$NEO
NEOGENOMICS INC

2013 Q3 Form 10-Q Financial Statement

#000119312513417340 Filed on October 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $16.88M $14.20M
YoY Change 18.88% 25.46%
Cost Of Revenue $8.713M $8.310M
YoY Change 4.85% 34.03%
Gross Profit $8.171M $5.892M
YoY Change 38.68% 16.12%
Gross Profit Margin 48.39% 41.49%
Selling, General & Admin $6.671M $5.768M
YoY Change 15.66% 17.71%
% of Gross Profit 81.64% 97.9%
Research & Development $340.0K $808.0K
YoY Change -57.92% 708.0%
% of Gross Profit 4.16% 13.71%
Depreciation & Amortization $1.130M $1.000M
YoY Change 13.0% 92.31%
% of Gross Profit 13.83% 16.97%
Operating Expenses $7.011M $6.576M
YoY Change 6.61% 28.94%
Operating Profit $1.160M -$684.0K
YoY Change -269.59% 2530.77%
Interest Expense $231.0K $291.0K
YoY Change -20.62% -245.5%
% of Operating Profit 19.91%
Other Income/Expense, Net -$231.0K
YoY Change
Pretax Income $929.0K -$975.0K
YoY Change -195.28% 875.0%
Income Tax $29.00K $0.00
% Of Pretax Income 3.12%
Net Earnings $900.0K -$975.0K
YoY Change -192.31% 581.82%
Net Earnings / Revenue 5.33% -6.87%
Basic Earnings Per Share $0.02 -$0.02
Diluted Earnings Per Share $0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 48.93M shares 45.18M shares
Diluted Shares Outstanding 53.17M shares 45.18M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.900M $2.000M
YoY Change 145.0% -23.08%
Cash & Equivalents $4.929M $2.038M
Short-Term Investments
Other Short-Term Assets $1.100M $1.200M
YoY Change -8.33% 0.0%
Inventory $2.068M $1.900M
Prepaid Expenses
Receivables $15.73M $12.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.83M $17.10M
YoY Change 39.34% 39.02%
LONG-TERM ASSETS
Property, Plant & Equipment $8.592M $9.200M
YoY Change -6.61% 80.39%
Goodwill
YoY Change
Intangibles $2.633M
YoY Change
Long-Term Investments
YoY Change
Other Assets $178.0K $100.0K
YoY Change 78.0% 0.0%
Total Long-Term Assets $11.40M $12.20M
YoY Change -6.53% 134.62%
TOTAL ASSETS
Total Short-Term Assets $23.83M $17.10M
Total Long-Term Assets $11.40M $12.20M
Total Assets $35.23M $29.30M
YoY Change 20.24% 67.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.780M $3.200M
YoY Change 18.13% 39.13%
Accrued Expenses $755.0K $2.900M
YoY Change -73.97% 52.63%
Deferred Revenue
YoY Change
Short-Term Debt $2.700M $8.000M
YoY Change -66.25% 77.78%
Long-Term Debt Due $2.600M $2.500M
YoY Change 4.0% 31.58%
Total Short-Term Liabilities $12.25M $16.70M
YoY Change -26.67% 59.05%
LONG-TERM LIABILITIES
Long-Term Debt $2.700M $3.400M
YoY Change -20.59% 112.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.700M $3.400M
YoY Change -20.59% 112.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.25M $16.70M
Total Long-Term Liabilities $2.700M $3.400M
Total Liabilities $14.90M $20.10M
YoY Change -25.86% 66.12%
SHAREHOLDERS EQUITY
Retained Earnings -$21.40M
YoY Change
Common Stock $41.72M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.33M $9.200M
YoY Change
Total Liabilities & Shareholders Equity $35.23M $29.30M
YoY Change 20.24% 67.43%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $900.0K -$975.0K
YoY Change -192.31% 581.82%
Depreciation, Depletion And Amortization $1.130M $1.000M
YoY Change 13.0% 92.31%
Cash From Operating Activities $2.200M -$510.0K
YoY Change -531.37% 325.0%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$1.250M
YoY Change -29.6% 495.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$880.0K -$1.250M
YoY Change -29.6% 495.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.020M 1.230M
YoY Change -182.93% 251.43%
NET CHANGE
Cash From Operating Activities 2.200M -510.0K
Cash From Investing Activities -880.0K -1.250M
Cash From Financing Activities -1.020M 1.230M
Net Change In Cash 300.0K -530.0K
YoY Change -156.6% -2750.0%
FREE CASH FLOW
Cash From Operating Activities $2.200M -$510.0K
Capital Expenditures -$880.0K -$1.250M
Free Cash Flow $3.080M $740.0K
YoY Change 316.22% 722.22%

