Fort Myers firm gains ground

FORT MYERS — In an earnings report released Thursday, NeoGenomics Inc. reports it grew revenues 47% to $12.9 million in the fourth quarter compared with the same quarter a year ago, and posted a net income of $152,000 in Q4 compared with a net loss of $377,000 during the same time in 2010.

The results produced an earnings of $0 per share, in line with analysts' expectations.

The company, which provides cancer-focused genetic testing services, says in a release that it increased its test volume 57% in the latest quarter. Although its average revenue per test decreased 6%, it improved its average cost of goods sold per test by 7%, which offset the lower revenue per test.

For the year, NeoGenomics improved revenue 27% over 2010, but experienced a decrease in gross margin, from 45.9% in 2010 to 44.7% in 2011. It also had a net loss for the year of $1.2 million, an improvement over its $3.3 million loss in 2010.

The company's stock, which is traded over the counter (symbol:NGNM), closed at $1.80 per share Thursday, up 5 cents over its Wednesday close.

The firm says it expects income of 2 to 4 cents per share for its 2012 fiscal year, on revenues of $54 million to $59 million. Company Chairman and CEO Douglas M. VanOort says improved performance will come from new sales and marketing initiatives and a focus on its large clients. “We also expect a stable reimbursement environment this year, which should allow us to make further improvements in gross margin and profitability,” VanOort says in a release.

Based in Fort Myers, NeoGenomics has labs in Nashville, Tenn., Irvine, Calif., Tampa and Fort Myers. It provides services for pathologists, oncologists, other clinicians and hospitals throughout the U.S.