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This compares to earnings of … And I think if you look at benchmarks like ACOA's[Phonetic] metrics of the number of PCR tests performed by major commercial labs, it's really not increasing as much as the more rapid tests that are being offered throughout the country. Clinical division revenues increased 17% year-over-year, boosted significantly by the contribution from COVID-19 PCR testing. The positive momentum in next-generation sequencing testing has continued in October with daily test volumes approximately 30% higher than last year. The strategic investments that we just highlighted are core toward growth strategy and we remain committed to delivering on what we believe is enormous potential. While we are pleased by the sequential rebound in quarter three, we are also encouraged by the clear and continuing momentum we saw within the quarter in our core oncology business. Douglas Brown -- Chief Strategy and Corporate Development Office. In our core oncology business, revenue grew 28% sequentially and 4% year-over-year. 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? Next-generation sequencing test volume growth was particularly strong in quarter three, growing faster than overall clinical volume. 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. Hey guys, good morning. We also invested to retain our people and reward their efforts to keep our labs open 24/7. Find the latest Earnings Report Date for NeoGenomics, Inc. Common Stock (NEO) at Nasdaq.com. 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'm excited to have the opportunity today to discuss our Pharma Services business. Appreciate it. 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%. In addition to exploring external partnership opportunities, including our collaboration with Inivata, we continue to invest in our own internal research and development activities. 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. Yeah, the COVID testing business in revenue for us was very strong in July and August and then it did reduce somewhat. The webcast may be accessed under the Investor Relations section of our website at www.neogenomics.com. Prior to joining NeoGenomics, Bill worked as a healthcare equity analyst covering diagnostic services and product stocks at Craig-Hallum and at a variety of firms, and was also Senior Vice President for Investor Relations at LabCorp. The web-cast may be accessed under the Investor Relations section of our website at www.neogenomics.com. Revenue grew 44% sequentially and 20% year-over-year to $125 million. Thank you. 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're obviously excited about our Pharma Services opportunities and you can see our investments are starting to pay off. NeoGenomics, Inc. William Bonello Chief Strategy and Corporate Development Officer Director, Investor Relations (239)690-4238 (w) (239)284-4314 (m) bill.bonello@neogenomics.com. Kathryn B. McKenzie-- Vice President, Finance & Principal Accounting Officer. 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. 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. Operating expenses increased 5% or $2 million year-over-year to $47 million due to investments in informatics, additional insurance premiums and the acquisition of HLI-Oncology, which we like to refer to now as Neo La Jolla. 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. We also saw the start of new clinical trials, which is something we did not see in quarter two. Tejas Savant -- Morgan Stanley -- Analyst. Overall, what's your expectation for improvement for NGS I mean, AUP longer term here and what sort of -- what is the -- where could that potentially reach to and what is the pace of that sort of improvement, if you can walk through that either Doug or Kathryn? Can you talk about the volume recovery in community versus academic versus maybe private practice or if there is any differences in recovery regionally, in terms of a percentage, and then maybe kind of give us some color in terms of percentage to exposure to those end markets for NeoGenomics? We've already built a much stronger marketing team and have been developing a number of exciting marketing initiatives. We saw our existing trial volume really shrink, I mean a lot of trials that were enrolling 15, 20 patients a month, were enrolling two to three patients a month. Yeah, thanks for the question, Puneet. 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. Our move to build out a pharma-dedicated infrastructure has put us in a position to continue our rapid growth trajectory and high service levels without putting pressure on our clinical division in the process. Thanks for sneaking me in guys, I'll keep it quick because a lot's been asked. 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. Pharma research-related services have remained strong all year and informatics-related revenue has been extremely strong. Finally, we soon hope to be developing a rapid AML NGS-based assay as well as an NGS-based MRD assay for AML. We are currently validating a new RNA-based fusion assay for solid tumors, employing state-of-the-art technology, which we believe will be superior to DNA-based assays. I would say that they have been very busy setting up a COVID lab, which we did and I think it's a terrific capability that we have, even though we don't have a lot of demand for that testing line currently, but our primary focus is in oncology and getting back to a position in which we have the best service that we can possibly offer because I think that's going to allow us to continue to take market share as we have in the past and our whole team is really focused on that, despite the kind of disruption that we see in supply chains and other -- in other areas, I think this can differentiate NeoGenomics on a going-forward basis and we're very focused on that. Okay, and thanks for the margin comments too. 1 30. Charlie Eidson Manager of Investor Relations and Manager of Strategy and Corporate Development T: 239.768.0600 x2726 M: 952.221.8816 charlie.eidson@neogenomics.com Precision Medicine during this Crisis. Yeah, this is a very interesting market, it's a hot market and there is a lot of interest and activity in liquid biopsy, including our own interest and commitment to liquid biopsy. Well, yeah, we -- our team has been very, very busy. What is the goal I guess as far as gross margins for Pharma Services, especially considering the implications of the informatics business, I assume that that's a higher revenue or a higher gross margin revenue stream? So when we think about a base business, what's your expectations around potential repeated COVID rates? An archive of the web-cast will be available until … 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. So first one on -- if I could ask on the AUP, just given the puts and takes here from NGS and liquid biopsy test being introduced into the therapy management, liquid biopsy test being introduced into that and other assays is being introduced. Thank you, Doug. Great, that's very helpful. And then one on the liquid biopsy pipeline here. We continue to see the facility, which will triple our current lab footprint in Fort Myers and how is a state-of-the-art molecular land as a differentiator for our company. The Company provides one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. This