NeoGenomics : Investor Presentation – April 2026

Published: 2026-04-28 17:14:28 ET NEO

Published on 04/28/2026 at 05:14 pm EDT

Q1 2026

Financial Results

April 28, 2026 Nasdaq: NEO

Mission

We save lives by improving patient care.

Vision

We are becoming the world's leading provider of comprehensive cancer testing, data and solutions through uncompromising quality, exceptional customer experience, and innovative products and services.

NEO: Investment Thesis

A "pure play" oncology solutions provider

driving rapid dissemination and adoption of innovation through its best-in-class commercial

organization

oncologists consolidate the number of labs they use

specialty diagnostic companies via a relentless focus on the community oncology setting

Entering the rapidly-growing $20+ billion solid tumor MRD (minimum residual disease) cancer monitoring market with the launch of RaDaR ST

Breadth of test menu along the cancer care continuum makes NEO a "partner of choice" among hospitals and community practices

One Provider from Diagnosis to Recurrence Monitoring

$12B | 7% CAGR

Diagnostic Testing

$13B | 13-15% CAGR

Therapy Selection

$20B | 30% CAGR

MRD

Recurrence Monitoring

Penetration:

70% 35% <8%

Flagship products:

Sources: SEER, NCCN, NHS, NSF, NIH, UN, WHO, Precedence Research, primary market research, Precision for Medicine analysis, NEO internal estimates. All figures are approximations. For illustrative purposes only.

Strong Revenue and Adj EBITDA Growth

$187M $9M

$168M

$7M

11%

YoY growth

27%

YoY growth

Q1 2025 Q1 2026 Q1 2025 Q1 2026

Quarterly financial information is unaudited. Growth corresponds to prior year period. Adjusted EBITDA is a non-GAAP financial measure. See Adjusted EBITDA slide in the appendix for a reconciliation to net loss, the most directly comparable financial measure calculated in accordance with GAAP.

Clinical Performance Drives Growth

Clinical Revenue Revenue per Test Volume (tests)

$172M

$174M

$171M

$495

361k

357k

356k

346k

326k

6% Reported

3% Same Store

$488

$476

$461

$459

8% Reported

9% Same Store

$164M

$150M

14% Reported

12% Same Store

2025

2026

2025

2026

2025

2026

Same Store excluding Pathline

Quarterly financial information is unaudited. Growth corresponds to prior year period.

NGS is the Performance Catalyst

Low-mid Twenties YoY Revenue Growth

NGS Revenue

~1/3

of Clinical Revenue

Mid-teens YoY Volume Growth

16%

26%

NGS Volume

~10%

of Clinical Volume in Q1

Q3 2025

Q2 2025

Q1 2025

Q4 2025

Q1 2026

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

CGP Panels

Driving outsized revenue growth

Quarterly financial information is unaudited. Growth corresponds to prior year period.

NGS Growth Scaling ~3-4x Faster than Core Clinical

~1/5

Core +9%

Same Store +6%

NGS +26%

~1/3

2022 2023 2024 2025

NGS Revenue Core Clinical Revenue

Q1 2025

Q1 2026

Quarterly financial information is unaudited. Growth corresponds to prior year period.

Winning in the Community Setting

It's where approximately 80% of cancer patients receive their care

Guideline Driven

>25% heme market share across diagnostics and therapy selection

Leading Hematology

Market Share

Delivering some of the fastest multi-modal turnaround times in the industry

Geographically

Diverse Lab Network

500+ tests spanning diagnosis, therapy selection, and MRD

Comprehensive Oncology-

Focused Test Menu

Community oncologists select partners that reduce friction and offer guideline driven solutions

of active providers ordered at least

five Neo tests in 2025

40%

14%

growth in the number of pathologists and oncologists ordering five or more tests in 2025

integration could drive a 20%-30% increase in test adoption per site*

*Reference

1. Huelsman K, Vasiliadis L, Liette A, Wernke K, Parchman A, Maher J, Rice C. Integrating discrete genomic data with an EHR improves patient care, provider satisfaction, and program metrics. Association of Cancer Care Centers.

2024;39(2):12-24. Accessed April 21, 2026. https://cdn.sanity.io/files/0vv8moc6/accc-cancer/b351ee63a2f4679660f6e409dd3564c61d15e212.pdf

Launched RaDaR® ST for MRD in Feb'26

Tapping into the large, nascent, & rapidly growing cancer recurrence monitoring market

Operational Excellence: since launch all

tests were resulted significantly faster than

our published TAT.

Portfolio Expansion Opportunity: 34%

of RaDaR ST orders have included additional NEO portfolio testing.

Strong Customer Re-engagement: 29%

return users from RaDaR 1.0

Early Insights4

RaDaR ST

Indication

Head

and neck

New Diagnosis1

20K

Prevalence1

60K

Breast

HR+/HER2-

210K

1.1M

Submitted indications

597K

1.3M

Detection as low as 1ppm3

MolDx reimbursement

secured2

Specialized

salesforce

Revenue ramping

2H'26 into 2027

NEO estimates

Favorable MolDX reimbursement decision received in October 2025 for subsets of head & neck and breast cancer

Sensitivity demonstrated across four independent analytical and clinical validation studies, with detection down to 1 part per million (ppm) under study-specific conditions. Data on file.

