Is NeoGenomics profitable in 2026?

Not on a GAAP basis. NeoGenomics posted a Q1 2026 net loss of $17.1 million ($0.13/share), though improved from a $25.9 million loss a year earlier. Adjusted EBITDA guidance for full-year 2026 is $55-57 million on $797-803 million revenue, showing thin margins, not durable GAAP profitability, as of April 28, 2026.

Could AI replace NeoGenomics's pathologists?

Not directly. NeoGenomics uses generative AI (a Pathology Assistant on AWS Bedrock, with partner Caylent) to draft interpretive summaries for NGS heme cancer panels, speeding pathologist workflow as of July 30, 2025. But CLIA/CAP certified physician sign-off, physical specimen handling, and payer reimbursement remain human and regulatory chokepoints AI cannot replicate.

Who is NeoGenomics's biggest competitor?

Natera, maker of the Signatera MRD test, is described in court filings as NeoGenomics's 'only competitor' in tumor-informed minimal residual disease testing. NeoGenomics won a patent infringement summary judgment against Natera on August 29, 2025, and Natera withdrew its appeal on December 15, 2025, clearing RaDaR ST's full launch.

What is NeoGenomics's stock worth and who owns it?

NeoGenomics (NASDAQ: NEO) is an independent public company with no parent, with a market capitalization of approximately $1.85 billion as of July 24, 2026. Shares traded around $13.89 to $15.13 in July 2026, within a 52-week range of $4.72 to $15.57.

Did NeoGenomics beat Natera in their patent lawsuit?

Yes. On August 29, 2025, a court ruled for NeoGenomics, invalidating Natera's patents in the RaDaR MRD patent infringement suit. Natera voluntarily withdrew its appeal on December 15, 2025, clearing the way for NeoGenomics to fully commercially launch RaDaR ST in the US in February 2026.

How is NeoGenomics's RaDaR ST test performing against Natera's Signatera?

RaDaR ST had its full US clinical launch in February 2026 after NeoGenomics's patent litigation win over Natera, targeting a management-estimated $20 billion MRD market as of April 28, 2026. No public data yet confirms RaDaR ST is taking measurable market share from Natera's Signatera, which remains the larger installed incumbent as of mid-2026.

Biotech tools companies · United States

NeoGenomics, Inc.

neogenomics.com ↗

Runs cancer diagnostic and genomic testing labs for oncologists and drugmakers.

Losing its protection

Assessed 24 July 2026 · Evidence as of 24 July 2026

The structural protection is eroding.

On the recordSince 24 July 2026 · Checkable from July 28, 2026 · Every call on the record Checkpoint: Q2 2026 earnings report, testing whether RaDaR ST and PanTracer LBx are converting to share and margin gains

The call

NeoGenomics is growing and adding tests like RaDaR ST and PanTracer LBx, but it is still barely profitable while Natera holds the lead in MRD testing.

NeoGenomics runs labs that analyze blood and tissue samples to help doctors detect cancer earlier and monitor patients during treatment. The company has real advantages: it holds special government certifications, insurance companies reimburse its tests, and it has built up a library of 2.5 million real patient images that help train its algorithms. However, a rival called Natera dominates the blood-based cancer monitoring market with their Signatera test, and NeoGenomics is not yet consistently making money (it lost $17 million in early 2026 despite growing revenue). The key question is whether two new tests the company launched in early 2026, called RaDaR ST and PanTracer, can actually steal customers away from Natera and whether the company can finally start making meaningful profits.

Why

AI pressure: None apparent. No AI lab or model is named as displacing NeoGenomics; it uses its own 2.5M pathology images as a data asset, not a target. Could AI do the core job? Unlikely.

Bigger players: Natera (Signatera). Natera's Signatera already leads tumor-informed MRD testing while NeoGenomics' rival RaDaR ST only fully launched in Feb 2026. Could a giant copy it? Probably.

What protects it. CLIA/CAP certification, CMS reimbursement codes, and a 2.5M-image proprietary pathology dataset make its tests hard to replace quickly.

What would change this call

NeoGenomics Q2 2026 earnings (July 28, 2026) report RaDaR ST adoption metrics. Shows whether RaDaR ST is converting launch momentum into real MRD market share vs Natera.
NeoGenomics reports GAAP net income (not just adjusted EBITDA) in a quarterly release. Would show durable profitability rather than reliance on adjusted metrics.
PanTracer LBx MolDX coverage drives measurable NGS revenue acceleration beyond 26% growth. Would indicate PanTracer is gaining real traction against Guardant and Exact Sciences.

