This growth was made possible by our capacity and laboratory expansion, including the opening of our new laboratory in Houston, coupled with our highly efficient testing and reporting systems that we worked to develop over the years. Management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure of income (loss) in evaluating the company's operating performance. Note Regarding Non-GAAP Financial Measures. A pioneer in genetic testing, Fulgent began working on COVID-related services when cases first appeared in the US. Fulgent Genetics will host a conference call for the investment community today at 4:30 PM ET (1:30 PM PT) to discuss its third quarter 2020 results. Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. Fulgent Genetics, Inc. (NASDAQ:FLGT) has a beta value of 1.92 and has seen 1,347,539 shares traded in the last trading session. Fulgent Genetics' stock was trading at $10.06 on March 11th, 2020 when COVID-19 … We expect to see continued momentum across our business in the fourth quarter, and are pleased to be raising our revenue guidance for the full year. Overall, the genetic-testing market is expected to eclipse $10 billion by 2022 worldwide, so Fulgent Genetics' current sales suggest it has plenty of potential to produce meaningful revenue growth regardless of how the COVID-19 marketplace evolves. Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. On Thursday, healthcare-giant Abbott Labs announced that it's releasing a 15-minute COVID-19 test using a nasal swab and a reactive card that will cost just $5 per test. Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. Non-GAAP income (loss) and adjusted EBITDA are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), in the accompanying tables. The Zacks Analyst Blog Highlights: Addus HomeCare, Fulgent Genetics and Hologic Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) reached a new 52-week high during trading on Thursday . Combining next generation sequencing (“NGS”) with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in an array of panels that can be tailored to meet specific customer needs. The company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020 and the other reports it files from time to time, including subsequently filed quarterly and current reports, are made available on the company’s website upon their filing with the SEC. We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”. We expect to continue investing in our platform to expand our capabilities as we look to capture share in the broader genetic testing market in the future. Fulgent Genetics, Inc., a technology company, focuses on providing genetic testing services to physicians with clinically actionable diagnostic information. These reports contain more information about the company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release. However, management pivoted earlier this year to provide COVID-19 testing, too, and that's caused revenue and the company's share price to soar. The Picture Genetics platform provides a holistic approach to at-home genetic screening by including oversight from independent physicians as well as genetic counseling options to complement Fulgent Genetics’ comprehensive genetic testing analysis. Todd has been helping buy side portfolio managers as an independent researcher for over a decade. These risks and uncertainties include, among others: the ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemic’s effects on the global supply chain; the market potential for, and the rate and degree of market adoption of, the company’s tests, including its newly-developed tests for COVID-19 and genetic testing generally; the company’s ability to capture a sizable share of the developing market for genetic and COVID-19 testing and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the company’s ability to maintain the low internal costs of its business model, particularly as the company makes investments across its business; the company’s ability to maintain an acceptable margin on sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce the company’s sale prices for and margins on its tests; risks related to volatility in the company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the company’s revenue; the company’s ability to grow and diversify its customer base and increase demand from existing and new customers; the company’s investments in its infrastructure, including its sales organization and operational capabilities, and the extent to which these investments impact the company’s business and performance and enable it to manage any growth it may experience in future periods; the company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests; the company’s level of success in establishing and obtaining the intended benefits from partnerships, joint ventures or other relationships; the company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; risks associated with the company’s international operations; the company’s ability to protect its proprietary technology platform; and general industry, economic, political and market conditions. However, Fulgent Genetics' main business of genetic testing for cancer patients and parents-to-be has been negatively impacted by COVID-19 lockdowns, so demand for those services should benefit if widespread testing results in more people visiting doctors. During Fulgent Genetics second-quarter conference call in July, management said it expects quarterly testing volume to increase from about 180,000 in Q2 to over 700,000. Fulgent Genetics may continue to incur expenses similar to the items added to or subtracted from GAAP income (loss) to calculate non-GAAP income (loss) and adjusted EBITDA; accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an implication that these items are unusual, infrequent or non-recurring. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Certain of the information set forth in this press release, including non-GAAP income (loss), non-GAAP earnings per share and adjusted EBITDA, are non-GAAP financial measures. Fulgent Genetics, Inc. has a market cap of $1.11 Billion and is expected to release its quarterly earnings report on November 09, 2020. Fulgent Genetics, Inc. is a technology company. The call can be accessed through a live audio webcast in the Investors section of the company’s website, http://ir.fulgentgenetics.com, and through a live conference call by dialing (855) 321-9535 using the conference ID 1466548. