$NEO
NEOGENOMICS INC

2014 Q2 Form 10-Q Financial Statement

#000119312514283729 Filed on July 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $20.67M $18.32M $15.60M
YoY Change 32.47% 23.02% -0.05%
Cost Of Revenue $10.43M $9.200M $8.446M
YoY Change 23.5% 8.24% 3.0%
Gross Profit $10.24M $9.163M $7.157M
YoY Change 43.06% 42.44% -2.85%
Gross Profit Margin 49.54% 50.01% 45.87%
Selling, General & Admin $9.028M $7.300M $6.036M
YoY Change 49.57% 25.86% 0.6%
% of Gross Profit 88.17% 79.67% 84.34%
Research & Development $633.0K $600.0K $616.0K
YoY Change 2.76% 50.0% 23.2%
% of Gross Profit 6.18% 6.55% 8.61%
Depreciation & Amortization $1.300M $1.120M $1.110M
YoY Change 17.12% -1.75% 20.65%
% of Gross Profit 12.7% 12.22% 15.51%
Operating Expenses $9.661M $7.900M $6.652M
YoY Change 45.23% 27.42% 0.79%
Operating Profit $578.0K $1.263M $505.0K
YoY Change 14.46% 442.06% -34.16%
Interest Expense -$300.0K -$200.0K -$200.0K
YoY Change 50.0% -33.33% -33.33%
% of Operating Profit -51.9% -15.84% -39.6%
Other Income/Expense, Net -$253.0K
YoY Change
Pretax Income $325.0K $1.000M $273.0K
YoY Change 19.05% -1100.0% -54.5%
Income Tax $51.00K $100.0K $0.00
% Of Pretax Income 15.69% 10.0% 0.0%
Net Earnings $274.0K $857.0K $273.0K
YoY Change 0.37% -851.75% -50.45%
Net Earnings / Revenue 1.33% 4.68% 1.75%
Basic Earnings Per Share $0.01 $0.02 $0.01
Diluted Earnings Per Share $0.01 $0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 49.89M 49.02M shares 48.79M shares
Diluted Shares Outstanding 53.73M 53.64M shares 53.74M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $4.800M $4.600M
YoY Change 8.7% 152.63% 76.92%
Cash & Equivalents $5.023M $4.834M $4.636M
Short-Term Investments
Other Short-Term Assets $1.600M $1.700M $800.0K
YoY Change 100.0% 112.5% -27.27%
Inventory $2.616M $2.301M $1.700M
Prepaid Expenses $1.115M
Receivables $18.80M $18.65M $16.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.08M $27.49M $23.20M
YoY Change 21.04% 47.95% 39.76%
LONG-TERM ASSETS
Property, Plant & Equipment $12.97M $9.694M $8.400M
YoY Change 54.45% 12.63% 0.0%
Goodwill
YoY Change
Intangibles $2.466M $2.577M
YoY Change -7.96%
Long-Term Investments
YoY Change
Other Assets $116.0K $154.0K $200.0K
YoY Change -42.0% 85.54% 100.0%
Total Long-Term Assets $15.56M $12.43M $11.30M
YoY Change 37.66% 8.14% -0.88%
TOTAL ASSETS
Total Short-Term Assets $28.08M $27.49M $23.20M
Total Long-Term Assets $15.56M $12.43M $11.30M
Total Assets $43.64M $39.92M $34.50M
YoY Change 26.49% 32.74% 23.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.081M $4.177M $3.400M
YoY Change 78.85% 15.67% 9.68%
Accrued Expenses $651.0K $741.0K $2.900M
YoY Change -77.55% 10.76% -3.33%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $4.300M $3.200M
YoY Change -37.5% -49.41% -50.0%
Long-Term Debt Due $3.100M $2.800M $2.600M
YoY Change 19.23% 27.27% 0.0%
Total Short-Term Liabilities $15.23M $14.32M $12.10M
YoY Change 25.83% -19.34% -19.87%
LONG-TERM LIABILITIES
Long-Term Debt $4.700M $3.300M $3.000M
YoY Change 56.67% 6.45% -6.25%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.279M $3.882M $3.000M
YoY Change 75.97% 25.35% -6.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.23M $14.32M $12.10M
Total Long-Term Liabilities $5.279M $3.882M $3.000M
Total Liabilities $20.51M $18.21M $15.00M
YoY Change 36.7% -12.71% -18.03%
SHAREHOLDERS EQUITY
Retained Earnings -$20.16M -$20.54M
YoY Change -9.01%
Common Stock $43.29M $42.25M
YoY Change 32.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.13M $21.71M $19.40M
YoY Change
Total Liabilities & Shareholders Equity $43.64M $39.92M $34.50M
YoY Change 26.49% 32.74% 23.21%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $274.0K $857.0K $273.0K
YoY Change 0.37% -851.75% -50.45%
Depreciation, Depletion And Amortization $1.300M $1.120M $1.110M
YoY Change 17.12% -1.75% 20.65%
Cash From Operating Activities $4.270M -$500.0K $1.860M
YoY Change 129.57% 70.64%
INVESTING ACTIVITIES
Capital Expenditures -$1.090M -$520.0K -$370.0K
YoY Change 194.59% 48.57% -50.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.090M -$520.0K -$370.0K
YoY Change 194.59% 48.57% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.550M 930.0K -1.490M
YoY Change 138.26% 416.67% 175.93%
NET CHANGE
Cash From Operating Activities 4.270M -500.0K 1.860M
Cash From Investing Activities -1.090M -520.0K -370.0K
Cash From Financing Activities -3.550M 930.0K -1.490M
Net Change In Cash -370.0K -90.00K 0.000
YoY Change -47.06% -100.0%
FREE CASH FLOW
Cash From Operating Activities $4.270M -$500.0K $1.860M
Capital Expenditures -$1.090M -$520.0K -$370.0K
Free Cash Flow $5.360M $20.00K $2.230M
YoY Change 140.36% -94.29% 21.86%

