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olivLaw · US equity research

NeoGenomics, Inc. NEO

Services-Testing Laboratories · SIC 8734 · Vertical: Engineering, research and management services (SIC 873x)

17.15USD+1.90% · 1 dayClose 04 Nov 2026

NeoGenomics is an oncology diagnostics laboratory operating in the United States and the United Kingdom, offering genetic and molecular testing, pathologist interpretation and services for pharmaceutical sponsors. The company grew revenue by 10.1 percent in 2025, and its preliminary third quarter 2026 report shows rapid growth in next-generation sequencing revenue, up 28 percent year over year.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, NeoGenomics, Inc. (NEO) stock was 17.15 USD (+1.90% on the day), with market capitalisation 2.2 bn USD, beta 1.25, 52-week range 7.19–19.91 USD. Latest reported quarter (Q3 2026): revenue of 209.3 m USD (+11.4% YoY), net income of -7.5 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.2 bn USD
shares as of 23 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.29 · TTM to 31 Dec 2016
E/P (TTM)
-1.69%
TTM to 31 Dec 2016
Dividend yield
unavailable
Beta (2y)
1.25
Volatility (1y) 53%
52-week range
7.1919.91

Price history

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Technical reading

RSI (14)
49.7
neutral
Bollinger (20, 2)
15.81 – 17.87
in the upper half of the band · %B 0.65 · band width 12.2%
SMA 50 / 200
17.69 / 12.84
mixed trend
MACD (12, 26, 9)
-0.11 / -0.16
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.4%−1.1%−9.3 pp—
3 months+9.0%−0.5%+9.5 pp—
6 months+92.9%+4.4%+88.5 pp—
Year to date+45.8%+12.3%+33.5 pp—
1 year+69.8%+13.5%+56.3 pp+10.9%
3 years+12.3%+76.4%−64.1 pp−3.0%
5 years−58.6%+63.7%−122.2 pp—
Max drawdown (1y)
−45.6%
14 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−88.9%
08 Nov 2021 → 31 Jul 2025
Compound annual growth (5y)
−16.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
209.3 m USD
+11.4% YoY
Net income
-7.5 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-3.6% / -3.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue172.0 m168.0 m181.3 m187.8 m190.2 m186.7 m201.7 m209.3 m
Cost of revenue94.7 m94.8 m104.1 m107.4 m106.8 m105.8 m109.8 m112.7 m
Gross profit77.3 m73.2 m77.3 m80.4 m83.3 m80.9 m91.9 m96.6 m
Research & development8.0 m10.2 m9.0 m8.7 m9.2 m9.5 m10.8 m9.9 m
Operating income-18.4 m-27.8 m-47.6 m-27.0 m-13.4 m-18.2 m-9.8 m-7.9 m
Interest expense1.6 m1.6 m933.0 k603.0 k599.0 k598.0 k781.0 k1.3 m
Pre-tax income-16.1 m-25.7 m-45.8 m-26.4 m-12.4 m-17.6 m1.8 m-8.0 m
Income tax-804.0 k266.0 k-724.0 k740.0 k-2.5 m-472.0 k-412.0 k-475.0 k
Net income-15.3 m-25.9 m-45.1 m-27.1 m-9.9 m-17.1 m2.2 m-7.5 m
Operating cash flow9.8 m-25.3 m20.3 m ≈8.9 m ≈1.3 m-8.1 m20.0 m ≈-8.9 m ≈
Capex11.6 m4.5 m6.3 m ≈8.3 m ≈7.9 m5.0 m8.2 m ≈11.8 m ≈
Share repurchases———0 ≈———0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue276.7 m408.8 m444.4 m484.3 m509.7 m591.6 m660.6 m727.3 m
Revenue YoY+15.2%+47.7%+8.7%+9.0%+5.2%+16.1%+11.6%+10.1%
Net income2.6 m8.0 m4.2 m-8.3 m-144.3 m-88.0 m-78.7 m-108.0 m
Net income YoYunavailable+203.3%−47.9%−300.1%unavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %1.0%2.0%0.9%-1.7%-28.3%-14.9%-11.9%-14.9%
Free cash flow30.5 m3.3 m-27.6 m-90.9 m-96.9 m-30.7 m-34.0 m-21.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
159.6 m USD
Financial debt
341.9 m USD
Net debt
182.2 m USD
Equity
836.6 m USD
Total assets
1.4 bn USD
Debt / equity
0.41x
Current ratio
4.26x
ROE
-12.4%
ROA
-7.2%
FCF margin
-3.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
591.6 m
2024
660.6 m
2025
727.3 m

