NeoGenomics Unveils Comprehensive Genetic Pathology Solutions (GPS) Product Offering
Sep 25 2006, 4:00 AM EST
PRNEWSWIRE
FT. MYERS, Fla., Sept. 25 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, unveiled today a new comprehensive testing service targeting the oncology and hematology markets. This new offering called Genetic Pathology Solutions (GPS) combines the results of cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry and morphological testing onto one comprehensive laboratory report.
NeoGenomics President and Chief Scientific Officer Robert Gasparini said, "Our new GPS offering is the right product at the right time focused on the right market. Given the accuracy of genetic testing, more oncology practices are using these services to assist in diagnosing hematological cancers. Recently, the trend has been to order as many as two to four of these genetic tests to confirm diagnoses across testing modalities. Previously, doctors would get these test results at various times due to differing lengths of time required for each test methodology. Because of our superior turn-around-times, we are now able to generate one comprehensive test report for our clients typically within four to five days. This is a huge benefit to doctors who like to review all ancillary testing information at one time in order to make the most comprehensive and accurate diagnosis. Our new GPS product has been warmly received by customers to whom we have rolled it out. Very few other laboratories across the country are set up to provide one comprehensive report to oncology clients, and we believe none are able to do so in time frames equivalent to those of NeoGenomics Laboratories."
NeoGenomics also announced that Dr. Frank Yang, M.D., Ph.D, FCAP, has joined the company as its chief hematopathologist. Before joining NeoGenomics, Dr. Yang worked with Dr. Raul Braylan, a legendary authority in flow cytometric analysis of lymphoma and leukemia at the University of Florida. Yang's work experience includes hematopathologist and clinical assistant professor at the University of Florida, chief hematopathologist at the Milwaukee VA Medical Center and laboratory director of the Tomah VA Medical Center in Wisconsin, and numerous other notable assignments. Dr. Yang is also a former research scientist in the field of molecular biology and medical genetics at the Albert Einstein College of Medicine and University of California at San Francisco. Based on this experience, Dr. Yang understands all aspects of modern hematopathology services.
Gasparini said, "We are honored to have Dr. Yang join our staff. For the last two years, he has worked closely with Dr. Braylan, who is widely considered the father of modern flow cytometry. In addition, Dr. Yang is one of those rare individuals who has achieved not only an M.D. with a specialization in hematopathology, but also a Ph.D. in molecular biology/genetics. His vast experience allows us to bring in-house many new professional services. In particular, we can now provide in-house the professional component of flow cytometry as well as provide morphological and immunohistochemistry testing services. This has allowed NeoGenomics to complete its oncology services bundle, which we believe will make it easier to attract additional oncology customers."
Acting Chief Financial Officer Steven Jones said, "The GPS product allows NeoGenomics to address a much larger segment of the oncology testing market, and we believe it will allow us to increase the average revenue per requisition for our oncology testing services. Indeed, in early trials of this new product offering with oncology practices, we have been able to increase the number of tests ordered per requisition by 25-50%, and our average revenue per requisition for these clients has increased by as much as 60%. As a result of our GPS product offering, we anticipate that our customer mix will continue to evolve. In particular, we have begun to attract additional higher-margin oncology practices, and we are seeing a decline in volume from some of our lower margin reference laboratory customers due to a perception that our new GPS product conflicts with some of their own services. This evolution of our customer mix has been expected and, given the level of interest in the GPS product to date, we expect that any lost revenues from reference lab customers will be more than offset by new higher margin oncology clients in fairly short order. Overall, we are excited about the impact that we believe the GPS product will have on our growth rate in FY 2007. As we announced with our Q2 06 earnings release we plan to issue revised upward guidance for FY 2007 with our Q3 06 earnings release."
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company analyzes chromosomes, genes and DNA for the presence of cancerous disease states through its cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry and molecular genetic testing services. Headquartered in Fort Myers, Fla., NeoGenomics has labs in Nashville, Tenn., and Ft. Myers and services the needs of oncologists, pathologists, urologists, hospitals and other reference laboratories throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.org.
An investment profile about NeoGenomics may be found online at http://www.hawkassociates.com/ngnmprofile.aspx. Interested parties can also access an in-depth equity research report, from the American Microcap Institute at http://www.americanmicrocapinstitute.com/ngnm.
An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
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