Short answer
NEOGENOMICS INC (NEO) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $727M (+10.1% year over year) and net income of −$108M.
- Top risk flagged: FDA potential regulation of Laboratory Developed Tests requiring clinical trials and approvals, risking operational disruptions and costs
FY2025 key financial metrics · XBRL
- Revenue
- $727M
- +10.1% YoY
- Net income
- −$108M
- −37.2% YoY
- Operating margin
- -15.9%
- −2.0 pp YoY
- Gross margin
- 43.2%
- −0.7 pp YoY
- ROE
- -12.9%
- −4.2 pp YoY
- Operating cash flow
- $5M
- −25.5% YoY
Source: XBRL data from the NEOGENOMICS INC (NEO) FY2025 10-K on SEC EDGAR. USD.
NEOGENOMICS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: oncology-focused diagnostic testing and consultative services, including molecular and precision cancer testing
- Emphasis on growth in therapy selection and Molecular Residual Disease (MRD) testing with launches under a 2026 launch excellence program
- Strategic expansion into community oncology market leveraging partnerships for accelerated topline growth
- Largest molecular testing panels include PanTracer and Neo Comprehensive portfolios with NGS capabilities; Inivata acquisition (2021) bolsters liquid biopsy MRD tech
- 2026 focus on driving operational efficiency via automation, customer experience improvements, and culture with enhanced collaboration and accountability
Management Discussion & Analysis
- Revenue $727.3M in 2025, up 10.1% YoY or $66.8M, driven by higher test volumes, higher value tests, reimbursement, and Pathline acquisition
- Gross profit $314.3M, margin 43.2% in 2025 vs 43.9% in 2024, a 0.7% margin decline mainly from Pathline acquisition and rising costs
- Best segment: clinical molecular and NGS testing driving growth; worst segment: lower non-clinical revenue due to macro clinical trial trends
- Adjusted EBITDA $43.4M in 2025, up 9.5% or $3.7M YoY; G&A $273.3M (37.6% of revenue) increased 5.2% or $13.6M; sales & marketing $92.0M up 8.7%
- No restructuring charges in 2025 vs $6.7M in 2024; R&D expense $37.1M (5.1% of revenue), up 19%; expecting increased R&D investment going forward
- Management plans to grow via precision diagnostics, therapy selection, MRD testing, community oncology expansion, and efficiency through automation
- Regulatory risk: FDA LDT oversight uncertain after 2025 court ruling vacating FDA rule; potential future FDA changes could increase compliance costs
- No significant expected 2026 revenue impact from regulatory changes; continued investments in test menu expansion, IT, automation, and sales force growth
Risk Factors
- FDA potential regulation of Laboratory Developed Tests requiring clinical trials and approvals, risking operational disruptions and costs
- Global conflicts and political unrest posing business disruption risks with no specific regional revenue exposure disclosed
- Capacity constraints risk from inability to scale personnel and systems impacting turnaround times and client retention
- Intense competition from Quest Diagnostics, Guardant Health, and Myriad Genetics increasing price pressure and market share risk
- Servicing $2028 Convertible Notes may strain cash flow and limit financial flexibility impacting operational funding
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.