We are pleased to say that on September 1st, the team met this goal and HLI-Oncology has been fully integrated and is now serving as our primary Pharma Services molecular lab. Sir, the floor is yours. Investor Relations Corporate Profile. In our clinical oncology business, test volume improved throughout the quarter as average daily test volume increased nearly 10% from the month of July to September. During the second and third quarters, we invested considerable resources to set up a high quality, high capacity COVID-19 testing lab and continued to invest in Pharma Services next-generation sequencing and commercialization efforts. Now I'd like to introduce Doug Brown. Tejas Savant -- Morgan Stanley -- Analyst. And we've seen some success with our previous projects and sponsored testing programs and I think it's a real competitive advantage for us to be able to do the development work on the Pharma Services side and then offer it clinically through our channel access to oncologists and pathologists. We've got a very strong backlog there and the trends look pretty good in our Clinical business. In our core oncology business, revenue grew 28% sequentially and 4% year-over-year. The positive momentum has continued in the first three weeks of October with daily test volumes up approximately 8% over September. Please go ahead. Sure, let me lead it off and then, I think maybe George and Rob each have comments about this. So we think that cancer diagnosis and therapy selection and monitoring are all obviously essential for cancer patients and there is a lot of postponement and delay in this activity and I think we're starting to see that come back and our volume, as we said, is reflecting that. We do have active engagements with a number of different life sciences companies already both in terms of projects that we are working on today and projects that are in our backlog. Yeah, the COVID testing business in revenue for us was very strong in July and August and then it did reduce somewhat. An archive of the web-cast will be available until 08:30 AM EDT on October 27, 2021. An archive of the web-cast will be available until … Okay, and thanks for the margin comments too. Okay, got it. Over those years as an outsider looking in, I was always very excited about the Company's strategy and its opportunities for growth. The strategic investments we've made in recent years together with additional planned investments have helped us create a differentiated platform for continued growth. So that's where we are at the present time. We expect this business segment to demonstrate faster growth rates and to represent an even greater percentage of total core oncology revenue in the fourth quarter. Clinical division revenue per test was $359, down 3% year-over-year and up 2% sequentially. In the quarter, we also funded our second of two $12.5 million investments in Inivata. I'll now turn it back over to Doug VanOort. We'll return to Mr. VanOort for finishing or -- excuse me, for final comments. Modern oncology drug development continues to select for smaller groups of patients defined by unique molecular modifications and our pharma clients now ask for a much larger range of molecular targets. So in some cases, we already got the relationship and that helps us even with things like liquid biopsy. The only thing I'd add there is, Doug Brown mentioned, we are investing in strategic marketing and in this environment everyone's having to rethink creative marketing and a lot of virtual trade shows and how do we interact with our customers in a different way, and we are being very proactive, and how we are really positioning ourselves going forward to make sure that we're at the forefront of the playbook and making sure that we're thinking about what marketing and client retention and client acquisition looks like going forward, because I think it's going to be this way for a bit. Can you just walk us through sort of your plans for monetizing that offering? But we've seen that start to open up more and more recently, and then some of those geographies that have remained a little bit tighter have loosened a little bit more recently. Thank you, Doug, and good morning, everyone. This completes the funding of our minority shareholder investment in Inivata that we announced earlier this year. Now we don't have plans for our existing NeoLAB pan-cancer assay to -- well, I guess it is actually approved because we're using the Thermo Fisher platform for that. The webcast may be accessed under the Investor Relations section of our website at www.neogenomics.com. The importance of our international strategic investments can't be understated and the strong new bookings numbers we have been able to post in recent quarters, despite the global pandemic, is strong evidence that our strategy is the right one. A replay of … As we've discussed on prior earnings call in the back half of 2019, we determined that our Pharma Services business had reached sufficient scale along with our anticipated growth or the timing was appropriate to invest in a pharma-dedicated testing infrastructure. Overall, what's your expectation for improvement for NGS I mean, AUP longer term here and what sort of -- what is the -- where could that potentially reach to and what is the pace of that sort of improvement, if you can walk through that either Doug or Kathryn? Neogenomics Inc Q4 2019 ... William Bonello-- President of Informatics Division & Director of Investor Relations. Yeah, I don't have anything statistically to tell you, but anecdotally we do hear that, and I think it's a reasonable point. I'd like to welcome you all to NeoGenomics' third quarter 2020 conference call. NeoGenomics is a cancer reference laboratory that provides cancer testing and partnership programs to pathologists and oncologists. