Government cuts hurt lab company


  • By
  • | 2:51 p.m. July 31, 2013
  • | 0 Free Articles Remaining!
  • Charlotte–Lee–Collier
  • Share

FORT MYERS — Cancer testing firm NeoGenomics says lower Medicare reimbursements hurt the company's financial results in the quarter ending June 30.

NeoGenomics' net income fell 50% to $273,000 in the second quarter on flat revenues of $15.6 million compared with the same quarter one year ago. Test volume grew 12.7% but average revenue per test fell 11.3%, the company says.

“Innovation continues to be an important focus for NeoGenomics,” says Douglas M. VanOort, the company's chairman and CEO, in a statement. “In the past six quarters, we developed and launched over 60 new molecular tests and now have the most comprehensive oncology-focused molecular test menu in America.”

 

Continue reading your article
with a Business Observer subscription.
What's included:
  • ✓ Unlimited digital access to BusinessObserverFL.com
  • ✓ E-Newspaper app, digital replica of print edition
  • ✓ Mailed print newspaper every Friday (optional)
  • ✓ Newsletter of daily business news

Latest News

Sponsored Content