, a leading provider of oncology diagnostic solutions that enable precision medicine, today announced its fourth-quarter and full-year results for the period ended December 31, 2025.NeoGenomics, Inc. (Nasdaq: NEO) (the “Company”)

“We ended 2025 on a strong note, delivering double-digit revenue growth in the fourth quarter on the strength of our clinical volumes and ongoing mix shift toward higher value tests,” stated Tony Zook, CEO of NeoGenomics. “Notably, NGS grew 23% in Q4 and 22% for the full year, both well ahead of the market growth rate, reflecting our ability to successfully pull innovation through the community channel, where we enjoy a leadership position and where approximately 80% of all cancer care is delivered today.”

“Looking ahead, the imminent clinical launch of our RaDaR ST MRD assay further enhances our menu of advanced tests and allows us to address the $20+ billion molecular residual disease monitoring market. And while we anticipate modest revenue contribution from MRD in 2026, we believe the longer-term opportunity, in 2027 and beyond, is substantial. We believe RaDaR ST, together with our PanTracer family of therapy selection solutions, will be a key driver of our revenue growth over the long term. We envision a world where every cancer treatment decision is as personal as the patient, and this drives what we do every day. I am pleased with our progress in 2025 and excited about our current momentum.”

Fourth Quarter Results

Consolidated revenue for the fourth quarter of 2025 was $190 million, an increase of 11% over the same period in 2024. Average revenue per clinical test (“revenue per test”) increased by 5% to $488, with 7% growth excluding recently acquired Pathline tests. This increase reflects a shift toward higher-value tests, including NGS, and the positive impact of strategic reimbursement initiatives.

Consolidated gross profit for the fourth quarter of 2025 was $83 million, an increase of 8% compared to the fourth quarter of 2024. This increase was primarily due to an increase in revenue partially offset by higher compensation and benefit costs, and an increase in supplies costs. Consolidated gross profit margin⁽¹⁾⁽¹⁾

Operating expenses for the fourth quarter of 2025 remained relatively flat at $97 million compared to the fourth quarter of 2024. Operating expenses included higher compensation and benefit costs offset by a decrease in restructuring charges due to the completion of the restructuring program in 2024.

Net loss for the quarter was $10 million compared to net loss of $15 million for the fourth quarter of 2024.

Adjusted EBITDA⁽¹⁾⁽¹⁾⁽¹⁾

Cash and cash equivalents totaled $160 million at quarter end.

Full Year Results

Consolidated revenue for 2025 was $727 million, an increase of 10% over 2024. This increase primarily reflects an increase in test volumes, a shift toward higher value tests, and the positive impact of strategic reimbursement initiatives. Revenues from the Pathline acquisition also contributed to revenue growth, which was partially offset by lower non-clinical revenue due to macro trends in the pharmaceutical and biotech industries, and a less favorable test mix. Net loss for 2025 was $108 million compared to net loss of $79 million in 2024. Adjusted EBITDA⁽¹⁾⁽¹⁾⁽¹⁾

2026 Financial Guidance

The Company issued its full-year 2026 guidance⁽²⁾

Conference Call

The Company has scheduled a webcast and conference call to discuss its fourth quarter and full year 2025 results on Tuesdayir.neogenomics.com,

About NeoGenomics, Inc.

NeoGenomics, Inc. is a premier cancer diagnostics company specializing in cancer genetics testing and information services. We offer one of the most comprehensive oncology-focused testing menus across the cancer continuum, serving oncologists, pathologists, hospital systems, academic centers, and pharmaceutical firms with innovative diagnostic and predictive testing to help them diagnose and treat cancer. Headquartered in Fort Myers, FL, NeoGenomics operates a network of CAP-accredited and CLIA-certified laboratories for full-service sample processing and analysis services throughout the US and a CAP-accredited full-service sample-processing laboratory in Cambridge, United Kingdom.

We routinely post information that may be important to investors on our website athttps://www.neogenomics.com

Forward Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “would,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “guidance,” “plan,” “potential” and other words of similar meaning, although not all forward-looking statements include these words. These forward-looking statements include statements regarding the Company’s strategy, future operations, future financial position, future revenues, projected costs and capital expenditures, prospects and plans, estimates of market size and position, and objectives of Management. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to identify and implement appropriate financial and operational initiatives to improve performance, to identify and recruit executive candidates, to continue gaining new customers, offer new types of tests, integrate its acquisitions and otherwise implement its business plan, and the risks identified under the heading "Risk Factors" contained in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission.