global expansion has proved critical for us to participate in certain RFPs for important global clinical trial work. The playback conference ID Number is 53846. Please go ahead. We are very optimistic about the strength of this business as we look forward to Q4 and beyond. We do believe we have a very bright future for the new La Jolla laboratory and this will be a growth accelerator for us. I just want to talk in the broader market here for cancer testing, you were flat year-over-year in Q3 for the clinical cancer business. Yeah, I don't have anything statistically to tell you, but anecdotally we do hear that, and I think it's a reasonable point. But we are certainly moving into the range of double-digit growth and we hope that that will move more firmly into that range. Part of that process, by the way includes whole exome sequencing that we -- we're working with them through our Neo La Jolla laboratory that George mentioned. NeoGenomics, Inc. William Bonello Vice President Strategy, Corporate Development and Investor Relations (239)690-4238 (w) (239)284-4314 (m) bill.bonello@neogenomics.com So I think the pharma definitely are realizing the benefits of working with us and the demand for these is extremely strong. During the second and third quarters, we invested considerable resources to set up a high quality, high capacity COVID-19 testing lab and continued to invest in Pharma Services next-generation sequencing and commercialization efforts. 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. Thank you, Doug, and good morning, everyone. Pharma Services. NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States, and pharmaceutical firms in Europe and Asia. Next, we go to Brian Weinstein with William Blair. And we've seen some success with our previous projects and sponsored testing programs and I think it's a real competitive advantage for us to be able to do the development work on the Pharma Services side and then offer it clinically through our channel access to oncologists and pathologists. So in some cases, we already got the relationship and that helps us even with things like liquid biopsy. With the increasing interest in broader panels and Tumor Mutational Burden, our whole exome sequencing offering and bioanalytic capabilities provide pharma sponsors with a stronger solution of what can be derived from smaller panels. The… About NeoGenomics, Inc. NeoGenomics, Inc. specializes in cancer genetic testing and information services. We have the capability, we have the capacity for COVID testing if America really needs it, but we're serving as an overflow laboratory for other laboratories and right now, there seems to be enough capacity in the system, so that we're not seeing a lot of demand for our testing today. Okay, that's helpful, and then just one more. Please go ahead. Small focus panels are no longer sufficient for many of our pharma clients. Neogenomics Inc Q2 2020 ... President of our Informatics Division and Director of Investor Relations. Andrew Cooper -- Raymond James -- Analyst. As many of you know, Doug joined NeoGenomics in February as our Chief Strategy Officer and has recently also become responsible for Investor Relations. I will now turn the call back over to Doug VanOort. NeoGenomics and other organizations in the healthcare community unite to form COVID-19 testing industry consortium. If I could follow up with -- on NGS as well on -- as there are two test in the marketplace that recently received FDA approvals for those respective assays. I think what we're seeing now in the marketplace in addition to a resurgence in COVID is a greater penetration of rapid tests. Got it. Any statements made on this call that are not statements of historical fact are forward-looking statements. Please go ahead. We remain on track for completion by quarter three of 2021. If you could just help us think about when we look at the trajectory, how much of a headwind is the decoupling in kind of separating out the Pharma Services piece versus what's more operational in nature and how we should think about that going forward obviously understanding kind of the pricing headwinds and the mix components we've already talked about? For perspective, revenue for Pharma Services during this past quarter is 3.5 times higher than it was in the first quarter of 2017 and we're excited about our future prospects. Would you expect Neo to play a role in liquid biopsy cancer screening, early stage screening or is the company going to stick with later stage such as treatment selection and recurrence monitoring? The webcast may be accessed under the Investor Relations section of our website at www.neogenomics.com. A replay of … Douglas M. VanOort -- Chairman and Chief Executive Officer. Robert J. Shovlin -- President, Clinical Services Division. Kathryn B. McKenzie-- Chief Financial Officer. 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. SOURCE: NeoGenomics, Inc. View source version on … Bill Bonello, President of our Informatics Division, now leads a team of 30 professionals focused on this offering for our clients. Mr. Cooper, if you could please resignal so I could put you back in the queue and you could finish your question. We're expecting quarter four to be quite strong in pharma. As a reminder, we withdrew our full-year 2020 financial guidance on April 9, 2020 in light of the COVID-19 pandemic. Now that may change but that's the situation. 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 promising recovery in our core oncology business along with a significant contribution from COVID-19 PCR testing significantly improved profitability. An archive of the web-cast will be available until … Okay, operator, I think we're going to wrap it up. Well, we lost the call, so we are rejoining, sorry. We are more confident everyday that we are on a steady path toward growth levels consistent with our historical long term guidance. So what we saw the existing trials come back but unlike the second quarter, literally in July for the first time, we started getting first patients in on a few trials and that continued into July and really sort of continued on into August and September. We will also be validating new fusion assays for hematologic neoplasms, using probes already built into our current assay. George A. Cardoza -- President, Pharma Services. An archive of the web-cast will be available until … We'd also like to update you on the acquisition we completed earlier this year. Prior to joining NeoGenomics, I had spent many years as an external advisor to the company. We also now are getting interested not only because we can help in Pharma Services with the companion program, but also because we have the ability in our clinical division once the therapy is approved by the regulatory agency to flip it over and to help commercialize that assay and the therapy is relatively rapidly, because we have the test up and running. This acquisition of talent is key for two reasons, one, the development of new sequencing test and platforms is attractive to pharma clients for both research and companion diagnostic development and two, the development of customized testing solutions purpose fit for unique clinical trials and patient populations. All very interested in accelerating as much validation work as we mentioned in prepared. 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