Despite steady revenue growth, the company faces structural margin pressure with gross margins fluctuating within a narrow 39.8% to 44.9% range, failing to achieve positive operating margins over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 745.97M | 727.33M | 660.57M | 591.64M | 509.73M | 484.33M | 444.45M | 408.83M | 276.74M | 240.25M | 244.08M | 99.8M | 87.07M | 66.47M | 59.87M | 43.48M | 34.37M | 29.47M | 20.02M | 11.51M | 6.48M | 1.89M | 558.07K | 369.97K | 93.49K | 1K | 252.4K |
| Revenue Growth % | 10.95% | 10.11% | 11.65% | 16.07% | 5.24% | 8.97% | 8.71% | 47.73% | 15.19% | -1.57% | 144.57% | 14.62% | 31% | 11.02% | 37.68% | 26.51% | 16.63% | 47.23% | 73.97% | 77.66% | 243.55% | 237.77% | 50.84% | 295.73% | 9249.1% | -99.6% | - |
| Cost of Goods Sold | 431.69M | 444.79M | 370.47M | 347.04M | 321.83M | 297.27M | 258.56M | 211.99M | 149.48M | 138.29M | 133.7M | 56.05M | 46.35M | 34.73M | 33.03M | 24.06M | 18.59M | 14.25M | 9.35M | 5.52M | 2.76M | 1.19M | 576.87K | 481.59K | 189.96K | 0 | 74.29K |
| COGS % of Revenue | - | 61.15% | 56.08% | 58.66% | 63.14% | 61.38% | 58.17% | 51.85% | 54.01% | 57.56% | 54.78% | 56.16% | 53.24% | 52.25% | 55.17% | 55.32% | 54.08% | 48.37% | 46.73% | 48.01% | 42.6% | 63.02% | 103.37% | 130.17% | 203.18% | - | 29.43% |
| Gross Profit | 314.28M | 282.54M | 290.1M | 244.6M | 187.9M | 187.06M | 185.89M | 196.84M | 127.27M | 101.96M | 110.38M | 43.76M | 40.71M | 47.8K | 26.84M | 19.43M | 15.78M | 15.21M | 10.66M | 5.98M | 3.72M | 696.92K | -18.79K | -112K | -96.47K | 1K | 178.11K |
| Gross Margin % | 42.13% | 38.85% | 43.92% | 41.34% | 36.86% | 38.62% | 41.83% | 48.15% | 45.99% | 42.44% | 45.22% | 43.84% | 46.76% | 0.07% | 44.83% | 44.68% | 45.92% | 51.63% | 53.27% | 51.99% | 57.4% | 36.97% | -3.37% | -30.27% | -103.18% | 100% | 70.57% |
| Gross Profit Growth % | - | -2.61% | 18.6% | 30.18% | 0.45% | 0.63% | -5.56% | 54.67% | 24.82% | -7.63% | 152.26% | 7.47% | 85075.73% | -99.82% | 38.13% | 23.09% | 3.73% | 42.72% | 78.22% | 60.94% | 433.35% | 3808.41% | 83.22% | -16.1% | -9746.7% | -99.44% | - |
| Operating Expenses | 418.3M | 348.62M | 382.21M | 352.34M | 345.52M | 305.81M | 199.88M | 183.83M | 117.22M | 99.05M | 95.95M | 49.39M | 38.5M | 28.56M | 25.63M | 19.84M | 18.75M | 16.94M | 11.54M | 9.12M | 3.58M | 1.5M | 710.77K | 382.71K | 487.21K | 8.08M | 1.15M |
| OpEx % of Revenue | - | 47.93% | 57.86% | 59.55% | 67.78% | 63.14% | 44.97% | 44.96% | 42.36% | 41.23% | 39.31% | 49.49% | 44.21% | 42.97% | 42.8% | 45.62% | 54.54% | 57.49% | 57.68% | 79.3% | 55.23% | 79.42% | 127.36% | 103.44% | 521.13% | 807900% | 455.22% |
| Selling, General & Admin | 364.02M | 365.34M | 310.49M | 279.96M | 277.91M | 283.94M | 191.66M | 175.34M | 114.22M | 113.3M | 87.84M | 45.19M | 35.81M | 26.12M | 23.34M | 19.84M | 18.75M | 16.94M | 11.54M | 9.12M | 3.58M | 1.5M | 710.77K | 382.71K | 440.79K | 8.08M | 1.12M |
| SG&A % of Revenue | - | 50.23% | 47% | 47.32% | 54.52% | 58.63% | 43.12% | 42.89% | 41.27% | 47.16% | 35.99% | 45.28% | 41.12% | 39.3% | 38.99% | 45.62% | 54.54% | 57.49% | 57.68% | 79.3% | 55.23% | 79.42% | 127.36% | 103.44% | 471.48% | 807900% | 444.92% |
| Research & Development | 36.43M | 37.08M | 31.16M | 27.31M | 30.33M | 21.87M | 8.23M | 8.49M | 3M | 3.64M | 4.65M | 4.2M | 2.69M | 2.44M | 2.28M | 543K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.41K | 0 | 0 |
| R&D % of Revenue | - | 5.1% | 4.72% | 4.62% | 5.95% | 4.52% | 1.85% | 2.08% | 1.08% | 1.51% | 1.9% | 4.21% | 3.09% | 3.67% | 3.81% | 1.25% | - | - | - | - | - | - | - | - | 49.65% | - | - |
