NeoGenomics (NEO) Q1 2026 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth in Q1 2026 to $187 million, with clinical revenue up 14% and NGS revenue up 26%, driven by strong demand, higher test volumes, and product innovation.

• Adjusted EBITDA rose 27% to $9 million, marking eleven consecutive quarters of positive adjusted EBITDA and margin expansion of 60 basis points.

• Net loss narrowed to $17.1 million, a 34% improvement year-over-year, reflecting improved operating performance and lower expenses.

• Launched RaDaR ST MRD assay and expanded PanTracer product line, including PanTracer Pro, targeting large, underpenetrated oncology markets.

• Sales force expansion and new product launches contributed to increased market penetration and test adoption.

Financial highlights

• Q1 2026 revenue reached $187 million, up 11% year-over-year; clinical revenue was $171.2 million, up 14%, and NGS revenue comprised about one-third of clinical revenue.

• Adjusted gross profit was $85.8 million, with adjusted gross margin at 46%, while reported gross profit was $80.9 million and gross margin 43.3%.

• Adjusted EBITDA was $9 million, up 27% year-over-year, with margin expansion to 4.8%.

• Net loss for Q1 2026 was $17.1 million, or $(0.13) per share, improved from $(0.20) per share in Q1 2025.

• Cash and equivalents at quarter-end totaled $146 million, with net cash used in operations of $8.1 million, down from $25.3 million last year.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $797–$803 million, representing 10% year-over-year growth at the midpoint.

• Full-year adjusted EBITDA guidance is $55–$57 million, up 27–31% year-over-year, with expected margin expansion of ~100 basis points.

• Projected net loss for 2026 between $63 million and $50 million, a 42–54% improvement over 2025.

• Capital expenditures for 2026 projected at $30–$35 million; cash on hand expected to fund operations for at least 12 months.

• Projected revenue growth of 9% in Q2, 9–10% in Q3, and above 10% in Q4.