The Center for Cytogenetics, a lab that performs genetic testing for Nashville-area hospitals, has been acquired by a Florida laboratory company for undisclosed terms.

NeoGenomics (OTCBB: NGNM), based in Fort Myers, Fla., announced the acquisition Tuesday along with its first quarter results. The company offers genetic and molecular testing to determine predisposition to certain diseases. Cytogenetics, which is located in Baptist Medical Plaza in Nashville, was founded in 2002 by Andy Allen, a former laboratory supervisor for Genetic Associates.

"We do chromosome analysis for cancer detection," says Allen, adding that the acquisition means little change for the Nashville lab. "We'll remain in Nashville and be part of a Florida laboratory."

In its earnings release, NeoGenomics officials noted that the acquisition gives the company additional capacity and a site outside of Southwest Florida, which will mitigate the risk of seasonal weather that can disrupt business.

"The opening of our company's second laboratory location ... provides for geographic diversity, additional capacity and is central to our hurricane disaster plan," said Robert Gasparini, president and chief scientific officer.

In its first quarter ended March 31, the company reached profitability, posting earnings of $106,000 compared to a loss of $215,000 in the first quarter last year. Revenues increased from $230,000 to $1.3 million.

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