired intangible assets and $0.3 million of stock-based compensation. Cost of revenue adjustments for the six months ended June 30, 2024, includes $9.8 million of amortization of acquired intangible assets and $0.7 million of stock-based compensation. Adjusted Gross Margin June 30, 2025 (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Consolidated: Total revenue (GAAP) $ 181,330 $ 164,502 10.2% $ 349,365 $ 320,742 8.9% Cost of revenue (GAAP) $ 104,072 $ 92,008 13.1% $ 198,861 $ 182,779 8.8% Adjustments to cost of revenue(1) (5,114) (5,267) (10,439) (10,572) Adjusted cost of revenue (non-GAAP) $ 98,958 $ 86,741 14.1% $ 188,422 $ 172,207 9.4% Gross profit (GAAP) $ 77,258 $ 72,494 6.6% $ 150,504 $ 137,963 9.1% Adjusted gross profit (non-GAAP ) $ 82,372 $ 77,761 5.9% $ 160,943 $ 148,535 8.4% Gross profit margin (GAAP) 42.6% 44.1% 43.1% 43.0% Adjusted gross profit margin (non- GAAP) 45.4% 47.3% 46.1% 46.3%
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16 _________________ (1) For the three months ended June 30, 2025, CEO transition costs include executive retention costs. For the six months ended June 30, 2025, CEO transition costs include severance costs, executive retention costs, and executive search costs. There were no such costs for the three and six months ended June 30, 2024. (2) For the three and six months ended June 30, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs. (3) For the three and six months ended June 30, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and impairment of disposal groups held for sale. There were no such costs for the three and six months ended June 30, 2024. (4) For the three and six months ended June 30, 2025 and June 30, 2024, IP litigation costs include legal fees. (5) For the three and six months ended June 30, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. There were no such costs for the three and six months ended June 30, 2025. Adjusted EBITDA June 30, 2025 (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss (GAAP) $ (45,092) $ (18,642) $ (71,015) $ (45,703) Adjustments to net loss: Interest income (2,263) (4,592) (5,984) (9,426) Interest expense 933 1,666 2,551 3,351 Income tax benefit (724) (375) (458) (995) Depreciation 9,140 9,746 18,506 19,651 Amortization of intangibles 8,124 8,361 16,486 16,723 EBITDA (non-GAAP) $ (29,882) $ (3,836) $ (39,914) $ (16,399) Further adjustments to EBITDA: CEO transition costs(1) 637 — 2,831 — Acquisition and integration related expenses(2) 3,204 — 4,376 — Stock-based compensation expense 12,215 8,841 22,968 16,615 Restructuring charges — 1,544 — 3,942 Impairment charges(3) 20,041 — 20,041 — IP litigation costs(4) 4,460 1,962 7,443 6,243 Other significant expenses, net(5) — 2,358 — 3,960 Adjusted EBITDA (non-GAAP) $ 10,675 $ 10,869 $ 17,745 $ 14,361
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17 Adjusted EBITDA 2025 Guidance (unaudited, in thousands) _________________ (1) This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, also compensates for the effects of additional diluted shares included in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes. (2) For those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive. GAAP net loss in 2025 will be impacted by certain charges, including: (i) expense related to the amortization of intangible assets, (ii) stock-based compensation, and (iii) other one-time expenses. These charges have been included in GAAP net loss available to stockholders and GAAP net loss per share; however, they have been removed from adjusted net loss and adjusted diluted net loss per share The following table reconciles the Company’s 2025 outlook for net loss and EPS to the corresponding non-GAAP measures of adjusted net loss, adjusted EBITDA, and adjusted diluted EPS: Year Ended December 31, 2025 Low Range High Range Net loss (GAAP) $ (116,00) $(108,000) Amortization of intangibles 32,000 32,000 Stock-based compensation expenses 46,000 43,000 Other one-time expenses 48,000 48,000 Adjusted net income (non-GAAP) 10,000 15,000 Interest and taxes (7,000) (7,000) Depreciation 38,000 36,000 Adjusted EBITDA (non-GAAP) $ 41,000 $ 44,000 Net loss per diluted share (GAAP) $ (0.91) $ (0.84) Adjustments to net loss per diluted share: Amortization of intangibles 0.25 0.25 Stock-based compensation expenses 0.36 0.34 Other one-time expenses 0.38 0.38 Rounding and impact of diluted shares in adjusted diluted shares(1) — (0.01) Adjusted diluted EPS(13) (non-GAAP) $ 0.08 $ 0.12 Weighted average assumed shares outstanding in 2025: Diluted shares (GAAP) 128,000 128,000 Options, restricted stock, and converted shares not included in diluted shares(2) — — Adjusted diluted shares outstanding (non-GAAP) 128,000 128,000