NeoGenomics Names Stone CEO as NGS Growth Reaches 28%
Preliminary third-quarter revenue is expected at about $209 million, and full-year revenue guidance is slated to rise at the midpoint.
NeoGenomics, Inc. (NEO), a Fort Myers–based provider of oncology diagnostic solutions, said its board has appointed President and Chief Operating Officer Warren Stone as chief executive officer and a board member, effective January 4, 2027, as part of a planned succession.
Tony Zook, the current chief executive, will remain in the role through January 3, 2027, and then become executive chairman. Longtime board chair Lynn Tetrault, a director since 2015, will step down as chair on the same date, continue as an independent director until the 2027 annual meeting, and not stand for reelection there. Michael Kelly, an independent director since 2020, will serve as lead independent director.
Zook said the transition “reflects years of deliberate succession planning by the Board and cements the continuity of our executive team and a consistent strategy for durable, profitable growth.” He said Stone has led enterprise-wide functions including commercial expansion, new product introductions, and Lab of the Future initiatives. Stone, 54, has more than three decades of life sciences and diagnostics experience and joined NeoGenomics in 2022, holding roles including president of clinical services, chief commercial officer, and president and COO.
The company also issued preliminary, unaudited third-quarter results. It expects total revenue of approximately $209 million for the quarter ended September 30, 2026, including year-over-year next-generation sequencing revenue growth of approximately 28%.
That NGS rate is a step above the 26% NGS growth the company reported in both the first and second quarters of 2026. Second-quarter total revenue had risen 11% year over year to $202 million, with clinical services revenue up 14%. Clinical volume increased 2%, and average revenue per clinical test rose 12% to $515. First-quarter revenue had increased 11% to a then-record $187 million, with clinical revenue growth of 14% and NGS growth of 26%; average revenue per clinical test was $495.
NeoGenomics is reiterating full-year total revenue and adjusted EBITDA guidance provided on July 28, 2026. It said full-year total revenue guidance is expected to increase at the midpoint as a result of third-quarter performance, with further details on the third-quarter earnings call. After the first quarter it had raised full-year revenue guidance to a range of $797 million to $803 million, and after the second quarter it raised both revenue and adjusted EBITDA guidance.
Profitability had already improved through the first half. Adjusted EBITDA was $9 million in the first quarter, up 27% from the year-ago period, and $14 million in the second quarter, up 36%. GAAP net income in the second quarter was $2 million, including an $11 million gain on extinguishment of debt. Adjusted gross profit margin excluding amortization of acquired intangibles and stock-based compensation was 46% in the first quarter and 48% in the second quarter.
The company sharpened its commercial strategy in the second quarter by launching a dedicated pathology and oncology commercial team, submitted a third RaDaR ST evidence package to MolDx for Medicare reimbursement of a new indication, completed a $316 million private offering of 0.75% convertible senior notes due 2032, and finalized a civil settlement with the Department of Justice on a self-disclosed consulting services matter. In the first quarter it launched RaDaR ST, a circulating tumor DNA assay for molecular residual disease, received a favorable MolDX coverage decision for PanTracer LBx, and introduced PanTracer Pro.
Zook said he and Stone will work hand in hand through the handoff and then collaborate as he assumes the executive chair role. Stone said NeoGenomics is “exceptionally well positioned to lead the evolution of the oncology diagnostics market.” Tetrault said the company is “even better positioned for the future.”
The estimated third-quarter figures are preliminary, unaudited, and subject to completion, and should not be viewed as a substitute for GAAP financial statements.