Facts In Submission

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dei Entity Registrant Name
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dei Document Type
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<div> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <u>Use of Estimates</u></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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&#x2019;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, income taxes, and the fair value of stock-based compensation. These estimates, judgments, and assumptions are reviewed periodically and the effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <u>Concentrations of Credit Risk</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Concentrations of credit risk with respect to revenue and accounts receivable are primarily limited to certain clients to whom the Company provides a significant volume of its services, and to specific payers of our services such as Medicare and individual insurance companies. The Company&#x2019;s client base consists of a large number of geographically dispersed clients diversified across various customer types. For the three months ended September&#xA0;30, 2013, all of the affiliated client office locations from an oncology practice combined represented approximately 16.5% of our revenue compared to 12.9% of revenue for the three months ended September&#xA0;30, 2012. For the nine months ended September&#xA0;30, 2013, all of the affiliated client office locations from this oncology practice combined represented approximately 15.8% of our revenue compared to 15.4% of revenue for the nine months ended September&#xA0;30, 2012. All other clients were less than 5% of total revenue individually.</p> </div>
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24571000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2434000
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
1945000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-590000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5809000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
649000
us-gaap Interest Expense
InterestExpense
837000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3300000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1833000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
4137000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
29000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126000
us-gaap Depreciation
Depreciation
2549000
us-gaap Operating Expenses
OperatingExpenses
19387000
CY2012Q3 us-gaap Interest Expense
InterestExpense
291000
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
808000
ngnm Oncology Practice Combined Represented Revenue
OncologyPracticeCombinedRepresentedRevenue
0.154 pure
ngnm Payment Of Compensation For Raising Equity
PaymentOfCompensationForRaisingEquity
55000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
200000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
6576000
CY2012Q3 ngnm Oncology Practice Combined Represented Revenue
OncologyPracticeCombinedRepresentedRevenue
0.129 pure
CY2012Q3 ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
20605000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53173000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4240000 shares
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1839000
ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
73158000
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3322500 shares
CY2013Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
800000
CY2013Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
10000
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9200000
CY2013Q1 ngnm Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
10000000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45175000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.02
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45175000 shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.02
CY2012Q3 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
34807000
CY2012Q3 us-gaap Gross Profit
GrossProfit
5892000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-684000
CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
14202000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-975000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-975000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3929000
CY2012Q3 us-gaap Cost Of Services
CostOfServices
8310000
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.02
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48933000 shares
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
CY2013Q3 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
45159000
CY2013Q3 us-gaap Gross Profit
GrossProfit
8171000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1160000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
16884000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
929000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
900000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4335000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
8713000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2336000
CY2013Q3 us-gaap Interest Expense
InterestExpense
231000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
340000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
7011000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000
CY2013Q3 ngnm Oncology Practice Combined Represented Revenue
OncologyPracticeCombinedRepresentedRevenue
0.165 pure
CY2013Q3 ngnm Payment Of Compensation For Raising Equity
PaymentOfCompensationForRaisingEquity
25000
CY2013Q3 ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
28275000

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