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Benzinga
Benzinga
Business
Vandana Singh

Why NeoGenomics Stock Is Plunging Today

Neo (Organization) NeoGenomics Company Nasdaq
  • NeoGenomics Inc's (NASDAQ:NEO) CEO Mark Mallon will step down as CEO and member of the Board, effective immediately. 
  • The Board has retained Russell Reynolds to search for the Company's next CEO
  • The Board has appointed current Chair Lynn Tetrault, Esq. as Executive Chair and established an Interim Office of the CEO. 
  • Read Next: Guardant Health Will Not Go With NeoGenomics Deal: Bloomberg.
  • The Company expects revenue for Q1 2022 to be below the low end of its prior guidance of $118 - $120 million, and EBITDA for Q1 2022 will be below the low end of its previous guidance of $(15) - $(12) million. 
  • The larger than anticipated EBITDA loss was primarily driven by higher than expected Clinical Services' cost of goods sold. 
  • NeoGenomics has withdrawn its 2022 annual financial guidance issued in February.
  • Price Action: NEO shares are 32.1% lower at $12.07 on the last check Tuesday.
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