NEONEOGENOMICS INC

Services-Testing Laboratories

Revenue: $727M; 10% YoY
Operating margin: -15.9%; 14% YoY
EBITDA: −$80M; 51% YoY
Market cap: $2.2B
Employees: 2,500; $291K revenue each
Net debt / EBITDA: —; $399M net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$291K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$968K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$484M	$510M	$592M	$661M	$727M	10%
Operating income	−$119M	−$158M	−$108M	−$92M	−$116M	26%
Net income	−$8M	−$144M	−$88M	−$79M	−$108M	37%
Operating cash flow	−$27M	−$66M	−$2M	$7M	$5M	26%
Capex	$64M	$31M	$29M	$41M	$27M	34%
Stock-based comp	$22M	$25M	$25M	$33M	$41M	24%

Deal filings

Filed	Form	Acquirer	Price	Premium
Nov 13, 2015	DEFM14A	GE Medical Holding AB	$80.00	32.9%
Oct 23, 2015	PREM14A	GE Medical Holding AB	$80.00	32.9%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $968K · 5
Net: −$968K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	22	125
FY2024	—	—	56	118
FY2023	—	—	55	119
FY2022	—	—	32	114
FY2021	—	—	117	126