Doug will review some of our other strategic areas of investment. Well, we have a very good collaborative relationship with Inivata, we serve on their Board, we have a minority interest, as you know, our teams are working very, very well together and we talk a lot of that both the InVisionFirst-Lung test and how to accelerate progress and penetration on that as well as MRD. Got it. And then, just maybe a question for Doug Brown. Unemployment doesn't seem to be a factor in our clinical business or our pharma business either. Well, thanks, Puneet. In terms of your second question about gaining customers, Rob said access from some of our sales people to some of our customers is still somewhat constrained in the oncology practices, although that's loosened up recently. Aside from these strategic investment areas I have outlined today, I can assure you that my role as Chief Strategy Officer keeps me very active in assessing inorganic opportunities for growth at NeoGenomics. Our share in oncology really has pharma sponsors wanting to work with us and the great part of NeoGenomics too is we create optionality for them, so if they want to work with an IVD partner, they can, if they want to go to a single-site PMA, we can. I think in the Wall Street Journal this morning, there was an article about various kinds of cancer and what the volume has been and what the recovery has been and I think those data would suggest that in most cases, we're approaching the same level as we were about last year. And so, there actually will be some places that we can take you to look at how we're interacting with our stakeholders in informatics. In the Pharma Services segment, the rebound we experienced in quarter three was driven by a momentum shift and strengthening as clinical trial activity began to resume. But we've seen that start to open up more and more recently, and then some of those geographies that have remained a little bit tighter have loosened a little bit more recently. Kathryn B. McKenzie -- Chief Financial Officer. And then, is it challenging in this environment to gain new customer relationships or new payer contracts or agreements? So we are continuing to validate other genes on that pan-cancer panel and we think it's a good test. Clinical trial work rebounded nicely during the quarter and research-related revenue continued to show strength with volumes returning in pharma, our record level of backlog at $185 million and continued success on the sales front. Earlier this year, we significantly enhanced our marketing capabilities by hiring our new Chief Marketing Officer, who brings considerable pharma experience and precision medicine having led product launches for two novel cancer therapies. Thank you. Hi, morning. SOURCE: NeoGenomics, Inc. View source version on … Our coordination and partnership with the talented team in Inivata has been strong. Okay. The strategic investments we've made in recent years together with additional planned investments have helped us create a differentiated platform for continued growth. We've got another dynamic frankly and that's that we're doing, I think, a better job of collecting for the work that we do and that impacts AUP also. Find the latest Earnings Report Date for NeoGenomics, Inc. Common Stock (NEO) at Nasdaq.com. [Operator Instructions]. In fact, September was the largest revenue month on record for the Pharma Services division. Goodbye. As a reminder, we withdrew our full-year 2020 financial guidance on April 9, 2020 in light of the COVID-19 pandemic. Test volume growth also improved for this product line as the quarter progressed. Appreciate it. We are more confident everyday that we are on a steady path toward growth levels consistent with our historical long term guidance. First of all, our COVID testing laboratory regularly turns around tests well within the timeframe that CMS is requiring for this extra $25 reimbursement, so that's not an issue with us at all. But just to kind of drill in maybe a little bit more on what volumes were late October and as you think about it, they don't dramatically change with COVID. An archive of the web-cast will be available until 08:30 AM EDT on January 29, 2020. As we've discussed on prior earnings call in the back half of 2019, we determined that our Pharma Services business had reached sufficient scale along with our anticipated growth or the timing was appropriate to invest in a pharma-dedicated testing infrastructure. We think it's going to be a terrific product for patients and a terrific product for us and you can assume that we're working hard together to make it happen. Yeah. 427 Number of Organizations • $47.6B Total Funding Amount • 1,863 Number of Investors. Douglas M. VanOort -- Chairman and Chief Executive Officer. 1 30. Maybe a bigger picture question on having a strategy in both Clinical Services and Pharma Services, I think companion diagnostics represents maybe a key synergy there. So I think the trends that we're seeing and as I said, Tejas, we're optimistic that we're going to continue to see the same kind of growth trends that we've been recently experiencing and October has been relatively strong. Appreciate your time. Thank you very much. Got it. Great, that's very helpful. Along with increasing our global laboratory footprint, we have been fortunate enough to identify and add incredible sales and management talent in Europe and Asia-Pac that are proving instrumental to our growth strategy. Over those years as an outsider looking in, I was always very excited about the Company's strategy and its opportunities for growth. I don't want to belabor the macro point but I am getting questions on that, so I just wanted to maybe ask it different way. But we are really focused, not at this time in early detection, but really on diagnosis therapy selection, I think we'll move into minimal residual disease kinds of testing and that's the sweet spot for NeoGenomics at the present time. Well, we're watching this obviously on a day-by-day basis and there is some uncertainty, there is some disruption that continues in -- really in almost every business in the country. NeoGenomics offers lab services for oncology clinical trials. So we think that cancer diagnosis and therapy