keithsan
03-14-2006, 07:26 AM
Bottompicks said there was a forward looking event when it was called at .18 on January 10th, up 120% already.
Check out these financials!
FT. MYERS, Fla., March 14 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM - News) today announced its results for the fourth quarter and full year of fiscal 2005. Significant accomplishments during the fourth quarter and year included the following:
Fourth Quarter 2005 Accomplishments:
* 453% year-over-year increase in revenues in Q4 05 vs. Q4 04
* 34% sequential increase in revenues in Q4 05 vs. Q3 05
* Avg. Revenue/Case increased 12.5% to $685.75 in Q4 05 from $609.31 in
Q3 05
* 44% of cases ordered more than one test per case in Q4 05 vs. 38% of
cases in Q3 05
* Avg. Revenue/Test increased 8.3% to $476.46 in Q4 05 from $440.09 in
Q3 05
Full Year 2005 Accomplishments:
* 238% increase in revenues during FY 2005 vs. FY 2004
* Case volume increased 162% to 2,982 cases in FY 2005 from 1,139 cases
in FY 2004
* Avg. Revenue/Case increased 29.0% to $632.23 in FY 2005 from $489.97 in
FY 2004
* Test volume increased 254% to 4,082 tests in FY 2005 from 1,152 tests
in FY 2004
* 37% of Cases ordered more than one test per case in 2005 vs. 1% of
cases in 2004
Robert Gasparini, the Company's President, stated, "I am delighted with the progress we continue to make, and I am pleased to report that the Company achieved the all important milestone of becoming net income profitable in February of 2006. During 2005, the substantial investments we made in infrastructure, human resources and the sales force began to yield significant dividends. Our national expansion strategy has gained considerable momentum, and by December of 2005 approximately 60% of our revenue was derived from outside of the State of Florida. This is a substantial accomplishment considering that 100% of our revenue was derived from Florida sources at the end of 2004. We now service clients in 16 states and this number continues to grow each quarter. Customers continue to be attracted to our exceptional turn-around times and customer service."
Mr. Gasparini went on to say, "During the fourth quarter, we deliberately chose to slow our top line growth rate a little so that we could further add to our infrastructure. These adjustments have now largely been completed, and we have begun to scale our business quite rapidly during the first quarter of 2006. Our CancerLink(TM) Laboratory Information System (LIS), which we announced during the third quarter of 2005, has proven to be the "killer application" that we hoped it would be and is resulting in substantial increases in our productivity and customer satisfaction. In addition, our new breast, bladder and cervical cancer testing services have been warmly embraced by both new and existing customers."
Mr. Gasparini concluded by saying, "We are planning several new initiatives during 2006 which should help to take our business to the next level. We are in the final stages of our strategic planning on the design and location of a second laboratory facility outside of the State of Florida to provide for geographic diversity and additional capacity. Several locations are under consideration and we plan to make a final determination by the end of the second quarter. In addition, we are currently considering several strategic initiatives with our larger customers to further increase our volumes. Lastly, we are in the process of formalizing an investor relations program, which we believe will help to provide more information to investors about our business. We appreciate the patience our shareholders have displayed while we organize a truly scaleable business."
Steven Jones, the Company's acting Principal Financial Officer and a Director, stated, "During 2005, we began to see considerable economies of scale. Our gross margin increased to 37% of revenue from a deficit position in 2004. In addition, the number of cases in which we performed more than one test increased dramatically to 37% of cases in 2005 versus just 1% of cases in 2004. This increase was driven primarily by our new product offerings and is leading to higher gross margins. Moving forward, we expect our gross margins to continue to increase slowly, and we believe that 45% gross margins are attainable by the end of 2006. Although our general and administrative expenses increased by 104% to $1,447,000 in FY 2005 from $711,000 in FY 2004, we have now largely completed the hiring of our core management team which was the largest driver of this increase. Moving forward, we expect increases in our overhead expenditures to be more in line with industry averages for the rate of revenue growth we achieve. For the year, our net loss increased by approximately 22% to $997,000, or $0.04/share. This was largely a result of the increased general and administrative expenses in FY 2005 associated with preparing our business to be able to continue to scale during FY 2006 and a non-recurring asset impairment charge of $50,000.