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. In addition to our technology investments, we believe the relationships we have built during this pandemic from both a customer and reimbursement standpoint, along with the expansion of our commercial capabilities which includes our at-home platform, Picture Genetics, will help drive our business in the years ahead.”, Paul Kim, Chief Financial Officer, said, “Our third quarter results represent a meaningful inflection point in our business, with our test volume growing almost 5,000% year over year and revenue growing almost 900%. In 2019, billable testing volume grew to 58,573, a 160% increase from 2018. Our recent momentum is a result of the investments we have made in our business and technology platform over many years. Why Fulgent Genetics Stock Surged 38% in November, This Small-Cap Stock Will Be a Long-Term Winner From the Pandemic, Why Fulgent Genetics Stock Is Soaring 11.2% Today, Copyright, Trademark and Patent Information. The stock traded as high as $53.00 and last traded at $52.29, with a volume of … Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million PRESS RELEASE GlobeNewswire Nov. 9, 2020, 10:05 PM And finally, we recorded deferred revenue of approximately $18 million as of September 30, 2020, which reflects commitments we have received from customers with longer term agreements in place. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the company’s future performance, and they are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the company’s business. Press and industry analysts are invited to attend in listen-only mode. If you invested a modest $1,000 into shares of Fulgent Genetics (NASDAQ:FLGT) back in January, that investment would have turned into $3,750 as of Dec. 8. If Abbott's launch is successful, government and corporate clients could shift away from Fulgent Genetics' testing option, causing revenue to drop in future quarters. Fulgent Genetics' turnaround time from receiving the sample to results is 24 hours, and its cost is higher, with management charging $39 out of pocket for its at-home test. For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Nov. 09, 2020 4:26 PM ET Fulgent Genetics, Inc. (FLGT) By: Meghavi Singh, SA News Editor 12 Comments Fulgent Genetics (NASDAQ: FLGT ) : Q3 Non-GAAP EPS of $2.08 beats by $1.53 ; GAAP … Press Release reported on 11/24/20 that Fulgent Genetics … Fulgent Genetics, Inc. (NASDAQ:FLGT) shares traded down 9.4% during mid-day trading on Thursday following insider selling activity. We also demonstrated great leverage in the quarter as we continued to scale, improving gross margin and generating non-GAAP earnings of $2.08 per share in the quarter. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated laboratory services. Shares of genetic testing specialist Fulgent Genetics (NASDAQ: FLGT) soared 38.1% in November, according to data from S&P Global Market Intelligence. While the majority of our testing volume this quarter comprised of COVID-19 tests, our core genetic testing business rebounded nicely and grew 57% sequentially from the second quarter. See you at the top! Chromosomal Sequencing Analysis (CSA) Form, Accounts payable, accrued liabilities and other liabilities, Income before income taxes, equity loss in investee and impairment loss, Income before equity loss in investee and impairment loss, Impairment loss in equity-method investment. If management thought … All rights reserved. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus (“COVID-19”), including NGS and reverse transcription polymerase chain reaction (“RT-PCR”) - based tests. TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing … A high-level overview of Fulgent Genetics, Inc. (FLGT) stock. Ming Hsieh, Chairman and Chief Executive Officer, said, “I am very pleased with our outstanding third quarter results, which demonstrate the true scalability of our technology platform for genetic testing. The company's test volume continued increasing in the third quarter, too. Through its Picture Genetics platform launched in 2019, Fulgent Genetics offers consumers direct access to its advanced genetic testing and analytics capabilities from the ease and comfort of home, at an affordable price point. Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript finance.yahoo.com - November 10 at 10:15 AM: Fulgent Genetics, Inc.'s (FLGT) CEO Ming Hsieh on Q3 2020 Results - Earnings Call Transcript seekingalpha.com - November 10 at 12:06 AM: Fulgent Genetics … It intends to provide tests to hospitals and medical … An audio replay will be available in the Investors section of the company’s website or by calling (855) 859-2056 using passcode 1466548 through November 16, 2020. Fulgent Genetics downgraded to market perform from outperform at Raymond James Nov. 7, 2017 at 8:25 a.m. Fulgent Genetics believes this information is useful to investors because it provides a basis for measuring the performance of the company’s business excluding certain income or expense items that management believes are not directly attributable to the company’s core operating results. (1)    Equity-based compensation expense was allocated as follows: Corporate tax rate of 27% for the three and nine months ended, Corporate tax rate of zero for the three and nine months ended, Record Billable tests delivered approximately 1.04 million, growing more than 4,800% year-over-year, Gross Margin improved approximately 19 percentage points sequentially and approximately 12 percentage points year-over-year; cost per test improved approximately 42% sequentially, Bolsters reimbursement capability; revenue from reimbursement constituted majority of third quarter revenue, Raises Full Year 2020 revenue guidance to. Market data powered by FactSet and Web Financial Group. The forward-looking statements made in this press release speak only as of the date of this press release, and the company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law. How Did Fulgent Genetics Stock Perform in 2020? Fulgent Genetics Inc. [NASDAQ: FLGT] gained 6.44% or 2.94 points to close at $48.57 with a heavy trading volume of 2508521 shares. Genetic testing specialist Fulgent has seen its revenue and bottom line skyrocket. The Company has received Emergency Use Authorization (“EUA”) from the U.S. Food and Drug Administration (“FDA”) for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. In Q2, sales surged 105% year over year to $17.3 million because of significant COVID-19 test demand, resulting in adjusted earnings per share of $0.17, which was $0.19 better than industry watchers' forecast. