NeoGenomics (NEO) Announces CEO Departure, Sees Q1 Results Below Prior Guidance, Withdraws 2022 Guidance

• Board Appoints Executive Chair and Interim Office of the CEO
• Anticipates First Quarter Results Below Guidance and Withdraws 2022 Guidance

NeoGenomics, Inc. (NASDAQ: NEO) (the "Company"), a leading provider of cancer-focused genetic testing services and global oncology contract research services, today announced that the Board of Directors (the "Board") and Mark Mallon, Chief Executive Officer, have agreed that Mr. Mallon will step down as CEO and member of the Board, effective immediately. This mutual agreement was not the result of any disagreements about strategy with management or the Board, inappropriate action by CEO, or any violation of company policy or any accounting irregularity. The Board has retained Russell Reynolds to conduct a search for the Company's next CEO.

The Board has appointed current Chair Lynn Tetrault, Esq. as Executive Chair and established an Interim Office of the CEO to provide seamless leadership continuity and operational management of the Company while the Board conducts the CEO search. The Interim Office of the CEO will be comprised of Chief Financial Officer, William Bonello, Chief Strategy and Corporate Development Officer, Douglas Brown, and Chief Culture Officer, Jennifer Balliet. Each of these executives will remain in their current positions while carrying out their new responsibilities.

The Company currently expects revenue for Q1 2022 may be below the low end of its prior guidance of $118 - $120 million and EBITDA for Q1 2022 will be below the low end of its prior guidance of $(15) - $(12) million. The larger than anticipated EBITDA loss was primarily driven by higher than anticipated Clinical Services cost of goods sold. The Company intends to take immediate action to address performance and costs while continuing to invest prudently in the RaDaR™ Assay. The Company plans to report full Q1 2022 results on April 27, 2022. Additionally, the Company has withdrawn its 2022 annual financial guidance issued February 23, 2022.

Lynn Tetrault, Executive Chair of NeoGenomics said, "We thank Mark for his contributions to the Company and wish him the best in the future. We are taking immediate steps to improve our business performance. We remain committed to our strategy and the creation of long-term value for our shareholders. We're fortunate to have an experienced and highly capable senior management team to continue leading the company. I look forward to working closely with them as we recruit a new Chief Executive Officer."

Ms. Tetrault, who has been a Board Member since June 2015, served as Lead Independent Director from 2020 to 2021 and was appointed Non-Executive Chair in October 2021. Previously, Ms. Tetrault served in a variety of executive roles at AstraZeneca PLC from 1993 to 2014 including Executive Vice President of Human Resources and Corporate Affairs from 2007 to 2014. Ms. Tetrault also serves as a Non-Executive Director of Rhythm Pharmaceuticals. Ms. Tetrault has an undergraduate degree from Princeton University and a J.D. from the University of Virginia Law School.

Mr. Bonello, CFO, joined NeoGenomics in 2017 and has served as President of the Informatics division, Chief Strategy and Corporate Development Officer and Director of Investor Relations. Prior to joining NeoGenomics, Mr. Bonello worked as a healthcare equity analyst covering diagnostic services and product stocks at various investment banks, including Piper Jaffray, Wachovia Securities, RBC Capital Markets and Craig-Hallum Capital Group. He also served as Senior Vice President for Investor Relations at LabCorp. Mr. Bonello received his B.A. degree from Carleton College and his MBA from the Kellogg School of Management at Northwestern University.

Mr. Brown, Chief Strategy and Corporate Development Officer, joined NeoGenomics in 2020. Previously, he was Senior Managing Director with SVB Leerink with significant expertise in the oncology diagnostic sector. During his career, he has advised clients in over 100 successful M&A and Corporate Financing transactions. He advised General Electric on the sale of Clarient, and recently advised NeoGenomics on the acquisition of Genoptix and the oncology assets of Human Longevity. Mr. Brown earned his MBA from the Fuqua School of Business at Duke University and received his undergraduate business degree from the University of Texas at Austin.

Ms. Balliet, Chief Culture Officer, joined NeoGenomics in 2008 as Director, Human Resources. Since then, she was appointed as Vice President, Human Resources in 2015 and then Chief Culture Officer in 2016. Ms. Balliet has managed human resources as the Company has grown from 100 employees to more than 2,100 employees. She is responsible for all areas of Human Resources, including recruiting, training, compensation, incentive plans, and organizational development. Ms. Balliet received her Bachelor of Science degree in Psychology and her Master of Science degree in Business Management from the University of Florida.

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