Fulgent Genetics Announces Launch of PCR Based Test to Detect Monkeypox

Rhea-AI Summary

Fulgent Genetics (NASDAQ: FLGT) has launched a PCR-based test for monkeypox to enhance testing capacity in the U.S. This initiative follows the CDC’s orthopoxvirus test, targeting non-smallpox related orthopoxviruses. The company aims to make testing more convenient for healthcare providers and patients. Brandon Perthuis, CCO, emphasized the importance of accessible testing to curb the transmission of monkeypox. With efficient technology and lab operations, Fulgent anticipates scaling its testing services rapidly, similar to its COVID-19 response.

Positive

• Launch of PCR-based monkeypox test enhances testing capacity.
• Testing expected to be rapidly scalable due to efficient technology.
• Increased accessibility for healthcare providers and patients.

Negative

• Demand for monkeypox tests is unpredictable.
• Risks remain regarding competition and market adoption.

TEMPLE CITY, Calif.--(BUSINESS WIRE)-- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics”, “Fulgent”, or the “Company”), a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health, today announced it has launched a test for monkeypox that leverages the U.S. Centers for Disease Control and Prevention’s (CDC) orthopoxvirus test, which detects non-smallpox related orthopoxviruses, including monkeypox. Fulgent will begin accepting specimens for testing next week from healthcare providers, clinics and state laboratories.

“We are pleased to be able to offer PCR-based testing for monkeypox to help increase testing capacity for the virus, making it more convenient and accessible for patients and health care providers in the United States,” said Brandon Perthuis, Chief Commercial Officer of Fulgent Genetics. “While treatment and care for monkeypox is well established and understood, it is crucial that the public has access to proper testing resources to limit transmission and help manage the current outbreak of the virus in the U.S. While demand for the test will be hard to predict, the efficiency of our technology platform and lab operations has enabled us to rapidly develop the test with minimal investment. We expect to be able to scale testing capacity for monkeypox rapidly and efficiently, as we did with testing for COVID-19 in early 2020.”

For more information about monkeypox testing options from Fulgent Genetics, please visit www.fulgentgenetics.com/monkeypox or email the Fulgent team directly at monkeypox@fulgentgenetics.com.

Providers should refer to the most current CDC guidelines for further information on appropriate testing of patients, available here https://www.cdc.gov/poxvirus/monkeypox/index.html.

About Fulgent Genetics

Fulgent Genetics is a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health. 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. Combining next generation sequencing 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. 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things judgments and evaluations about: the Company’s ability to grow and expand its business, demand for its tests and testing services and its ability to scale its orthopoxvirus testing services. 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. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. 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 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, strategic investments, joint ventures, acquisitions, 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. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

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.

The Company’s reports filed with the U.S. Securities and Exchange Commission, or the SEC, including its annual report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022 and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on the Company’s website upon their filing with the SEC. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005350/en/

Investor Relations Contact:

The Blueshirt Group

Nicole Borsje, 415-217-2633, nicole@blueshirtgroup.com

Source: Fulgent Genetics, Inc.

FAQ

What is Fulgent Genetics' latest press release about?

Fulgent Genetics has announced the launch of a PCR-based test for monkeypox to enhance testing accessibility and capacity in the U.S.

When will Fulgent Genetics start accepting monkeypox test specimens?

Fulgent Genetics will begin accepting monkeypox test specimens next week from healthcare providers, clinics, and state laboratories.

What technology does Fulgent Genetics use for monkeypox testing?

Fulgent Genetics leverages the CDC’s orthopoxvirus test for its PCR-based monkeypox testing.

How does Fulgent Genetics plan to scale its monkeypox testing services?

Fulgent Genetics expects to scale its monkeypox testing services rapidly due to its efficient technology platform and lab operations.

Is there any risk associated with Fulgent Genetics' monkeypox testing?

Yes, the demand for the monkeypox test is hard to predict, and there are risks related to competition and market adoption.