selection and monitoring are all obviously essential for cancer patients and there is a lot of postponement and delay in this activity and I think we're starting to see that come back and our volume, as we said, is reflecting that. An archive of the web-cast will be available until … Now, we're very excited about the minimal residual disease product at Inivata, we are working with them in a number of different ways. Pharma research-related services have remained strong all year and informatics-related revenue has been extremely strong. Lists Featuring This Company. Well, thank you, George. The… Got it. The playback conference ID number is 37902. As with any integration, we had to transition this business from platforms utilized by Human Longevity companywide to the NeoGenomics infrastructure and platforms. NeoGenomics and other organizations in the healthcare community unite to form COVID-19 testing industry consortium. Our people have gotten to be pretty darn good about gaining customers without going to trade shows and without actually visiting them. I would just mention that we -- COVID testing is not our primary business and our primary business is oncology. As you think about kind of drilling in on the margins in that core clinical testing segment, can you maybe help us back out how much of the impact might be from sort of that deconsolidation of the Pharma Services piece versus other moving parts when we think about obviously mix and things like that. Informatics is now one of the most exciting growth areas in our Company. Our backlog has never been higher at $185 million and new bookings in recent quarters have well outpaced revenue. Neogenomics Inc Q2 2020 ... President of our Informatics Division and Director of Investor Relations. This lab is slated to be operational in 2021 and we are very excited about the growth potential in the Greater China market as well as our ability to support global clinical trials with activity in China. What we've seen as the markets have started to open more and more is our sales team seems to have easier access to hospitals and pathology groups, that seems to be an easier access point to get into the hospital away from where patients are consolidated and into the pathology suite for meetings. Our team in La Jolla has been extremely busy working on proposals from our sales team and we've signed several contracts in our current backlog based on their work. Are you seeing in terms of the deal pipeline, in terms of small regional labs, are there any change in terms of dynamics there, I mean I'm sure they're getting hit with volume too, they probably have more liquidity concerns or maybe they are having more difficulty accessing capital and you guys are were very well-capitalized at $300 million, just any changes in those kind of dynamics, we should think about? The majority of our clients reopened clinical trial sites and revenue from clinical trials accelerated nicely as the quarter ended. Clinical division revenue per test was $359, down 3% year-over-year and up 2% sequentially. And of course would appreciate any color on test utilization for the next couple of quarters if you have any visibility. As the price point of whole exome sequencing continues to fall, pharma sponsors are increasingly showing a preference by looking at 19,000 genes, rather than just 300. And then, second one on COVID testing. What was the year-over-year metrics for the broader cancer market? Let me try and take a crack at that. We look forward to providing quarterly updates on our progress. We probably will come back to you on a future quarter with more color and more specifics around those activities. So it was a combination of the existing trial enrollments[Phonetic] returning back to maybe more normal enrollment numbers as well as for the new trials finally starting. Bill Bonello, President of our Informatics Division, now leads a team of 30 professionals focused on this offering for our clients. NeoGenomics (NEO) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.01 per share. And then, just lastly on the gross margins in Pharma Services, great progress there. So in some cases, we already got the relationship and that helps us even with things like liquid biopsy. Good morning, everyone. Now that would suggest that there is still pent-up demand, because we know that cancer cases are increasing, that the market's growing, and that we're taking market share. Please go ahead. In our clinical oncology business, test volume improved throughout the quarter as average daily test volume increased nearly 10% from the month of July to September. I'm excited to have the opportunity today to discuss our Pharma Services business. Also of note, this is the second quarter in a row where Pharma Services represented greater than 15% of our core oncology revenue. NeoGenomics, Inc. William Bonello Vice President Strategy, Corporate Development and Investor Relations (239)690-4238 (w) (239)284-4314 (m) bill.bonello@neogenomics.com Joining me from our Fort Myers headquarters with social distancing precautions in place are Kathryn McKenzie, our Chief Financial Officer; Rob Shovlin, President of our Clinical Services Division; George Cardoza, President of our Pharma Services Division; Bill Bonello, President of our Informatics Division; Doug Brown, our Chief Strategy and Corporate Development Officer; and Charlie Eidson, our Manager of Investor Relations. Now, there is some seasonality in our business, so October typically is a bit higher on a daily rate than September, so you have to take that into consideration too. Sure. But through this all the demand has remained strong, I mean the pharma sponsors continue to sign contracts with us, so we are seeing the demand be strong I think there were some access issues clearly related to COVID but I do think we feel really good about the underlying demand. Now that may change but that's the situation. Yeah, thanks for the question, Puneet. Now we don't have plans for our existing NeoLAB pan-cancer assay to -- well, I guess it is actually approved because we're using the Thermo Fisher platform for that. I'll now turn the call over to Kathryn McKenzie, our Chief Financial Officer, to discuss some of the details of quarter