Oncology (cancer) diagnostics company NeoGenomics (NASDAQ: NEO) will be reporting results this Tuesday before market open. Here’s what to expect.
NeoGenomics missed analysts’ revenue expectations by 0.9% last quarter, reporting revenues of $181.3 million, up 10.2% year on year. It was a softer quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates and full-year EBITDA guidance missing analysts’ expectations significantly.
Is NeoGenomics a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting NeoGenomics’s revenue to grow 9.5% year on year to $183.8 million, in line with the 10.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.02 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. NeoGenomics has missed Wall Street’s revenue estimates three times over the last two years.
Looking at NeoGenomics’s peers in the healthcare providers & services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Quest delivered year-on-year revenue growth of 13.2%, beating analysts’ expectations by 3.3%, and Elevance Health reported revenues up 11%, in line with consensus estimates. Quest traded down 4.9% following the results while Elevance Health was also down 2.5%.
Read our full analysis of Quest’s results here and Elevance Health’s results here.
There has been positive sentiment among investors in the healthcare providers & services segment, with share prices up 7.6% on average over the last month. NeoGenomics is up 38.9% during the same time and is heading into earnings with an average analyst price target of $11 (compared to the current share price of $10.79).
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