NeoGenomics, Inc. (Nasdaq: NEO) shares declined 5.27% in Tuesday’s trading session following the release of its fourth quarter and full year 2025 financial results. The cancer diagnostics provider reported quarterly figures that met revenue expectations but issued an outlook for the 2026 fiscal year that sat below certain institutional estimates.
Full Year Results Context
For the full year 2025, consolidated revenue totaled $727 million, a 10% increase from $661 million in 2024. The annual net loss widened to $108 million from a loss of $79 million in the preceding year. Adjusted EBITDA for the full year 2025 was $43 million, reflecting a 9% increase over the $40 million reported in 2024. The company ended the year with approximately $160 million in cash and cash equivalents.
Fourth Quarter Results
For the fourth quarter ended December 31, 2025, NeoGenomics reported consolidated revenue of $190.2 million, representing an 11% increase compared to $172 million in the same period of the prior year. The company recorded a net loss of $10 million for the quarter, an improvement from the $15 million net loss reported in the fourth quarter of 2024.
Adjusted EBITDA for the period reached $13.38 million, a 13% year-over-year increase, resulting in a 7% adjusted EBITDA margin. Clinical test volumes were the primary driver of the topline growth. The Next-Generation Sequencing (NGS) segment reported a 23% revenue increase during the quarter. Average revenue per clinical test rose 5% year-over-year to $488.
Financial Trends
Business & Operations Update
During the reporting period, NeoGenomics introduced PanTracer Pro, an integrated cancer diagnostic test for advanced-stage solid tumors. The test provides results in 8 to 10 days and includes automatic reflexing to liquid biopsy when tissue samples are insufficient. The company also secured New York State approval for the Neo Comprehensive Solid Tumor assay and the NeoTYPE DNA & RNA Lung test. Additionally, the company is preparing for the clinical launch of its RaDaR ST minimal residual disease (MRD) assay following a favorable court ruling that declared certain competing patent claims invalid.
M&A or Strategic Moves
In April 2025, NeoGenomics completed the acquisition of Pathline, LLC, a New Jersey-based laboratory. The integration of Pathline is intended to expand the company’s diagnostic capabilities and physician reach in the Northeastern United States.
The company also announced a leadership transition, with Abhishek Jain appointed as Executive Vice President of Finance. Jain is scheduled to succeed Jeff Sherman as Chief Financial Officer on March 2, 2026. Furthermore, John P. Kenny was recently appointed to the Board of Directors.
Equity Analyst Commentary
Institutional research from TD Cowen noted the continued momentum in NGS volumes while maintaining a focus on long-term margin execution. Bank of America analysts adjusted their price target following the earnings release, citing concerns over the company’s capital expenditure requirements and the near-term contribution from new MRD products. Research notes generally highlighted the competitive landscape in the community oncology channel, where NeoGenomics currently holds a significant market share.
Guidance & Outlook
For the fiscal year 2026, NeoGenomics projects consolidated revenue in the range of $793 million to $801 million. The company expects a net loss between $50 million and $63 million. Adjusted EBITDA is forecasted to be between $55 million and $57 million, representing a midpoint growth of approximately 30% over 2025 levels. Management stated that while the RaDaR ST MRD assay will launch in 2026, its revenue contribution is expected to be modest until 2027.
Performance Summary
NeoGenomics shares ended the day lower as the market reacted to the company’s 2026 fiscal outlook. Fourth-quarter revenue rose 11% to $190.2 million, supported by 23% growth in the NGS segment. The full year net loss widened to $108 million despite a 10% increase in total revenue. The company maintains its focus on the $20 billion MRD market for the coming fiscal year.