financial guidance

The Belgian oncology molecular diagnostics firm reported a 17 percent increase in product sales but said that sales of cartridges in the US were lower than expected. 

The firm's diagnostics and genomics group saw an 11 percent year-over-year revenue increase in the third quarter.

The company beat analyst estimates on the top and bottom line, driven by sales of its Panorama noninvasive prenatal and Horizon carrier screening tests.

The firm said revenues fell because of delayed shipments of HIV self-tests and ongoing softness in the consumer genomics markets.

The company sold nearly twice as many tests as in Q2 last year, with clinical test revenue more than doubling and total revenue reaching $54 million for the quarter.

The company reported $31.5 million in total revenues for the quarter and said testing services revenues rose 84 percent year over year.

The firm's molecular diagnostics revenue increased nearly 11 percent with global sales of $170.9 million.

The firm's flow cytometry business contributed about $13.2 million, or 16 percent of the firm's consolidated revenue in the second quarter.

John McDonough announced he is moving into an executive chairman role and will step down as CEO. The firm has begun searching for a new CEO.

Much of the growth was driven by contributions from Genoptix, which NeoGenomics acquired in late 2018. Organically, revenues were up 20 percent.