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NeoGenomics
(NASDAQ:NEO)
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Rating:59Neutral
Price Target:
$13.50
▲(61.68% Upside)
Action:Reiterated
Date:06/26/26
The score is held back primarily by weak financial performance (persistent losses and negative free cash flow despite improved operating cash flow). Offsetting this are supportive technical momentum (price above major moving averages, positive MACD) and a relatively positive earnings-call setup (raised revenue guidance and improving adjusted EBITDA), while valuation remains challenged due to a negative P/E and no dividend yield provided.
Positive Factors
NGS growth and favorable mix shift
Sustained NGS growth and a material mix shift toward higher‑complexity assays increase revenue per test and long‑run margin potential. As precision oncology adoption expands, NGS scale supports durable competitive advantage, stronger per‑unit economics, and diversification of clinical revenue.
Negative Factors
Persistent unprofitable operations
Despite revenue growth, sustained negative net margins and a history of negative free cash flow indicate the cost base has not fully scaled to profitable operations. This structural profitability gap requires continued margin expansion or recurring external funding and limits durable shareholder value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
NGS growth and favorable mix shift
Sustained NGS growth and a material mix shift toward higher‑complexity assays increase revenue per test and long‑run margin potential. As precision oncology adoption expands, NGS scale supports durable competitive advantage, stronger per‑unit economics, and diversification of clinical revenue.
Read all positive factors
NeoGenomics Key Performance Indicators (KPIs)
Any
Net Revenue by Customer Type
Shows how NeoGenomics' net revenue is split across customer groups—hospitals, reference labs, pharma/biotech and clinical-trial partners—revealing where growth is coming from, concentration risk or customer dependence, and sensitivity to pricing, reimbursement, or drug-development cycles.
Shows how NeoGenomics' net revenue is split across customer groups—hospitals, reference labs, pharma/biotech and clinical-trial partners—revealing where growth is coming from, concentration risk or customer dependence, and sensitivity to pricing, reimbursement, or drug-development cycles.
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The Fly
The FlyNeoGenomics (NEO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.92B
Dividend YieldN/A
Average Volume (3M)1.87M
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth10.95%
EPS Growth-26.52%
CountryUS
Employees2,200
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-3.83
Shares Outstanding130,211,780
10 Day Avg. Volume2,257,039
30 Day Avg. Volume1,867,457
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)0.36
Price to Sales (P/S)0.41
P/FCF Ratio-13.83
Enterprise Value/Market Cap0.28
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit1.70
Enterprise Value/Ebitda-15.88
Forecast
1Y Price Target
$14.93Price Target Upside78.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.18
Revenue Forecast (FY)$800.44M
NeoGenomics Business Overview & Revenue Model
Company Description
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: Clinica...
How the Company Makes Money
NeoGenomics primarily makes money by performing and billing for oncology-related laboratory tests and associated professional services, and by providing laboratory services to biopharmaceutical customers. Its key revenue streams generally include:...
NeoGenomics Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial trajectory: consistent double-digit top-line growth, strong NGS performance (+26% YoY) with favorable mix shift (NGS now ~1/3 of clinical revenue), adjusted EBITDA expansion (+27% YoY), early commercial and reimbursement wins (PanTracer MolDX approval, RaDaR ST launch), and an increase to full-year revenue guidance. Offsetting risks include a meaningful nonclinical decline (-15% YoY), first-quarter gross margin headwinds (–80 bps) from acquisition and pre-approval launch timing, freight/fuel cost pressure, payer coverage timing for new products, and the need to refinance a sizable convertible in 2028. On balance, the positive growth, margin recovery plans, product launches, and improved cash flow prospects outweigh the near-term headwinds.Positive Updates
Top-line Revenue Growth
Total Q1 revenue of $186.7M, up 11% year-over-year, exceeding guidance; clinical revenue $171.2M, up 14% year-over-year.
Negative Updates
Nonclinical Revenue Weakness
Nonclinical revenue declined 15% year-over-year to $15.5M, driven primarily by expected softness in pharma services despite double-digit growth in ODS; management expects nonclinical to be down low-to-mid single digits for 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-line Revenue Growth
Total Q1 revenue of $186.7M, up 11% year-over-year, exceeding guidance; clinical revenue $171.2M, up 14% year-over-year.
