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NeoGenomics, Inc. runs cancer-focused laboratories that help pathologists and oncologists diagnose cancer and guide treatment. Clients can send samples for laboratory testing and interpret the results themselves, or pay for specialist interpretation and consultation as well. This lets medical practices offer testing without building all the necessary laboratory capabilities in-house.
Most revenue comes from billing clients directly; commercial insurers, Medicare and other government programs also pay for tests. Much of the testing billed to hospitals and laboratories ultimately depends on insurance or government reimbursement. No single client dominates revenue, but payment depends on coverage rules, documentation and, for some tests, prior authorization.
Pharmaceutical and biotechnology companies also pay NeoGenomics for sample testing, biomarker analysis and scientific support for their research and clinical trials. The sponsors—not NeoGenomics—control those trials, and testing demand depends partly on patient enrollment. These customers can also license its de-identified oncology data.
The clinical business depends on healthcare providers ordering tests and on samples reaching its laboratories; NeoGenomics relies heavily on FedEx for sample transport. Laboratories must maintain required certifications and licenses. In states that prohibit companies from practicing medicine, NeoGenomics provides professional pathology services through agreements with physicians or physician-owned practices.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
NeoGenomics’ results hinge on oncology-testing demand, reimbursement and biopharma trial activity; Roche’s Foundation Medicine is another important cancer-profiling rival missing from this list.
Tempus AI competes with NeoGenomics for cancer molecular-testing orders, clinical-trial support contracts and sales of de-identified data to life-sciences companies. Watch its Diagnostics business and data-licensing demand: both overlap with what clinicians and drug developers buy from NeoGenomics.
Caris Life Sciences competes with NeoGenomics for physicians’ cancer molecular-profiling orders and biopharma testing and research contracts. Its tissue-based MI Profile and blood-based Caris Assure are concrete offerings to watch in that competition.
Guardant Health competes with NeoGenomics by selling blood- and tissue-based cancer profiling to clinicians and oncology testing to biopharma companies. Its oncology revenue and biopharma-and-data revenue are more relevant to this overlap than its separate screening business.
Natera competes with NeoGenomics in blood-based cancer monitoring, and its patent suit led to an injunction and NeoGenomics withdrawing RaDaR from sale. Watch the RaDaR legal outcome: the court invalidated the two disputed patents in August 2025 and entered final judgment for NeoGenomics in September 2025.
Adaptive Biotechnologies Corporation’s clonoSEQ overlaps with NeoGenomics’ tests that detect cancer cells remaining after treatment in blood cancers, serving clinicians and biopharma drug-development programs. Its clonoSEQ clinical-testing and biopharma revenue provide a focused view of demand for this residual-disease testing.
Personalis competes with NeoGenomics for cancer genomic tests used by physicians to choose treatment and monitor cancer, and for biopharma research and trial work. Watch demand for its therapy-monitoring tests and clinical-trial services, where the two businesses overlap.
Labcorp competes with NeoGenomics for specialty genomic testing and drug developers’ laboratory-service contracts, backed by a larger client base and greater resources. Watch its specialty testing and Central Laboratory business rather than treating all its routine-testing revenue as comparable to NeoGenomics.
Quest Diagnostics competes with NeoGenomics for specialized testing and genomic profiling ordered by clinicians and hospitals, with a larger client base and greater resources. Its Advanced Diagnostics testing is the business to watch for this overlap, rather than routine laboratory tests.
Myriad Genetics competes with NeoGenomics for cancer clinicians’ tumor-profiling, treatment-selection and residual-disease testing orders. Its Precise Tumor and Precise MRD offerings are the relevant products to watch, rather than its prenatal or mental-health tests.
Fulgent Genetics competes with NeoGenomics in specialized cancer testing, physicians’ interpretation of laboratory results and testing for biopharma customers. Its laboratory-services revenue is the relevant business to follow, separate from its therapeutic-development business.
BillionToOne competes with NeoGenomics for solid-tumor treatment-selection and response-monitoring orders through its Northstar blood tests for patients with late-stage solid tumors. Watch Northstar’s oncology activity, not its separate UNITY prenatal-testing business.
Veracyte and NeoGenomics both depend on clinicians adopting genomic cancer tests and payers covering them. Veracyte earns most of its revenue from Decipher Prostate and Afirma, making adoption and reimbursement news for those tests the clearest read on that shared demand.
NeoGenomics relies on Illumina for sequencing platforms and consumables used in its next-generation sequencing tests; Illumina sells the tools that let the laboratory read genetic material rather than competing for those cancer-testing orders.
Biodesix competes with NeoGenomics for biopharma tumor-profiling and clinical-trial testing contracts. Its Development Services revenue, rather than its separate lung-diagnostic testing revenue, is the line that reflects this competition for drug developers’ spending.
Precipio competes with NeoGenomics for specialized blood-cancer testing and pathology reports ordered by oncology practices and laboratories. It analyzes blood and biopsy samples and returns reports to physicians, making its pathology-services revenue the relevant line to watch rather than its assay-and-kit products.
Quest Diagnostics Inc. earningsDGX
Quest Diagnostics' Advanced Diagnostics business will show how demand for specialized testing is changing in the clinician and hospital market it shares with NeoGenomics.
Focus on Quest's Advanced Diagnostics, not its routine laboratory tests. Growth there would point to solid clinician and hospital demand for specialized testing, supporting the market for NeoGenomics' overlapping services; weakness would be a caution even if routine tests bolster Quest overall.
NeoGenomics, Inc. earningsThis company
NeoGenomics' report will show whether growth in cancer-testing revenue is turning into stronger operating earnings.
Read clinical testing revenue alongside adjusted EBITDA, a company-adjusted measure of earnings before interest, taxes, depreciation and amortization. If both rise, testing growth is reaching operating earnings; if revenue rises but adjusted EBITDA is flat or falls, higher costs or weaker collections per test are absorbing the growth.
Illumina Inc earningsILMN
Illumina's report will show whether laboratories' demand is changing for the sequencing platforms and consumables NeoGenomics uses.
Read sequencing-related consumables alongside instrument sales. Steady consumables demand, supported by instrument sales, would suggest laboratories are continuing to use sequencing platforms and would be a positive signal for the broader environment around NeoGenomics' tools; weakness in both would point to a softer environment, not prove a change in NeoGenomics' supply or purchase costs.
Biodesix, Inc. earningsBDSX
Biodesix's Development Services revenue will show how drug developers are spending in the tumor-profiling and clinical-trial market it shares with NeoGenomics.
Focus on Biodesix's Development Services, not its separate lung-diagnostic business. Growth would signal stronger drug-developer demand for tumor-profiling and trial-related laboratory work, a positive sign for NeoGenomics' work with drug companies; a decline could reflect lower sponsor spending or slower trials, but would not establish NeoGenomics' own contract volume.
Veracyte, Inc. earningsVCYT
Veracyte's Decipher Prostate and Afirma businesses will show how clinicians' use of genomic tests and payer coverage are developing in a market NeoGenomics also faces.
Read Decipher Prostate and Afirma performance alongside evidence of test adoption and payer coverage. Growth with coverage support would suggest a more favorable setting for clinician use and payment of genomic tests, conditions NeoGenomics also faces; weakness or limited coverage would be less supportive, though the tests and patient groups are not identical.
