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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Neogenomics reported revenue of $727M in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was −$116M, an operating margin of −15.9%, and net income was −$108M. Operating cash flow of $5M less capital expenditure of $27M left free cash flow of −$22M. Net debt was $182M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 484 | 510 | 592 | 661 | 727 |
| Cost of revenue | 297 | 322 | 347 | 370 | 413 |
| Gross profit | 187 | 188 | 245 | 290 | 314 |
| Research & development | 21.9 | 30.3 | 27.3 | 31.2 | 37.1 |
| Selling, general & admin | 284 | 311 | 314 | 344 | 365 |
| Operating income | −119 | −158 | −108 | −92.1 | −116 |
| Interest expense | 8.2 | 7.6 | 6.9 | 6.6 | 3.8 |
| Pre-tax income | −15.1 | −159 | −97.1 | −80.7 | −110 |
| Income tax | −6.7 | −15.1 | −9.1 | −1.9 | −2.2 |
| Net income | −8.3 | −144 | −88.0 | −78.7 | −108 |
| Diluted shares | 120 | 124 | 126 | 127 | 128 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 317 | 263 | 342 | 367 | 160 |
| Receivables | 112 | 120 | 131 | 151 | 159 |
| Inventory | 23.4 | 24.3 | 24.2 | 26.7 | 28.6 |
| Current assets | 682 | 605 | 597 | 596 | 376 |
| Net PP&E | 109 | 102 | 92.0 | 94.1 | 84.8 |
| Goodwill | 527 | 523 | 523 | 523 | 524 |
| Total assets | 1,870 | 1,740 | 1,681 | 1,638 | 1,360 |
| Payables | 17.9 | 20.5 | 20.3 | 21.6 | 23.1 |
| Deferred revenue | 5.2 | 7.6 | 2.1 | 0.4 | 0.9 |
| Current liabilities | 87.2 | 89.9 | 96.3 | 301 | 88.3 |
| Short-term debt | – | – | – | 201 | 0.0 |
| Long-term debt | 533 | 535 | 538 | 340 | 342 |
| Total liabilities | 762 | 742 | 740 | 736 | 523 |
| Shareholders' equity | 1,108 | 998 | 942 | 902 | 837 |
| Backlog (remaining obligations) | 267 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −26.7 | −66.0 | −2.0 | 7.0 | 5.2 |
| Capital expenditure | 64.1 | 30.9 | 28.8 | 41.1 | 27.0 |
| Free cash flow | −90.9 | −96.9 | −30.7 | −34.0 | −21.8 |
| Depreciation & amortisation | 30.2 | 35.4 | 37.5 | 39.1 | 36.1 |
| Stock-based compensation | 22.5 | 24.7 | 24.6 | 33.4 | 41.3 |
| Acquisitions | 419 | 0.0 | 0.0 | 0.0 | 6.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.2% | 16.1% | 11.6% | 10.1% |
| Gross margin | 38.6% | 36.9% | 41.3% | 43.9% | 43.2% |
| Operating margin | −24.5% | −30.9% | −18.2% | −13.9% | −15.9% |
| Net margin | −1.7% | −28.3% | −14.9% | −11.9% | −14.9% |
| Return on equityBlank when equity is negative | −0.8% | −14.5% | −9.3% | −8.7% | −12.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.7% | −9.6% | −6.8% | −6.9% | −9.1% |
| Free cash flow margin | −18.8% | −19.0% | −5.2% | −5.2% | −3.0% |
| Cash conversion (CFO ÷ net income) | 3.20x | 0.46x | 0.02x | −0.09x | −0.05x |
| Receivable days | 85 | 86 | 81 | 83 | 80 |
| Inventory days | 29 | 28 | 25 | 26 | 25 |
| Payable days | 22 | 23 | 21 | 21 | 20 |
| Interest cover | −14.4x | −20.8x | −15.6x | −13.9x | −30.9x |
| Debt ÷ equity | 0.48x | 0.54x | 0.57x | 0.60x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 216 | 272 | 196 | 174 | 182 |
| Current ratio | 7.81x | 6.73x | 6.20x | 1.98x | 4.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.