Fulgent Genetics, Inc. - FLGT STOCK NEWS

Fulgent Genetics, Inc. (NASDAQ: FLGT) will release its Q2 2022 financial results on August 4, 2022, after market close. Key executives, including Chairman Ming Hsieh and CFO Paul Kim, will host a conference call at 4:30 PM ET to discuss the results and answer investor questions. The call can be accessed via audio webcast on the company's website or by phone. Fulgent specializes in genetic testing for oncology, infectious and rare diseases, and reproductive health, offering a flexible test menu and high accuracy through its proprietary technology platform.

Fulgent Genetics (NASDAQ: FLGT) has received a significant boost as the American Medical Association approved a new Category I CPT code for the HelioLiver test, aimed at enhancing reimbursement pathways for hepatocellular carcinoma (HCC) detection. Effective from October 1, 2022, this approval is expected to increase access and adoption of HelioLiver, which utilizes advanced blood testing methods. Early detection is crucial, as HCC represents a major global health challenge, with over 800,000 cases diagnosed annually. HelioLiver’s test demonstrated a high specificity of 91% and sensitivity of 76% in early-stage detection.

Fulgent Genetics (NASDAQ: FLGT) announced several leadership promotions and appointments to enhance its growth strategy. James Xie has been named President alongside his roles as COO, while Chris Wicker becomes Vice President and General Manager of CSI Laboratories and Inform Diagnostics. Natalie Prescott joins as Vice President of Legal. Other key appointments include Mary Jane Abalos as Vice President of Finance and Doreen Ng as Vice President of Operations. This strengthened leadership aims to drive execution and innovation in genetic testing across oncology and infectious diseases.

Fulgent Genetics (FLGT) reported Q1 2022 revenue of $320.3 million, down from $359.4 million in Q1 2021. Core revenue, excluding COVID-19 testing, rose 59% year-over-year to $25.1 million. The company raised its full-year revenue outlook to $660 million from $600 million and core revenue outlook to $180 million from $175 million. GAAP income was $154 million or $4.93 per share. Fulgent's strong cash position of $1.1 billion supports future acquisitions, including the recent acquisition of Inform Diagnostics.

Fulgent Genetics (NASDAQ: FLGT) has opened a new oncology laboratory in El Monte, California, enhancing its capabilities in somatic molecular diagnostics and cancer testing. This 25,000 square foot CLIA-certified facility will expand on its existing operations in Alpharetta, Georgia and improve service efficiency for oncology clients on the West Coast. The lab will focus on predictive cancer testing, utilizing next-generation sequencing technology, and aims to expand Fulgent's market presence by targeting direct sales to hematologists and oncologists.

On April 27, 2022, Avista Capital Partners announced the sale of Inform Diagnostics to Fulgent Genetics (NASDAQ: FLGT) for approximately $170 million. Inform Diagnostics, a leading pathology laboratory in the U.S., serves around 1,300 clients and over 2,700 physicians. The acquisition aims to enhance Fulgent's capabilities in various pathology specialties, including gastrointestinal and dermatopathology. The deal follows Inform's growth under Avista since its carve-out from Miraca Life Sciences in 2017, which included strategic management enhancements and expansions.

Fulgent Genetics (FLGT) has entered a definitive agreement to acquire Inform Diagnostics for approximately $170 million. This acquisition aims to expand Fulgent’s diagnostic offerings, particularly in pathology, enhancing its capabilities in hematopathology, dermatopathology, and more. The deal is expected to close in Q2 2022, pending regulatory approvals. With the acquisition, Fulgent anticipates an increase in core revenue guidance for 2022 to around $175 million, surpassing previous estimates. The move also strengthens Fulgent’s market position, broadening its commercial footprint and managed care relationships.

Fulgent Genetics (NASDAQ: FLGT) will announce its Q1 2022 financial results after market close on May 3, 2022. The company's leadership team, including CEO Ming Hsieh and CFO Paul Kim, will conduct a conference call at 4:30 PM ET to discuss the results. Fulgent Genetics specializes in technology-based genetic testing for oncology, infectious diseases, and reproductive health, with a focus on high accuracy and competitive turnaround times.

Fulgent Genetics (NASDAQ: FLGT) announced its management team will participate virtually in Oppenheimer’s 32nd Annual Healthcare Conference on March 15, 2022, at approximately 9:20 a.m. Eastern Time. A live webcast of the presentation will be hosted on the company's Investor Relations website, with a replay available one hour after the event.

Fulgent Genetics specializes in technology-driven genetic testing, focusing on patient care in oncology, infectious diseases, rare diseases, and reproductive health. The company offers a flexible test menu and advanced technology for tailored genetic solutions.