We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available atwww.sec.gov

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). However, in order to provide greater transparency regarding our operating performance, the financial results and financial guidance in this press release refer to certain non-GAAP financial measures that involve adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management believes are not directly attributable to the Company’s core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. Management believes that the presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors by facilitating the analysis of the Company’s core test-level operating results across reporting periods. These non-GAAP financial measures may also assist investors in evaluating future prospects. Management also uses non-GAAP financial measures for financial and operational decision making, planning and forecasting purposes and to manage the business. These non-GAAP financial measures do not replace the presentation of financial information in accordance with U.S. GAAP financial results and may exclude items that are significant to understanding and assessing the Company's financial results. Therefore, should not be considered measures of liquidity or considered in isolation or as an alternative to other measures of the Company's profitability or performance under GAAP. The Company's presentation of non-GAAP financial measures is unlikely to be comparable to similarly-titled non-GAAP financial measures provided by other companies.

Definitions of Non-GAAP Financial Measures

Non-GAAP Adjusted EBITDA

“Adjusted EBITDA” is defined by NeoGenomics as net (loss) income from continuing operations before: (i) interest income, (ii) interest expense, (iii) tax (benefit) or expense, (iv) depreciation and amortization expense, (v) stock-based compensation expense, and, if applicable in a reporting period, (vi) CEO transition costs, (vii) acquisition and integration related expenses, (viii) restructuring charges, (ix) impairment charges, (x) intellectual property (“IP”) litigation costs, and (xi) other significant or non-operating (income) or expenses, net.

Non-GAAP Adjusted Cost of Revenue, Adjusted Gross Profit and Adjusted Gross Profit Margin

“Adjusted cost of revenue” is defined by NeoGenomics as cost of revenue before: (i) amortization of acquired intangible assets, and (ii) stock-based compensation expense.

“Adjusted gross profit” is defined by NeoGenomics as total revenue less adjusted cost of revenue.

“Adjusted gross profit margin” is defined by NeoGenomics as adjusted cost of revenue divided by total revenue.

Non-GAAP Adjusted Net (Loss) Income

“Adjusted net (loss) income” is defined by NeoGenomics as net (loss) income from continuing operations plus: (i) amortization of intangible assets, (ii) stock-based compensation expense, and, if applicable in a reporting period, (iii) CEO transition costs, (iv) acquisition and integration related expenses, (v) restructuring charges, (vi) impairment charges, (vii) IP litigation costs, and (viii) other significant or non-operating (income) or expenses, net. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method unless the effect of this adjustment on both the adjusted net (loss) income and weighted average diluted common shares outstanding would be anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted net (loss) income will also be adjusted to reverse any recognized interest expense (including any amortization of discounts) on the convertible notes using the if-converted method.

Non-GAAP Adjusted Diluted EPS

“Adjusted diluted EPS” is defined by NeoGenomics as adjusted net (loss) income divided by adjusted diluted shares outstanding. If GAAP net (loss) income is negative and adjusted net (loss) income is positive, adjusted diluted shares outstanding will also include any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive. If GAAP net (loss) income is positive and adjusted net (loss) income is negative, adjusted diluted shares outstanding will exclude any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period.

The following tables present reconciliations of the Company’s non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Reconciliation of Non-GAAP Financial Guidance to Corresponding GAAP Measures

(Unaudited, in thousands, except per share amounts)

GAAP net loss in 2026 will be impacted by certain charges, including: (i) expense related to the amortization of intangible assets, (ii) stock-based compensation, and (iii) other one-time expenses. These charges have been included in GAAP net loss available to stockholders and GAAP net loss per share; however, they have been removed from adjusted net loss and adjusted diluted net loss per share.