Mr. Jones went on to say, "During the fourth quarter of 2005, we increased revenues by approximately 453% to $751,000 from $136,000 during the fourth quarter of 2004, largely as a result of a greater number of tests being performed for our customers. During the fourth quarter average revenue per test increased approximately 8.3% to $476.46 versus $440.09 during the fourth quarter of 2004. General and administrative expenses increased in the fourth quarter by approximately 90% to $501,000 from $263,000 in the fourth quarter of FY 2004. This increase was largely as a result of preparing our business to be able to continue to scale during FY 2006. During the fourth quarter of 2005, we also took a $50,000 asset impairment charge to reduce the carrying value of a mass spectrometer to more accurately reflect our estimate of the current market value of this piece of equipment. Our net loss of $361,000 for the fourth quarter of FY 2005 increased by approximately 16%, or $51,000, versus a net loss of $310,000 during the fourth quarter of 2004, largely as a result of the $50,000 non-recurring asset impairment charge.
Mr. Jones concluded by saying, "Recently we have been asked by several investors and research analysts to provide some guidance for FY 2006 and FY 2007. Given our current rate of growth, this is exceptionally difficult to predict with any accuracy. However, in keeping with our goal of formalizing an investor relations program, we are providing the following guidance for investors. Based on our current rate of growth, we are currently planning on doubling our staff by year-end, which we believe will allow us to triple our test volumes from 4,082 tests in 2005 to approximately 12,000 tests in 2006. Providing we are able to do this, we believe that we can achieve FY 2006 revenues of approximately $5.0 - $6.0 million and net income of approximately $400,000 - $500,000. FY 2007 is even more difficult to predict, however, provided that we can continue to scale our human resource infrastructure, we believe that we can double our test volumes again to approximately 24,000 tests in 2007. If we are able to achieve this level of test volumes in 2007, we believe that we can attain approximately $10.0 - $12.0 million of revenue and approximately $1.0 - $1.2 million of net income. Of course, we reserve the right to adjust this guidance at any time based on the ongoing execution of our business plan, and by no means should these estimates be construed as a guarantee of future performance."
The attached financial results, including a reconciliation of non-cash and non-recurring expenses, should be read in conjunction with the Company's Annual Report on Form 10-KSB, which will be filed with the SEC by March 31, 2006.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that offers cancer genetic diagnostic testing services including cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry and molecular genetic testing. NeoGenomics is headquartered in Fort Myers, FL and services the needs of oncologists, pathologists, urologists, hospitals, and other reference laboratories not offering genetic testing throughout the United States. For additional information about NeoGenomics, please visit our website at www.neogenomics.org.
Check out these financials!
FT. MYERS, Fla., March 14 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM - News) today announced its results for the fourth quarter and full year of fiscal 2005. Significant accomplishments during the fourth quarter and year included the following:
Fourth Quarter 2005 Accomplishments:
* 453% year-over-year increase in revenues in Q4 05 vs. Q4 04
* 34% sequential increase in revenues in Q4 05 vs. Q3 05
* Avg. Revenue/Case increased 12.5% to $685.75 in Q4 05 from $609.31 in
Q3 05
* 44% of cases ordered more than one test per case in Q4 05 vs. 38% of
cases in Q3 05
* Avg. Revenue/Test increased 8.3% to $476.46 in Q4 05 from $440.09 in
Q3 05
Full Year 2005 Accomplishments:
* 238% increase in revenues during FY 2005 vs. FY 2004
* Case volume increased 162% to 2,982 cases in FY 2005 from 1,139 cases
in FY 2004
* Avg. Revenue/Case increased 29.0% to $632.23 in FY 2005 from $489.97 in
FY 2004
* Test volume increased 254% to 4,082 tests in FY 2005 from 1,152 tests
in FY 2004
* 37% of Cases ordered more than one test per case in 2005 vs. 1% of
cases in 2004
Robert Gasparini, the Company's President, stated, "I am delighted with the progress we continue to make, and I am pleased to report that the Company achieved the all important milestone of becoming net income profitable in February of 2006. During 2005, the substantial investments we made in infrastructure, human resources and the sales force began to yield significant dividends. Our national expansion strategy has gained considerable momentum, and by December of 2005 approximately 60% of our revenue was derived from outside of the State of Florida. This is a substantial accomplishment considering that 100% of our revenue was derived from Florida sources at the end of 2004. We now service clients in 16 states and this number continues to grow each quarter. Customers continue to be attracted to our exceptional turn-around times and customer service."
Mr. Gasparini went on to say, "During the fourth quarter, we deliberately chose to slow our top line growth rate a little so that we could further add to our infrastructure. These adjustments have now largely been completed, and we have begun to scale our business quite rapidly during the first quarter of 2006. Our CancerLink(TM) Laboratory Information System (LIS), which we announced during the third quarter of 2005, has proven to be the "killer application" that we hoped it would be and is resulting in substantial increases in our productivity and customer satisfaction. In addition, our new breast, bladder and cervical cancer testing services have been warmly embraced by both new and existing customers."