| Other Operating Expenses | 1000K | -53.8M | 40.55M | 45.07M | 37.29M | 0 | 0 | 0 | 14K | 1.06M | 3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.4K |
| Operating Income | -104.02M | -66.08M | -92.11M | -107.74M | -157.62M | -118.75M | -13.99M | 13.01M | 10.04M | 2.9M | 2.57M | -5.63M | 2.22M | 3.17M | 1.21M | -409K | -2.96M | -1.73M | -884K | -3.14M | 139.99K | -800K | -730K | -494K | -584K | -8.08M | -971K |
| Operating Margin % | -13.94% | -9.09% | -13.94% | -18.21% | -30.92% | -24.52% | -3.15% | 3.18% | 3.63% | 1.21% | 1.05% | -5.65% | 2.55% | 4.78% | 2.02% | -0.94% | -8.62% | -5.86% | -4.42% | -27.3% | 2.16% | -42.44% | -130.81% | -133.52% | -624.66% | -807800% | -384.7% |
| Operating Income Growth % | - | 28.26% | 14.51% | 31.65% | -32.73% | -748.73% | -207.58% | 29.54% | 245.97% | 12.74% | 145.68% | -354.06% | -30.12% | 162.1% | 396.09% | 86.2% | -71.47% | -95.48% | 71.86% | -2343.67% | 117.5% | -9.59% | -47.77% | 15.41% | 92.77% | -731.93% | - |
| EBITDA | -53.93M | 1.75M | -19.56M | -35.15M | -88.19M | -65.4M | 27.9M | 43.28M | 31.77M | 25.49M | 25.78M | 1.51M | 7.86M | 7.59M | 5.03M | 1.68M | -1.18M | -544K | -143.44K | -2.63M | 446.58K | -618.93K | -625.74K | -445.96K | -791K | -7.83M | -944.6K |
| EBITDA Margin % | -7.23% | 0.24% | -2.96% | -5.94% | -17.3% | -13.5% | 6.28% | 10.59% | 11.48% | 10.61% | 10.56% | 1.51% | 9.03% | 11.41% | 8.4% | 3.85% | -3.44% | -1.85% | -0.72% | -22.9% | 6.9% | -32.83% | -112.12% | -120.54% | -846.07% | -783232.9% | -374.24% |
| EBITDA Growth % | -210.72% | 108.92% | 44.36% | 60.14% | -34.85% | -334.44% | -35.54% | 36.21% | 24.63% | -1.12% | 1610.88% | -80.82% | 3.59% | 50.85% | 200.06% | 241.79% | -117.28% | -279.26% | 94.56% | -689.96% | 172.15% | 1.09% | -40.31% | 43.62% | 89.9% | -729.17% | - |
| D&A (Non-Cash Add-back) | 50.1M | 67.82M | 72.55M | 72.58M | 69.43M | 53.35M | 41.89M | 30.27M | 21.73M | 22.59M | 23.21M | 7.14M | 5.64M | 4.41M | 3.82M | 2.08M | 1.78M | 1.18M | 740.56K | 506.36K | 306.59K | 181.07K | 104.26K | 48.04K | -207K | 245.67K | 26.4K |
| EBIT | -82.41M | -66.08M | -74.06M | -90.19M | -151.76M | -118.75M | -7.04M | 7.36M | 10.04M | 3.96M | 2.15M | -3.63M | 2.22M | 3.17M | 1.21M | -409K | -2.96M | -1.73M | -884K | -3.14M | 139.99K | -800K | -730K | -494K | -584K | -8.08M | -971K |
| Net Interest Income | 3.21M | 5.32M | 11.81M | 9.99M | -1.51M | -5.08M | -7.02M | -3.71M | -6.23M | -5.54M | -10M | -854K | -985K | -989K | -1.15M | -768K | -710K | -532K | -309K | 0 | -326K | -197K | 0 | -41.43K | 0 | 0 | 0 |
| Interest Income | 4.08M | 9.07M | 18.43M | 16.9M | 6.08M | 3.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.73M | 3.75M | 6.62M | 6.91M | 7.58M | 8.22M | 7.02M | 3.71M | 6.23M | 5.54M | 10M | 854K | 985K | 989K | 1.15M | 768K | 710K | 532.39K | 308.52K | 0 | 325.63K | 196.8K | 0 | 41.43K | 207.31K | 0 | 0 |
| Other Income/Expense | 1.83M | -44.19M | 11.43M | 10.64M | -1.72M | 103.68M | -64K | -9.36M | -6.22M | -5.55M | -10M | 1.15M | -929K | -989K | -1.15M | -768K | -1K | 0 | -499K | -239K | -140K | -197K | -89.42K | 0 | 0 | 0 | 646 |
| Pretax Income | -102.19M | -110.27M | -80.67M | -97.1M | -159.34M | -15.07M | -14.06M | 3.65M | 3.82M | -2.65M | -7.42M | -4.49M | 1.29M | 2.19M | 65K | -2.7K | -3.3M | -2.24M | -1.07M | -3.12M | -130K | -997K | -819K | 0 | 0 | 0 | -970K |
