third quarter of 2026
Filed Oct 28, 2026Total revenue increased 11% YoY to $209 million; Company raises full-year 2026 revenue and adjusted EBITDA guidance
Third-quarter revenue, clinical revenue, gross profit, adjusted EBITDA and adjusted net income increased year over year, while the GAAP net loss narrowed. The company raised full-year revenue and adjusted EBITDA guidance, although it remained loss-making on a GAAP basis.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net revenueGAAP | $209.3M | – | 11.4 % |
| Q3 2026 cost of revenueGAAP | $112.7M | – | 5.0 % |
| Q3 2026 gross profitGAAP | $96.59M | – | 20.1 % |
| Q3 2026 gross profit marginGAAP | 46.2 % | – | – |
| Q3 2026 adjusted cost of revenuenon-GAAP | $107.6M | – | 5.1 % |
| Q3 2026 adjusted gross profitnon-GAAP | $101.6M | – | 19.0 % |
| Q3 2026 adjusted gross profit marginnon-GAAP | 48.6 % | – | – |
| Q3 2026 general and administrative expenseGAAP | $67.07M | – | – |
| Q3 2026 research and development expenseGAAP | $9.86M | – | – |
| Q3 2026 sales and marketing expenseGAAP | $27.60M | – | – |
| Q3 2026 impairment chargesGAAP | — | – | – |
| Q3 2026 total operating expensesGAAP | $104.5M | – | 3% decrease |
| Q3 2026 loss from operationsGAAP | −$7.94M | – | – |
| Q3 2026 interest incomeGAAP | 1.20M | – | – |
| Q3 2026 interest expenseGAAP | −1.27M | – | – |
| Q3 2026 loss before taxesGAAP | −$8.02M | – | – |
| Q3 2026 income tax benefit (expense)GAAP | 475K | – | – |
| Q3 2026 net lossGAAP | −$7.55M | – | 72% improvement |
| Q3 2026 diluted net loss per common shareGAAP | $ (0.06) | – | – |
| Q3 2026 basic net loss per common shareGAAP | $ (0.06) | – | – |
| Q3 2026 EBITDAnon-GAAP | $8.63M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $18.67M | – | 53% |
| Q3 2026 adjusted net incomenon-GAAP | $10.52M | – | – |
| Q3 2026 adjusted diluted EPSnon-GAAP | $ 0.07 | – | – |
| Q3 2026 adjusted diluted shares outstandingnon-GAAP | 155,207 | – | – |
| Nine months ended September 30, 2026 net revenueGAAP | $597.6M | – | 11.2 % |
| Nine months ended September 30, 2026 gross profitGAAP | $269.3M | – | 16.6 % |
| Nine months ended September 30, 2026 gross profit marginGAAP | 45.1 % | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$22.41M | – | – |
| Nine months ended September 30, 2026 diluted net loss per common shareGAAP | $ (0.17) | – | – |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | $42.14M | – | – |
| Nine months ended September 30, 2026 adjusted net incomenon-GAAP | $18.62M | – | – |
| Nine months ended September 30, 2026 adjusted diluted EPSnon-GAAP | $ 0.13 | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | 2.94M | – | – |
| Nine months ended September 30, 2026 purchases of property and equipmentGAAP | −24.99M | – | – |
| Nine months ended September 30, 2026 net cash used in investing activitiesGAAP | −25.17M | – | – |
| Nine months ended September 30, 2026 net cash provided by (used in) financing activitiesGAAP | 1.89M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Clinical servicesNGS growth of 29% | $195M | – | 13% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
FY 2026 outlook
- Revenue$807 million to $809 million
- NoteNet loss: $(32) million to $(30) million
- NoteAdjusted EBITDA: Approximately $60 million
- NoteAdjusted net income: $27,000 (in thousands) to $28,000 (in thousands)
- NoteNet loss per diluted share: $ (0.25) to $ (0.23)
- NoteAdjusted diluted EPS: $ 0.21 to $ 0.22
- NoteWeighted average assumed diluted shares outstanding in 2026: 129,500
Capital returns
- Repurchases of common stock: $(25,000) (in thousands) for the nine months ended September 30, 2026
- Proceeds from issuance of common stock under employee stock purchase plan: 2,602 (in thousands) for the nine months ended September 30, 2026
- Proceeds from issuance of common stock upon exercise of stock options: 14,442 (in thousands) for the nine months ended September 30, 2026
- Employee taxes paid related to net share settlement of restricted stock: (3,572) (in thousands) for the nine months ended September 30, 2026
What drove it
- Clinical volume increased by 2%.
- Average revenue per clinical test increased by 11% to $530.
- NGS revenue growth was 29%.
- NGS test volume grew 17%.
- The company cited a shift to higher-value, high-margin testing modalities.
- Medicare coverage for RaDaR ST was expanded to include immunotherapy treatment response monitoring in late-stage solid tumors.
- The company expanded agreements with multiple commercial payers to bring NeoGenomics in-network and broaden access to and reimbursement for new tests.
Concerns
- The company reported a Q3 2026 GAAP net loss of $ (7,546) (in thousands).
- Nine-month net cash provided by operating activities was 2,937 (in thousands), while purchases of property and equipment were (24,992) (in thousands).
- Accounts receivable, net was 213,410 (in thousands) at September 30, 2026, compared with 159,242 (in thousands) at December 31, 2025.
- Convertible senior notes, net were 374,688 (in thousands) at September 30, 2026.
- The company identified risks related to reimbursement and coverage changes, laboratory developed test regulation, tariffs and trade policy uncertainty, supply-chain costs, and its leadership succession.