SEC (XBRL)· 17 Feb 2026verified

Cost of revenue
2023
347.0 m
2024
370.5 m
2025
413.0 m

SEC (XBRL)· 17 Feb 2026verified

Gross profit
2023
244.6 m
2024
290.1 m
2025
314.3 m

SEC (XBRL)· 17 Feb 2026verified

Research & development
2023
27.3 m
2024
31.2 m
2025
37.1 m

SEC (XBRL)· 17 Feb 2026verified

Operating income
2023
-107.7 m
2024
-92.1 m
2025
-115.9 m

SEC (XBRL)· 17 Feb 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2021verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2021derived

Interest expense
2023
6.9 m
2024
6.6 m
2025
3.8 m

SEC (XBRL)· 17 Feb 2026verified

Pre-tax income
2023
-97.1 m
2024
-80.7 m
2025
-110.3 m

SEC (XBRL)· 17 Feb 2026verified

Income tax
2023
-9.1 m
2024
-1.9 m
2025
-2.2 m

SEC (XBRL)· 17 Feb 2026verified

Net income
2023
-88.0 m
2024
-78.7 m
2025
-108.0 m

SEC (XBRL)· 17 Feb 2026verified

Weighted average diluted shares
2023
125.5 m
2024
126.7 m
2025
128.1 m

SEC (XBRL)· 17 Feb 2026verified

Balance sheet · USD

Cash
2023
342.5 m
2024
367.0 m
2025
159.6 m

SEC (XBRL)· 17 Feb 2026verified

Receivables
2023
131.2 m
2024
150.5 m
2025
159.2 m

SEC (XBRL)· 17 Feb 2026verified

Inventories
2023
24.2 m
2024
26.7 m
2025
28.6 m

SEC (XBRL)· 17 Feb 2026verified

Current assets
2023
596.8 m
2024
596.0 m
2025
376.3 m

SEC (XBRL)· 17 Feb 2026verified

Property, plant & equipment, net
2023
92.0 m
2024
94.1 m
2025
84.8 m

SEC (XBRL)· 17 Feb 2026verified

Goodwill
2023
522.8 m
2024
522.8 m
2025
524.3 m

SEC (XBRL)· 17 Feb 2026verified

Intangibles (excl. goodwill)
2023
373.1 m
2024
339.7 m
2025
286.5 m

SEC (XBRL)· 17 Feb 2026verified

Total assets
2023
1.7 bn
2024
1.6 bn
2025
1.4 bn

SEC (XBRL)· 17 Feb 2026verified

Accounts payable
2023
20.3 m
2024
21.6 m
2025
23.1 m

SEC (XBRL)· 17 Feb 2026verified

Short-term debt
2023
0
2024
200.8 m
2025
0

SEC (XBRL)· 17 Feb 2026verified

Long-term debt
2023
538.2 m
2024
340.3 m
2025
341.9 m

SEC (XBRL)· 17 Feb 2026verified

Current liabilities
2023
96.3 m
2024
301.2 m
2025
88.3 m

SEC (XBRL)· 17 Feb 2026verified

Total liabilities
2023
739.7 m
2024
735.7 m
2025
523.3 m

SEC (XBRL)· 17 Feb 2026verified

Equity
2023
941.5 m †
2024
902.3 m †
2025
836.6 m †

SEC (XBRL)· 17 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-2.0 m
2024
7.0 m
2025
5.2 m