The following table reconciles the Company’s 2026 outlook for net loss and EPS to the corresponding non-GAAP measures of adjusted net loss, adjusted EBITDA, and adjusted diluted EPS:

View source version on businesswire.com:https://www.businesswire.com/news/home/20260217513962/en/

Fourth Quarter and Full Year 2025 Highlights

Fourth quarter consolidated revenue increased 11% to $190 million; Full-year consolidated revenue increased 10% to $727 million

Fourth quarter net loss decreased 36% to $10 million; Full-year net loss increased 37% to $108 million

Fourth quarter adjusted EBITDA⁽¹⁾

⁽¹⁾

The Company has provided adjusted financial information that has not been prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Gross Profit Margin, Adjusted Net (Loss) Income, and Adjusted Diluted EPS. Each of these measures is defined in the section of this report entitled “Use of Non-GAAP Financial Measures.” See also the tables reconciling such measures to their closest GAAP equivalent.

	FY 2025	FY 2026 Guidance		YOY % Change from FY 2025
	Actual	Low	High	Low	High
Consolidated revenue	$727	$793	$801	9%	10%
Net loss	$(108)	$(63)	$(50)	42%	54%
Adjusted EBITDA	$43	$55	$57	27%	31%

⁽²⁾

The Company reserves the right to adjust this guidance at any time based on the ongoing execution of its business plan. Current and prospective investors are encouraged to perform their own due diligence before buying or selling any of the Company’s securities, and are reminded that the foregoing estimates should not be construed as a guarantee of future performance.

NeoGenomics, Inc.

	As of December 31,
	2025		2024
ASSETS
Current Assets
Cash and cash equivalents	$	159,618	$	367,012
Marketable securities, at fair value		—		19,832
Accounts receivable, net		159,242		150,540
Inventories		28,566		26,748
Prepaid assets		21,443		20,165
Other current assets		7,417		11,722
Total current assets		376,286		596,019
Property and equipment (net of accumulated depreciation of $209,057 and $189,990, respectively)		84,834		94,103
Operating lease right-of-use assets		78,444		79,583
Intangible assets, net		286,528		339,681
Goodwill		524,344		522,766
Other assets		9,394		5,886
Total non-current assets		983,544		1,042,019
Total assets	$	1,359,830	$	1,638,038
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other current liabilities	$	83,524	$	97,083
Current portion of operating lease liabilities		4,776		3,381
Current portion of convertible senior notes, net		—		200,777
Total current liabilities		88,300		301,241
Long-term liabilities
Operating lease liabilities		62,822		60,841
Convertible senior notes, net		341,858		340,335
Deferred income tax liabilities, net		18,219		21,510
Other long-term liabilities		12,069		11,772
Total long-term liabilities		434,968		434,458
Total liabilities		523,268		735,699
Stockholders’ equity
Total stockholders’ equity		836,562		902,339
Total liabilities and stockholders’ equity	$	1,359,830	$	1,638,038

NeoGenomics, Inc.

	Three Months Ended December 31,						Years Ended December 31,
	2025			2024				2025		2024
NET REVENUE	$	190,170		$	172,000		$	727,332		$	660,566

COST OF REVENUE		106,827			94,743			413,039			370,466

GROSS MARGIN		83,343			77,257			314,293			290,100
Operating expenses:
General and administrative		63,509			63,643			273,337			259,737
Research and development		9,179			7,969			37,077			31,159
Sales and marketing		23,443			22,339			92,007			84,652
Restructuring charges		—			1,707			—			6,658
Impairment charges		626			—			27,753			—
Total operating expenses		96,757			95,658			430,174			382,206
LOSS FROM OPERATIONS		(13,414	)		(18,401	)		(115,881	)		(92,106	)
Interest income		(1,523	)		(4,328	)		(9,070	)		(18,427	)
Interest expense		599			1,624			3,753			6,617
Other (income) expense, net		(84	)		431			(296	)		379
Loss before taxes		(12,406	)		(16,128	)		(110,268	)		(80,675	)
Income tax benefit		(2,525	)		(804	)		(2,243	)		(1,949	)
NET LOSS	$	(9,881	)	$	(15,324	)	$	(108,025	)	$	(78,726	)

NET LOSS PER SHARE
Basic	$	(0.08	)	$	(0.12	)	$	(0.84	)	$	(0.62	)
Diluted	$	(0.08	)	$	(0.12	)	$	(0.84	)	$	(0.62	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		128,648			127,160			128,101			126,658
Diluted		128,648			127,160			128,101			126,658

NeoGenomics, Inc.

