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NeoGenomics headquarters

Fort Myers-based NeoGenomics is searching for a new CEO after the provider of cancer-focused genetic testing services and global oncology contract research services announced its board of directors and Mark Mallon agreed he step down from the position and as a member of the board. Company officials called the parting of ways “a mutual agreement” and not the result of any disagreements about strategy with management or the board, inappropriate action or any violation of company policy or any accounting irregularity.

Mallon, a former CEO of Massachusetts-based Ironwood Pharmaceuticals, spent less than a year as CEO and on the board after taking over for Douglas VanOort, who served more than a decade in the position before retiring. 

Under Mallon’s leadership, NeoGenomics expects revenue from the first quarter of 2022 “may be below the low end” of its prior guidance of $118 million to $120 million. In addition, its losses before interest, taxes, depreciation and amortization are expected to be between $12 million and $15 million. Company officials blamed the loss on higher than anticipated cost of goods sold in clinical services. It plans to take immediate action to address performance and costs while continuing to invest in its RadaR Assay device, which tracks up to 48 tumor-specific variants in a patient’s blood for use in the detection of minimal residual disease in early-stage cancer

The board appointed current chair Lynn Tetrault as executive chair and established an interim office of the CEO while executive search firm Russell Reynolds conducts the CEO search. The interim office of the CEO will comprise Chief Financial Officer William Bonello, Chief Strategy and Corporate Development Officer Douglas Brown and Chief Culture officer Jennifer Balliet.

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