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support SOURCE: NeoGenomics, Inc. View source version on … NeoGenomics reported record revenue and adjusted EBITDA in quarter three as we rebounded strongly from a very challenging second quarter. To-date, we haven't done a lot in terms of supporting basic clinical research, but we do think that is an opportunity as well. I think the area that has strengthened the most has been next-generation sequencing as we mentioned in our prepared remarks. Okay, that's helpful. Neogenomics Inc (NASDAQ:NEO)Q3 2020 Earnings CallOct 27, 2020, 8:30 a.m. Great, thanks for the color. While we are still in the early innings of liquid biopsy at NeoGenomics, we are excited about having launched our comprehensive suite of tests in the middle of this year. Would you expect Neo to play a role in liquid biopsy cancer screening, early stage screening or is the company going to stick with later stage such as treatment selection and recurrence monitoring? Actually, we look at it day-by-day, but it is difficult for us to comment on a week-over-week basis. Thank you. And so, there actually will be some places that we can take you to look at how we're interacting with our stakeholders in informatics. The decision last year to invest in a formal informatics strategy and our dedication to creating value from our existing oncology testing data is already paying off. Yeah, we clearly had capacity. Returns as of 12/15/2020. Before turning the call back to Doug VanOort, I want to let everyone know that we'll be making a copy of our prepared remarks for this morning's call available on the Investor Relations section of our website shortly after the call is completed. All right, thank you. Please go ahead. Our team in La Jolla has been extremely busy working on proposals from our sales team and we've signed several contracts in our current backlog based on their work. Just five years ago, we had essentially no Pharma Services business. Mr. Cooper, if you could please resignal so I could put you back in the queue and you could finish your question. The Company provides one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The increases were partially offset by significantly reduced travel and decreased trade show and marketing expenses. Well, we lost the call, so we are rejoining, sorry. The presentation will be webcast live and accessible online via the investors section of the Company's website, www.neogenomics.com. So we are generating revenue from the business. NeoGenomics (NEO) Investor Presentation - Slideshow. Thanks for all that color. Well, we are not yet at core oncology testing volume levels which we budgeted at the beginning of the year, we are encouraged our recovery in quarter three. NeoGenomics (NEO) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.01 per share. Any forward-looking statement speaks only as of today and we undertake no obligation to update any such statements to reflect events or circumstances after today. What we're seeing despite resurgence and unemployment continuing at levels that they are at is that our business is recovering. Well, thank you, Melinda. Clinical trial work rebounded nicely during the quarter and research-related revenue continued to show strength with volumes returning in pharma, our record level of backlog at $185 million and continued success on the sales front. Now that may change but that's the situation. William Bonello Chief Strategy and Corporate Development OfficerDirector, Investor Relations(239)690-4238 (w) (239)284-4314 (m)bill.bonello@neogenomics.comSOURCE: NeoGenomics, Inc. But I would say that we're very encouraged within that kind of environment by what's happening with the volume trends in both the clinical business and the pharma business and we're encouraged by what we're seeing, what we talked about for October and for quarter four. Since that time, we have continually and systematically built this business to be competitively well positioned. So we're looking forward to improved margins in those areas. One of the key capabilities that the Human Longevity team brought to Neo was full exome sequencing. Next, we go to the line of Steve Unger with Needham. So it was a combination of the existing trial enrollments[Phonetic] returning back to maybe more normal enrollment numbers as well as for the new trials finally starting. But through this all the demand has remained strong, I mean the pharma sponsors continue to sign contracts with us, so we are seeing the demand be strong I think there were some access issues clearly related to COVID but I do think we feel really good about the underlying demand. You mentioned terrific turnaround earlier and I wanted to follow up on that. Wondering if you -- what's your expectation for your multi-gene panel, when can that potentially receive FDA approval and also, what are the plans for the NeoLAB Solid Tumor or the InVisionFirst assay to get into the FDA approval queue potentially? For perspective, revenue for Pharma Services