Detailed financial statements for NeoGenomics, Inc. (NEO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NeoGenomics, Inc. specializes in providing cancer-focused diagnostic and testing services through an extensive network of laboratories located across the United States, Europe, and Asia. The company operates through two distinct divisions: Clinical Services and Pharma Services. Its comprehensive offerings cater to a diverse clientele, including hospitals, reference laboratories, pathologists, oncologists, clinicians, pharmaceutical companies, and researchers.
Analysis Summary
NeoGenomics, Inc. reported revenue of $727.3M in the most recent fiscal year, growing at a 5-year CAGR of 10.4%.
Trailing-twelve-month margins: gross margin 42.9%, operating margin -8.6%, net margin -6.8%.
At the current price of $19.65, NEO has negative trailing earnings (P/E not meaningful) and an ROE of -6.31%. Market capitalisation stands at $505M.
Balance sheet quality for NEO: current ratio of 4.3, net debt of $312.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $244.1M | $240.3M | $276.7M | $408.8M | $444.4M | $484.3M | $509.7M | $591.6M | $660.6M | $727.3M |
| Cost of Revenue | $133.7M | $138.3M | $149.5M | $212.0M | $258.6M | $297.3M | $321.8M | $347.0M | $370.5M | $444.8M |
| Gross Profit | $110.4M | $102.0M | $127.3M | $196.8M | $185.9M | $187.1M | $187.9M | $244.6M | $290.1M | $282.5M |
| Research & Development | $4.6M | $3.6M | $3.0M | $8.5M | $8.2M | $21.9M | $30.3M | $27.3M | $31.2M | $37.1M |
| Selling, General & Admin | $87.8M | $113.3M | $114.2M | $175.3M | $191.7M | $283.9M | $277.9M | $280.0M | $310.5M | $365.3M |
| Operating Expenses | $95.9M | $99.1M | $117.2M | $183.8M | $199.9M | $305.8M | $345.5M | $352.3M | $382.2M | $348.6M |
| Operating Income | $2.6M | $2.9M | $10.0M | $13.0M | -$14.0M | -$118.8M | -$157.6M | -$107.7M | -$92.1M | -$66.1M |
| EBITDA | $25.4M | $26.6M | $31.8M | $37.6M | $34.9M | $46.5M | -$82.3M | -$17.6M | -$1.5M | -$38.7M |
| Interest Expense | $10.0M | $5.5M | $6.2M | $3.7M | $7.0M | $8.2M | $7.6M | $6.9M | $6.6M | $3.8M |
| Pre-tax Income | -$7.4M | -$2.6M | $3.8M | $3.6M | -$14.1M | -$15.1M | -$159.3M | -$97.1M | -$80.7M | -$110.3M |
| Income Tax | -$1.7M | -$2.3M | $1.2M | -$4.4M | -$18.2M | -$6.7M | -$15.1M | -$9.1M | -$1.9M | -$2.2M |
| Net Income | -$6.1M | -$396000 | $2.6M | $8.0M | $4.2M | -$8.3M | -$144.2M | -$88.0M | -$78.7M | -$108.0M |
| EPS | $-0.40 | $-0.03 | $0.14 | $0.40 | $0.19 | $-0.35 | $-5.80 | $-3.50 | $-3.10 | $-4.20 |
| EPS (Diluted) | $-0.40 | $-0.03 | $0.14 | $0.39 | $0.19 | $-0.35 | $-5.80 | $-3.50 | $-3.10 | $-4.20 |
| Shares Outstanding (Diluted) | $15.5M | $15.9M | $18.3M | $20.7M | $22.4M | $24.0M | $24.8M | $25.1M | $25.3M | $25.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $187.8M | $190.2M | $186.7M | $201.7M |
| Gross Profit | $80.4M | $75.7M | $80.9M | $91.9M |
| Operating Income | -$27.0M | -$11.1M | -$18.2M | -$9.8M |
| EBITDA | -$10.0M | $4.6M | -$567000 | $18.8M |
| Net Income | -$27.1M | -$9.9M | -$17.1M | $2.2M |
| EPS | $-1.05 | $-0.38 | $-0.65 | $0.10 |