| Pretax Margin % | -13.7% | -15.16% | -12.21% | -16.41% | -31.26% | -3.11% | -3.16% | 0.89% | 1.38% | -1.1% | -3.04% | -4.5% | 1.48% | 3.29% | 0.11% | -0.01% | -9.61% | -7.61% | -5.37% | -27.09% | -2.01% | -52.89% | -146.75% | - | - | - | -384.31% |
| Income Tax | -2.98M | -2.24M | -1.95M | -9.13M | -15.09M | -6.73M | -18.23M | -4.36M | 1.18M | -2.25M | -1.7M | -1.95M | 157K | 152K | 0 | 768K | -740K | -34.18K | 180.15K | 214.94K | -112K | 0 | 0 | 41.43K | 214.16K | 0 | -1.29K |
| Effective Tax Rate % | 2.92% | 2.03% | 2.42% | 9.4% | 9.47% | 44.63% | 129.68% | -119.64% | 30.96% | 85.06% | 22.91% | 43.53% | 12.18% | 6.96% | 0% | -28444.44% | 22.4% | 1.52% | -16.77% | -6.9% | 86.15% | 0% | 0% | - | - | - | 0.13% |
| Net Income | -99.21M | -108.03M | -78.73M | -87.97M | -144.25M | -8.35M | 4.17M | 8.01M | 2.64M | -396K | -6.14M | -2.54M | 1.13M | 2.03M | 65K | -1.18M | -3.3M | -2.24M | -1.38M | -3.38M | -130K | -997K | -819K | -536K | -591K | -8.08M | -970K |
| Net Margin % | -13.3% | -14.85% | -11.92% | -14.87% | -28.3% | -1.72% | 0.94% | 1.96% | 0.95% | -0.16% | -2.52% | -2.54% | 1.3% | 3.06% | 0.11% | -2.71% | -9.61% | -7.61% | -6.91% | -29.38% | -2.01% | -52.89% | -146.75% | -144.88% | -632.15% | -807800% | -384.31% |
| Net Income Growth % | -27.87% | -37.22% | 10.51% | 39.02% | -1628.17% | -300.07% | -47.89% | 203.26% | 766.67% | 93.55% | -142.29% | -323.94% | -44.32% | 3027.69% | 105.52% | 64.37% | -47.26% | -62.18% | 59.08% | -2500% | 86.96% | -21.73% | -52.8% | 9.31% | 92.68% | -732.78% | - |
| Net Income (Continuing) | -99.21M | -108.03M | -78.73M | -87.97M | -144.25M | -8.35M | 4.17M | 8.01M | 2.64M | -396K | -5.72M | -2.54M | 1.13M | 2.03M | 65K | -1.18M | -3.3M | -2.24M | -1.38M | -3.38M | -130K | -997K | -819K | -536K | -591K | -8.08M | -970K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.84 | -4.20 | -3.10 | -3.50 | -5.80 | -0.35 | 0.19 | 0.39 | 0.14 | -0.03 | -0.40 | -0.21 | 0.10 | 0.20 | 0.01 | -0.14 | -0.44 | -0.32 | -0.22 | -0.55 | -0.03 | -0.22 | -0.20 | -0.19 | -0.70 | -10.70 | -6.20 |
| EPS Growth % | -25.57% | -35.48% | 11.43% | 39.66% | -1557.14% | -284.21% | -51.28% | 178.57% | 660% | 93.75% | -90.48% | -310% | -50% | - | 104.64% | 68.18% | -37.5% | -45.45% | 60% | -2100% | 88.64% | -10% | -5.26% | 72.86% | 93.46% | -72.58% | - |
| EPS (Basic) | - | -4.20 | -3.10 | -3.50 | -5.80 | -0.35 | 0.19 | 0.40 | 0.14 | -0.03 | -0.39 | -0.21 | 0.10 | 0.20 | 0.01 | -0.14 | -0.44 | -0.32 | -0.22 | -0.55 | -0.03 | -0.22 | -0.20 | -0.19 | -0.70 | -2.15 | -1.25 |
| Diluted Shares Outstanding | 25.83M | 25.62M | 25.33M | 25.1M | 24.84M | 23.99M | 22.36M | 20.72M | 18.31M | 15.89M | 15.51M | 12.11M | 11.2M | 10.55M | 9.74M | 8.55M | 7.47M | 6.93M | 6.3M | 6.27M | 5.23M | 4.51M | 4.16M | 2.88M | 857.6K | 754.2K | 156.4K |
| Basic Shares Outstanding | 25.83M | 25.62M | 25.33M | 25.1M | 24.84M | 23.99M | 21.72M | 20.09M | 18.31M | 15.89M | 15.71M | 12.11M | 11.32M | 10.16M | 9.75M | 8.55M | 7.47M | 6.93M | 6.3M | 6.27M | 5.23M | 4.51M | 4.16M | 2.88M | 857.6K | 3.77M | 782K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in financial statements, NeoGenomics has maintained a steady revenue growth trajectory, with year-over-year increases consistently hovering around 10% to 12% over the last ten quarters, suggesting that the company's core oncology diagnostic services continue to capture market share despite broader industry pricing pressures.