Orders from launch through April 14th, 2026

Expanding the PanTracer Portfolio with Pro

Eliminating order complexity, PanTracer Pro delivers the right tests at the right time, and enables therapy decision-making with timely, relevant results to improve patient outcomes.

Reduces delays in treatment planning with results in 8-10 days

Includes over 12 companion diagnostic IHC tests available through Neo

Optimized workflow with a single order

Actionable information for therapy selection and clinical trial matching

PanTracer Pro Ovarian Example

Comprehensive, Actionable Results in One Order

Day 0

Dx = Ovarian Cancer

IHC Report Sent

Day 4 Day 8

PD-L1 22C3 FDA for Ovarian Carcinoma

launched on March 8, 2026

FOLR1

HER2 (Other) - Gastric scoring

PD-L1 22C3 FDA for Ovarian Carcinoma

PgR

Sales Force Expansion Driving Accelerated Penetration

~75% of community oncologists new to NEO in 2025 ordered 5+ tests

NEO Community Oncologist NPI and Sales Headcount Trends, 2023-2025

9,000*+

140

8,000+

Demonstrated ability of taking market share even with later product introductions due to our strength in the community channel

6,000+

7,000+

165

is a key differentiator

2023 2024 2025 2026

NEO community oncologists ordering 5+ tests NEO sales headcount

*2026 figures are estimates

Gross Margin Expected to Increase by 100 bps

In 2026

+100 bps

46%

47%

Adj Gross Profit & Margin

$88M

46%

$86M

47%

$79M

45%

$82M

$85M

45%

Adj Gross Profit: + 9% YoY Adj Gross Margin: -80 bps

Q1 2025

Q2 2025

Q3 2025

Q4 2025

46%

Q1 2026

FY 2025

FY 2026

Est

Pathline will no longer be a headwind from Q226 onwards and Pan Tracer LBx MolDx approval to be accretive

Gross Margin improvement initiatives including lab automation and AUP increase

Pathline acquisition and Pan Tracer LBx drove gross margin dilution in Q126 as anticipated

Some impact from higher freight and fuel surcharges

Decline in margin in Q2 2025 driven by Pathline Acquisition

Quarterly financial information is unaudited. Growth corresponds to prior year period. Adjusted gross profit and adjusted gross margin are non-GAAP financial measures. See Adjusted Gross Margin slide in the appendix for a reconciliation to gross profit and gross profit margin, the most directly comparable financial measures calculated in accordance with GAAP.

Operating Expense, Margin and Cash Position

(2%) YoY

$99M

OPERATING EXPENSE

+27% YoY

$9M

ADJ. EBITDA

+60 bps YoY

4.8%

ADJ. EBITDA MARGIN

Period-end balance

$146M

TOTAL CASH

Cash used in operations of $8M in Q1 26, improved vs. $25M

cash used in operations in Q1 25

Operating Leverage

OpEx down (2%) YoY to $99M, primarily driven by non recurrence of one-time items last year and expense management

Adj. EBITDA up +27% YoY with +60 bps margin expansion

Full Year 2026 Guidance

Guidance as of February 17th, 2026

Guide

($ Millions)

YoY% Growth

Revenue

$793 - $801

~10%

at midpoint

Adj.

EBIDTA

$55 - $57

27 - 31%

Guidance as of April 28th, 2026

($ Millions)

YoY% Growth

Assumptions

$797 - $803

10%

at midpoint

Continued momentum in NGS

RaDaR revenue in MSD millions

PanTracer LBx Revenue in MSD

millions

Non-clinical down LSD-MSD YoY

$55 - $57

27 - 31%

Margin expansion of

approximately100 bps YoY

Growth corresponds to prior year period. Adjusted EBITDA is a non-GAAP financial measure. See Adjusted EBITDA 2026 Guidance slide in the appendix for a reconciliation to net loss, the most directly comparable financial measure calculated in accordance with GAAP.

Growth Catalysts 2026+

RaDaR ST launch for HPV- Head & Neck, subset of Breast

PanTracer LBx MolDx reimbursement

Expanded indication reimbursement for RaDaR ST

Above market NGS growth

Sales force expansion

for Accelerated Financial Performance

Commercial Execution

Operations

Sales force expansion

Pricing and Revenue Cycle Management initiatives

Payer coverage expansion

EMR integrations and care pathways, including Epic Aura

Digital pathology

Lab of the Future

Automation & AI

Instrument platform upgrades

NEO LIMS implementation

Strategic procurement savings

Lab footprint optimization

Business Levers

Product

RaDaR ST adoption in

Head and Neck, Breast

RaDaR ST indication expansion

PanTracer Family adoption

Portfolio fillers and Product

upgrades

Rev. 02.17.2026

Disclaimer

NeoGenomics Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:06 UTC.