Slides
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3Q 2025 Financial Results Nasdaq: NEO October 28, 2025
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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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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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Q3 Highlights: Delivering Results Across the Board Strong clinical performance Strategic win NGS acceleration
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$463 $465 $459 $461 $476 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Clinical Revenue per Test $146 $150 $150 $164 $172 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 315 322 326 357 361 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Clinical Volume (unit thousands) Clinical Revenue ($millions) 15% Reported 3% Reported 18% Reported 3rd Quarter Clinical Performance 10% Same store 4% Same store 15% Same store Same Store excluding Pathline Reported including Pathline Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non -GAAP reconciliation slides in Appendix for details.
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3rd Quarter Highlights Key Takeaways • Clinical Revenue grew 18% (15% excluding Pathline) • Clinical Volume grew at 15% and 10% excluding Pathline • NGS revenue grew 24% over prior year • Adjusted EBITDA of $12M is the 9th consecutive quarter of positive earnings • Adjusted Gross Profit Margin of $85M or 7% growth from prior year Revenue $188M | 12% growth Clinical Volume 361K | 15% growth Adj Gross Profit $85M | 7% growth Adj EBITDA $12M | 9% decline Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non -GAAP reconciliation slides in Appendix for details.
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Affirming FY 2025 Guidance Guidance as of July 29th, 2025 Guide ($ Millions) YoY% Growth Revenue $720 - $726 9 - 10 % Adj. EBIDTA $41 - $44 3 - 10 %
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3rd Quarter Financial Overview Financial Statement In $Millions 3Q’24 3Q’25 %vPY Revenue $167.8 $187.8 11.9% Adjusted Gross Profit $80.1 $85.4 6.6% Adjusted Gross Margin 47.8% 45.5% -228 bps Adjusted EBITDA $13.4 $12.2 -8.5% Adjusted EBITDA Margin 8.0% 6.5% -146 bps Cash and cash equivalents $361.9 $164.1 -54.7% Marketable securities, at fair value $25.8 $0.0 -100.0% Total Cash/Marketable Securities $387.7 $164.1 -57.7% Cash Flow from Operations $9.2 $8.9 -3.9% Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non -GAAP reconciliation slides in Appendix for details.
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Summary • Clinical momentum continued with 18% Revenue growth(15% on same store basis) • NGS Revenue grew 24% in the quarter and 22% YTD • AUP grew sequentially and increase over prior year driven by continued growth in higher valued tests and RCM initiatives • RaDaR Patent litigation victory • Launched RaDaR ST with Pharma clients • Received MolDx Approval for RaDaR ST Quarterly financial information is unaudited. Growth corresponds to prior year period. Reference non-GAAP reconciliation slides in Appendix for details.
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© 2024 NeoGenomics Laboratories, Inc. All rights reserved. All other trademarks are the property of their respective owners. Rev. MMDDYY
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Appendix
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Balance Sheet September 30, 2025 (unaudited, in thousands) September 30, 2025 (unaudited) December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 164,117 $ 367,012 Marketable securities, at fair value — 19,832 Accounts receivable, net 155,296 150,540 Inventories 28,460 26,748 Prepaid assets 21,986 20,165 Other current assets 10,528 11,722 Assets held for sale 2,078 — Total current assets 382,465 596,019 Property and equipment, net 85,470 94,103 Operating lease right-of-use assets 80,150 79,583 Intangible assets, net 294,162 339,681 Goodwill 524,344 522,766 Other assets 8,189 5,886 Total non-current assets 992,315 1,042,019 Total assets $ 1,374,780 $ 1,638,038 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and other current liabilities $ 92,881 $ 97,083 Current portion of operating lease liabilities 4,507 3,381 Current portion of convertible senior notes, net — 200,777 Liabilities held for sale 478 — Total current liabilities 97,866 301,241 Long-term liabilities Operating lease liabilities 64,325 60,841 Convertible senior notes, net 341,476 340,335 Deferred income tax liabilities, net 20,846 21,510 Other long-term liabilities 11,977 11,772 Total long-term liabilities 438,624 434,458 Total liabilities $ 536,490 $ 735,699 Stockholders’ equity Total stockholders' equity $ 838,290 $ 902,339 Total liabilities and stockholders’ equity $ 1,374,780 $ 1,638,038
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Income Statement September 30, 2025 (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 NET REVENUE $ 187,797 $ 167,824 $ 537,162 $ 488,566 COST OF REVENUE 107,351 92,944 306,212 275,723 GROSS PROFIT 80,446 74,880 230,950 212,843 Operating expenses: General and administrative 69,874 66,969 209,828 196,094 Research and development 8,694 7,684 27,898 23,190 Sales and marketing 21,806 20,415 68,564 62,313 Restructuring charges — 1,009 — 4,951 Impairment charges 7,086 — 27,127 — Total operating expenses 107,460 96,077 333,417 286,548 LOSS FROM OPERATIONS (27,014) (21,197) (102,467) (73,705) Interest income (1,563) (4,673) (7,547) (14,099) Interest expense 603 1,642 3,154 4,993 Other expense (income), net 335 (317) (212) (52) Loss before taxes (26,389) (17,849) (97,862) (64,547) Income tax expense (benefit) 740 (150) 282 (1,145) NET LOSS $ (27,129) $ (17,699) $ (98,144) $ (63,402) NET LOSS PER SHARE Basic $ (0.21) $ (0.14) $ (0.77) $ (0.50) Diluted $ (0.21) $ (0.14) $ (0.77) $ (0.50) WEIGHTED A VERAGE COMMON SHARES OUTSTANDING Basic 128,415 126,953 127,917 126,491 Diluted 128,415 126,953 127,917 126,491
