NeoGenomics, Inc.

NeoGenomics reported Q2 2026 total revenue of $201.7 million, up 11% year over year, with clinical revenue up 14% on 2% volume growth and 12% AUP growth. NGS revenue grew 26% year over year, while nonclinical revenue was $14.5 million, down 15%, including pharma down 26% and ODS up 17%. Adjusted gross margin was 48.1%, up about 260 basis points, adjusted gross profit was $96.9 million, and adjusted EBITDA was $14.4 million, up 36%. For 2026, management raised revenue guidance to $802 million-$806 million from $797 million-$803 million and raised adjusted EBITDA guidance to $56 million-$58 million from $55 million-$57 million. They expect clinical revenue to grow in the low teens, NGS to grow in the mid-20s, nonclinical revenue to be down high single digits, gross margin to improve 100-150 bps, and quarterly revenue growth of about 10% in Q3 and above 10% in Q4.

Tony Zook framed the quarter as evidence that NeoGenomics is executing on a strategy built around its 25% hematology market share, expansion into therapy selection and MRD, and a broader oncology continuum. He emphasized that PanTracer and RaDaR ST are still early but are already creating mix shift, margin support, and pull-through across the portfolio. His tone was confident and upbeat, with repeated references to durable, profitable growth and better positioning for 2027 and beyond.

Abhishek Jain highlighted the financial leverage in the quarter: revenue of $201.7 million, adjusted gross margin of 48.1%, adjusted gross profit of $96.9 million, and adjusted EBITDA of $14.4 million. He also noted $316 million raised via new 2032 convert notes, $276 million of 2028 converts retired, $25 million of shares repurchased, roughly $20 million of operating cash generated, $8 million of capex, and $145.5 million in cash and equivalents at quarter-end. On guidance, he said nonclinical revenue is now expected to be down high single digits, while full-year gross margin should improve 100-150 bps and adjusted EBITDA should grow more than 30% at the midpoint.

Analysts focused on the durability of NGS growth, the weakness in pharma, the sustainability of AUP gains, and the ramp of RaDaR ST and PanTracer. Management said NGS growth is durable because of mix shift toward larger panels and heme products, and that MRD is not included in NGS but is reported within clinical revenue. On pharma, they said bookings were strong but pull-through was weak, that pharma is only about 5% of revenue, and that the business is viewed as an enabler rather than core. They also said RaDaR ST’s additional indications could materially expand reimbursement coverage and that AUP gains should remain supported by mix shift and RCM work, though volume growth should accelerate later as a prior low-value contract laps.