during this past quarter is 3.5 times higher than it was in the first quarter of 2017 and we're excited about our future prospects. Revenue in our Pharma Services segment also grew 28% from last quarter, while reporting its highest revenue quarter ever, growing 38% on a year-over-year basis. I would say that they have been very busy setting up a COVID lab, which we did and I think it's a terrific capability that we have, even though we don't have a lot of demand for that testing line currently, but our primary focus is in oncology and getting back to a position in which we have the best service that we can possibly offer because I think that's going to allow us to continue to take market share as we have in the past and our whole team is really focused on that, despite the kind of disruption that we see in supply chains and other -- in other areas, I think this can differentiate NeoGenomics on a going-forward basis and we're very focused on that. Great. Revenue grew 44% sequentially and 20% year-over-year to $125 million. Incidentally, if you are listening to this conference call via webcast only and would like to submit a question, please feel free to email us at charlie.eidson@neogenomics.com during the Q&A session and we will address your questions at the end if the subject matter hasn't already been addressed by our call-in listeners. I would say that our -- the current trends, we've had a resurgence recently in COVID cases, but it doesn't seem to be affecting our clinical business. Our people have gotten to be pretty darn good about gaining customers without going to trade shows and without actually visiting them. The Company’s Pharma Services division serves pharmaceutical clients in clinical trials and drug development. I don't want to belabor the macro point but I am getting questions on that, so I just wanted to maybe ask it different way. Yeah, the recovery really was pretty broad-based and really did progress and strengthen as the quarter ended and is continuing to strengthen into October. We are more confident everyday that we are on a steady path toward growth levels consistent with our historical long term guidance. Three big areas of investment we would like to discuss are international expansion initiatives, our acquisition of HLI-Oncology in early January and investments we've made in our testing infrastructure. Small focus panels are no longer sufficient for many of our pharma clients. COVID-19 PCR testing revenue added 16% to revenue growth during the quarter as we worked around the clock to develop and provide high-quality COVID testing to help with the shortage of U.S. capacity in July and August. Our NGS-based FDA submission is going well and we will soon be initiating active validation studies. This compares to earnings of … Unemployment doesn't seem to be a factor in our clinical business or our pharma business either. Got it. Thank you, Doug, and good morning. That's super helpful. Aside from these strategic investment areas I have outlined today, I can assure you that my role as Chief Strategy Officer keeps me very active in assessing inorganic opportunities for growth at NeoGenomics. Cumulative Growth of a $10,000 Investment in Stock Advisor, Neogenomics Inc (NEO) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NEO, NeoGenomics Slumps in Q2 but Readies for Second-Half Rebound, Neogenomics Inc (NEO) Q2 2020 Earnings Call Transcript, The Coronavirus Pandemic Will Test Invitae's Telemedicine Ambitions, Copyright, Trademark and Patent Information. Okay, that's helpful, and then just one more. While we have experienced recovery in recent months and are encouraged about that trajectory, we recognize that that uncertainty remains given the potential for a resurgence in COVID-19 cases in the United States and abroad and the potential downstream impact. Okay, thanks, Doug. Before we conclude our prepared remarks, we want to update you on our Fort Myers laboratory and global headquarters construction, which is coming along very well. Well, I would say first of all, Stephen, thanks for the question. So we are continuing to validate other genes on that pan-cancer panel and we think it's a good test. Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories in Ft. Myers and Tampa, Florida; Aliso Viejo, Carlsbad and Fresno California; Houston, Texas; Atlanta, Georgia; Nashville, Tennessee; Rolle, Switzerland, and Singapore. Alex Nowak -- Craig-Hallum Capital Group -- Analyst. Track . Now, we're very excited about the minimal residual disease product at Inivata, we are working with them in a number of different ways. An archive of the web-cast will be available until … Learn more. Good morning, everyone. Our share in oncology really has pharma sponsors wanting to work with us and the great part of NeoGenomics too is we create optionality for them, so if they want to work with an IVD partner, they can, if they want to go to a single-site PMA, we can. I'd like to recognize the approximately 1,680 NeoGenomics team members around the world for their dedication and commitment to our company and to building a world-class oncology diagnostics program. So when we think about a base business, what's your expectations around potential repeated COVID rates? As a reminder, we withdrew our full-year 2020 financial guidance on April 9, 2020 in light of the COVID-19 pandemic. Investor Relations Doug Brown Chief Strategy and Corporate Development