| EPS (Diluted) | $-1.05 | $-0.38 | $-0.65 | $0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.5M | $12.8M | $9.8M | $173.0M | $228.7M | $316.8M | $263.2M | $342.5M | $367.0M | $159.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | $67.5M | $198.6M | $174.8M | $72.7M | $19.8M | 0 |
| Receivables | $55.5M | $60.4M | $76.9M | $95.2M | $106.8M | $112.1M | $119.7M | $131.3M | $150.5M | $159.2M |
| Inventory | $6.3M | $7.5M | $8.7M | $14.4M | $29.5M | $23.4M | $24.3M | $24.2M | $26.7M | $28.6M |
| Total Current Assets | $78.8M | $85.0M | $103.7M | $290.7M | $448.7M | $681.5M | $605.3M | $596.8M | $596.0M | $376.3M |
| Property, Plant & Equipment | $34.0M | $36.5M | $60.9M | $90.7M | $151.9M | $211.7M | $198.6M | $183.8M | $173.7M | $163.3M |
| Goodwill | $147.0M | $147.0M | $197.9M | $198.6M | $211.1M | $527.1M | $522.8M | $522.8M | $522.8M | $524.3M |
| Intangible Assets | $77.1M | $74.2M | $140.0M | $126.6M | $120.7M | $442.3M | $408.3M | $373.1M | $339.7M | $286.5M |
| Total Assets | $337.1M | $343.3M | $505.0M | $709.5M | $988.3M | $1.87B | $1.74B | $1.68B | $1.64B | $1.36B |
| Accounts Payable | $16.8M | $10.4M | $17.8M | $19.6M | $25.0M | $17.9M | $20.5M | $20.3M | $21.6M | $23.1M |
| Short-term Debt | $3.8M | $3.8M | $14.2M | $13.8M | $2.8M | $1.1M | 0 | 0 | $200.8M | $4.8M |
| Total Current Liabilities | $59.9M | $35.1M | $60.9M | $63.9M | $73.2M | $87.2M | $89.9M | $96.3M | $301.2M | $88.3M |
| Long-term Debt | $92.1M | $91.2M | $98.1M | $91.8M | $168.1M | $532.5M | $535.3M | $538.2M | $340.3M | $404.7M |
| Total Liabilities | $150.5M | $137.8M | $184.6M | $202.1M | $294.0M | $761.5M | $742.0M | $739.7M | $735.7M | $523.3M |
| Retained Earnings | -$52.5M | -$57.5M | -$51.3M | -$11.4M | -$7.2M | -$14.8M | -$159.1M | -$247.1M | -$325.8M | -$433.8M |
| Total Equity | $186.6M | $205.5M | $320.4M | $507.4M | $694.3M | $1.11B | $998.0M | $941.5M | $902.3M | $836.6M |
| Total Debt | $106.2M | $105.4M | $112.3M | $132.9M | $218.2M | $612.8M | $610.9M | $611.7M | $605.3M | $472.3M |
| Net Debt | $93.6M | $92.6M | $102.5M | -$40.1M | -$78.0M | $97.4M | $172.9M | $196.5M | $218.5M | $312.7M |
| Working Capital | $18.9M | $49.9M | $42.7M | $226.8M | $375.5M | $594.3M | $515.4M | $500.5M | $294.8M | $288.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $164.1M | $159.6M | $146.1M | $145.5M |
| Total Assets | $1.37B | $1.36B | $1.35B | $1.35B |
| Total Liabilities | $536.5M | $523.3M | $517.8M | $565.6M |
| Total Equity | $838.3M | $836.6M | $828.8M | $785.7M |
| Total Debt | $410.3M | $472.3M | $408.5M | $448.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.7M | -$846000 | $2.6M | $8.0M | $4.2M | -$8.3M | -$144.2M | -$88.0M | -$78.7M | -$108.0M |
| Depreciation & Amortization | $23.2M | $22.6M | $21.7M | $30.3M | $35.7M | $53.4M | $69.4M | $72.6M | $72.5M | $67.8M |
| Stock-based Compensation | $5.4M | $6.4M | $7.0M | $10.0M | $10.2M | $22.5M | $24.7M | $24.6M | $33.4M | $41.3M |
| Change in Working Capital | -$21.4M | -$30.5M | $12.5M | -$32.4M | -$61.7M | -$4.6M | -$31.7M | -$25.5M | -$32.6M | -$32.1M |
| Operating Cash Flow | $21.5M | $18.0M | $44.8M | $23.4M | $1.5M | -$26.7M | -$66.0M | -$2.0M | $7.0M | $5.2M |
