FORT MYERS NeoGenomics is winning market share.

That was one of the major takeaways from an earnings call it held for investors Thursday.

The Fort Myers-based company, focused on genetic testing for cancer, saw its test volume grow by 19 percent in the first quarter. Along with that growth came record quarterly revenue of $15.7 million, up 3 percent from a year ago.

Another takeaway? The company continues to aggressively develop new tests, adding to its already extensive menu of choices.

Innovation is very important to what we do. We are in an era of personalized medicine and we are introducing a lot of new molecular tests that are not only helping the company to grow, but also helping physicians diagnose and treat cancer better, said Douglas VanOort, the companys chairman and CEO, in a phone interview after the call.

NeoGenomics handles testing for pathologists, clinicians, oncologists and hospitals throughout the country.

The company reported profits of $300,000 for the first quarter, down from $603,000 a year ago.

During the conference call, VanOort highlighted the companys efforts to become more efficient and to regain profitability in the aftermath of a big regulatory change. The change, related to its Medicare billing practices, has cost the company about $1.3 million quarterly since it took effect last year. The company expects to overcome that hurdle later this year.

In the first quarter, the average revenue per test decreased by 13 percent from a year ago, primarily because of the regulatory change. But through newfound efficiencies, the company cut its cost per test by 5 percent from the fourth quarter, and its down 12 percent from a year ago.

We are not cutting costs, VanOort said in the phone interview. We are just finding more efficient ways to do what we do.

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Fort Myers-based genetic testing company sees record quarterly revenue

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