Here are 1-3 brief analogies for NeoGenomics:

• The Quest Diagnostics for cancer.

• LabCorp or Quest Diagnostics, but exclusively focused on advanced oncology testing.

• Oncology Testing Services: Provides a comprehensive array of advanced diagnostic tests for the detection, diagnosis, prognosis, and monitoring of cancer using various methodologies.
• Pharmaceutical Services: Offers support for biopharmaceutical companies throughout every stage of clinical trials, from biomarker discovery to companion diagnostics development.

NeoGenomics (NEO) primarily sells its cancer-focused genetic testing services to other companies and organizations within the healthcare and life sciences sectors.

According to the company's public filings, NeoGenomics serves a diverse customer base, and no single customer accounts for 10% or more of its revenue. Therefore, specific "major customer companies" that contribute a significant portion of their revenue are not identified.

NeoGenomics' customer base falls into the following key categories of organizations:

• Oncology and Pathology Practices: These include private and group practices specializing in cancer treatment and diagnosis.
• Hospitals and Academic Centers: Healthcare institutions and university-affiliated medical centers that utilize NeoGenomics' testing services for patient care and research.
• Pharmaceutical Companies: Life sciences companies that leverage NeoGenomics' expertise for clinical trials, companion diagnostics development, and research. Many of these are public companies (e.g., large pharmaceutical corporations like Merck & Co. (MRK) or Pfizer Inc. (PFE)), but no single one represents a major customer, as their business is diversified across many such entities.

• Illumina, Inc. (ILMN)
• Thermo Fisher Scientific Inc. (TMO)

Tony Zook became CEO of NeoGenomics in April 2025. Prior to this, he was a NeoGenomics Board member for two years, chairing the Compensation committee and serving on the Audit and Technology committees. He possesses significant experience as a brand and marketing executive, focusing on the intersection of commercial and research and development aspects of an organization. Mr. Zook previously served as CEO of Innocoll Biotherapeutics. He was also Executive Vice President, Commercial Operations of AstraZeneca (AZ), where he held global P&L responsibility for all of AZ's brands and markets, commercializing 10 brands, each exceeding $1 billion in sales. He was responsible for MedImmune, AZ's global biologics business, and chaired the Commercial Investment Board. Earlier at AZ, he held roles including CEO of North America and VP of Sales, contributing to the integrations of Astra US, Astra Merck, and Zeneca. Before joining AZ, he spent 14 years with Berlex Laboratories.

Jeffrey S. Sherman joined NeoGenomics as Chief Financial Officer on December 7, 2022. He brings over 32 years of finance experience within the healthcare services industry, having worked in finance roles at various public companies at different growth stages. Mr. Sherman previously served as Chief Financial Officer of Privia Health Group, Inc., a national physician enablement company. From 2014 to 2021, he was the Executive Vice President, Chief Financial Officer, and Treasurer at HMS, a technology, analytics, and engagement solutions provider. During his tenure at HMS, he was instrumental in driving significant improvements in operating performance and led the process that resulted in the company's sale to Veritas-backed Gainwell Technologies for $3.4 billion in April 2021. His prior roles include Executive Vice President and Chief Financial Officer of AccentCare (2013-2014) and Lifepoint Hospitals, Inc. (2009-2013). He also held senior finance positions, including Treasurer, and Divisional and Hospital CFO roles, at Tenet Healthcare Corporation.

Warren Stone was appointed President and Chief Operating Officer of NeoGenomics in April 2025. He initially joined NeoGenomics in November 2022 as President, Clinical Services, before becoming Chief Commercial Officer. Mr. Stone is noted for his extensive global experience in the life science and diagnostic sectors. Prior to NeoGenomics, he served as President of Americas at Ortho Clinical Diagnostics (now QuidelOrtho).

Alicia Olivo has served as Executive Vice President, General Counsel, and Business Development at NeoGenomics since January 1, 2024. She has over 15 years of corporate business, M&A, and legal expertise. During her five years with NeoGenomics, Ms. Olivo has represented the company in acquisitions, fundraising, governance activities, and various regulatory matters. Before joining NeoGenomics, she was a Director at PricewaterhouseCoopers, LLP, where she negotiated incentives for numerous Fortune 500 clients.

Elizabeth Floegel previously served on NeoGenomics' Board of Directors, where she was a member of the Audit and Compliance Committees, before transitioning to her current executive role. She was the Chief Information & Digital Officer at Numotion, where she spearheaded a comprehensive digital and cybersecurity transformation, including the implementation of AI-based tools. Her earlier career includes leadership roles such as Global Vice President of Business Technology at Allergan (now AbbVie), overseeing technology solutions for global commercial, retail, and digital marketing.

The key risks to NeoGenomics' business include persistent unprofitability and declining margins, intense competitive pressure coupled with slower-than-market revenue growth, and execution challenges in new product development.