Officer T: 239.768.0600 x2539 M: 704.236.2064 doug.brown@neogenomics.com, Charlie Eidson Manager of Investor Relations and Manager of Strategy and Corporate Development T: 239.768.0600 x2726 M: 952.221.8816 charlie.eidson@neogenomics.com, Transfer Agent Standard Registrar & Transfer Company 12528 South 1840 East Draper, UT 84020 T: (801) 571-8844, Contact Us | Careers | Licensing | Terms | Privacy, NeoLAB™ Liquid Biopsy for Hematologic Diseases, NeoGenomics To Virtually Participate In Fireside Chat At The Stephens Annual Investment Conference 2020, Stephens Annual Investment Conference 2020. William Bonello -- President, Informatics Division. Also of note, this is the second quarter in a row where Pharma Services represented greater than 15% of our core oncology revenue. NeoGenomics offers lab services for oncology clinical trials. We also saw the start of new clinical trials, which is something we did not see in quarter two. Well, we're watching this obviously on a day-by-day basis and there is some uncertainty, there is some disruption that continues in -- really in almost every business in the country. Stock Advisor launched in February of 2002. Encouragingly, we gained significant momentum in our core oncology business throughout the quarter. The web-cast may be accessed under the Investor Relations section of our website at www.neogenomics.com. In addition to exploring external partnership opportunities, including our collaboration with Inivata, we continue to invest in our own internal research and development activities. Hi, Doug, thanks for the question. A replay of … While the lab was attractive to us the opportunity to add a talented molecular team was also a major factor in our purchase. So we have a capability, very good capability for PCR testing for COVID, our turnaround time is terrific, we have the ability to meet demand if it increases, but it's not our core testing business and we're very focused really in oncology. While we anticipated the temporary pressure on margins due to this economies of scale, the decision to decouple pharma project testing is expected to pay off for both Pharma Services and Clinical, and service levels in both divisions should benefit over the long term. Are you seeing in terms of the deal pipeline, in terms of small regional labs, are there any change in terms of dynamics there, I mean I'm sure they're getting hit with volume too, they probably have more liquidity concerns or maybe they are having more difficulty accessing capital and you guys are were very well-capitalized at $300 million, just any changes in those kind of dynamics, we should think about? Now that would suggest that there is still pent-up demand, because we know that cancer cases are increasing, that the market's growing, and that we're taking market share. Well, we have a very good collaborative relationship with Inivata, we serve on their Board, we have a minority interest, as you know, our teams are working very, very well together and we talk a lot of that both the InVisionFirst-Lung test and how to accelerate progress and penetration on that as well as MRD. Clinical division test volumes, excluding COVID-19 testing, increased 2% year-over-year and improved month-to-month as the quarter progressed. The web-cast may be accessed under the Investor Relations section of our website at www.neogenomics.com. Nice quarter for Pharma Services, how much of that was driven by clinical trials and can you give us a sense of how the clinical trial recovery is going? David Westenberg -- Guggenheim Securities -- Analyst. I'll make some closing comments before we open it up to questions and answers. Kathryn B. McKenzie -- Chief Financial Officer. NeoGenomics and other organizations in the healthcare community unite to form COVID-19 testing industry consortium. We're obviously excited about our Pharma Services opportunities and you can see our investments are starting to pay off. But just to kind of drill in maybe a little bit more on what volumes were late October and as you think about it, they don't dramatically change with COVID. And so, right now, we're initiating the validation studies for validating that FDA-approved panel and we think we have a clear pathway, we think it's perhaps one of family of FDA-approved tests that you will see NeoGenomics initiate over the next several years and we feel pretty good about it. And just one more here. In terms of plans for Inivata's RaDaR MRD assay and the timelines to bring it to market, would you sort of consider sort of working with them to accelerate that just in line of -- in light of some of the movement you've seen here in terms of the draft LCD in place from Palmetto, you have a couple of peers sort of who will be on the market I guess by the time you guys plan to bring RaDaR to the U.S. Thank you very much, Tejas, for the question. Well, yeah, we -- our team has been very, very busy. And of course would appreciate any color on test utilization for the next couple of quarters if you have any visibility. I will say this, that it appears that our hospital clients and our oncology clients have learned to sort of deal with an environment in which we're handling COVID. The strategic investments that we just highlighted are core toward growth strategy and we remain committed to delivering on what we believe is enormous potential. ET, Good day, ladies and gentlemen, and welcome to your NeoGenomics