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Fulgent Genetics Is Crashing Today @themotleyfool #stocks $FLGT $ABT. As the COVID-19 pandemic continues to threaten both our health and our way of life, we have been relentless in scaling our testing capabilities to offer fast, accurate and reliable COVID-19 testing solutions for commercial organizations, municipalities, universities and individuals across the country. Earlier this month, it increased its full-year sales outlook to $135 million from $120 million, previously. Follow FLGT. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. For Immediate ReleaseChicago, IL – December 15, 2020 – Stocks in this week’s article are Winnebago Industries WGO, General Motors Company GM, 360 DigiTech, Inc. QFIN, Fulgent Genetics, … A faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return to normal operations. During Fulgent Genetics second-quarter conference call in July, management said it expects quarterly testing volume to increase from about 180,000 in Q2 to over 700,000. Get the latest Fulgent Genetics Inc (FLGT) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Fulgent Genetics may not be comparable to similarly titled metrics reported by other companies. On November 23, 2020, Fulgent Genetics, Inc. (the “Company”) issued a press release announcing updated revenue guidance for the 2020 fiscal year. View the latest Fulgent Genetics Inc. (FLGT) stock price, news, historical charts, analyst ratings and financial information from WSJ. The company traded as low as $42.00 and last traded at … TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … TEMPLE CITY, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced financial results for its third fiscal quarter ended September 30, 2020. Earlier this … Let's conquer your financial goals together...faster. The non-GAAP tax effect is calculated by applying statutory corporate tax rate on GAAP income (loss) before equity-based compensation expenses, provisions (benefits) for income taxes, equity income (loss) in investee and impairment loss in equity-method investment. In particular, you are encouraged to review the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 for any revisions or updates to the information in this release. Fulgent … Fulgent Genetics News . Fulgent Genetics Stock Forecast, Price & News How has Fulgent Genetics' stock been impacted by COVID-19? Investor Relations Contact:The Blueshirt GroupNicole Borsje, 415-217-2633, nicole@blueshirtgroup.com, Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million. 2018 © Fulgent Genetics. The company’s stock price has collected 1.98% of gains in the last five trading sessions. The company, currently valued at $1.21 Billion, closed the … New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. Fulgent could customize tests for customers, for about 5,700 different genetic conditions. GAAP income for the third quarter of 2020 was $46.6 million, or $1.98 per share, and non-GAAP income was $49.0 million, or $2.08 per share. Visit www.picturegenetics.com for more information. Capital Markets, LLC, a research firm providing action oriented ideas to professional investors. Fulgent Genetics, Inc. (FLGT) Quote Overview » News » Fulgent Genetics, Inc. (FLGT) ... FULGENT GENETIC (FLGT) delivered earnings and revenue surprises of 1600.00% and 18.91%, … For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. Company Summary. However, a previous Abbott Labs test drew criticism over potential false positives, so investors will want to wait and see how the test performs following its launch. Stock Advisor launched in February of 2002. In 2003, Todd founded E.B. Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. The company report on November 24, 2020 that Fulgent Genetics … After receiving FDA EUA-authorized for molecular diagnostic testing, we now offer … Adjusted EBITDA was $67.4 million in the third quarter of 2020, compared to $3.0 million in the third quarter of 2019. The growth forecast could be temporary, though. The healthcare company delivered 180,513 billable tests in the period, up more than 1,003% from the same quarter last year. 43.58 0.92 (2.16%) Upgrade to Real-Time Afterhours (Closed) LANES, Fulgent Genetics and LA County Department of Health Services Collaborate to Fast-Track … Fulgent Genetics defines adjusted EBITDA as GAAP income (loss) plus or minus interest expense (income), plus or minus provisions (benefits) for income taxes, plus depreciation, plus equity-based compensation expenses, plus or minus equity income (loss) in investee, plus impairment loss in equity-method investment, and plus or minus other charges or gains, as identified, that management believes are not representative of the company’s core operations. Fulgent Genetics Inc. (NASDAQ:FLGT) went down by -1.15% from its latest closing price compared to the recent 1-year high of $52.47. About Fulgent Genetics Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library … Returns as of 12/15/2020. After competitor Abbott Labs (NYSE:ABT) unveiled a $5, 15-minute COVID-19 test, shares of Fulgent Genetics (NASDAQ:FLGT) are tumbling 28.7% at 11:15 a.m. EDT on Thursday. Examples of forward-looking statements in this press release include statements about, among other things: anticipated growth of and increased stability in the company’s business and performance, including the company’s and its technology platform’s ability to scale, the company’s evaluations and judgments regarding momentum, partnerships, relationships, inflection points, evaluations of the company’s testing services as compared to competitors and the company’s recent and future performance; the timing, commercial success and impact on the company’s results of new product launches and other initiatives; and the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share and its ability to continue to grow its business. For the fourth quarter of 2020, the company expects to generate revenue of at least $110 million. Zacks News for FLGT No Record found. Fulgent Genetics defines non-GAAP income (loss) as income (loss) calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”), plus or minus provisions (benefits) for income taxes, plus equity-based compensation expenses, plus or minus the non-GAAP tax effect, plus or minus equity income (loss) in investee, plus impairment loss in equity-method investment, and plus or minus other charges or gains, as identified, that management believes are not representative of the company’s core operations. 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. 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