	Years Ended December 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(108,025	)	$	(78,726	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		36,072			39,101
Amortization of intangibles		31,752			33,446
Stock-based compensation		41,316			33,413
Non-cash operating lease expense		6,752			8,926
Amortization of convertible debt discount		1,910			2,725
Amortization of debt issuance costs		87			189
Loss (gain) on disposal of assets, net		31			(49	)
Impairment charges		27,753			—
Impairment of long-lived assets		—			450
Other adjustments		(323	)		178
Changes in assets and liabilities, net:		(32,095	)		(32,630	)
Net cash provided by operating activities	$	5,230		$	7,023
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of marketable securities		20,060			53,916
Purchases of property and equipment		(27,008	)		(41,061	)
Proceeds from assets held for sale, net of closing costs		2,066			—
Business acquisitions, net of cash acquired		(6,454	)		—
Purchase of convertible note		(500	)		—
Purchase of equity securities		(500	)		—
Net cash (used in) provided by investing activities	$	(12,336	)	$	12,855
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock, net		962			4,646
Repayment of convertible debt		(201,250	)		—
Net cash (used in) provided by financing activities	$	(200,288	)	$	4,646
Net change in cash and cash equivalents	$	(207,394	)	$	24,524
Cash and cash equivalents, beginning of year	$	367,012		$	342,488
Cash, cash equivalents and restricted cash, end of year	$	159,618		$	367,012

Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Years Ended December 31,
	2025			2024			2025			2024
NET LOSS	$	(9,881	)	$	(15,324	)	$	(108,025	)	$	(78,726	)
Adjustments to net loss
Interest income		(1,523	)		(4,328	)		(9,070	)		(18,427	)
Interest expense		599			1,624			3,753			6,617
Income tax benefit		(2,525	)		(804	)		(2,243	)		(1,949	)
Depreciation		8,763			9,827			36,072			39,101
Amortization of intangibles		7,632			8,361			31,752			33,446
EBITDA (non-GAAP)		3,065			(644	)		(47,761	)		(19,938	)
Further adjustments to EBITDA:
CEO transition costs⁽¹⁾		351			330			3,500			330
Acquisition and integration related expenses⁽²⁾		1,090			—			7,266			—
Stock-based compensation		8,042			8,328			41,316			33,413
Restructuring charges		—			1,707			—			6,658
Impairment charges⁽³⁾		626			—			27,753			—
IP litigation costs⁽⁴⁾		206			1,397			11,283			13,753
Other significant expenses, net⁽⁵⁾		—			755			—			5,392
Adjusted EBITDA (non-GAAP)	$	13,380		$	11,873		$	43,357		$	39,608

____________________
⁽¹⁾		For the three months ended December 31, 2025, CEO transition costs include executive retention costs. For the year ended December 31, 2025, CEO transition costs include severance costs, executive retention costs, and executive search costs. For the three months and year ended December 31, 2024, CEO transition costs include executive search costs.
⁽²⁾		For the three months and year ended December 31, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs. There were no such costs for the three months and year ended December 31, 2024.
⁽³⁾		For the three months ended December 31, 2025, impairment charges include a loss on the sale of Trapelo Health, LLC assets. For the year ended December 31, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and an impairment loss on the sale of Trapelo Health, LLC assets. There were no such costs for the three months and year ended December 31, 2024.
⁽⁴⁾		For the three months ended December 31, 2025, IP litigation costs include legal fees. For the year ended December 31, 2025, IP litigation costs include a legal fees and a settlement payment. For the three months ended December 31, 2024, IP litigation costs include legal fees. For the year ended December 31, 2024, IP litigation costs include legal fees and a settlement payment.
⁽⁵⁾		For the three months ended December 31, 2024, other significant (income) expenses, net, includes site closure costs. For the year ended December 31, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. There were no such costs for the three months and year ended December 31, 2025.

