NeoGenomics
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NeoGenomics (NEO) investor relations material

NeoGenomics Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved record Q4 revenue of $190M, up 11% year-over-year, and full-year revenue of $727M, up 10%, driven by strong clinical and NGS growth, and ten consecutive quarters of positive adjusted EBITDA.

  • Clinical revenue grew 16% year-over-year in Q4, with NGS revenue up 23%; five NGS products launched since 2023 contributed up to 25% of clinical revenue.

  • Expanded product portfolio with launches such as RaDaR ST MRD assay and PanTracer Pro, targeting high-growth oncology markets.

  • Sales force expansion and commercial execution increased penetration among community oncologists, with 75% of new oncologists ordering 5+ tests in 2025.

  • Net loss for Q4 decreased 36% to $10M, but full-year net loss increased 37% to $108M.

Financial highlights

  • Q4 adjusted gross profit increased by $5.8M (7–8%) to $83M, with adjusted EBITDA reaching $13.4M, up 10–13% year-over-year.

  • Full-year adjusted gross profit rose $23M (8%) to $335M, with an adjusted gross margin of 46%.

  • Adjusted EBITDA for 2025 was $43–43.4M, up 9% from prior year.

  • Free cash flow improved by $12M or 35–36% year-over-year; cash and equivalents at year-end totaled $160M.

  • Q4 average revenue per clinical test increased 5% to $488; 7% growth excluding Pathline.

Outlook and guidance

  • 2026 revenue guidance: $793M–$801M, representing 9–10% growth; adjusted EBITDA expected between $55M–$57M, up 27–31% year-over-year.

  • Modest revenue contribution expected from RaDaR ST MRD assay and PanTracer LBx in 2026, with substantial long-term opportunity.

  • Quarterly revenue growth expected to be 10% in Q1, 8–9% in Q2, 9–10% in Q3, and slightly above 10% in Q4.

  • Gross margin expected to expand by 100–120 basis points in 2026, driving most of the adjusted EBITDA margin improvement.

  • 2026 GAAP net loss projected at $63–$50M; adjusted net income $39–$36M.

Quantify RaDaR ST/LBx revenue upside from early MolDx
How will new sales reps specialize for RaDaR ST
Beyond 2026, what drives margin expansion
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TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions

NeoGenomics Inc provides cancer-focused genetic testing services, including clinical and research laboratory diagnostics. The company offers molecular, cytogenetic, and flow cytometry testing to pathologists, oncologists, and pharmaceutical companies. It supports precision medicine and oncology drug development. The company is headquartered in Fort Myers, Florida, and its shares are listed on the NASDAQ.

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