NeoGenomics in Fort Myers reports fewer losses in 2nd quarter

Losses narrowed for Fort Myers-based NeoGenomics Inc. in the second quarter.

The company, specializing in genetic testing for cancer, lost $293,000 in the quarter, or 1 cent a share. That was down from losses of $978,000, or 3 cents a share, a year ago.

Meanwhile, revenue grew 23 percent in the second quarter, while test volume rose 27 percent, the company reported on Wednesday. The company benefited from one-time revenue it received from testing it performed for a customer reorganizing its own lab during the quarter.

"Driven by the addition of a number of new clients, we posted the largest increase in quarterly revenue in our corporate history," said Doug VanOort, the company's chairman and CEO, in a statement. "Importantly, we saw steady increases in the average number of tests reported per day in each month of the quarter, which allowed us to overcome historical seasonality trends. We expect that increasing sales force productivity and our focus on delivering high-quality service to our clients will continue to yield strong client and volume growth."

The company also gave guidance for the third quarter on Wednesday, saying it expects revenue of $10.2 million to $10.8 million and a net loss of up to 2 cents a share.

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