three financial results. We feel great about our minority investment and will continue to monitor progress on the uptake of the InVisionFirst-Lung test and the development progress of the company's promising minimal residual disease or MRD pan-cancer monitored assay as we consider exercising our option to purchase Inivata. When you think about the different services that you guys offer and looking at your volume numbers, obviously you mentioned in the release that core oncology business looks to be a V-Shape recovery. So when we budgeted, when we gave guidance early in the year long-term, we would expect our clinical volume growth to be in the kind of a 12% to 15% range and we're not yet at that level, but we're moving in that direction. We remain on track for completion by quarter three of 2021. Next-generation sequencing revenue currently represents nearly 20% of our total clinical division revenue. Robert J. Shovlin-- … NeoGenomics, Inc. specializes in cancer genetic testing and information services. We expect this business segment to demonstrate faster growth rates and to represent an even greater percentage of total core oncology revenue in the fourth quarter. While we anticipated that the acquisition would be a temporary drag on our gross margins in 2020, we remain very excited about our La Jolla business, which we've actually -- we're actually not calling Human Longevity anymore. And then, the unemployment rate seems to be going on for the foreseeable future for a while, could you help us think about how this uncertainties would impact your base volume recovery trend? Good morning, everyone. Doug, heading into 2021, is there anything you want to highlight regarding reimbursement changes or contract pricing? Bill will continue to serve as Director of Investor Relations, a position he has held since 2018. Okay, that's helpful, and then just one more. An archive of the web-cast will be available until 08:30 AM EDT on October 27, 2021. While the lab was attractive to us the opportunity to add a talented molecular team was also a major factor in our purchase. So there is not only an opportunity for that NGS but we do also have that continued pressure as we go forward on some of that pricing pressure, that 1% to 3%. Intra-quarter trends were also positive in the Pharma Services segment. Please go ahead. Now I'd like to introduce George Cardoza. Like many other companies, the extensive workplace protections and work from home measures we put in place had an effect on productivity. As many of you know, Doug joined NeoGenomics in February as our Chief Strategy Officer and has recently also become responsible for Investor Relations. An archive of the web-cast will be available until … Great, thanks for the color. Hope you're all doing well. As of September 30th, our backlog of signed contracts stood at $185 million, representing a 57% year-over-year growth and a new high watermark. Yeah, so I think that the margin that you've seen over the last couple quarters was pretty indicative of what you would expect going forward. But we are certainly moving into the range of double-digit growth and we hope that that will move more firmly into that range. Griffin Soriano -- William Blair -- Analyst. George A. Cardoza-- President, Pharma Services. Cumulative Growth of a $10,000 Investment in Stock Advisor, Neogenomics Inc (NEO) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NEO, NeoGenomics Slumps in Q2 but Readies for Second-Half Rebound, Neogenomics Inc (NEO) Q2 2020 Earnings Call Transcript, The Coronavirus Pandemic Will Test Invitae's Telemedicine Ambitions, Copyright, Trademark and Patent Information. Manager of Investor Relations and Manager of Strategy and Corporate Development … We definitely have a lot of opportunity for growth when it comes to NGS and our AUP, as you can imagine, especially as new tests are coming to market and we're working with payers on the clinical benefits as well as the other alternatives in the market, we're continuing to talk through the revenue per test in addition to looking at those Medicare reimburse rates. Can you just give us an update on the companion diagnostics efforts and maybe how many of these you're working on right now in Pharma Services? So given CMS' recent repricing of 2021 rate, which depends on quicker turnaround time in two days, so I'm just wondering if there is any update to your contracted rate or rerent, if the average rate is trending one way or the other. Actually, we look at it day-by-day, but it is difficult for us to comment on a week-over-week basis. The increases were partially offset by significantly reduced travel and decreased trade show and marketing expenses. Sure, let me lead it off and then, I think maybe George and Rob each have comments about this. Any statements made on this call that are not statements of historical fact are forward-looking statements. Now on the inside and after working with the team for nearly a year, I see more growth opportunities for NeoGenomics than ever before, and we are investing in these growth opportunities to increase our competitive position and drive outsized rewards for our investors. I will say this, that it appears that our hospital clients and our oncology clients have learned to sort of deal with an environment in which we're handling COVID. Appreciate the time this morning. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. So are there any levers you can pull there to accelerate that path? As Doug highlighted, overall revenue grew 44% sequentially and 20% year-over-year to $125 million. Clinical division revenues increased 17% year-over-year, boosted significantly by the contribution from COVID-19 PCR testing. To-date, we haven't done a lot in terms of supporting basic clinical research, but we do think that is an opportunity as well. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual outcomes and results could differ materially from those indicated in the forward-looking statements. Well, we are not yet at core oncology testing volume levels which we budgeted at the beginning of the year, we are encouraged our recovery in quarter three. So we're looking forward to improved margins in those areas. 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