posted
Im surprised no one else have posted on this yet ....
NGNM: NeoGenomics, Inc. is a clinical testing laboratory that offers genetic and molecular diagnostic testing services to the oncology and perinatology markets. NeoGenomics is headquartered in Fort Myers, FL and services the needs of oncologists, pathologists and hospitals throughout the United States. NGNM currently has an OS of 22,576,975;
This company released big news right at the end of the 3rd quarter of 2005. They do not issue a lot of news releases but they announce operational news right before the end of the quarter and we expect some for this quarter. In their last news release NGNM announced that they had begun some new testing. These results should come out in their 4th quarter filing. With the added testing, again the quarterly growth should be excellent.
Quote: "strong growth continued in the third quarter with testing volumes up over 65.3% during the quarter versus the second quarter of 2005 and up over 420% from the third quarter of 2004. NeoGenomics also announced that during the third quarter, it had begun testing operations in three new areas: breast cancer, bladder cancer and cervical cancer. "
NGNM seems to be one of those penny stocks you would like to keep a few shares of. With NGNM at a 52 week low, we couldn't think of a better time to buy.
NGNM CHART: This shows NGNM at a 52 week low and bottoming as it has hit the support line of .18 and is holding. Earlier in the year, NGNM traded at .70.
Posts: 1011 | From: ct | Registered: Mar 2005
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posted
I agree, It is getting alot of attention. Any Idea when 4th quarter filing will be?
-------------------- Organizations are perfectly dezined to get the results that they get. Posts: 190 | From: Houston,Tx | Registered: Jan 2005
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posted
i beleave soon.... i will try and find more out Look at the L*'s very very thin and it moves up on light volume this one will move also a nice chart setup. its gonna be a nice play it may not go up 300% in a day but it will be a nice hold
Posts: 1011 | From: ct | Registered: Mar 2005
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posted
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
NeoGenomics, Inc. Announces 420% Increase in Testing Volumes During the Third Quarter Versus the Same Period in 2004 and the Opening of Three New Testing Lines
FT. MYERS, Fla., Oct 13, 2005 /PRNewswire-FirstCall via COMTEX/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) announced today that its strong growth continued in the third quarter with testing volumes up over 65.3% during the quarter versus the second quarter of 2005 and up over 420% from the third quarter of 2004. NeoGenomics also announced that during the third quarter, it had begun testing operations in three new areas: breast cancer, bladder cancer and cervical cancer. Robert Gasparini, the Company's President, had the following to say, "Our growth in testing volumes continued to be very strong during the third quarter. The 65.3% sequential quarterly growth rate in the third quarter over the second quarter was a slight increase over the 64.7% increase in testing volumes we reported for the second quarter over the first quarter. The fact that we were able to sustain the same sequential growth rate in the third quarter as in the second quarter, even though we were growing off of a much larger base of business, is a true testament to the strength of our operations. Growth was across the board and we picked up several new customers during the quarter."
Mr. Gasparini went on to say, "I am also pleased to report that we opened up three new testing lines during the quarter. The tests we are now performing for breast, bladder and cervical cancer are very complimentary to our existing businesses. I am particularly pleased with the progress we have made in marketing these new testing services. We just started offering them in July, and by September they accounted for approximately 16% of our monthly testing volume."
NeoGenomics expects to announce its third quarter financial results shortly.
