NeoGenomics(NEO) - 2024 Q4 - Annual Results

Revenue Growth - Full year revenue increased 12% to $661 million, marking the ninth consecutive quarter of double-digit revenue growth[1] - Fourth quarter consolidated revenue was $172 million, an increase of 11% compared to the same period in 2023[4] - Total revenue for the year ended December 31, 2024, was $660.566 million, an increase of 11.6% compared to $591.643 million in 2023[31] Profitability - Consolidated gross profit for the fourth quarter was $77.3 million, a 14.3% increase year-over-year, with a gross profit margin of 44.9%[5] - Adjusted gross profit for the year ended December 31, 2024, was $311.227 million, up 17.8% from $264.242 million in 2023[31] - The adjusted gross profit margin for the year ended December 31, 2024, improved to 47.1%, compared to 44.7% in 2023[31] - The company reported a gross profit of $290.100 million for the year ended December 31, 2024, which is an 18.6% increase from $244.604 million in 2023[31] EBITDA and Adjusted Income - Adjusted EBITDA for the full year was positive $40 million, a significant increase of 1,036% compared to $3 million in 2023[9] - Adjusted EBITDA for the year ended December 31, 2024, was $39.608 million, compared to $3.486 million in 2023, indicating a substantial increase[30] - Adjusted net income for 2024 was $14 million, compared to an adjusted net loss of $15 million in 2023[9] - Adjusted net income (non-GAAP) for the same period was $5,554 thousand, up from $3,894 thousand in 2023, representing a 42.6% increase[37] Net Loss - Net loss for the fourth quarter was $15 million, a 7% increase from the net loss of $14 million in the same quarter of 2023[6] - For the year ended December 31, 2024, NeoGenomics reported a net loss of $78.726 million, an improvement from a net loss of $87.968 million in 2023, representing a decrease of approximately 10.5%[30] - For the three months ended December 31, 2024, the net loss (GAAP) was $15,324 thousand, compared to a net loss of $14,326 thousand in the same period of 2023, reflecting an increase of 6.9%[37] - For the year ended December 31, 2025, the company projects a GAAP net loss in the range of $85,000 thousand to $76,000 thousand[39] - Adjusted net loss (non-GAAP) for 2025 is expected to be between $19,000 thousand and $24,000 thousand[39] Cash and Securities - Cash and cash equivalents and marketable securities totaled $387 million at the end of the quarter[8] - Cash and cash equivalents at the end of 2024 were $367.012 million, an increase from $342.488 million at the end of 2023[22] - Net cash provided by operating activities for the year ended December 31, 2024, was $7.023 million, a significant improvement from a net cash used of $1.953 million in 2023[22] Future Projections - The company reaffirmed its 2025 revenue guidance, projecting a range of $735 million to $745 million, representing a year-over-year increase of 11% to 13%[10] - The company anticipates adjusted EBITDA (non-GAAP) for 2025 to be between $55,000 thousand and $58,000 thousand[39] - The projected net loss per diluted share (GAAP) for 2025 is expected to be between $(0.66) and $(0.59)[39] - Stock-based compensation expense for 2025 is estimated to be between $50,000 thousand and $46,000 thousand[39] Clinical Tests and Revenue per Test - The company achieved a 34% growth in NGS (Next Generation Sequencing) tests in 2024, reflecting strong customer demand[3] - The number of clinical tests performed in Q4 2024 was 321,679, a 9.1% increase from 294,850 tests in Q4 2023[42] - Average revenue per clinical test increased by 5% to $465, driven by higher value tests and strategic reimbursement initiatives[4] - Average revenue per test increased to $465 in Q4 2024, up 5.4% from $441 in Q4 2023[42] - The average revenue per test for the year ended December 31, 2024 was $457, an increase of 7.5% from $425 in 2023[42] Restructuring and Compensation - The company incurred $6.658 million in restructuring charges for the year ended December 31, 2024, down from $11.088 million in 2023[30] - NeoGenomics' stock-based compensation expense for the year ended December 31, 2024, was $33.413 million, an increase from $24.633 million in 2023[30]