NeoGenomics announced that its PanTracer™ LBx liquid‑biopsy test has received coverage under the Centers for Medicare & Medicaid Services’ Molecular Diagnostics Services Program, a regulatory decision that opens a major payer channel for the company’s next‑generation sequencing platform.
The coverage applies to the PanTracer LBx test, which evaluates more than 500 genes—including microsatellite instability and tumor mutational burden—and delivers results in seven days. Medicare will reimburse the test at $3,289 per assay, the same rate that applies to NeoGenomics’ tissue‑based PanTracer test, ensuring consistent pricing for clinicians and payers.
The announcement follows a strong Q4 2025 earnings report in which NeoGenomics generated $190.17 million in revenue, up 11% from $170.00 million a year earlier, and reported earnings per share of $0.06 versus the consensus estimate of $0.04. Full‑year 2025 revenue reached $727 million, a 10% increase from $656 million in 2024, and the company guided 2026 revenue to $793–$801 million, representing 9–10% growth. Adjusted EBITDA for 2026 is projected at $55–$57 million, continuing a decade of positive earnings.
The Medicare coverage is expected to accelerate utilization of the PanTracer LBx test, expanding the addressable market for NeoGenomics’ liquid‑biopsy offering and potentially adding 3–4% to 2026 revenue growth, a figure that analysts have incorporated into their updated forecasts. The decision also strengthens NeoGenomics’ competitive position against other liquid‑biopsy providers that lack Medicare reimbursement.
Analysts have responded favorably to the coverage decision, citing the regulatory approval as a “significant milestone” that validates the clinical value of the test and provides a new revenue stream that was not previously factored into the company’s growth guidance. The coverage is seen as a catalyst that could lift NeoGenomics’ market share in the $3–5 billion liquid‑biopsy market.
“Securing Medicare coverage for PanTracer LBx represents a significant milestone in making precision oncology more accessible, particularly for those choosing treatment in the community setting,” said Tony Zook, CEO of NeoGenomics. “This coverage decision reinforces the clinical value of liquid biopsy and enables physicians to deliver timely, personalized treatment strategies for their patients.”
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