NeoGenomics Stock Surge
NeoGenomics, a clinical laboratory company based in Fort Myers, Florida, experienced a significant surge in its stock value following fourth-quarter results that surpassed Wall Street expectations.
Impressive Financial Performance
In the recent quarter, NeoGenomics reported a loss of $14.33 million or 11 cents per share, a substantial improvement from the loss of $22.69 million or 18 cents per share in the same period the previous year. Adjusted earnings stood at 3 cents per share, exceeding analysts' expectations of a 2-cent loss.
Revenue Growth
The company's fourth-quarter revenue reached $155.55 million, up from $138.71 million in the year-ago quarter, outperforming analyst estimates of $152.5 million.
Optimistic Outlook
NeoGenomics also provided optimistic guidance for the full year, forecasting a loss between $66 million to $72 million on revenues ranging from $650 million to $660 million for fiscal 2024. This projected performance exceeds analysts' expectations of a $73.5 million loss on $647 million in revenue.
Overall, NeoGenomics' impressive financial performance and positive outlook have garnered significant attention from investors, driving the stock price up by 10% to $16.17 as of Wednesday morning trading and marking a 22% increase over the past 12 months.
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