Reconciliation of Consolidated GAAP Cost of Revenue, Gross Profit and Gross Profit Margin to

	Three Months Ended December 31,								Years Ended December 31,
	2025			2024			% Change		2025			2024			% Change
Consolidated:
Total revenue (GAAP)	$	190,170		$	172,000		10.6	%	$	727,332		$	660,566		10.1	%

Cost of revenue (GAAP)	$	106,827		$	94,743		12.8	%	$	413,039		$	370,466		11.5	%
Adjustments to cost of revenue⁽¹⁾		(4,964	)		(5,292	)				(20,353	)		(21,127	)
Adjusted cost of revenue (non-GAAP)	$	101,863		$	89,451		13.9	%	$	392,686		$	349,339		12.4	%

Gross profit (GAAP)	$	83,343		$	77,257		7.9	%	$	314,293		$	290,100		8.3	%
Adjusted gross profit (non-GAAP)	$	88,307		$	82,549		7.0	%	$	334,646		$	311,227		7.5	%

Gross profit margin (GAAP)		43.8	%		44.9	%				43.2	%		43.9	%
Adjusted gross profit margin (non-GAAP)		46.4	%		48.0	%				46.0	%		47.1	%

____________________
⁽¹⁾		Cost of revenue adjustments for the three months ended December 31, 2025 includes $4.6 million of amortization of acquired intangible assets and $0.3 million of stock-based compensation. Cost of revenue adjustments for the three months ended December 31, 2024 includes $4.9 million of amortization of acquired intangible assets and $0.4 million of stock-based compensation. Cost of revenue adjustments for the year ended December 31, 2025 includes $18.9 million of amortization of acquired intangible assets and $1.4 million of stock-based compensation. Cost of revenue adjustments for the year ended December 31, 2024 includes $19.6 million of amortization of acquired intangible assets and $1.4 million of stock-based compensation.

Reconciliation of GAAP Net Loss to Non- GAAP Adjusted Net Loss and

	Three Months Ended December 31,						Years Ended December 31,
	2025			2024			2025			2024
Net loss (GAAP)	$	(9,881	)	$	(15,324	)	$	(108,025	)	$	(78,726	)
Adjustments to net loss:
Amortization of intangibles		7,632			8,361			31,752			33,446
CEO transition costs⁽¹⁾		351			330			3,500			330
Acquisition and integration related expenses⁽²⁾		1,090			—			7,266			—
Stock-based compensation expense		8,042			8,328			41,316			33,413
Restructuring charges		—			1,707			—			6,658
Impairment charges⁽³⁾		626			—			27,753			—
IP litigation costs⁽⁴⁾		206			1,397			11,283			13,753
Other significant expenses, net⁽⁵⁾		—			755			—			5,392
Adjusted net income (non-GAAP)	$	8,066		$	5,554		$	14,845		$	14,266

Net loss per diluted share (GAAP)
Diluted EPS	$	(0.08	)	$	(0.12	)	$	(0.84	)	$	(0.62	)
Adjustments to net loss per diluted share:
Amortization of intangibles		0.06			0.07			0.25			0.26
CEO transition costs⁽¹⁾		—			—			0.03			—
Acquisition and integration related expenses⁽²⁾		0.01			—			0.06			—
Stock-based compensation expense		0.06			0.07			0.32			0.26
Restructuring charges		—			0.01			—			0.05
Impairment charges⁽³⁾		—			—			0.22			—
IP litigation costs⁽⁴⁾		—			0.01			0.09			0.11
Other significant expenses, net⁽⁵⁾		—			0.01			—			0.05
Rounding and impact of diluted shares in adjusted diluted share⁽⁶⁾		0.01			(0.01	)		(0.01	)		—
Adjusted diluted EPS (non-GAAP)	$	0.06		$	0.04		$	0.12		$	0.11

Weighted average shares used in computation ofadjusted diluted EPS:
Diluted common shares (GAAP)		128,648			127,160			128,101			126,658
Dilutive effect of options, restricted stock, and converted shares⁽⁷⁾⁽⁸⁾		—			—			—			—
Adjusted diluted shares outstanding (non-GAAP)		128,648			127,160			128,101			126,658

