NeoGenomics Q1 revenue up 17% to $137M; narrows net loss; raises FY2023 guidance

First-Quarter Results Consolidated revenue for the first quarter of 2023 was $137 million, an increase of 17% over the same period in 2022. Clinical Services revenue of $115 million was an increase year-over-year of 16%. Clinical test volume (1) increased by 7% year-over-year. Average revenue per clinical test (“revenue per test”) increased by 8% to $402. Pharma Services revenue increased by 22% to $22 million compared to the first quarter of 2022. Consolidated gross profit for the first quarter of 2023 was $54.8 million, an increase of 43.4% compared to the first quarter of 2022. This increase was primarily due to an increase in revenue partially offset by higher payroll and payroll-related costs and an increase in supplies expense. Consolidated gross profit margin, including amortization of acquired Inivata developed technology intangible assets, was 39.9%. Adjusted Gross Profit Margin (2) , excluding amortization of acquired Inivata developed technology intangible assets, was 43.5%.