On July 28, 2026 NeoGenomics, Inc. (NASDAQ: NEO) (the "Company"), a leading provider of oncology diagnostic solutions that enable precision medicine, reported its second-quarter results for the period ended June 30, 2026.
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Financial Highlights
For the three-month period ended June 30, 2026, as compared to the same period in 2025:
Increased total revenue by 11% to $202 million
Increased clinical revenue by 14% to $187 million driven by robust NGS growth of 26%
Recorded GAAP net income of $2 million, including a gain on extinguishment of debt of $11 million
Delivered adjusted EBITDA(1) of $14 million, an increase of 36%
Generated $20 million from cash from operations to end the quarter with $146 million of cash, cash equivalents, and short-term investments
Business Highlights
Sharpened commercial strategy and go-to-market execution by launching a dedicated pathology and oncology commercial team
Submitted new RaDaR ST evidence to MolDx supporting Medicare reimbursement for a new indication. This marks the third RaDaR ST submission to MolDx pending approval
Strengthened capital structure through the completion of a $316 million private offering of 0.75% convertible senior notes due 2032
Finalized a civil settlement with the Department of Justice resolving a self-disclosed matter and investigation concerning consulting services provided by the Company
"Our second quarter results reflect the consistent operating and financial performance investors expect from this team," said Tony Zook, Chief Executive Officer of NeoGenomics. "Revenue growth of 11% year-over-year exceeded our outlook, with NGS revenue growth of 26% reflecting a continued mix shift to more advanced testing modalities. This revenue growth is being coupled with our focus on disciplined margin expansion, as evidenced by adjusted EBITDA increasing by 36%. Looking ahead, I remain confident that we are well positioned to deliver long-term profitable growth, while investing in our business and expanding our suite of on-market testing solutions for patients and providers."
Second-Quarter Results
Consolidated revenue for the second quarter of 2026 was $202 million, an increase of 11% over the same period in 2025. Clinical volume increased by 2%, while average revenue per clinical test increased by 12% to $515.
Consolidated gross profit for the second quarter of 2026 was $92 million, an increase of 19% compared to the second quarter of 2025. Consolidated gross profit margin, including amortization of acquired intangible assets and stock-based compensation expense, was 46%. Adjusted Gross Profit Margin(1), excluding amortization of acquired intangible assets and stock-based compensation expense, was 48%, an increase of 260 bps versus the same period in 2025.
Operating expenses for the second quarter of 2026 were $102 million, a decrease of $23 million, or 19%, compared to the second quarter of 2025. The decrease in operating expenses was primarily due to $20 million of impairment charges taken in the second quarter of 2025.
Net income for the quarter was $2 million compared to net loss of $45 million for the second quarter of 2025. Net income for the quarter includes a gain on extinguishment of debt of $11 million.
Adjusted EBITDA(1) for the second quarter of 2026 increased by 36% to $14 million, compared to $11 million in the second quarter of 2025. Adjusted Net Income(1) was $7 million compared to Adjusted Net Income(1) of $4 million in the second quarter of 2025.
Cash and cash equivalents totaled $146 million at quarter end. This reflects the net effects from the completion of the company’s $316 million private offering of 0.75% convertible senior notes due 2032. As part of the transaction, the Company repurchased approximately $276 million aggregate principal amount of the Company’s existing 0.25% convertible senior notes due 2028 and entry into capped call transactions intended to reduce potential dilution upon conversion. Company also repurchased shares of its common stock for an aggregate purchase price of $25 million.
(1)
The Company has provided adjusted financial information that has not been prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Gross Profit Margin, Adjusted Net (Loss) Income, and Adjusted Diluted EPS. Each of these measures is defined in the section of this press release entitled "Use of Non-GAAP Financial Measures." See also the tables reconciling such measures to their closest GAAP equivalent.
2026 Financial Guidance
The Company is revising its full-year 2026 guidance, as shown below (in millions).
FY 2025
Previous
FY 2026 Guidance
Updated
FY 2026 Guidance
YOY % Change from
FY 2025
(in millions)
Actual
Low
High
Low
High
Low
High
Consolidated revenue
$727
$797
$803
$802
$806
10%
11%
Net loss
$(108)
$(63)
$(50)
$(42)
$(34)
61%
69%
Adjusted EBITDA
$43
$55
$57
$56
$58
29%
34%
Conference Call
The Company has scheduled a webcast and conference call to discuss its second quarter 2026 results on Tuesday, July 28, 2026 at 4:30 p.m. Eastern Time. To access the live call via telephone, interested investors should dial (888) 506-0062 (domestic) or (973) 528-0011 (international) at least five minutes prior to the call. The participant access code provided for this call is 968605. The live webcast may be accessed by visiting the Investor Relations section of our website at ir.neogenomics.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the Company’s website.
(Press release, NeoGenomics Laboratories, JUL 28, 2026, View Source [SID1234669472])