The stability in top-line growth indicates that the company's integrated diagnostic model remains relevant to community oncologists. However, investors should monitor whether this growth is primarily volume-driven or if it masks underlying ASP erosion from shifting payer reimbursement policies.
Based on the provided income statement data, NeoGenomics' gross margins have fluctuated within a narrow band of 39.8% to 44.9%, reflecting the high fixed-cost nature of specialized laboratory operations and the ongoing difficulty in achieving significant economies of scale within the current diagnostic testing mix.
The inability to consistently expand gross margins suggests that the company is struggling to offset the rising costs of specialized labor and molecular reagents. This margin profile appears structurally inferior to molecular diagnostic peers, which may indicate a higher reliance on lower-margin, traditional pathology services.
According to recent SEC filings, NeoGenomics continues to report negative operating margins, with the company failing to demonstrate meaningful operating leverage as SG&A expenses frequently track closely with or exceed gross profit, preventing the realization of bottom-line profitability despite consistent double-digit revenue growth over the period.
The persistent operating losses suggest that the company's current scale is insufficient to absorb the heavy overhead associated with its laboratory infrastructure and R&D investments. Without a clear path to reducing SG&A intensity, the company may remain vulnerable to continued earnings dilution.
Analysis of the income statement reveals that stock-based compensation remains a recurring expense, often exceeding $10 million in several quarters, which further exacerbates the net losses and complicates the assessment of the company's true operational performance and path toward normalized, non-GAAP profitability for shareholders.
The consistent use of stock-based compensation suggests that management is utilizing equity to preserve cash, which may be necessary given the ongoing operating losses. Investors should scrutinize these non-cash charges to determine if the underlying business is moving closer to a sustainable cash-flow-positive state.
While revenue growth appears stable, a critical counter-narrative suggests that the company's reliance on high-cost laboratory operations and persistent operating deficits may be unsustainable, particularly if competitive pressures from larger, more efficient diagnostic players continue to erode pricing power in the specialized oncology testing market.
Short-sellers might focus on the company's inability to reach breakeven despite years of investment in the Inivata platform. This warrants further investigation into whether the company's 'one-stop-shop' strategy is truly defensible or if it is merely a high-cost service model that lacks the scalability required for long-term profitability.
Quick answers to the most common questions about buying NEO stock.
For fiscal year 2025, NeoGenomics, Inc. (NEO) reported total revenue of $727.3M. This represents a 288063.0% increase compared to $0.3M in 2000.
NeoGenomics, Inc. (NEO) reported a net loss of $108.0M for the fiscal year ending 2025.
NeoGenomics, Inc. (NEO) reported an operating income of $-66.1M, resulting in an operating profit margin of -9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
NeoGenomics, Inc. (NEO) generated $282.5M in gross profit for the year, representing a gross profit margin of 38.8%. This demonstrates the company's core pricing power and production efficiency.