SEC (XBRL)· 17 Feb 2026verified

Capex
2023
28.8 m
2024
41.1 m
2025
27.0 m

SEC (XBRL)· 17 Feb 2026verified

Free cash flow
2023
-30.7 m ≈
2024
-34.0 m ≈
2025
-21.8 m ≈

SEC (XBRL)· 17 Feb 2026derived

Investing cash flow
2023
76.7 m
2024
12.9 m
2025
-12.3 m

SEC (XBRL)· 17 Feb 2026verified

Financing cash flow
2023
4.6 m
2024
4.6 m
2025
-200.3 m

SEC (XBRL)· 17 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
10.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
12.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
44.8%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-6.3%
computed by olivLawTTM to 30 Sept 2026
Net margin
-4.1%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-3.6%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-2.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
-4.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
-3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
235.4 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
-15.2x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
3.5x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
3.3x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
1.2x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
4.3 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
32.9 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-28.6 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
85 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
23 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
23 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
85 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
2.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1.5%
computed by olivLawTTM to 30 Sept 2026
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
2.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
3.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-1.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

17.15 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.2 bn USD

Key indicators

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-4.1%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
10.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 23 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2225derived 159

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Engineering, research and management services (SIC 873x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-4.0%0 (on a fixed band)24%
Net margin · Quality-4.1%50 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth12.6%100 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-15.2x0 (on a fixed band)14%
Current ratio · Balance sheet3.5x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-1.3%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality19/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NEOGENOMICS, INC. (NEO). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 727.3 m USD in 2025; YoY growth 10.1%; net margin -4.1%; ROE -3.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 12.6%
  • Current ratio: 3.5x

What contradicts it

  • ROIC: -4.0%
  • Interest coverage: -15.2x
  • FCF yield: -1.3%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Engineering, research and management services (SIC 873x) · same industry group (3-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 65.2x
EV/EBITDA
—
vertical median 21.5x
P/S
2.8x
vertical median 4.4x
below median (−35.4%)
P/B
2.8x
vertical median 4.6x
below median (−40.3%)
ROE
-3.9%
vertical median 1.2%
below median (−425.2%)
Net margin
-4.1%
vertical median -53.6%
above median
EBIT margin
-6.3%
vertical median -55.9%
above median
Revenue YoY
10.1%
vertical median -0.0%
above median
Net debt/EBITDA
—
vertical median 2.7x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IQVIqvia Holdings Inc.43.5 bn32.021.7%8.1%+5.9%+15% / +23%
INCYIncyte Corporation25.0 bn65.27.8%6.7%+21.2%+18% / +126%
MEDPMedpace Holdings, Inc.18.4 bn36.4117.9%18.2%+20.0%+11% / +143%
ULSUL Solutions Inc.16.0 bn31.635.4%16.1%+6.4%−13% / unavailable
CRLCharles River Laboratories International, Inc.15.6 bn385.51.2%1.0%−0.9%+83% / +66%
ICLRICON plc15.6 bn70.02.5%2.8%+0.8%+10% / −24%
NEONeogenomics, Inc.2.2 bn—-3.9%-4.1%+10.1%+70% / +12%
ABSIAbsci Corp1.8 bn—-57.7%-7,756.4%−38.2%+231% / +528%
OABIOmniab, Inc.755.6 m—-16.5%-108.1%−29.3%+186% / +18%
NRCNRC Health574.5 m95.9248.1%4.5%−4.0%+59% / −35%
ONMDOnemednet Corporation269.2 m——-584.2%+111.4%−75% / −89%
MXCTMaxCyte, Inc.143.5 m—-20.4%-114.8%−14.5%−21% / −71%
BIAFbioAffinity Technologies, Inc.23.7 m—-1,860.2%-257.3%−34.2%−87% / −100%
AIDX20/20 Biolabs, Inc.2.9 m—-589.6%-285.0%+16.7%unavailable / unavailable
ISPCiSpecimen Inc.2.1 m—-968.5%-2,449.0%−79.2%−95% / −100%

1- and 3-year price returns: for NEO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Oct 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

    In brief

    NeoGenomics is an oncology diagnostics laboratory operating in the United States and the United Kingdom, offering genetic and molecular testing, pathologist interpretation and services for pharmaceutical sponsors. The company grew revenue by 10.1 percent in 2025, and its preliminary third quarter 2026 report shows rapid growth in next-generation sequencing revenue, up 28 percent year over year 13.