Posts: 1011 | From: ct | Registered: Mar 2005
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NeoGenomics, Inc. Announces Financial Results for Third Quarter of FY 2005
FT. MYERS, Fla., Oct 27, 2005 /PRNewswire-FirstCall via COMTEX/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) today announced its results for the three months ending September 30, 2005. Significant accomplishments during the quarter included the following:
-- 359% increase in Q3 FY 2005 revenues vs. Q3 FY2004 -- 62% sequential increase in Q3 FY 2005 revenues vs. Q2 FY2005 -- 38% of cases ordered more than one test per case vs. 30% of cases in Q2 FY2005 -- Initiated testing for breast cancer, bladder cancer and cervical cancer -- Landed 12 new clients during the quarter further accelerating the momentum of our national expansion strategy -- Implemented "NeoNet", a new laboratory information system (LIS) with online reporting capabilities
Robert Gasparini, the Company's President, stated, "I am happy with the progress we made during the third quarter, including substantial revenue growth, continued increase in the number of tests per case and going live with NeoNet. Our revenues increased $215,000 or 62% from the second quarter, which was the same sequential rate of growth we experienced from the first quarter to the second quarter. The fact that our growth rate did not slow at all in the third quarter, despite the fact that we were growing off a much larger base of business, is a testament to the strength of our operations. During the quarter, we also initiated three new lines of testing for breast cancer, bladder cancer and cervical cancer. In addition, our customers continue to embrace our Fluorescence In-Situ Hybridization (FISH) and Flow Cytometry testing services, which were launched earlier in the year. This drove a 65% increase in our testing volume versus the second quarter and a 24% increase in our number of tests per case." Mr. Gasparini went on to say, "Our new LIS system brings several key benefits to NeoGenomics including most importantly the ability for clients to access their patient results online through a secure 128 bit encrypted website. Other capabilities include the ability for clients to order tests online, utilization of barcode technology for enhanced tracking, the ability to customize reports to our client needs and operational efficiencies through automation of previous manual processes. The successful implementation of the NeoNet system was a critical milestone in our history. It will allow us to scale our operations many fold over our current testing volumes and should lead to significant productivity growth among our employees."
Steven Jones, the Company's acting Principal Financial Officer and a Director, stated, "Our third quarter results included approximately $128,000 of non-cash expenses and approximately $49,000 of non-recurring expenses associated with recruiting the rest of our management team and implementing the NeoNet laboratory information system. Since June, we have hired a Director of Finance, a Director of Operations and National Sales Director, which completes the hiring of our core management team.
Mr. Jones also added, "Although our net loss for the quarter, exclusive of non-recurring expenses, was approximately $191,000, our momentum on a monthly basis really began to increase late in the quarter. During September, our revenue increased by 36% from August to approximately $240,000 for the month and our net loss, exclusive of non-recurring expenses, was reduced to approximately $45,000 for the month. We expect to turn net income positive on a monthly basis at some point over the next 3-4 months."
The attached financial results, including a reconciliation of non-cash and non-recurring expenses, should be read in conjunction with the Company's Quarterly Report on Form 10-QSB, which will be filed with the SEC next week.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a clinical laboratory that offers genetic and molecular cancer diagnostic testing services. NeoGenomics is headquartered in Fort Myers, FL and services the needs of the oncologists, pathologists and hospitals throughout the United States. For additional information about NeoGenomics, please visit our website at http://www.neogenomics.org.
Forward Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements, including, but not limited to, the Company has incurred significant losses since its inception and has experienced negative operating margins and negative cash flows from operations, any adverse effect or limitations caused by governmental regulations, the company's ability to attract and retain qualified personnel, to initiate and develop client relationships, to gain market acceptance of service offerings, as well as other risks described from time to time in the company's filings with the Securities and Exchange Commission. Although the Company has used its best efforts to be accurate in making those forward-looking statements, there can be no assurance that the assumptions made by management will materialize. In addition, the information set forth in the Company's Form 10-KSB for the fiscal year ended December 31, 2004, describes certain additional risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. The Company undertakes no obligation to publicly revise or update the forward looking statements to reflect new information, subsequent events or otherwise.
NeoGenomics, Inc.
