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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NeoGenomics has withdrawn its 2022 annual financial guidance issued in February.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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