$NEO
NEOGENOMICS INC

2014 Q3 Form 10-Q Financial Statement

#000119312514396273 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $23.22M $16.88M
YoY Change 37.51% 18.88%
Cost Of Revenue $12.92M $8.713M
YoY Change 48.32% 4.85%
Gross Profit $10.29M $8.171M
YoY Change 25.98% 38.68%
Gross Profit Margin 44.34% 48.39%
Selling, General & Admin $9.353M $6.671M
YoY Change 40.2% 15.66%
% of Gross Profit 90.86% 81.64%
Research & Development $1.014M $340.0K
YoY Change 198.24% -57.92%
% of Gross Profit 9.85% 4.16%
Depreciation & Amortization $1.630M $1.130M
YoY Change 44.25% 13.0%
% of Gross Profit 15.83% 13.83%
Operating Expenses $10.37M $7.011M
YoY Change 47.87% 6.61%
Operating Profit -$73.00K $1.160M
YoY Change -106.29% -269.59%
Interest Expense -$200.0K $231.0K
YoY Change -186.58% -20.62%
% of Operating Profit 19.91%
Other Income/Expense, Net -$218.0K -$231.0K
YoY Change -5.63%
Pretax Income -$291.0K $929.0K
YoY Change -131.32% -195.28%
Income Tax $0.00 $29.00K
% Of Pretax Income 3.12%
Net Earnings -$291.0K $900.0K
YoY Change -132.33% -192.31%
Net Earnings / Revenue -1.25% 5.33%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 54.44M 48.93M shares
Diluted Shares Outstanding 54.44M 53.17M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.40M $4.900M
YoY Change 602.04% 145.0%
Cash & Equivalents $34.37M $4.929M
Short-Term Investments
Other Short-Term Assets $1.600M $1.100M
YoY Change 45.45% -8.33%
Inventory $2.970M $2.068M
Prepaid Expenses
Receivables $18.30M $15.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.24M $23.83M
YoY Change 140.24% 39.34%
LONG-TERM ASSETS
Property, Plant & Equipment $14.64M $8.592M
YoY Change 70.36% -6.61%
Goodwill $2.561M
YoY Change
Intangibles $2.633M
YoY Change
Long-Term Investments
YoY Change
Other Assets $143.0K $178.0K
YoY Change -19.66% 78.0%
Total Long-Term Assets $21.58M $11.40M
YoY Change 89.22% -6.53%
TOTAL ASSETS
Total Short-Term Assets $57.24M $23.83M
Total Long-Term Assets $21.58M $11.40M
Total Assets $78.82M $35.23M
YoY Change 123.73% 20.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.287M $3.780M
YoY Change 66.32% 18.13%
Accrued Expenses $1.100M $755.0K
YoY Change 45.7% -73.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.700M
YoY Change -100.0% -66.25%
Long-Term Debt Due $3.200M $2.600M
YoY Change 23.08% 4.0%
Total Short-Term Liabilities $13.95M $12.25M
YoY Change 13.95% -26.67%
LONG-TERM LIABILITIES
Long-Term Debt $5.200M $2.700M
YoY Change 92.59% -20.59%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.801M $2.700M
YoY Change 114.85% -20.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.95M $12.25M
Total Long-Term Liabilities $5.801M $2.700M
Total Liabilities $19.76M $14.90M
YoY Change 32.56% -25.86%
SHAREHOLDERS EQUITY
Retained Earnings -$20.45M -$21.40M
YoY Change -4.41%
Common Stock $79.52M $41.72M
YoY Change 90.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.07M $20.33M
YoY Change
Total Liabilities & Shareholders Equity $78.82M $35.23M
YoY Change 123.73% 20.24%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$291.0K $900.0K
YoY Change -132.33% -192.31%
Depreciation, Depletion And Amortization $1.630M $1.130M
YoY Change 44.25% 13.0%
Cash From Operating Activities $3.160M $2.200M
YoY Change 43.64% -531.37%
INVESTING ACTIVITIES
Capital Expenditures -$750.0K -$880.0K
YoY Change -14.77% -29.6%
Acquisitions
YoY Change
Other Investing Activities -$5.830M
YoY Change
Cash From Investing Activities -$6.580M -$880.0K
YoY Change 647.73% -29.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.76M -1.020M
YoY Change -3311.76% -182.93%
NET CHANGE
Cash From Operating Activities 3.160M 2.200M
Cash From Investing Activities -6.580M -880.0K
Cash From Financing Activities 32.76M -1.020M
Net Change In Cash 29.34M 300.0K
YoY Change 9680.0% -156.6%
FREE CASH FLOW
Cash From Operating Activities $3.160M $2.200M
Capital Expenditures -$750.0K -$880.0K
Free Cash Flow $3.910M $3.080M
YoY Change 26.95% 316.22%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
NEOGENOMICS INC
dei Trading Symbol
TradingSymbol
NEO
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Debt Instrument Description Of Variable Rate Basis
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <u>Use of Estimates</u></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. 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, intangible assets, 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>
dei Document Period End Date
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2014-09-30
dei Current Fiscal Year End Date
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <u>Concentrations of Credit Risk</u></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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, 2014, all of the affiliated client office locations from Florida Cancer Specialists (&#x201C;FCS&#x201D;) combined, represented approximately 7.9% of our revenue compared to 16.5% of revenue for the three months ended September&#xA0;30, 2013. For the nine months ended September&#xA0;30, 2014, all of the affiliated client office locations from FCS combined, represented 10.5% of our revenue compared to 15.8% of revenue for the nine months ended September&#xA0;30, 2013. On April&#xA0;22, 2014 we entered into a second amendment to the Strategic Laboratory Services Agreement with FCS. Under the terms of the Agreement, FCS agreed that, subject to certain exceptions, it would first offer to have us perform all cytogenetics and molecular testing services on cancer specimens from FCS&#x2019;s 72 practice locations before either performing such services in its own laboratory or referring such specimens to other laboratories. FCS also agreed, subject to certain exceptions, that it would first offer to have us perform any other cancer genetic testing services not otherwise performed by FCS&#x2019;s internal laboratory before referring such specimens to other laboratories. The Agreement extends the current contract through December&#xA0;31, 2015, but will automatically renew for additional one year terms thereafter, unless either party gives the other party six months&#x2019; prior written notice of non-renewal. 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 September&#xA0;30, 2014, revenue derived from the State of Florida represented approximately 22.0% of revenue compared to 29.5% of revenue for the three months ended September&#xA0;30, 2013. For the nine months ended September&#xA0;30, 2014, revenue derived from the State of Florida represented approximately 25.6% of revenue compared to 30.9% of revenue for the nine months ended September&#xA0;30, 2013.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51272000 shares
