NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer diagnostic testing services, saw its stock surge 5.2% in pre-market trading Wednesday after reporting strong fourth-quarter and full-year 2024 financial results.
The company's Q4 revenue reached $172 million, marking the ninth consecutive quarter of double-digit growth. Clinical testing volumes increased by 9% year-over-year, while revenue per test rose by 5%. Notably, NeoGenomics achieved an adjusted gross margin of 48%, the highest in 20 quarters, driven by revenue growth and operational leverage.
A significant highlight was the 24% growth in next-generation sequencing (NGS) revenue for the quarter and 34% for the full year. NGS now represents over 30% of NeoGenomics' total revenue, reflecting the company's strategic focus on this high-growth segment.
NeoGenomics' adjusted EBITDA improved by 27% for the quarter, marking the sixth consecutive quarter of positive adjusted EBITDA. The company served nearly 700,000 patients in 2024, positioning itself well to achieve its goal of serving 1 million patients annually by 2028.
For the full year 2024, NeoGenomics reported revenue of $661 million, up 12% from the prior year. Adjusted gross margin improved by 245 basis points to 47%, and cash flow from operations was positive at $7 million, a significant improvement of 460% from the previous year.
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