____________________
⁽¹⁾		For the three months ended December 31, 2025, CEO transition costs include executive retention costs. For the year ended December 31, 2025, CEO transition costs include severance costs, executive retention costs, and executive search costs. For the three months and year ended December 31, 2024, CEO transition costs include executive search costs.
⁽²⁾		For the three months and year ended December 31, 2025, acquisition and integration related expenses include consulting and legal fees, severance costs, and employee retention costs. There were no such costs for the three months and year ended December 31, 2024.
⁽³⁾		For the three months ended December 31, 2025, impairment charges include a loss on the sale of Trapelo Health, LLC assets. For the year ended December 31, 2025, impairment charges include losses from InVisionFirst®-Lung intangible asset impairment and inventory write-off, and an impairment loss on the sale of Trapelo Health, LLC assets. There were no such costs for the three months and year ended December 31, 2024.
⁽⁴⁾		For the three months ended December 31, 2025, IP litigation costs include legal fees. For the year ended December 31, 2025, IP litigation costs include a legal fees and a settlement payment. For the three months ended December 31, 2024, IP litigation costs include legal fees. For the year ended December 31, 2024, IP litigation costs include legal fees and a settlement payment.
⁽⁵⁾		For the three months ended December 31, 2024, other significant (income) expenses, net, includes site closure costs. For the year ended December 31, 2024, other significant (income) expenses, net, includes site closure costs, severance costs, and fees related to non-recurring legal matters. There were no such costs for the three months and year ended December 31, 2025.
⁽⁶⁾		This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive or GAAP net (loss) income is positive and adjusted net (loss) income is negative, also compensates for the effects of additional diluted shares included or excluded in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.
⁽⁷⁾		In those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.
⁽⁸⁾		In those periods in which GAAP net (loss) income is positive and adjusted net (loss) income is negative, this adjustment excludes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of common shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such common shares would have been outstanding in the reporting period.

	Year Ended December 31, 2026
	Low Range			High Range
Net loss (GAAP)	$	(63,000	)	$	(50,000	)
Amortization of intangibles		30,000			30,000
Stock-based compensation		43,000			40,000
Other one-time expenses		11,000			7,000
Adjusted net income (non-GAAP)		21,000			27,000
Interest and taxes		(5,000	)		(6,000	)
Depreciation		39,000			36,000
Adjusted EBITDA (non-GAAP)	$	55,000		$	57,000

Net loss per diluted share (GAAP)	$	(0.48	)	$	(0.38	)
Adjustments to net loss per diluted share:
Amortization of intangibles		0.23			0.23
Stock-based compensation		0.33			0.31
Other one-time expenses		0.08			0.05
Rounding and impact of diluted shares in adjusted diluted shares⁽¹⁾		—			—
Adjusted diluted EPS⁽²⁾	$	0.16		$	0.21

Weighted average assumed shares outstanding in 2026:
Diluted shares (GAAP)		130,000			130,000
Options, restricted stock, and converted shares not included in diluted shares⁽²⁾		—			—
Adjusted diluted shares outstanding (non-GAAP)		130,000			130,000

____________________
⁽¹⁾		This adjustment is for rounding and, in those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, also compensates for the effects of additional diluted shares included in adjusted diluted shares outstanding for the treasury stock impact of outstanding stock options and restricted stock and the if-converted impact of convertible notes.
⁽²⁾		For those periods in which GAAP net (loss) income is negative and adjusted net (loss) income is positive, this adjustment includes any options or restricted stock that would be outstanding as dilutive instruments using the treasury stock method and the weighted average number of shares that would be outstanding if the convertible notes were converted into common stock on the original issue date based on the number of days such shares would have been outstanding in the reporting period, until the effect of these adjustments are anti-dilutive.

Supplemental Information

	Three Months Ended December 31,						Years Ended December 31,
	2025		2024		% Change		2025		2024		% Change
Clinical including Pathline⁽¹⁾
Number of tests performed		356,136		321,679	10.7	%		1,399,703		1,248,740	12.1	%
Average revenue/test	$	488	$	465	4.9	%	$	471	$	457	3.1	%

Clinical excluding Pathline⁽²⁾
Number of tests performed		342,586		321,679	6.5	%		1,358,969		1,248,740	8.8	%
Average revenue/test	$	496	$	465	6.7	%	$	476	$	457	4.2	%

____________________
⁽¹⁾		Excludes tests and revenue related to non-clinical activity.
⁽²⁾		Excludes tests and revenue related to Pathline and non-clinical activity.