Bull case
NeoGenomics is viewed favorably because its operating turnaround appears real, with four consecutive quarterly top-line beats, five straight quarters of double-digit growth, and Q2’26 revenue of $202M with clinical revenue up 14% year over year, supported by improving gross margins and a 12% increase in revenue per test to $515. The company’s core growth drivers are strengthening as NGS mix expanded 26% year over year, reimbursement for PanTracer LBx was secured in March 2026, and RaDaR ST received CMS coverage in August 2026 for immunotherapy monitoring, which should expand case volume and recurring MRD demand. Fundamentally, the stock still screens cheaply at roughly 3x 2027 consensus revenue versus about 11x for peers, while management expects 2026 revenue of $802M-$806M and adjusted EBITDA of $56M-$58M, leaving room for multiple re-rating as execution and reimbursement improve.