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Statements of Cash Flows September 30, 2025 (unaudited, in thousands) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (98,144) $ (63,402) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 27,309 29,274 Amortization of intangibles 24,120 25,085 Stock-based compensation 33,274 25,085 Non-cash operating lease expense 5,039 7,022 Amortization of convertible debt discount and debt issue costs 1,614 2,182 Impairment charges 27,127 — Other impairment charges — 333 Other adjustments 3 204 Changes in assets and liabilities, net (16,455) (28,560) Net cash provided by (used in) operating activities 3,887 (2,777) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from maturities of marketable securities 20,060 47,784 Purchases of equity securities (500) — Purchases of property and equipment (19,137) (29,462) Business acquisition, net of cash acquired (6,454) — Net cash (used in) provided by investing activities (6,031) 18,322 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock, net 531 3,959 Repayment of convertible debt (201,250) — Net cash (used in) provided by financing activities (200,719) 3,959 Net change in cash and cash equivalents, including cash classified within current assets held for sale (202,863) 19,504 Less: net change in cash classified within current assets held for sale (32) — Net change in cash and cash equivalents (202,895) 19,504 Cash and cash equivalents, beginning of period 367,012 342,488 Cash and cash equivalents, end of period $ 164,117 $ 361,992
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_________________ (1) Cost of revenue adjustments for the three months ended September 30, 2025, includes $4.6 million of amortization of acquired intangible assets and $0.3 million of stock-based compensation. Cost of revenue adjustments for the nine months ended September 30, 2025, includes $14.3 million of amortization of acquired intangible assets and $1.1 million of stock-based compensation. Cost of revenue adjustments for the three months ended September 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 nine months ended September 30, 2024, includes $14.8 million of amortization of acquired intangible assets and $1.0 million of stock-based compensation. Adjusted Gross Margin September 30, 2025 (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Change 2025 2024 % Change Consolidated: Total revenue (GAAP) $ 187,797 $ 167,824 11.9 % $ 537,162 $ 488,566 9.9 % Cost of revenue (GAAP) $ 107,351 $ 92,944 15.5 % $ 306,212 $ 275,723 11.1 % Adjustments to cost of revenue(1) (4,950) (5,263) (15,389) (15,835) Adjusted cost of revenue (non-GAAP) $ 102,401 $ 87,681 16.8 % $ 290,823 $ 259,888 11.9 % Gross profit (GAAP) $ 80,446 $ 74,880 7.4 % $ 230,950 $ 212,843 8.5 % Adjusted gross profit (non-GAAP ) $ 85,396 $ 80,143 6.6 % $ 246,339 $ 228,678 7.7 % Gross profit margin (GAAP) 42.8 % 44.6 % 43.0 % 43.6 % Adjusted gross profit margin (non-GAAP) 45.5 % 47.8 % 45.9 % 46.8 %
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_________________ (1) For the three months ended September 30, 2025, CEO transition costs include executive retention costs. For the nine months ended September 30, 2025, CEO transition costs include severance costs, executive retention costs, and executive search costs. There were no such costs for the three and nine months ended September 30, 2024. (2) For the three and nine months ended September 30, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs. There were no such costs for the three and nine months ended September 30, 2024. (3) For the three months ended September 30, 2025, impairment charges include an impairment of a disposal group held for sale. For the nine months ended September 30, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and impairment of a disposal group held for sale. There were no such costs for the three and nine months ended September 30, 2024. (4) For the three and nine months ended September 30, 2025, IP litigation costs include legal fees. For the three and nine months ended September 30, 2024, IP litigation costs include a settlement payment and legal fees. (5) For the three and nine months ended September 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 nine months ended September 30, 2025. Adjusted EBITDA September 30, 2025 (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss (GAAP) $ (27,129) $ (17,699) $ (98,144) $ (63,402) Adjustments to net loss: Interest income (1,563) (4,673) (7,547) (14,099) Interest expense 603 1,642 3,154 4,993 Income tax expense (benefit) 740 (150) 282 (1,145) Depreciation 8,803 9,623 27,309 29,274 Amortization of intangibles 7,634 8,362 24,120 25,085 EBITDA (non-GAAP) $ (10,912) $ (2,895) $ (50,826) $ (19,294) Further adjustments to EBITDA: CEO transition costs(1) 319 — 3,149 — Acquisition and integration related expenses(2) 1,800 — 6,176 — Stock-based compensation expense 10,305 8,470 33,274 25,085 Restructuring charges — 1,009 — 4,951 Impairment charges(3) 7,086 — 27,127 — IP litigation costs(4) 3,634 6,113 11,077 12,356 Other significant expenses, net(5) — 677 — 4,637 Adjusted EBITDA (non-GAAP) $ 12,232 $ 13,374 $ 29,977 $ 27,735
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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) $ (116,000) $ (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(1) (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