CONSOLIDATED BALANCE SHEET AS OF September 30, 2005 (unaudited)
ASSETS
CURRENT ASSETS: Cash and cash equivalents $76,823 Accounts receivable (net of allowance for doubtful accounts of $20,140) 374,090 Inventories 44,366 Other current assets 46,656 Total current assets 541,935
PROPERTY AND EQUIPMENT (net of accumulated depreciation of $225,648) 442,716
OTHER ASSETS 14,002
TOTAL $998,653
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES: Accounts payable $274,545 Deferred revenue 110,000 Accrued and other liabilities 53,627 Total current liabilities 438,172
LONG TERM LIABILITIES (net of unamortized discount of $97,090) 1,263,361
TOTAL LIABILITIES 1,701,533
STOCKHOLDERS' DEFICIT: Common stock, $.001 par value, 100,000,000 shares authorized; 22,576,975 shares issued and outstanding 22,577 Additional paid-in capital 9,934,250 Deficit (10,659,707) Total stockholders' deficit (702,880)
TOTAL $998,653
NeoGenomics, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the For the For the For the Nine-Months Nine-Months Three-Months Three-Months Ended Ended Ended Ended September September September September 30, 2005 30, 2004 30, 2005 30, 2004
OPERATING EXPENSES: Selling, general and administrative 946,358 447,510 424,470 137,091 Interest expense 140,845 66,820 61,640 22,851 Total operating expenses 1,087,203 514,330 486,110 159,942
NET INCOME (LOSS) $(636,468) $(509,209) $(239,937) $(170,856)
NET INCOME (LOSS) PER SHARE- Basic and Diluted $(0.03) $(0.03) $(0.01) $(0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic and Diluted 22,145,593 19,350,912 22,526,370 20,785,612
NeoGenomics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the For the Nine-Months Nine-Months Ended Ended September September 30, 2005 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(636,468) $(509,209) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 88,335 64,908 Amortization of credit facility discount 34,247 - Amortization of debt issue costs 13,973 - Other Amortization 14,009 - Equity-based compensation 64,244 - Provision for bad debts 65,727 12,694 Changes in assets and liabilities, net: (Increase) decrease in accounts receivables, net of write-offs (383,326) (15,179) (Increase) decrease in inventory (29,244) 4,370 (Increase) decrease in pre-paid expenses (25,223) (2,217) (Increase) decrease in other current assets 3,474 (6,040) (Increase) decrease in deposits 1,500 4,540 Increase (decrease) in accounts payable and other liabilities 104,161 (61,069)
NET CASH USED IN OPERATING ACTIVITIES (684,592) (507,202)
CASH FLOWS FROM INVESTING ACTIVITIES - Purchases of property and equipment (82,659) (14,473)
CASH FLOWS FROM FINANCING ACTIVITIES: Advances from affiliates, net 620,451 80,000 Debt issue costs (53,587) - Issuances of common stock, net of transaction expenses 164,662 740,228
NET CASH PROVIDED BY FINANCING ACTIVITIES 731,526 820,228
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (35,725) 298,533
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 112,548 25,051
CASH AND CASH EQUIVALENTS, END OF PERIOD $76,823 $323,604
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $89,834 $86,474
Income taxes paid $- $-
NeoGenomics, Inc.
Schedule of Non-cash Expenses Included in GAAP Net Loss
For the For the For the For the Nine-Months Nine-Months Three-Months Three-Months Ended Ended Ended Ended September September September September 30, 2005 30, 2004 30, 2005 30, 2004
Depreciation $88,335 $64,908 $32,647 $25,007 Amortization of Credit Facility Warrants 34,247 - 16,417 - Amortization of Debt Issue Costs 13,973 - 6,698 - Other Amortization 14,009 - 14,009 - Stock-based Compensation 64,244 - 22,233 - Provision for Bad Debts 65,727 12,694 35,650 3,654 Total Non-cash Expenses $280,534 $77,602 $127,654 $28,660
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
For the For the For the For the Nine-Months Nine-Months Three-Months Three-Months Ended Ended Ended Ended September September September September 30, 2005 30, 2004 30, 2005 30, 2004
GAAP Net Loss $(636,468) $(509,209) $(239,937) $(170,856)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549
FORM 10-QSB
(X) Quarterly report pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934.
For the quarterly period ended September 30, 2005.
( ) Transition report pursuant to Section 13 or 15(d) of the Exchange Act for the transition period from _____ ____________ to ____________.
Commission File Number: 333-72097
NeoGenomics, Inc. (Exact name of registrant as specified in charter)
Nevada 74-2897368 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization)
12701 Commonwealth Drive, Suite 9, Fort Myers, FL 33913
(Address of principal executive offices)
(239) 768-0600
(Registrant's Telephone Number, Including Area Code)
Check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES ( X ) NO ( )
Indicate by check mark whether the registrant is a shell company (as defined in Rule-12b-2 of the Exchange Act).
