NeoGenomics (NASDAQ:NEO) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

NeoGenomics (NASDAQ:NEO) issued its quarterly earnings results on Tuesday. The medical research company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.04, Briefing.com reports. NeoGenomics had a negative return on equity of 2.72% and a negative net margin of 12.50%. The firm had revenue of $167.80 million during the quarter, compared to the consensus estimate of $167.00 million. During the same period last year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. NeoGenomics updated its FY 2024 guidance to 0.080-0.100 EPS.

NeoGenomics Stock Performance

NEO traded up $0.36 during trading on Thursday, reaching $15.82. 940,050 shares of the company were exchanged, compared to its average volume of 820,345. The stock has a market cap of $2.03 billion, a P/E ratio of -24.94 and a beta of 1.19. The firm has a 50 day moving average of $14.71 and a 200 day moving average of $14.73. The company has a current ratio of 2.01, a quick ratio of 1.93 and a debt-to-equity ratio of 0.37. NeoGenomics has a 52 week low of $12.77 and a 52 week high of $21.22.

Analysts Set New Price Targets

Several research firms have issued reports on NEO. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of NeoGenomics in a research report on Tuesday, September 24th. Stephens reiterated an “overweight” rating and issued a $19.00 price objective on shares of NeoGenomics in a research report on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of NeoGenomics in a research report on Wednesday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.89.

About NeoGenomics

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.