NeoGenomics (NEO) TD Cowen 46th Annual Health Care Conference summary

Strategic positioning and product launches

• Positioned at an inflection point with multiple pivotal product launches, including PanTracer and RaDaR ST, targeting therapy selection and MRD, especially in solid tumors.

• PanTracer family expansion (Tissue, Liquid, Pro) aims to address the full continuum of care and drive NGS growth.

• RaDaR ST re-entry into a $20+ billion MRD market is expected to accelerate growth into 2027 and beyond.

• Behind-the-scenes investments in automation and AI are expected to enhance revenue quality and gross margin expansion.

• Confident in PanTracer Liquid's future coverage and growth impact, with prudent guidance reflecting timing uncertainty.

Market opportunity and competitive landscape

• Liquid biopsy market presents broad opportunities as oncologists shift from single gene to comprehensive genomic profiling (CGP).

• Favorable positioning as a single vendor for heme and solid tumor solutions supports vendor consolidation trends.

• Ongoing discussions with Illumina to leverage new sequencing chemistry for future product enhancements.

• Hematologic malignancy business holds about 25% market share, with plans to evolve toward whole-genome sequencing.

Sales force and customer engagement

• Sales force expansion aligned with NGS portfolio growth, now servicing over 40% of oncologists and pathologists with five or more tests annually, up 14% from 2024.

• Net Promoter Score (NPS) for oncologists surpassed 80 in Q4 2025, reflecting improvements in portfolio breadth, report simplicity, EHR integration, and turnaround times.

• Sales team prioritizes high-probability practices and desk selling to maximize efficiency and productivity.

• Anticipates growing sales force from 140 to 165 by year-end to support new indications.