YES ( ) NO (X)
State the number of shares outstanding of each of the issuer's classes of common equity, as of October 31, 2005.
Consolidated Balance Sheet as of September 30, 2005................ 4
Consolidated Statements of Operations for the three and nine months ended September 30, 2005 and 2004.................. 5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2005 and 2004........................... 6
Notes to Consolidated Financial Statements......................... 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (including cautionary statement)..................... 11
Item 3. Controls and Procedures............................................ 17
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.................................................. 18 Item 2. Changes in Securities.............................................. 18 Item 3. Defaults Upon Senior Securities.................................... 18 Item 4. Submission of Matters to a Vote of Securities Holders.............. 18 Item 5. Other Information.................................................. 18 Item 6. Exhibits and Reports on Form 8-K................................... 18
Signatures 19
2
PART I
FORWARD-LOOKING STATEMENTS
This Form 10-QSB contains "forward-looking statements" relating to NeoGenomics, Inc., a Nevada corporation (referred to as "NeoGenomics", the "Company", "we", "us", or "our" in this Form 10-QSB), which represent the Company's current expectations or beliefs including, but not limited to, statements concerning the Company's operations, performance, financial condition and growth. For this purpose, any statements contained in this Form 10-QSB that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "anticipation", "intend", "could", "estimate", or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, such as credit losses, dependence on management and key personnel, variability of quarterly results, competition, and the ability of the Company to continue its growth strategy, certain of which are beyond the Company's control. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual outcomes and results could differ materially from those indicated in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
3
NeoGenomics, Inc.
CONSOLIDATED BALANCE SHEET AS OF September 30, 2005 (unaudited) ________________________________________________________________________________
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 76,823 Accounts receivable (net of allowance for doubtful accounts of $20,140) 374,090 Inventories 44,366 Other current assets 46,656 Total current assets 541,935
PROPERTY AND EQUIPMENT (net of accumulated depreciation of $225,648) 442,716
OTHER ASSETS 14,002
TOTAL $ 998,653 ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES: Accounts payable $ 274,545 Deferred revenue 110,000 Accrued and other liabilities 53,627 Total current liabilities 438,172
LONG TERM LIABILITIES (net of unamortized discount of $97,090) 1,263,361
TOTAL LIABILITIES 1,701,533
STOCKHOLDERS' DEFICIT: Common stock, $.001 par value, 100,000,000 shares authorized; 22,576,975 shares issued and outstanding 22,577 Additional paid-in capital 9,934,250 Deficit (10,659,707) Total stockholders' deficit (702,880)
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) _________________________________________________________________________________________________________
For the For the For the For the Nine-Months Nine-Months Three-Months Three-Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2005 2004 2005 2004
OPERATING EXPENSES: Selling, general and administrative 946,358 447,510 424,470 137,091 Interest expense 140,845 66,820 61,640 22,851 Total operating expenses 1,087,203 514,330 486,110 159,942
NET INCOME (LOSS) $ (636,468) $ (509,209) $ (239,937) $ (170,856) ============= ============ ============ ===========
NET INCOME (LOSS) PER SHARE - Basic and Diluted $ (0.03) $ (0.03) $ (0.01) $ (0.01) ============= ============ ============ ===========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic and Diluted 22,145,593 19,350,912 22,526,370 20,785,612 ============= ============ ============ ===========
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) _______________________________________________________________________________________
For the For the Nine-Months Nine-Months Ended Ended September September 30, 2005 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(636,468) $ (509,209) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 88,335 64,908 Amortization of credit facility discount 34,247 - Amortization of debt issue costs 13,973 - Other Amortization 14,009 - Equity-based compensation 64,244 - Provision for bad debts 65,727 12,694 Changes in assets and liabilities, net: (Increase) decrease in accounts receivables, net of write-offs (383,326) (15,179) (Increase) decrease in inventory (29,244) 4,370 (Increase) decrease in pre-paid expenses (25,223) (2,217) (Increase) decrease in other current assets 3,474 (6,040) (Increase) decrease in deposits 1,500 4,540 Increase (decrease) in accounts payable and other liabilities 104,161 (61,069)
NET CASH USED IN OPERATING ACTIVITIES (684,592) (507,202)