    SWOT

    Strengths

    • A broad oncology portfolio covering molecular, NGS, MRD and professional interpretation, allowing clients to meet most needs from one laboratory 1.
    • A network of accredited and certified laboratories in the US and the UK, with turnaround times cited as a key differentiator 1.
    • Announced continuity in executive leadership, with the current president and COO set to become CEO in January 2027 3.

    Weaknesses

    • Reliance on qualified personnel and specialized sales teams in an industry where competition for talent is intense 1.
    • Significant cash obligations on convertible notes that could strain finances if cash flow is insufficient 1.
    • Dependence on third-party payment and payer reimbursement policies, which can limit revenue 1.

    Opportunities

    • Expansion into community oncology and use of partnerships could accelerate revenue growth 1.
    • Growth in NGS and MRD testing, including monitoring of cancer survivors, could widen the addressable market 1.
    • Services for pharmaceutical sponsors and oncology data licensing could open additional revenue sources 1.

    Threats

    • Price competition and the emergence of better tests could reduce demand and margins 1.
    • Changes to laboratory developed test regulation could add compliance burden 1.
    • Intellectual property disputes and cyber risks could affect operations and reputation 1.

    Risks

    • Dependence on key personnelmedium

      The company's success depends on senior management and scientific staff, and losing them could have a significant effect 1.

    • Laboratory capacitymedium

      An unexpected rise in volume could strain personnel and systems and lengthen turnaround times 1.

    • Convertible note obligationshigh

      Servicing the convertible notes requires substantial cash; if cash flow is insufficient, the financial position could be affected 1.

    • Regulation of laboratory developed testshigh

      If FDA oversight returns, the company could be required to run clinical studies and obtain authorizations, which could delay launches 1.

    • Reimbursement and third-party paymenthigh

      If payers do not cover or reimburse services, revenue could fall, and fraud and abuse laws add further exposure 1.

    Investment thesis

    What would need to be true (bull case)

    • Revenue growth in 2025 and the preliminary strong NGS growth reported for the third quarter of 2026 suggest demand for molecular testing may continue, especially if product launches convert into volume 13.
    • Expansion into community oncology and MRD testing could open new market segments for an already broad portfolio 1.
    • The announced management continuity for 2027 could support execution of the strategy if the transition proceeds without disruption 3.

    What would break the thesis

    • Price competition and new tests from rivals could limit growth and pressure margins, especially if clients turn to lower-cost alternatives 1.
    • Regulatory uncertainty around laboratory developed tests could bring extra costs or launch delays if FDA oversight returns 1.
    • Obligations on the convertible notes could limit financial flexibility if cash flow does not grow as expected 1.

    What to watch

    • Final third quarter results and any update to full-year 2026 total revenue guidanceQ3 2026
    • Leadership transition: Warren Stone becomes CEO and Tony Zook becomes Executive Chair, as announced2027
    • Developments in laboratory developed test regulation following the March 2025 court vacatur of the FDA rule2027
    • Reported NGS growth and the pace of MRD test adoption in the coming yearnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Oct 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

    The business

    NeoGenomics provides a broad range of oncology diagnostic tests and consultative services, including technical laboratory services and professional interpretation of results by licensed physicians or molecular experts 1. The company operates a network of cancer-focused laboratories in the United States and the United Kingdom, with CAP-accredited and CLIA-certified sites in Fort Myers, Aliso Viejo, Carlsbad, Durham, Ramsey and Houston, and a sample-processing laboratory in Cambridge 1. Clients include community pathology and oncology practices, hospital labs, reference labs, academic centers and pharmaceutical companies 1.

