$NEO
NEOGENOMICS INC

2024 Q2 Form 10-Q Financial Statement

#000107718324000054 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $164.5M $156.2M
YoY Change 11.97% 13.86%
Cost Of Revenue $92.01M $90.77M
YoY Change 5.72% 10.15%
Gross Profit $72.49M $65.47M
YoY Change 21.04% 19.44%
Gross Profit Margin 44.07% 41.9%
Selling, General & Admin $85.01M $86.02M
YoY Change 12.92% 10.55%
% of Gross Profit 117.26% 131.39%
Research & Development $7.886M $7.620M
YoY Change 5.12% 3.04%
% of Gross Profit 10.88% 11.64%
Depreciation & Amortization $18.11M $9.905M
YoY Change -0.83% 9.47%
% of Gross Profit 24.98% 15.13%
Operating Expenses $94.44M $96.04M
YoY Change 8.91% 6.84%
Operating Profit -$21.94M -$30.57M
YoY Change -18.19% -12.85%
Interest Expense $2.926M $1.685M
YoY Change 15.93% 14.86%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$263.0K
YoY Change -100.27% 130.7%
Pretax Income -$19.02M -$27.68M
YoY Change -28.61% -17.91%
Income Tax -$375.0K -$620.0K
% Of Pretax Income
Net Earnings -$18.64M -$27.06M
YoY Change -23.38% -12.13%
Net Earnings / Revenue -11.33% -17.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.15 -$0.21
COMMON SHARES
Basic Shares Outstanding 127.7M shares 127.6M shares
Diluted Shares Outstanding 126.4M shares 126.1M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $387.9M $384.8M
YoY Change -5.25% -7.92%
Cash & Equivalents $355.1M $331.9M
Short-Term Investments $32.77M $52.92M
Other Short-Term Assets $9.157M $9.312M
YoY Change -62.15% 22.17%
Inventory $23.21M $20.32M
Prepaid Expenses $17.40M $19.16M
Receivables $146.6M $140.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $584.2M $573.9M
YoY Change -0.09% -1.9%
LONG-TERM ASSETS
Property, Plant & Equipment $92.16M $87.87M
YoY Change -51.88% -14.57%
Goodwill $522.8M $522.8M
YoY Change 0.0% 0.0%
Intangibles $356.4M $364.8M
YoY Change -8.78% -8.69%
Long-Term Investments
YoY Change
Other Assets $4.075M $4.470M
YoY Change -24.63% -15.76%
Total Long-Term Assets $1.059B $1.066B
YoY Change -4.62% -5.14%
TOTAL ASSETS
Total Short-Term Assets $584.2M $573.9M
Total Long-Term Assets $1.059B $1.066B
Total Assets $1.643B $1.640B
YoY Change -3.06% -4.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.19M $18.34M
YoY Change -4.06% -19.27%
Accrued Expenses $71.73M $57.23M
YoY Change 0.72% -0.97%
Deferred Revenue $972.0K $1.144M
YoY Change -82.98% -81.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.1M
YoY Change 1818745.45%
Total Short-Term Liabilities $290.0M $76.71M
YoY Change 205.71% -11.43%
LONG-TERM LIABILITIES
Long-Term Debt $339.6M $538.9M
YoY Change -36.74% 0.54%
Other Long-Term Liabilities $11.55M $13.03M
YoY Change -85.29% -0.02%
Total Long-Term Liabilities $437.4M $640.2M
YoY Change -28.9% -1.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $290.0M $76.71M
Total Long-Term Liabilities $437.4M $640.2M
Total Liabilities $727.4M $716.9M
YoY Change -1.56% -2.42%
SHAREHOLDERS EQUITY
Retained Earnings -$292.8M -$274.1M
YoY Change 36.67% 44.36%
Common Stock $1.210B $1.199B
YoY Change 3.13% 2.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $915.9M $923.4M
YoY Change
Total Liabilities & Shareholders Equity $1.643B $1.640B
YoY Change -3.06% -4.03%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$18.64M -$27.06M
YoY Change -23.38% -12.13%
Depreciation, Depletion And Amortization $18.11M $9.905M
YoY Change -0.83% 9.47%
Cash From Operating Activities $13.89M -$25.92M
YoY Change -997.42% 104.18%
INVESTING ACTIVITIES
Capital Expenditures $13.08M $5.585M
YoY Change 74.51% -43.74%
Acquisitions
YoY Change
Other Investing Activities $20.39M $20.11M
YoY Change -9.14% -40.27%
Cash From Investing Activities $7.313M $14.53M
YoY Change -51.08% -38.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.966M $816.0K
YoY Change 2971.87% -40.83%
NET CHANGE
Cash From Operating Activities 13.89M -$25.92M
Cash From Investing Activities 7.313M $14.53M
Cash From Financing Activities 1.966M $816.0K
Net Change In Cash 23.17M -$10.57M
YoY Change 72.08% -185.08%
FREE CASH FLOW
Cash From Operating Activities $13.89M -$25.92M
Capital Expenditures $13.08M $5.585M
Free Cash Flow $814.0K -$31.50M
YoY Change -109.0% 39.26%

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company prepares its Consolidated Financial Statements in conformity with GAAP. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the Consolidated Financial Statements. Actual results and outcomes may differ from management’s estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these Consolidated Financial Statements include, but are not limited, to those related to revenues, accounts receivable and related allowances, contingencies, useful lives and recovery of long-term assets and intangible assets, income taxes and valuation allowances, stock-based compensation, impairment analysis of goodwill, and restructuring reserves. These estimates, judgments, and assumptions are reviewed periodically and the effects of material revisions in estimates are reflected on the Consolidated Financial Statements prospectively from the date of the change in estimate.</span></div>
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss Current
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLossCurrent
54060000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1144000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Current
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent
52916000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss Current
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLossCurrent
74201000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1486000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Current
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent
72715000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
1600000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
1700000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
41460000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
11456000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
0 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Current
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent
52916000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
55485000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
17230000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
0 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Current
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent
72715000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
522766000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
522766000 usd
CY2024Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
501380000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
136616000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
364764000 usd
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
501380000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
128252000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
373128000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8362000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8783000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
25085000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
33343000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
33308000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
32758000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
32758000 usd
CY2024Q1 neo Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
194065000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
351317000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7774000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4758000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4381099 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.87
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
634134 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.39
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
12764 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.97
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
30382 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19.79
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4972087 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.97
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1241392 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.97
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
236000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
37000 usd
CY2024Q1 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
0 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
0 usd
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
236000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
37000 usd
CY2024Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
810000 usd
CY2023Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
935000 usd
CY2024Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
98000 usd
CY2023Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
53000 usd
CY2024Q1 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
908000 usd
CY2023Q4 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
988000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1144000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2130000 usd
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1144000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2130000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1100000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1800000 usd
CY2024Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
200000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
156240000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
137220000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
3800000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27061000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-30795000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
126111000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125026000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126111000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125026000 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.21
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.25
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.21
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.25
CY2024Q1 neo Loss Contingency Number Of Review Petitions
LossContingencyNumberOfReviewPetitions
2 petition
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
156240000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
137220000 usd
CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
90771000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
82406000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
65469000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
54814000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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