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
159665000
us-gaap Gross Profit
GrossProfit
29244000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-39000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
582000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
163000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5829000
us-gaap Operating Income Loss
OperatingIncomeLoss
899000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-736000
us-gaap Income Taxes Paid
IncomeTaxesPaid
170000
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
2632000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2719000
us-gaap Net Income Loss
NetIncomeLoss
85000
us-gaap Interest Paid
InterestPaid
770000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-12000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
62070000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-93000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
4824000
us-gaap Operating Expenses
OperatingExpenses
28345000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2275000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8775000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
66000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2044000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
29532000
us-gaap Cost Of Services
CostOfServices
32826000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
78000
us-gaap Depreciation
Depreciation
3938000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
29616000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
34430000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
566000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8548000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17295000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
1830000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2100000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-4282000
neo Individual Clients Revenue
IndividualClientsRevenue
Less than 5%
neo Warrant And Restricted Stock Expense
WarrantAndRestrictedStockExpense
173000
neo Capital Lease Interest Rate
CapitalLeaseInterestRate
0.089 pure
neo Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
97595000
neo Largest Amount Of Tax Benefit
LargestAmountOfTaxBenefit
Greater than 50%
neo Capital Lease Term
CapitalLeaseTerm
P60M
neo Revenue Reduction From National Correct Coding Initiative Rules
RevenueReductionFromNationalCorrectCodingInitiativeRules
2900000
neo Comment Period For Proposed Rule
CommentPeriodForProposedRule
P60D
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8050000 shares
CY2014Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2500000
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
34500000
CY2014Q3 neo Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
37000000
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4240000 shares
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53173000 shares
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 Sales Revenue Services Gross
SalesRevenueServicesGross
45159000
CY2013Q3 us-gaap Gross Profit
GrossProfit
8171000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
929000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1160000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-231000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
900000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
16884000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
7011000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
340000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2336000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
8713000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4335000
CY2013Q3 neo Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
28275000
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.01
us-gaap Gross Profit
GrossProfit
10294000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-291000
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.01
us-gaap Fair Value Inputs Long Term Revenue Growth Rate
FairValueInputsLongTermRevenueGrowthRate
0.375 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54444000 shares
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
60660000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54444000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
-73000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-218000
us-gaap Net Income Loss
NetIncomeLoss
-291000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
23217000
us-gaap Operating Expenses
OperatingExpenses
10367000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1014000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2983000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
89000
us-gaap Cost Of Services
CostOfServices
12923000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6370000
neo Contractual Adjustments And Discounts
ContractualAdjustmentsAndDiscounts
37443000
neo Revenue Reduction From National Correct Coding Initiative Rules
RevenueReductionFromNationalCorrectCodingInitiativeRules
1150000

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