Neogenomics, Inc. has announced the retirement of its Chief Executive Officer (CEO), Chris Smith, effective April 1, 2025. He will be succeeded by Tony Zook, an independent board member since 2023. Since Smith took on the role of CEO in August 2022, Neogenomics has undergone significant transformation. The company has seen eight consecutive quarters of double-digit revenue growth and a recovery from negative $48 million of adjusted EBITDA in 2022 to a positive $37-40 million of adjusted EBITDA expected in 2024.
During Smith's tenure, Neogenomics served more than 1.5 million cancer patients, with a goal to serve 1 million patients annually by 2028. The company has reaffirmed its full-year 2024 guidance, with consolidated revenue expected to be in the range of $655 to $667 million, a net loss in the range of $(81) to $(78) million, and adjusted EBITDA in the range of $37 to $40 million.
Tony Zook, the incoming CEO, brings extensive healthcare experience and a track record of successfully launching and scaling new products. He expressed confidence in the company's long-term growth strategy and its ability to deliver differentiated products and services, solidifying its leadership position in oncology testing while creating value for shareholders.
Neogenomics, Inc. is a premier cancer diagnostics company specializing in cancer genetics testing and information services, offering one of the most comprehensive oncology-focused testing menus across the cancer continuum. The company operates a network of CAP-accredited and CLIA-certified laboratories for full-service sample processing and analysis services throughout the US and a CAP-accredited full-service sample-processing laboratory in Cambridge, United Kingdom. Following these announcements, the company's shares moved -20.7%, and are now trading at a price of $14.75. For the full picture, make sure to review NeoGenomics's 8-K report.