Key numbers

FY2025 revenue: $727M (2025-12-31)
Q1 2026 revenue $186.7M, up 11% YoY (2026-03-31)
Q1 2026 net loss: $17.1M (2026-03-31)

Named risks

GAAP net losses persist despite revenue growth, Q1 2026 net loss $17.1M. Severity: high
Natera and other well-funded specialists (Guardant, Exact Sciences, Foundation Medicine) contest MRD/NGS share. Severity: high
Regulatory compliance exposure after $9.81M OIG-HHS settlement finalized July 2026. Severity: medium
Execution risk on newly issued $316.25M convertible debt and conversion into shares. Severity: medium
Unresolved USPTO IPR2025-00455 proceeding could reopen Natera IP dispute. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Natera (Signatera)	contesting	NeoGenomics won patent summary judgment Aug 29, 2025; Natera withdrew appeal Dec 15, 2025
Guardant Health	contesting	Guardant360/Reveal competes in tumor-naive liquid biopsy overlapping NeoGenomics's PanTracer LBx segment
Exact Sciences	contesting	Scaling OncoLiquid/MRD offerings that overlap with NeoGenomics's RaDaR ST
Foundation Medicine (Roche)	contesting	Comprehensive genomic profiling competes with NeoGenomics's NGS testing, which grew 26% in Q1 2026
Labcorp and Quest Diagnostics	gaining on	Broad distribution and payer scale in general clinical lab testing pressure margins sector-wide

Questions people ask

Is NeoGenomics profitable in 2026?: Not on a GAAP basis. NeoGenomics posted a Q1 2026 net loss of $17.1 million ($0.13/share), though improved from a $25.9 million loss a year earlier. Adjusted EBITDA guidance for full-year 2026 is $55-57 million on $797-803 million revenue, showing thin margins, not durable GAAP profitability, as of April 28, 2026.
Could AI replace NeoGenomics's pathologists?: Not directly. NeoGenomics uses generative AI (a Pathology Assistant on AWS Bedrock, with partner Caylent) to draft interpretive summaries for NGS heme cancer panels, speeding pathologist workflow as of July 30, 2025. But CLIA/CAP certified physician sign-off, physical specimen handling, and payer reimbursement remain human and regulatory chokepoints AI cannot replicate.
Who is NeoGenomics's biggest competitor?: Natera, maker of the Signatera MRD test, is described in court filings as NeoGenomics's 'only competitor' in tumor-informed minimal residual disease testing. NeoGenomics won a patent infringement summary judgment against Natera on August 29, 2025, and Natera withdrew its appeal on December 15, 2025, clearing RaDaR ST's full launch.
What is NeoGenomics's stock worth and who owns it?: NeoGenomics (NASDAQ: NEO) is an independent public company with no parent, with a market capitalization of approximately $1.85 billion as of July 24, 2026. Shares traded around $13.89 to $15.13 in July 2026, within a 52-week range of $4.72 to $15.57.
Did NeoGenomics beat Natera in their patent lawsuit?: Yes. On August 29, 2025, a court ruled for NeoGenomics, invalidating Natera's patents in the RaDaR MRD patent infringement suit. Natera voluntarily withdrew its appeal on December 15, 2025, clearing the way for NeoGenomics to fully commercially launch RaDaR ST in the US in February 2026.
How is NeoGenomics's RaDaR ST test performing against Natera's Signatera?: RaDaR ST had its full US clinical launch in February 2026 after NeoGenomics's patent litigation win over Natera, targeting a management-estimated $20 billion MRD market as of April 28, 2026. No public data yet confirms RaDaR ST is taking measurable market share from Natera's Signatera, which remains the larger installed incumbent as of mid-2026.

Timeline

2026-07-20NeoGenomics finalizes $9.81M OIG-HHS civil settlement over historical consulting-fee compliance issue
2026-06-22Closes upsized $316.25M convertible senior notes offering due 2032 at 0.75%
2026-04-28Reports Q1 2026 results, raises FY2026 revenue guidance to $797-803M
2026-03-01PanTracer LBx receives MolDX/CMS reimbursement coverage
2026-02-17Reports FY2025 results: $727M revenue, adjusted EBITDA up 9% to $43M
2026-02-01RaDaR ST MRD assay achieves full US clinical launch
2025-12-15Natera withdraws appeal in RaDaR patent litigation against NeoGenomics
2025-08-29Court rules for NeoGenomics, invalidating Natera's patents in RaDaR lawsuit
2025-04-01Tony Zook becomes CEO, succeeding Chris Smith

Revision history

24 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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