NeoGenomics, Transgenomic Report Mixed Results

Two midsized players in the cancer-related molecular testing space reported mixed results for the first quarter, ending March 31, as they tried to expand sales for their products. Both Fort Myers, Fla.-based NeoGenomics and Omaha, Neb.-based Transgenomic reported modest gains in revenue, but the former’s net income narrowed while the latter’s loss grew. NeoGenomics reported net income of just $3,000 on revenue of $15.7 million for the quarter, compared to net income of $603,000 on revenue of $15.2 million for the first quarter of 2012. Transgenomic reported a loss of $3.6 million on revenue of $7.4 million for the quarter. That compares to a net loss of $2.7 million on revenue of $7.2 million for the first quarter of 2011. Operating expenses were up at both companies, primarily due to staff expansions.