CASH FLOWS USED IN INVESTING ACTIVITIES - Purchases of property and equipment (82,659) (14,473)
CASH FLOWS FROM FINANCING ACTIVITIES: Advances from affiliates, net 620,451 80,000 Debt issue costs (53,587) - Issuances of common stock, net of transaction expenses 164,662 740,228
NET CASH PROVIDED BY FINANCING ACTIVITIES 731,526 820,228
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (35,725) 298,533
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 112,548 25,051
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 76,823 $ 323,604 ========== =============
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ________________________________________________________________________________
NOTE A - ORGANIZATION AND DESCRIPTION OF BUSINESS
NeoGenomics, Inc. ("NEO") was incorporated under the laws of the state of Florida on June 1, 2001 and on November 14, 2001 agreed to be acquired by American Communications Enterprises, Inc., a Nevada corporation ("ACE"). As a result of the acquisition, NEO became the operating subsidiary of ACE. ACE was formed in 1998 and succeeded to NEO's name on January 3, 2002 (collectively NEO and ACE are referred to as "NeoGenomics", the "Company", "we", "us", or "our" throughout this Form 10-QSB).
On April 4, 2003, we amended our Articles of Incorporation to (1) effect a one-for-100 reverse split of our common stock, (2) reduce the authorized number of common shares from 500,000,000 to 100,000,000, and (3) authorize 10,000,000 shares of preferred stock for future issuance, with such terms, restrictions and limitations as may be established by the Board of Directors.
As a result of the above, all references to the number of shares and par value in the accompanying consolidated financial statements and notes thereto have been adjusted to reflect the April 2003 reverse stock split as though it had been completed as of January 1, 2003.
Basis of Presentation
Our accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-QSB and Rule 10-1 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Accordingly, these consolidated financial statements do not include all of the footnotes required by accounting principles generally accepted in the United States of America. In our opinion, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2005 are not necessarily indicative of the results that may be expected for the year ended December 31, 2005. The accompanying consolidated financial statements and the notes thereto should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2004 contained in our Form 10-KSB.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of NEO and ACE. All significant intercompany accounts and balances have been eliminated in consolidation.
Revenue Recognition
Net revenues are recognized in the period when tests are performed and consist primarily of net patient revenues that are recorded based on established billing rates less estimated discounts for contractual allowances principally for patients covered by Medicare, Medicaid, and managed care and other health plans. These revenues also are subject to review and possible audit by the payers. We believe that adequate provision has been made for any adjustments that may result from final determination of amounts earned under all the above arrangements. There are no known material claims, disputes or unsettled matters with any payers that are not adequately provided for in the accompanying consolidated financial statements.
Try and copy and paste this for a chart... if it dossent work just take a look for your self ... i looked at the 2 yr chart and you can see last time the stock was at these levels see bounced between .2 and .17 then exploded ... and with the news suppose to come out soon im sure it will do the same ..... keep it on watch everyone ... and best of luck to yall
Posts: 1011 | From: ct | Registered: Mar 2005
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posted
I like this one gonna buy some right now thanx
-------------------- NO REWARD....UNLESS THE RISK IS TAKIN'--- JAY-Z Posts: 409 | From: THE CITY THE CONTROLS THE WORLD.............THATZ RIGHT NEW YORK | Registered: Dec 2005
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They brought it down this AM but seems to be rebounding good.... hope people got in at the discount if not i still think this is a good entry look at the chart you will see when the news comes out it moves quick OS is rather low
Posts: 1011 | From: ct | Registered: Mar 2005
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The RSI is almost at 30 - the last time it went to 30 the price was at .20 then shot up past .30 a week or so later. The MA 200 is above the 50 though so you have to be a little careful. It should run a few cents anyway. You ought to be able to make 20% on it anyway. I do not own the stock though so do your D&D. I haven't read any of their news.
posted
Good info Shomethamoney!! its getting buys i really think this stock can move the l2's are very thin and with a few good buys it will move quick.
Posts: 1011 | From: ct | Registered: Mar 2005
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