NGNM: Q4 Year End Update

NEOGENOMICS CONTINUES TO TEST POSITIVE
Strong Phase I Development Puts NGNM on Threshhold of Rapid Phase II Growth

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NeoGenomics Inc. is a CLIA–certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, and hospitals throughout the United States. For additional information about NeoGenomics, visit  www.neogenomics.org.

NeoGenomics reported a 74% increase in revenue on a year over year (YOY) basis, with Q4 slightly higher than our estimate. Our Q4 estimate however did not include reported one-time writeoffs of $518,000. High margin cytometry tests contributed 24% to total revenue in FY 08 compared to only 12% in FY 07. Net loss was nearly $1.0 million for the fourth quarter of 2008 and diluted EPS was ($0.03). Excluding the one-time non-recurring expenses of $518,000, the net loss was $476,000 with adjusted diluted EPS of ($0.01). The company was cash flow positive for the year.

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OTC BB: NGNM