After initially moving up following first quarter results, shares of NeoGenomics (NEO) have since moved into negative territory. The operator of cancer-focused testing laboratories reported better than expected earnings per share, while raising guidance for 2019. QUARTERLY RESULTS: NeoGenomics reported first quarter adjusted earnings per share of 7c, which was better than the expected 4c, and said consolidated revenues were $95.6M, an increase of 51% over the same period in 2018, and above the consensus estimate of $90.6M for the quarter. The company added that clinical test volume increased by 31% year over year, and average revenue per clinical test increased by 15% to $368 primarily due to the acquisition of Genoptix as well as the benefit of reimbursement initiatives. Also related to the Genoptix acquisition, consolidated operating expenses increased by $19.8M, or 80%, compared to the first quarter of 2018, according to the company. Consolidated gross profit improved by $19.8M, or 73%, compared to the first quarter of 2018, to $47.1M, while net loss in the quarter was $2.4M, reflecting an accrual related to Health Discovery Corporation litigation of $4.9M, net of tax. 2019. FINANCIAL OUTLOOK: NeoGenomics also raised its full year 2019 revenue guidance to $384M-$400M from $379M-$395M, and its adjusted EBITDA to $52-$56 from $49-$53. The consensus forecast for FY19 revenue is currently $385.1M. PRICE ACTION: In morning trading, shares of NeoGenomics have dropped 4% to $20.05.
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