    Its testing menu covers cytogenetics, FISH, flow cytometry, immunohistochemistry and digital imaging, molecular and NGS testing, and molecular residual disease testing that detects residual malignant cells after treatment 1. The molecular menu includes the PanTracer and Neo Comprehensive panels, and its liquid biopsy capabilities include RaDaR, acquired with Inivata in June 2021 1. The company completed the acquisition of Pathline in April 2025 1.

    Beyond clinical testing, NeoGenomics offers pharmaceutical development services for sponsors, including laboratory testing, biomarker analysis and data generation, while stating it does not sponsor or control clinical trials, and it licenses de-identified oncology data 1. The company reports a single operating segment 1.

    Segments

    Single segment: oncology diagnostic services

    NeoGenomics reports one segment covering clinical cancer testing, interpretation and consultative services, molecular and NGS testing, MRD testing and combined technical and professional services 1. This segment also includes clinical trial and research support, validation laboratory services and oncology data solutions 1.

    Molecular and NGS testing

    The company describes NGS panels as one of its fastest-growing testing areas, delivering significant biomarker information from limited samples 1. In the third quarter of 2026, preliminary NGS revenue growth is about 28 percent year over year 3.

    Market context

    The oncology testing market includes diagnostic testing, therapy selection and molecular residual disease testing, and predictive testing is described as the fastest-growing category 1. The company cites factors such as more genes implicated in cancer, targeted drugs and expanded payer coverage, and notes growing emphasis on MRD tests for monitoring 1.

    The US market is divided among many commercial laboratories and laboratories affiliated with academic institutions 1. The regulatory treatment of laboratory developed tests has been contested: in March 2025 a federal court in Texas vacated the FDA rule, but future legislative or administrative action could reintroduce oversight 1.

    Trends

    • Precision medicine and therapy selectiontailwind

      The move toward personalized medicine expands demand for predictive tests that show which patients are likely to respond to specific treatments, which could support demand for NGS panels and therapy selection testing 1.

    • Expansion into community oncologytailwind

      The company is pursuing purposeful expansion into community oncology and partnerships to grow market presence, which could accelerate revenue growth if the strategy converts into volume 1.

    • Regulatory uncertainty for laboratory developed testsheadwind

      The regulatory framework for laboratory developed tests is still evolving; if authorities resume oversight, compliance costs and clinical trial requirements could increase 1.

    • Pricing pressure and third-party paymentmixed

      Competition, including on price, and reliance on third-party payers can affect revenue and margins, especially if coverage or reimbursement changes 1.

    Competitive position

    NeoGenomics describes competition from commercial and academically affiliated laboratories, and says it competes mainly on the quality and accuracy of results, turnaround times and after-test consultation support 1. Risks include new tests from competitors that could replace its existing tests 1.

    The company notes that emerging technologies such as point-of-care testing could reduce the need for some laboratory tests, which could affect long-term demand 1. Specific competitors are not named in the analysed sources.

    • Commercial oncology laboratories in the US

      Described generically in the company's filings; no individual names appear in the analysed texts.

    • Academically affiliated laboratories serving university hospitals

      Primarily serve affiliated university hospitals and their physicians, according to the company's description.

    • Point-of-care testing providers

      Technologies that could reduce demand for some laboratory tests, cited as a market risk.

    • Other developers of testing technologies

      Companies that could obtain patents or launch new tests that limit the company's activity.

    News & filings

    In the press

    The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Quarterly report28 Oct 2026
    • Current report28 Oct 2026
      Results of operations · Financial statements and exhibits
    • Current report05 Oct 2026
      Results of operations · Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
    • Current report11 Aug 2026
      Departure or appointment of officers
    • Quarterly report28 Jul 2026
    • Current report28 Jul 2026
      Results of operations · Financial statements and exhibits
    • Regulation FD disclosure · Other events · Financial statements and exhibits
    • Current report20 Jul 2026
      Regulation FD disclosure · Other events · Financial statements and exhibits
    • Current report25 Jun 2026
      Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
    • Current report22 Jun 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NeoGenomics, Inc. · 17 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NeoGenomics, Inc. · 28 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / NeoGenomics, Inc. · 05 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.