1. Persistent Unprofitability and Declining Margins: NeoGenomics has consistently experienced unprofitability, with accelerating losses over the past five years and negative net profit margins, and no turnaround expected within the next three years. This is primarily driven by high fixed costs and a decrease in nonclinical revenues.
2. Competitive Pressure and Slower Revenue Growth: The company faces significant competitive pressure in the oncology diagnostics market, with its revenue growth forecast trailing the broader U.S. market. Competitors expanding their portfolios could further erode NeoGenomics' market share, especially as the company's test mix has historically been weighted towards legacy modalities while the market shifts toward larger, more comprehensive next-generation sequencing (NGS) panels.
3. Execution Risks in New Product Launches and NGS Roadmap: NeoGenomics faces risks related to delayed product launches and the successful rollout of new tests. Challenges in executing its NGS roadmap are specifically highlighted as a concern. These execution risks could increase costs and limit the company's ability to improve its margins and market position.

The rapid advancement and increasing clinical adoption of liquid biopsy technologies, particularly for applications such as minimal residual disease (MRD) testing, recurrence monitoring, and treatment selection. While NeoGenomics is expanding its own liquid biopsy offerings, dedicated liquid biopsy companies (e.g., Guardant Health, Natera, Exact Sciences) possess specialized platforms, strong intellectual property, and highly focused research and development efforts. These competitors could potentially out-innovate NeoGenomics or capture a dominant market share in these rapidly growing segments, thereby eroding NeoGenomics' traditional tissue-based testing volumes or limiting its ability to secure a proportionate share of the emerging liquid biopsy market.

NeoGenomics (NEO) operates in the cancer diagnostics and pharma services sectors, offering a comprehensive menu of over 500 oncology-focused tests and services. These include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, immunohistochemistry, molecular testing, and next-generation sequencing (NGS) for diagnostic, prognostic, and predictive testing, as well as biopharma services and oncology data solutions.

NeoGenomics has identified its addressable markets for therapy selection and Minimal Residual Disease (MRD) as representing a significant opportunity. The company estimates these combined markets to be "more than $40 billion of addressable market opportunity," which is understood to be a global market.

The broader global cancer diagnostics market, within which NeoGenomics operates, was valued at approximately USD 170 billion in 2025 and is projected to reach USD 354.66 billion by 2034. Another estimate places the global cancer diagnostics market size at USD 207.9 billion in 2024, with a projection to reach USD 326.2 billion by 2033. The North American region holds a substantial share of this market, accounting for approximately 34% of the global market in 2024. The U.S. cancer diagnostics market specifically was valued at USD 34.24 billion in 2024 and is estimated to grow to around USD 85.13 billion by 2034.

• Expansion of Next-Generation Sequencing (NGS) Testing: NeoGenomics anticipates continued strong growth in its NGS business, with NGS revenue growing significantly year-over-year and forming an increasing portion of total clinical revenue. The company has launched several new NGS products, such as Neo Comprehensive solid tumor and myeloid disorders tests, which are contributing to this growth.
• Increased Clinical Test Volume and Shift to Higher-Value Tests: The company consistently reports an increase in overall clinical test volumes and a strategic shift towards higher-value tests, including NGS. This focus on more complex and higher-reimbursement tests is a significant contributor to revenue growth.
• Strategic Market Penetration and Salesforce Expansion: NeoGenomics is actively expanding its salesforce and deepening its penetration into the community oncology setting, where a large majority of cancer patients receive care. This increased commercial presence is expected to drive greater adoption of its testing services.
• Launch of New Products and Services: The introduction of innovative new products is a crucial growth driver. This includes the recent launch of tests like NEO AML Express and NEO Comprehensive solid tumor, as well as the planned commercial launch of the PanTracer liquid biopsy test and future next-generation MRD (Minimal Residual Disease) products.
• Strategic Acquisitions and Revenue Cycle Management Initiatives: Acquisitions, such as Pathline in April 2025, are expanding NeoGenomics' market presence and are expected to enhance growth and profitability. Additionally, ongoing improvements in revenue cycle management (RCM) and strategic reimbursement initiatives are contributing to a higher average revenue per test.

Share Repurchases

• NeoGenomics' share repurchases from 2020 to 2025, totaling several million dollars, primarily reflect shares acquired from participants for tax withholding obligations related to the vesting of restricted stock awards, rather than a publicly announced repurchase plan.

Share Issuance

• In April 2020, NeoGenomics completed public offerings of 4,400,000 shares of common stock for gross proceeds of $125.4 million.
• Concurrently in April 2020, the company issued $175.0 million aggregate principal amount of 1.25% convertible senior notes due 2025.
• In June 2021, a private placement of equity generated $200 million in gross proceeds, primarily to fund the acquisition of Inivata.

Inbound Investments

• In May 2021, NeoGenomics secured $200 million in strategic financing through a private placement of equity, led by institutional and oncology-focused specialist investors, to help fund the acquisition of Inivata.

Outbound Investments

• In May 2021, NeoGenomics acquired Inivata Ltd, a liquid biopsy platform company, for $390 million, following an initial $25 million minority equity investment in May 2020.
• In March/April 2025, the company acquired Pathline, LLC for $20 million, aimed at expanding its market presence and service offerings in the Northeast region.

Capital Expenditures

• Capital expenditures for 2024 were reported at $41.1 million.
• NeoGenomics expects capital expenditures for 2025 to be in the range of $30 million to $35 million.
• These expenditures are primarily focused on expanding the company's test menu and capabilities, including investments in next-generation sequencing (NGS) tools.