| Capital Expenditure | -$7.5M | -$13.7M | -$14.3M | -$20.0M | -$29.1M | -$64.1M | -$30.9M | -$28.8M | -$41.1M | -$27.0M |
| Acquisitions | $1.0M | 0 | -$125.4M | $399000 | -$37.0M | -$419.4M | 0 | 0 | 0 | -$6.5M |
| Stock Repurchased | -$55.0M | 0 | -$50.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $13.9M | $4.3M | $30.5M | $3.3M | -$27.6M | -$90.9M | -$96.9M | -$30.7M | -$34.0M | -$21.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $8.9M | $1.3M | -$8.1M | $20.0M |
| Capital Expenditure | -$8.3M | -$7.9M | -$5.0M | -$8.2M |
| Free Cash Flow | $570000 | -$6.5M | -$13.1M | $11.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.3M | 0 | $9.6M | $8.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.6% | +15.2% | +47.7% | +8.7% | +9.0% | +5.2% | +16.1% | +11.6% | +10.1% | |
| Net Income Growth (YoY) | +93.6% | +766.7% | +203.3% | -47.9% | -300.1% | -1628.2% | +39.0% | +10.5% | -37.2% | |
| EPS Growth (YoY) | +93.8% | +660.0% | +185.7% | -52.5% | -284.2% | -1557.1% | +39.7% | +11.4% | -35.5% | |
| Shares Change (YoY) | +2.4% | +15.3% | +13.2% | +7.9% | +7.3% | +3.5% | +1.0% | +0.9% | +1.1% | |
| FCF Growth (YoY) | -68.8% | +601.1% | -89.0% | -927.4% | -228.8% | -6.6% | +68.3% | -10.9% | +36.0% | |
| Gross Margin | 45.2% | 42.4% | 46.0% | 48.1% | 41.8% | 38.6% | 36.9% | 41.3% | 43.9% | 38.8% |
| Operating Margin | 1.1% | 1.2% | 3.6% | 3.2% | -3.1% | -24.5% | -30.9% | -18.2% | -13.9% | -9.1% |
| EBITDA Margin | 10.4% | 11.1% | 11.5% | 9.2% | 7.8% | 9.6% | -16.2% | -3.0% | -0.2% | -5.3% |
| Net Margin | -2.5% | -0.2% | 1.0% | 2.0% | 0.9% | -1.7% | -28.3% | -14.9% | -11.9% | -14.9% |
| FCF Margin | 5.7% | 1.8% | 11.0% | 0.8% | -6.2% | -18.8% | -19.0% | -5.2% | -5.2% | -3.0% |
| Effective Tax Rate | 22.9% | 85.1% | 31.0% | -119.6% | 129.7% | 44.6% | 9.5% | 9.4% | 2.4% | 2.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.90 | $0.27 | $1.66 | $0.16 | $-1.24 | $-3.79 | $-3.90 | $-1.22 | $-1.34 | $-0.85 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $15.5M | $15.9M | $18.3M | $20.1M | $21.7M | $24.0M | $24.8M | $25.1M | $25.3M | $25.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -6.31% |
| Return on Invested Capital | -5.03% |
| Return on Assets | -3.84% |
| Gross Margin | 42.92% |
| Operating Margin | -8.63% |
| Net Margin | -6.77% |
Financial Health
| Debt / Equity | 0.57 |
| Current Ratio | 3.60 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.53 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -21.64 | -354.40 | 87.57 | 73.40 | 280.42 | -98.05 | -1.59 | -4.62 | -5.32 | -2.80 |
| P/B | 0.71 | 0.68 | 0.72 | 1.16 | 1.68 | 0.74 | 0.23 | 0.43 | 0.46 | 0.36 |
| P/S | 0.54 | 0.59 | 0.83 | 1.44 | 2.63 | 1.69 | 0.45 | 0.69 | 0.63 | 0.41 |
| Gross Margin | 45.2% | 42.4% | 46.0% | 48.1% | 41.8% | 38.6% | 36.9% | 41.3% | 43.9% | 38.8% |
| Operating Margin | 1.1% | 1.2% | 3.6% | 3.2% | -3.1% | -24.5% | -30.9% | -18.2% | -13.9% | -9.1% |
| Net Margin | -2.5% | -0.2% | 1.0% | 2.0% | 0.9% | -1.7% | -28.3% | -14.9% | -11.9% | -14.9% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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