Read all positive updates
Company Guidance
NeoGenomics raised 2026 revenue guidance to $797–803 million (prior $793–801M), implying a $800M midpoint, and reiterated adjusted EBITDA guidance of $55–57 million (≈27–31% YoY growth); underlying assumptions include RaDaR ST revenue in the mid-single‑million range, PanTracer Liquid revenue in the mid-single‑millions following March MolDX approval, and nonclinical revenue down low‑ to mid‑single digits. The company delivered a Q1 base of $186.7M total revenue (+11% YoY) and $171.2M clinical (+14%), with volumes +6% and AUP +8% (same‑store revenue $167.9M, +12% driven by +3% volumes and +9% AUP); NGS revenue grew 26% and now represents ~1/3 of clinical. Q1 adjusted EBITDA was $9M (+27%) with adjusted EBITDA margin up ~60 bps, adjusted gross profit +$7M and adjusted gross margin 46% (down ~80 bps, with ~150 bps headwind from Pathline and pre‑MolDX PanTracer Liquid); full‑year gross margin expansion is expected to be ~100 bps. Management also guided quarterly cadence of ~9% YoY growth in Q2 (raised from 8–9%), 9–10% in Q3 and >10% in Q4, plans to add ~25 sales reps by Q3, ended Q1 with $146M cash and used $8.1M in operating cash, and plans to refinance the $342M convertible due Jan 2028 in H2.NeoGenomics Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
62
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 745.97M | 727.33M | 660.57M | 591.64M | 509.73M | 484.33M |
| Gross Profit | 314.28M | 282.54M | 290.10M | 244.60M | 187.90M | 187.06M |
| EBITDA | -33.55M | -38.69M | -1.51M | -17.61M | -82.33M | 46.50M |
| Net Income | -99.21M | -108.03M | -78.73M | -87.97M | -144.25M | -8.35M |
Balance Sheet | ||||||
| Total Assets | 1.35B | 1.36B | 1.64B | 1.68B | 1.74B | 1.87B |
| Cash, Cash Equivalents and Short-Term Investments | 146.14M | 159.62M | 386.84M | 415.20M | 437.99M | 515.39M |
| Total Debt | 408.53M | 472.28M | 605.33M | 611.68M | 610.93M | 612.79M |
| Total Liabilities | 517.77M | 523.27M | 735.70M | 739.69M | 742.01M | 761.50M |
| Stockholders Equity | 828.76M | 836.56M | 902.34M | 941.54M | 998.02M | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | -5.09M | -21.78M | -34.04M | -30.70M | -96.88M | -90.86M |
| Operating Cash Flow | 22.42M | 5.23M | 7.02M | -1.95M | -65.99M | -26.72M |
| Investing Cash Flow | -20.90M | -12.34M | 12.86M | 76.71M | 517.00K | -632.37M |
| Financing Cash Flow | -201.57M | -200.29M | 4.65M | 4.55M | 11.83M | 725.28M |
NeoGenomics Technical Analysis
Positive
8.35
Price Trends
10.91
Positive
9.74
Positive
10.40
Positive
Market Momentum
1.16
Positive
63.36
Neutral
41.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NEO, the sentiment is Positive. The current price of 8.35 is below the 20-day moving average (MA) of 13.04, below the 50-day MA of 10.91, and below the 200-day MA of 10.40, indicating a bullish trend. The MACD of 1.16 indicates Positive momentum. The RSI at 63.36 is Neutral, neither overbought nor oversold. The STOCH value of 41.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NEO.
NeoGenomics Risk Analysis
NeoGenomics disclosed 43 risk factors in its most recent earnings report. NeoGenomics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NeoGenomics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $744.90M | -54.79 | -2.77% | ― | -2.06% | -169.07% | |
59 Neutral | $1.92B | -3.67 | -11.82% | ― | 10.95% | -26.52% | |
54 Neutral | $593.00M | -8.65 | -6.70% | ― | 9.54% | -79.16% | |
52 Neutral | $576.13M | -1.36 | -109.09% | ― | -0.28% | -286.80% | |
52 Neutral | $1.05B | -4.90 | -16.78% | ― | -15.70% | -364.69% | |
52 Neutral | $3.25B | -6.95 | -16.42% | ― | 19.44% | 82.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
NEO
NeoGenomics
14.11
6.85
94.35%
MYGN
Myriad Genetics
5.83
0.49
9.18%
OPK
Opko Health
1.35
0.00
0.00%
FLGT
Fulgent Genetics
20.55
1.28
6.64%
CSTL
Castle Biosciences
23.72
4.06
20.65%
GRAL
GRAIL Inc
72.00
31.27
76.77%
NeoGenomics Corporate Events
Business Operations and StrategyExecutive/Board Changes
NeoGenomics Adds Data-Focused Independent Director to Board
Positive
Jun 25, 2026
On June 23, 2026, NeoGenomics’ board expanded from nine to ten members and appointed veteran healthcare data executive Carolyn S. Starrett as an independent director, a move disclosed in a June 25, 2026 press release. Starrett, who previousl...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
NeoGenomics Announces New Convertible Notes and Share Buyback
Neutral
Jun 22, 2026
NeoGenomics, on June 22, 2026, detailed a financing transaction in which it sold new convertible senior notes to initial purchasers under Securities Act exemptions and set an initial maximum conversion rate that could yield up to 30,147,733 common...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
NeoGenomics Prices New 2032 Convertible Senior Notes Offering
Positive
Jun 17, 2026
On June 17, 2026, NeoGenomics announced the pricing of a $275 million private offering of 0.75% convertible senior notes due 2032 to qualified institutional buyers, with an option for initial purchasers to buy an additional $41.25 million, and exp...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
NeoGenomics Launches Convertible Notes Offering and Repurchase Plan
Neutral
Jun 15, 2026
On June 15, 2026, NeoGenomics announced it had commenced a private offering of $275 million in convertible senior notes due 2032, targeted at qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an add...
Business Operations and StrategyShareholder Meetings
NeoGenomics Shareholders Approve Expanded Equity Incentive Plan
Positive
May 22, 2026
On May 21, 2026, NeoGenomics, Inc. held its annual meeting of stockholders, where investors approved an amendment to the 2023 Equity Incentive Plan to add 5,000,000 authorized shares for equity awards. Stockholders also re-elected nine directors t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.