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NEOGENOMICS INC
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <u>Concentrations of Credit Risk</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 June&#xA0;30, 2014, all of the affiliated client office locations from Florida Cancer Specialists (&#x201C;FCS&#x201D;) combined, represented approximately 9.6% of our revenue compared to 16.5% of revenue for the three months ended June&#xA0;30, 2013. For the six months ended June&#xA0;30, 2014, all of the affiliated client office locations from FCS combined, represented 12.0% of our revenue compared to 15.4% of revenue for the six months ended June&#xA0;30, 2013. On April&#xA0;22, 2014 we entered into a second amendment to the Strategic Laboratory Services Agreement with FCS, as described more fully in Note K to the consolidated financial statements. We anticipate that FCS will continue to internalize tests we currently perform for them, and our concentration as a percentage of revenue will decline. All other clients were less than 5% of total revenue individually. For the three months ended June&#xA0;30, 2014, revenue derived from the state of Florida represented approximately 25.8% of revenue compared to 32.5% of revenue for the three months ended June&#xA0;30, 2013. For the six months ended June&#xA0;30, 2014, revenue derived from the state of Florida represented approximately 27.8% of revenue compared to 31.7% of revenue for the six months ended June&#xA0;30, 2013.</p> </div>
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IncreaseDecreaseInAccountsReceivable
1960000
us-gaap Net Income Loss
NetIncomeLoss
376000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
315000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
78000
ngnm Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-518000
ngnm Capital Lease Term
CapitalLeaseTerm
P60M
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1966000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
246000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
25000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
111000
us-gaap Depreciation
Depreciation
2400000
us-gaap Operating Expenses
OperatingExpenses
17976000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3143000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1814000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10924000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5791000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1966000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
2494000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1261000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-2292000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
189000
us-gaap Cost Of Services
CostOfServices
19904000
ngnm Capital Lease Interest Rate
CapitalLeaseInterestRate
0.089 pure
ngnm Individual Clients Revenue
IndividualClientsRevenue
Less than 5%
ngnm Largest Amount Of Tax Benefit
LargestAmountOfTaxBenefit
Greater than 50%
ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
60152000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49890000 shares
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.01
ngnm Warrant And Restricted Stock Expense
WarrantAndRestrictedStockExpense
35000
ngnm Revenue Reduction From National Correct Coding Initiative Rules
RevenueReductionFromNationalCorrectCodingInitiativeRules
1750000
CY2012Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-03-26
CY2012Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.020 pure
CY2012Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
80000
CY2012Q1 ngnm Line Of Credit Facility Commitment Fee Percentage If Revolver Terminated One Year Before Amendment Date
LineOfCreditFacilityCommitmentFeePercentageIfRevolverTerminatedOneYearBeforeAmendmentDate
0.025 pure
CY2012Q1 ngnm Line Of Credit Facility Commitment Fee Percentage If Revolver Terminated Two Years After Amendment Date
LineOfCreditFacilityCommitmentFeePercentageIfRevolverTerminatedTwoYearsAfterAmendmentDate
0.005 pure
CY2012Q1 ngnm Line Of Credit Facility Commitment Fee Percentage If Revolver Terminated Two Years Before Amendment Date
LineOfCreditFacilityCommitmentFeePercentageIfRevolverTerminatedTwoYearsBeforeAmendmentDate
0.015 pure
CY2012Q1 ngnm Minimum Termination Fee Grace Period
MinimumTerminationFeeGracePeriod
P5D
CY2014Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
5000
CY2013Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
10000
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53744000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4951000 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.01
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48793000 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.01
CY2013Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
43141000
CY2013Q2 us-gaap Gross Profit
GrossProfit
7157000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
505000
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
15603000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
273000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
273000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4064000
CY2013Q2 us-gaap Cost Of Services
CostOfServices
8446000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1972000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
616000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
55000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
6652000
CY2013Q2 ngnm Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-232000
CY2013Q2 ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
27538000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53733000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3843000 shares
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.01
CY2014Q2 us-gaap Fair Value Inputs Long Term Revenue Growth Rate
FairValueInputsLongTermRevenueGrowthRate
0.325 pure
CY2014Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
57805000
CY2014Q2 us-gaap Gross Profit
GrossProfit
10239000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
578000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
20670000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
325000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
274000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5870000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
633000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
10431000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3158000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
55000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
9661000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000
CY2014Q2 ngnm Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-253000
CY2014Q2 ngnm Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
37135000
CY2014Q2 ngnm Revenue Reduction From National Correct Coding Initiative Rules
RevenueReductionFromNationalCorrectCodingInitiativeRules
1050000

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