Mr. Gasparini concluded by saying, "We are planning several new initiatives during 2006 which should help to take our business to the next level. We are in the final stages of our strategic planning on the design and location of a second laboratory facility outside of the State of Florida to provide for geographic diversity and additional capacity. Several locations are under consideration and we plan to make a final determination by the end of the second quarter. In addition, we are currently considering several strategic initiatives with our larger customers to further increase our volumes. Lastly, we are in the process of formalizing an investor relations program, which we believe will help to provide more information to investors about our business. We appreciate the patience our shareholders have displayed while we organize a truly scaleable business."
Steven Jones, the Company's acting Principal Financial Officer and a Director, stated, "During 2005, we began to see considerable economies of scale. Our gross margin increased to 37% of revenue from a deficit position in 2004. In addition, the number of cases in which we performed more than one test increased dramatically to 37% of cases in 2005 versus just 1% of cases in 2004. This increase was driven primarily by our new product offerings and is leading to higher gross margins. Moving forward, we expect our gross margins to continue to increase slowly, and we believe that 45% gross margins are attainable by the end of 2006. Although our general and administrative expenses increased by 104% to $1,447,000 in FY 2005 from $711,000 in FY 2004, we have now largely completed the hiring of our core management team which was the largest driver of this increase. Moving forward, we expect increases in our overhead expenditures to be more in line with industry averages for the rate of revenue growth we achieve. For the year, our net loss increased by approximately 22% to $997,000, or $0.04/share. This was largely a result of the increased general and administrative expenses in FY 2005 associated with preparing our business to be able to continue to scale during FY 2006 and a non-recurring asset impairment charge of $50,000.
Mr. Jones went on to say, "During the fourth quarter of 2005, we increased revenues by approximately 453% to $751,000 from $136,000 during the fourth quarter of 2004, largely as a result of a greater number of tests being performed for our customers. During the fourth quarter average revenue per test increased approximately 8.3% to $476.46 versus $440.09 during the fourth quarter of 2004. General and administrative expenses increased in the fourth quarter by approximately 90% to $501,000 from $263,000 in the fourth quarter of FY 2004. This increase was largely as a result of preparing our business to be able to continue to scale during FY 2006. During the fourth quarter of 2005, we also took a $50,000 asset impairment charge to reduce the carrying value of a mass spectrometer to more accurately reflect our estimate of the current market value of this piece of equipment. Our net loss of $361,000 for the fourth quarter of FY 2005 increased by approximately 16%, or $51,000, versus a net loss of $310,000 during the fourth quarter of 2004, largely as a result of the $50,000 non-recurring asset impairment charge.
Mr. Jones concluded by saying, "Recently we have been asked by several investors and research analysts to provide some guidance for FY 2006 and FY 2007. Given our current rate of growth, this is exceptionally difficult to predict with any accuracy. However, in keeping with our goal of formalizing an investor relations program, we are providing the following guidance for investors. Based on our current rate of growth, we are currently planning on doubling our staff by year-end, which we believe will allow us to triple our test volumes from 4,082 tests in 2005 to approximately 12,000 tests in 2006. Providing we are able to do this, we believe that we can achieve FY 2006 revenues of approximately $5.0 - $6.0 million and net income of approximately $400,000 - $500,000. FY 2007 is even more difficult to predict, however, provided that we can continue to scale our human resource infrastructure, we believe that we can double our test volumes again to approximately 24,000 tests in 2007. If we are able to achieve this level of test volumes in 2007, we believe that we can attain approximately $10.0 - $12.0 million of revenue and approximately $1.0 - $1.2 million of net income. Of course, we reserve the right to adjust this guidance at any time based on the ongoing execution of our business plan, and by no means should these estimates be construed as a guarantee of future performance."
The attached financial results, including a reconciliation of non-cash and non-recurring expenses, should be read in conjunction with the Company's Annual Report on Form 10-KSB, which will be filed with the SEC by March 31, 2006.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that offers cancer genetic diagnostic testing services including cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry and molecular genetic testing. NeoGenomics is headquartered in Fort Myers, FL and services the needs of oncologists, pathologists, urologists, hospitals, and other reference laboratories not offering genetic testing throughout the United States. For additional information about NeoGenomics, please visit our website at www.neogenomics.org.