Oncology (cancer) diagnostics company NeoGenomics (NASDAQ: NEO) will be reporting earnings this Wednesday after market close. Here’s what investors should know.
NeoGenomics beat analysts’ revenue expectations last quarter, reporting revenues of $201.7 million, up 11.2% year on year. It was a strong quarter for the company, with a narrow beat of analysts’ full-year EPS guidance estimates.
Is NeoGenomics a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting NeoGenomics’s revenue to grow 10.2% year on year, slowing from the 11.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. NeoGenomics has missed Wall Street’s revenue estimates multiple 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 10%, beating analysts’ expectations by 1%, and Elevance Health reported flat revenue, topping estimates by 3.1%. Quest traded up 1.2% following the results while Elevance Health was also up 1.4%.
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 3.1% on average over the last month. NeoGenomics is down 13.6% during the same time and is heading into earnings with an average analyst price target of $21.85 (compared to the current share price of $16.68).
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