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Fulgent Genetics, Inc. (NASDAQ: FLGT) is a technology-driven company specializing in genetic testing, with the mission of making advanced genetic diagnostics accessible and affordable. Founded in 2011, Fulgent Genetics focuses on providing flexible and comprehensive genetic testing solutions aimed at improving everyday lives. The company operates through two primary segments: laboratory services and therapeutic development.
The laboratory services segment, which is the main revenue generator, includes technical laboratory services and professional interpretation of laboratory results by licensed physicians. Fulgent Genetics offers a broad array of tests that cover various genetic disorders, helping clinicians and patients obtain clinically actionable diagnostic information.
The therapeutic development segment is dedicated to creating drug candidates for a broad range of cancers. Utilizing innovative nanoencapsulation and targeted therapy platforms, Fulgent aims to improve the pharmacokinetic profile and therapeutic window of new and existing cancer drugs.
One of the company's recent achievements is a partnership with CooperSurgical, enabling the addition of exclusive newborn genetic screening panels to the services offered by Cord Blood Registry® (CBR®), the largest private newborn stem cell preservation company globally.
Fulgent's Picture® Genetics, launched in 2019, provides consumers direct access to comprehensive genetic testing at home. The tests cater to various needs and offer clinically actionable, medical-grade results with professional oversight. This complements Fulgent's laboratory services by making genetic testing more accessible and user-friendly.
With its headquarters in El Monte, California, Fulgent Genetics continues to expand its reach, serving clients both in the United States and internationally. The company's commitment to excellence is reflected in its collaborations with top clinicians and continuous improvements to its testing panels and report formats.
Fulgent Genetics, Inc. (NASDAQ: FLGT) announced its first quarter 2024 financial results, reporting a total revenue of $64.5 million with core revenue growing 1% year-over-year to $63.2 million. The company reiterated its full-year 2024 core revenue guidance of $280 million. Despite a GAAP loss of $13.5 million, or $0.45 per share, Fulgent showed a non-GAAP loss of $269,000, or $0.01 per share. The adjusted EBITDA loss was $3.2 million, with cash from operations at $7.3 million. Fulgent's cash, cash equivalents, and investments in marketable securities were $846.2 million as of March 31, 2024. The company highlighted strong momentum in Precision Diagnostics and milestones in its therapeutic development business, including progress in clinical testing for lead oncology drug candidate FID-007. Fulgent maintains a positive outlook for the full year 2024, expecting core revenue of approximately $280 million and a strong financial position with ample cash to execute.
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