TacticScaleWhat Neogenomics Does & How It Makes Money (NEO)
Updated October 2026 · reflects Neogenomics's latest reported financials
Network of cancer-focused diagnostic testing laboratories in the US and UK. It earns fees for each diagnostic test it performs for hospitals, pathologists, oncologists and other labs.
How Neogenomics makes money
It earns fees for each diagnostic test it performs for hospitals, pathologists, oncologists and other labs. It also earns revenue from testing services provided to pharmaceutical companies supporting their oncology programs from discovery through commercialization.
What Neogenomics does
NeoGenomics, founded in 2001 and headquartered in Fort Myers, Florida, operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. Its customers include hospitals, academic centers, pathologists, oncologists, clinicians, clinical laboratories and pharmaceutical companies. The company offers a broad range of cancer testing: cytogenetics, FISH, flow cytometry, immunohistochemistry with digital imaging, molecular DNA/RNA analysis and pathologist morphologic review. Besides clinical diagnostics, it provides testing that supports drug makers' oncology programs, from discovery through commercialization.
Products & services
- Cytogenetics (chromosome) testing
- Fluorescence in-situ hybridization (FISH) testing
- Flow cytometry testing
- Immunohistochemistry and digital imaging
- Molecular (DNA/RNA) testing
- Pharma oncology testing services
What is Neogenomics worth?
On an owner-earnings DCF, Neogenomics's most-likely value is about $3 versus a recent price near $16 (79% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$1) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 24.6× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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