Third Quarter 2020 Earnings Call. An archive of the web-cast will be available until … Our next question or comment comes from the line of David Westenberg with Guggenheim Securities. And reimbursement, we don't really see anything other than what Kathryn already discussed affecting 2021. Great. So I really think if you look over to -- not Q2 per se, because Q2 was definitely impacted by the pandemic, but looking back at Q4 and Q1 of 2019 and 2020, more indicative of our short-term expectations was improvement from there. An archive of the web-cast will be available until … Bill will continue to serve as Director of Investor Relations, a position he has held since 2018. Please go ahead. Click to enlarge. Thank you very much. Thank you. Our move to build out a pharma-dedicated infrastructure has put us in a position to continue our rapid growth trajectory and high service levels without putting pressure on our clinical division in the process. Now on the inside and after working with the team for nearly a year, I see more growth opportunities for NeoGenomics than ever before, and we are investing in these growth opportunities to increase our competitive position and drive outsized rewards for our investors. The rebound in our core oncology business, which is somewhat V-Shaped in its trajectory occurred in both our Clinical and Pharma Services segments. Sure. Stephen Unger -- Needham & Company -- Analyst. See you at the top! 1 30. The kind of general trends that we're seeing in pharma, for example, have been very, very strong throughout this even though access, as George said, is an issue. That strong demand continued in quarter three as we signed $35 million of new business in the quarter. Pharma Services revenue increased 38% year-over-year to a record $17 million. So do you think the market was closer to down 10%, down 20%, and thus, this is somewhat proof that Neo is still taking share during the pandemic? [Operator Instructions]. Charlie will read the standard language about forward-looking statements. The positive momentum in next-generation sequencing testing has continued in October with daily test volumes approximately 30% higher than last year. NeoGenomics, Inc. specializes in cancer genetic testing and information services. We look forward to providing quarterly updates on our progress. So long-term, we've said that we expect them to get around the 50% margin where clinical was and certainly we're still anticipating that if we can fill up our capacity. Next, we go to the line of Jacob Johnson with Stephens. As mentioned at the beginning of this call, we would like to ask each person to limit their questions to two, so that we may hear from everyone and still keep within the hour allotted for this call. So just any thoughts on what it takes or what that might look like as we continue through the fourth quarter and 2021 would be great. Lists Featuring This Company. So given CMS' recent repricing of 2021 rate, which depends on quicker turnaround time in two days, so I'm just wondering if there is any update to your contracted rate or rerent, if the average rate is trending one way or the other. George A. Cardoza-- … The webcast may be accessed under the Investor Relations section of our website at www.neogenomics.com. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. NIO's Chinese name, which translates to “Blue Sky Coming” originated from our vision of a future filled with blue skies. Hey guys, good morning. And then one on the liquid biopsy pipeline here. The… We've already built a much stronger marketing team and have been developing a number of exciting marketing initiatives. We also invested to retain our people and reward their efforts to keep our labs open 24/7. Yeah, so I think that the margin that you've seen over the last couple quarters was pretty indicative of what you would expect going forward. I'm excited to have the opportunity today to discuss our Pharma Services business. In the clinical business, it's also been sort of an access issue, because patients didn't really want to really venture out to see their physician and we know it's been well publicized that many hospitals and oncology practices had reduced hours and that sort of thing, but we don't see that anymore. We are currently validating a new RNA-based fusion assay for solid tumors, employing state-of-the-art technology, which we believe will be superior to DNA-based assays. Can you talk about the volume recovery in community versus academic versus maybe private practice or if there is any differences in recovery regionally, in terms of a percentage, and then maybe kind of give us some color in terms of percentage to exposure to those end markets for NeoGenomics? This global expansion has proved critical for us to participate in certain RFPs for important global clinical trial work. Next-generation sequencing test volume growth was particularly strong in quarter three, growing faster than overall clinical volume. Clearly, we're seeing some of that impact in the short term that as we go forward into 2021, we're fully expecting that we're able to gain some efficiencies as that has decoupled. These pharma contracts included a wide range of our products and services from whole exome sequencing to informatics and covering geographic locations from the U.S. to Europe to Singapore and China. Please go ahead. 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