NGNM: Q1 2009 Update
PROFITABILITY ACHIEVED
Excellent foundation for rapid Phase-II growth.
66% y-o-y revenue growth in Q1 2009
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Summary and Recommendation
NeoGenomics reported strong first quarter results on multiple fronts with an increase in revenue, increased gross margin, decreased SG&A margin, and most importantly, a positive bottom line. Revenues increased 66% on a year over year basis. The higher revenue is primarily attributable to higher reimbursement rates for certain tests and to a smaller extent, a favorable test mix. Reimbursement rates increased an average 8-10% for 2009. Cytometry tests, which are high margin tests, contributed a higher 27% to the total revenue in Q1 09. Net profit stood at $33,000 and diluted EPS was $0.00. These results were better than our previous projections.
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