And I think we now feel like we have a clear pathway with the FDA given our conversations with the FDA. Please go ahead. Thank you very much, Tejas, for the question. Operator, you may now open up the call for questions. Thanks. Got it. The Company’s Pharma Services division serves pharmaceutical clients in clinical trials and drug development. At this point, we would like to open up the call for questions. Kathryn B. McKenzie -- Chief Financial Officer. Thank you, Doug, and good morning. What is the goal I guess as far as gross margins for Pharma Services, especially considering the implications of the informatics business, I assume that that's a higher revenue or a higher gross margin revenue stream? Next-generation sequencing test volume growth was particularly strong in quarter three, growing faster than overall clinical volume. And then, just maybe a question for Doug Brown. While we are still in the early innings of liquid biopsy at NeoGenomics, we are excited about having launched our comprehensive suite of tests in the middle of this year. So when we budgeted, when we gave guidance early in the year long-term, we would expect our clinical volume growth to be in the kind of a 12% to 15% range and we're not yet at that level, but we're moving in that direction. Obviously, you're scaling headcount there and there seems to be a lot of excitement at least among your pharma customers around the prospects for what informatics can add, but can you walk us through sort of like your plans for perhaps formalizing the monetizing structure around that business? If you look at the second quarter, we really saw two things happen. We'll return to Mr. VanOort for finishing or -- excuse me, for final comments. Small focus panels are no longer sufficient for many of our pharma clients. 1 30. Please go ahead, Mr. Cooper. And then, the unemployment rate seems to be going on for the foreseeable future for a while, could you help us think about how this uncertainties would impact your base volume recovery trend? You mentioned terrific turnaround earlier and I wanted to follow up on that. Well, thank you, George. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Next, we go to the line of Ivy Ma with Bank of America. Let's conquer your financial goals together...faster. Track . Kathryn B. McKenzie-- Chief Financial Officer. There is also an opportunity on the imaging front, there is significant interest in utilizing annotated digital images for training purposes and other research-related activities. We try to be transparent about what's happening in our business. Precision Medicine during this Crisis. One of the key capabilities that the Human Longevity team brought to Neo was full exome sequencing. But we are certainly moving into the range of double-digit growth and we hope that that will move more firmly into that range. At this time, it is my pleasure to turn the floor over to your host, Chairman and CEO, Mr. Doug VanOort. Our backlog has never been higher at $185 million and new bookings in recent quarters have well outpaced revenue. So in Pharma Services, we have a terrific pipeline of companion diagnostic projects, I think it's something like 40 different projects that we're working on and the list keeps growing, we have a lot of interest in that. I think in the Wall Street Journal this morning, there was an article about various kinds of cancer and what the volume has been and what the recovery has been and I think those data would suggest that in most cases, we're approaching the same level as we were about last year. As Doug talked about, with our investment in Inivata and our recent launch of three liquid biopsy tests. Also of note, this is the second quarter in a row where Pharma Services represented greater than 15% of our core oncology revenue. I think what we're seeing now in the marketplace in addition to a resurgence in COVID is a greater penetration of rapid tests. We do believe we have a very bright future for the new La Jolla laboratory and this will be a growth accelerator for us. Thank you. Please go ahead. Yeah, we clearly had capacity. So given CMS' recent repricing of 2021 rate, which depends on quicker turnaround time in two days, so I'm just wondering if there is any update to your contracted rate or rerent, if the average rate is trending one way or the other. William Bonello Director, Investor Relations (239)690-4238 (w) (239)284-4314 (m) bill.bonello@neogenomics.com. Kathryn will then provide a more detailed review of the financial results. Click to enlarge. We are very optimistic about the strength of this business as we look forward to Q4 and beyond. And then, second one on COVID testing. As many of you know, George has been a senior leader at NeoGenomics for about 11 years, having served as our Chief Financial Officer and for the last three years as President of our Pharma Services division. In addition to exploring external partnership opportunities, including our collaboration with Inivata, we continue to invest in our own internal research and development activities. So we are generating revenue from the business. Andrew Cooper -- Raymond James -- Analyst. Neogenomics Inc (NASDAQ:NEO)Q3 2020 Earnings CallOct 27, 2020, 8:30 a.m. We also believe that our pharma business is stronger than it has ever been and we are well positioned to capitalize on a robust environment for oncology therapy development. All right, thank you. We have the capability, we have the capacity for COVID testing if America really needs it, but we're serving as an overflow laboratory for other laboratories and right now, there seems to be enough capacity in the system, so that we're not seeing a lot of demand for our testing today. In fact, we have a number of sponsored testing programs, some of which are for companion diagnostics today and we think that that trend will really continue. DSOs decreased 16 days sequentially to 76 days. Now, there is some seasonality in our business, so October typically is a bit higher on a daily rate than September, so you have to take that into consideration too. In fact, quarter three adjusted EBITDA of $17 million was our most profitable quarter on record. Investor Relations Doug Brown Chief Strategy and Corporate Development Officer T: 239.768.0600 x2539 M: 704.236.2064 doug.brown@neogenomics.com. Next, we go to the line of Steve Unger with Needham. COVID-19 PCR testing revenue added 16% to revenue growth during the quarter as we worked around the clock to develop and provide high-quality COVID testing to help with the shortage of U.S. capacity in July and August. William Bonello Chief Strategy and Corporate Development OfficerDirector, Investor Relations(239)690-4238 (w) (239)284-4314 (m)bill.bonello@neogenomics.comSOURCE: NeoGenomics, Inc. Okay, that's helpful. The web-cast may be accessed under the Investor Relations section of our website at www.neogenomics.com. The importance of our international strategic investments can't be understated and the strong new bookings numbers we have been able to post in recent quarters, despite the global pandemic, is strong evidence that our strategy is the right one. Intra-quarter trends were also positive in the Pharma Services segment. The increases were partially offset by significantly reduced travel and decreased trade show and marketing expenses. Well, we have a very good collaborative relationship with Inivata, we serve on their Board, we have a minority interest, as you know, our teams are working very, very well together and we talk a lot of that both the InVisionFirst-Lung test and how to accelerate progress and penetration on that as well as MRD. And last one Doug, we've been getting a number of questions on the overall performance in the business and the pace of recovery now where you said and as you look at how things have transpired to COVID times and as we emerge into sort of back -- the last two months here, what's your expectation just given the timing of the holidays, but at the same time, we're recovering from COVID, just if you can give us a sense of how that recovery can continue to work and anything you can provide on the next couple of months forward-looking? 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