NeoGenomics (NASDAQ:NEO) Releases Quarterly Earnings Results

NeoGenomics (NASDAQ:NEO) posted its earnings results on Monday. The medical research company reported $0.03 earnings per share for the quarter, Briefing.com reports. NeoGenomics had a negative return on equity of 2.71% and a negative net margin of 12.50%. The firm had revenue of $164.50 million for the quarter, compared to the consensus estimate of $161.82 million. During the same quarter in the prior year, the business earned ($0.09) EPS. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. NeoGenomics updated its FY 2024 guidance to 0.020-0.070 EPS.

NeoGenomics Price Performance

NEO traded up $0.65 during midday trading on Wednesday, hitting $17.92. 655,997 shares of the company traded hands, compared to its average volume of 856,094. The business has a 50 day simple moving average of $13.97 and a two-hundred day simple moving average of $14.69. NeoGenomics has a 52-week low of $11.03 and a 52-week high of $21.22. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -27.36 and a beta of 1.19. The company has a current ratio of 7.48, a quick ratio of 7.22 and a debt-to-equity ratio of 0.58.

Wall Street Analyst Weigh In

NEO has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $19.00 price objective on shares of NeoGenomics in a research report on Tuesday. Stephens restated an “overweight” rating and issued a $19.00 target price on shares of NeoGenomics in a report on Tuesday. TD Cowen dropped their price target on NeoGenomics from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. BTIG Research reduced their price objective on NeoGenomics from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, Craig Hallum initiated coverage on NeoGenomics in a research note on Wednesday, May 1st. They set a “buy” rating and a $26.00 price target for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.89.

NeoGenomics Company Profile

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.