“Third-quarter results were strong as we bounced back nicely from a challenging second quarter and set new company records for quarterly consolidated revenue and pharma services revenue and backlog. Importantly, test volume in our core clinical oncology business continued to trend higher on what looks to be a V-shaped recovery,” said Douglas M. VanOort, chairman and CEO of NeoGenomics.
Consolidated revenue for the third quarter of 2020 was $125 million, an increase of 20% over the same period in 2019. Gross profit was $54.1 million, an increase of 6.4%, compared to the third quarter of 2019. Net income for the quarter was $3 million compared to net income of $2 million for the third quarter of 2019.
The company reports making strategic investments, even during the pandemic, to put it in a stronger position for growth. Its new state-of-the-art laboratory and global headquarters are under construction in Fort Myers.