Chris Smith to retire effective April 1, 2025;
Board Member Tony Zook named incoming CEO
Company reaffirms Fiscal 2024 financial
guidance
NeoGenomics, Inc. (“NeoGenomics” or the “Company”)
(NASDAQ:NEO), a leading oncology testing services company,
today announced that Chris Smith will retire as Chief Executive
Officer (CEO) and board member effective April 1, 2025. Tony Zook,
an independent board member since 2023, will assume the role of CEO
at that time.
“Chris has provided exceptional leadership for NeoGenomics,
joining the Company at a critical time and exceeding all
expectations in transforming NeoGenomics into a growth business,”
said Lynn Tetrault, Chair of the Board of Directors. “With the
Company now well positioned for its next phase of growth, we are
excited to have Tony as our incoming CEO. The Board and I believe
Tony’s deep healthcare experience, track record of successfully
launching and scaling new products, and intimate knowledge of our
business as a board member, make him the ideal candidate to lead
NeoGenomics going forward.”
Since Smith was appointed CEO in August 2022, NeoGenomics has
undergone a significant transformation. His strategic vision and
execution resulted in eight consecutive quarters of double-digit
revenue growth and a recovery from negative $48 million of Adjusted
EBITDA in 2022 to positive $37-40 million of Adjusted EBITDA
expected in 2024.* Smith deployed a patient and customer-centric
strategy, which enabled NeoGenomics to serve more than 1.5 million
cancer patients during his tenure. Smith will remain with the
Company as an advisor throughout the transition to ensure knowledge
transfer and continuity.
"The transformation in our business occurred faster than
anticipated due to the development and execution of our strategy,”
said Chris Smith, CEO of NeoGenomics. “We rapidly accelerated
revenue and earnings growth, repositioned the company for market
leadership, and are well on our way to serving 1 million patients
annually by 2028. We now have a robust operational foundation,
strong financial position, and experienced leadership team in
place, making this an optimal time to transition leadership.”
Zook is a partner with Lucius Partners, a specialized healthcare
consultancy providing financial, strategic, product development,
and operational insights to emerging biopharmaceutical and medical
device companies across multiple therapeutic areas. Prior to his
extensive consulting work and role as CEO of Innocoll
Pharmaceuticals, Zook was Executive Vice President of Global
Commercial Operations at AstraZeneca (AZ), where he held global
P&L responsibility for all of AZ's brands and markets,
representing over $30 billion in revenues. He was also President of
MedImmune, AZ's wholly-owned global biologics division, and chaired
the Commercial Investment Board, which identified and approved
critical investments company-wide.
“This is an exciting time to lead NeoGenomics as we build upon
our comprehensive testing portfolio and robust operational
foundation supporting cancer patients,” said Tony Zook, incoming
CEO of NeoGenomics. "Having worked closely with the Board and
management, I am confident in the company's long-term growth
strategy and our ability to deliver differentiated products and
services. I believe this will solidify our leadership position in
oncology testing while creating value for shareholders."
*Based on Company’s fiscal year 2024 guidance
2024 Financial Guidance
The Company has reaffirmed its full-year 2024 guidance,
originally issued on November 5, 2024.
For the year ended December 31, 2024, consolidated revenue is
expected to be in the range of $655 to $667 million. Net loss is
expected to be in the range of $(81) to $(78) million. Adjusted
EBITDA is expected to be in the range of $37 to $40 million.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a premier cancer diagnostics company
specializing in cancer genetics testing and information services.
We offer one of the most comprehensive oncology-focused testing
menus across the cancer continuum, serving oncologists,
pathologists, hospital systems, academic centers, and
pharmaceutical firms with innovative diagnostic and predictive
testing to help them diagnose and treat cancer. Headquartered in
Fort Myers, FL, NeoGenomics 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.
Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “would,”
“may,” “will,” “believe,” “estimate,” “forecast,” “goal,”
“project,” “guidance,” “plan,” “potential” and other words of
similar meaning, although not all forward-looking statements
include these words. This press release includes forward-looking
statements. These forward-looking statements address various
matters, including statements regarding improving operational
efficiency, returning to profitable growth and its ongoing
executive recruitment process. Each forward-looking statement
contained in this press release is subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the Company's ability to
identify and implement appropriate financial and operational
initiatives to improve performance, to identify and recruit
executive candidates, to continue gaining new customers, offer new
types of tests, integrate its acquisitions and otherwise implement
its business plan, and the risks identified under the heading "Risk
Factors" contained in the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and the Company's other filings with
the Securities and Exchange Commission.
We caution investors not to place undue reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this document (unless another date is
indicated), and we undertake no obligation to update or revise any
of these statements. Our business is subject to substantial risks
and uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250110704604/en/
Investor Contact Kendra Sweeney
kendra.sweeney@neogenomics.com
Media Contact Andrea Sampson
asampson@sampsonprgroup.com
NeoGenomics (NASDAQ:NEO)
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