What to watch
- Execution of operational excellence initiatives intended to reduce complexity and deliver disciplined margin expansion.
- Clinical volume, average revenue per clinical test, NGS revenue growth and NGS test volume growth.
- Commercial payer agreements and Medicare coverage expansion for RaDaR ST.
- Cash flow relative to capital expenditures and the reported increase in accounts receivable.
- The planned January 4, 2027 leadership succession, when Warren Stone is expected to become CEO and a Board member and Tony Zook is expected to transition to Executive Chairman.
- Delivery against FY 2026 consolidated revenue guidance of $807 million to $809 million and adjusted EBITDA guidance of Approximately $60 million.
Balance sheet and cash flow
- Cash and cash equivalents: $ 139,281 (in thousands) at September 30, 2026; $ 159,618 (in thousands) at December 31, 2025
- Accounts receivable, net: 213,410 (in thousands) at September 30, 2026; 159,242 (in thousands) at December 31, 2025
- Total assets: $ 1,376,917 (in thousands) at September 30, 2026; $ 1,359,830 (in thousands) at December 31, 2025
- Convertible senior notes, net: 374,688 (in thousands) at September 30, 2026; 341,858 (in thousands) at December 31, 2025
- Total liabilities: $ 576,279 (in thousands) at September 30, 2026; $ 523,268 (in thousands) at December 31, 2025
- Total stockholders' equity: $ 800,638 (in thousands) at September 30, 2026; $ 836,562 (in thousands) at December 31, 2025
- Proceeds from issuance of convertible debt, net of discount: 306,301 (in thousands) for the nine months ended September 30, 2026
- Repayment of convertible debt: (262,890) (in thousands) for the nine months ended September 30, 2026
- Premiums paid for capped call confirmations: (28,747) (in thousands) for the nine months ended September 30, 2026
- Net change in cash and cash equivalents: (20,337) (in thousands) for the nine months ended September 30, 2026
- Cash and cash equivalents, end of period: $ 139,281 (in thousands) for the nine months ended September 30, 2026; $ 164,117 (in thousands) for the nine months ended September 30, 2025
Analysis
NeoGenomics reported Q3 2026 net revenue of $ 209,254 (in thousands), up 11.4 % from $ 187,797 (in thousands). Clinical services revenue was $195 million, up 13%, while clinical tests performed increased 1.8 % to 367,279 and average revenue/test rose 11.3 % to $ 530. Management identified NGS revenue growth of 29% and NGS test-volume growth of 17% as contributors to the clinical performance.
Gross profit increased 20.1 % to $ 96,588 (in thousands), faster than revenue growth, and GAAP gross profit margin rose to 46.2 % from 42.8 %. Adjusted gross profit rose 19.0 % to $ 101,617 (in thousands), while adjusted gross profit margin increased to 48.6 % from 45.5 %. Cost of revenue increased 5.0 %, compared with 11.4 % revenue growth. Operating expenses declined to $ 104,529 (in thousands) from $ 107,460 (in thousands), with lower general and administrative expense and no impairment charge, partly offset by higher research and development and sales and marketing expense.
The company remained unprofitable under GAAP, reporting a Q3 net loss of $ (7,546) (in thousands), compared with $ (27,129) (in thousands). However, adjusted EBITDA increased to $ 18,669 (in thousands) from $ 12,232 (in thousands), and adjusted net income was $ 10,518 (in thousands) versus $ 3,649 (in thousands). For the nine months ended September 30, 2026, net revenue was $ 597,582 (in thousands), gross profit was $ 269,330 (in thousands), adjusted EBITDA was $ 42,140 (in thousands), and net cash provided by operating activities was 2,937 (in thousands).
Liquidity at quarter end included $ 139,281 (in thousands) of cash and cash equivalents. Cash declined from $ 159,618 (in thousands) at December 31, 2025, while accounts receivable, net increased to 213,410 (in thousands) from 159,242 (in thousands). During the nine months, the company issued convertible debt, repaid convertible debt, paid premiums for capped call confirmations, repurchased $25,000 (in thousands) of common stock, and spent $24,992 (in thousands) on property and equipment.
The company revised FY 2026 guidance to consolidated revenue of $807 million to $809 million from previous guidance of $802 million to $806 million, and to adjusted EBITDA of Approximately $60 million from $56 million to $58 million. FY 2026 GAAP net-loss guidance was revised to $(32) million to $(30) million from $(42) million to $(34) million. The release also announced that Warren Stone, President and COO, is expected to become CEO and a Board member effective January 4, 2027, with Tony Zook expected to transition to Executive Chairman.
Management, verbatim
Our third-quarter results reinforce that we have the right strategy in place and the right team to execute against it,
Tony Zook, Chief Executive Officer of NeoGenomics
Clinical revenue growth of 13% continues to showcase the strength of our broad-based testing solutions portfolio, with NGS revenue growing a strong 29% and NGS test volume growing 17%.
Tony Zook, Chief Executive Officer of NeoGenomics
At the same time, we expect to reduce complexity across our business through operational excellence initiatives designed to deliver accelerating growth and disciplined margin expansion over the long-term.
Tony Zook, Chief Executive Officer of NeoGenomics
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported Q3 metrics
- Quarterly operating cash flow
- Quarterly free cash flow
- Free cash flow for the nine months ended September 30, 2026
- Dividend amount or dividend policy
- Segment revenue beyond clinical services
- FY 2026 gross margin guidance
- FY 2026 operating expense guidance
- FY 2026 tax-rate guidance
- Previous-release outlook for formal actual-versus-prior-guidance comparisons
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.