Welcome to our dedicated page for Fulgent Genetics news (Ticker: FLGT), a resource for investors and traders seeking the latest updates and insights on Fulgent Genetics stock.
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 (NASDAQ: FLGT) has revised its 2020 revenue guidance to at least $300 million, a significant increase of 28% from the prior estimate of $235 million. This marks over 800% growth year-over-year, driven by rising demand for COVID-19 testing as cases surge across the U.S. The company reports a testing capacity exceeding 60,000 tests per day, positioning it to meet growing market needs effectively. Fulgent's advanced technology platform supports a broad test menu, including RT-PCR tests for SARS-CoV-2, receiving Emergency Use Authorization from the FDA.
Fulgent Genetics (NASDAQ:FLGT) has partnered with the Los Angeles Network for Enhanced Services (LANES) and the LA County Department of Health Services to expedite the sharing of COVID-19 test results from nearly 20 local testing sites. This initiative aims to improve patient care through rapid access to test data, which is essential as COVID-19 cases surge in LA County. Since May 25, Fulgent has been conducting thousands of tests daily, facilitating electronic sharing of results to inform healthcare providers. The partnership enhances healthcare response by integrating test results into electronic health records within 24 hours.
Fulgent Genetics (NASDAQ: FLGT) announced that CFO Paul Kim and CCO Brandon Perthuis will participate in the Credit Suisse 29th Annual Virtual Healthcare Conference on November 11, 2020, at 3:30 p.m. ET. A live webcast of the presentation will be accessible on the company’s Investor Relations website.
The company offers comprehensive testing solutions, including its proprietary technology platform for genetic testing and COVID-19 detection, supported by Emergency Use Authorization from the FDA for its RT-PCR tests and at-home testing services.
Fulgent Genetics (FLGT) reported a record revenue of $101.7 million for Q3 2020, up 883% year-over-year. The company delivered approximately 1.04 million billable tests, marking a growth of 4,800%. Gross margin improved by 19 percentage points sequentially, and non-COVID revenue increased by 57% from Q2. GAAP earnings reached $46.6 million or $1.98 per share, with non-GAAP earnings of $49.0 million or $2.08 per share. The full-year revenue guidance has been raised to $235 million.
Fulgent Genetics (NASDAQ: FLGT) will release its third quarter 2020 financial results on November 9, 2020, after market close. The company's leadership will host a conference call at 4:30 PM ET to discuss these results and address investor questions. The call can be accessed via a live audio webcast or by dialing (855) 321-9535 with conference ID 1466548. Fulgent Genetics specializes in genetic testing, leveraging its proprietary technology platform to offer customized testing solutions, including those for SARS-CoV-2, and has received Emergency Use Authorization from the FDA for specific tests.
Fulgent Genetics (NASDAQ: FLGT) has partnered with Miami-Dade County for COVID-19 testing, utilizing its FDA EUA-approved RT-PCR test. Results will be available within 24 to 48 hours. The company’s Community Testing Platform enhances efficiency at drive-through testing sites, allowing patients to manage appointments online and receive reports via mobile. Miami-Dade County Mayor highlighted the significance of prompt testing for public health. Fulgent's technology facilitates rapid processing and aims to support community health amid the pandemic.
Fulgent Genetics, a technology-driven company focused on comprehensive genetic testing solutions, announced its participation in the H.C. Wainwright 22nd Annual Global Investment Conference on September 14, 2020. Chairman and CEO Ming Hsieh, CFO Paul Kim, and CCO Brandon Perthuis will present at 1:00 p.m. ET. A live webcast will be available on their Investor Relations website, with a replay accessible shortly after. The company is known for its advanced technology platform and innovative products, including at-home testing through its Picture Genetics platform and COVID-19 detection tests with FDA Emergency Use Authorization.
Fulgent Genetics (NASDAQ: FLGT) announced that starting September 28, 2020, all COVID-19 tests will now also include results for Influenza A and B. This addition aims to enhance testing efficiency as flu season approaches, helping to differentiate between influenza and SARS-CoV-2. CEO Brandon Perthuis highlighted the superiority of their RT-PCR tests, noting consistent 24-hour turnaround times. The new testing will be integrated into all platforms, including drive-through and at-home tests. This move positions Fulgent as a leading laboratory for comprehensive viral testing during the pandemic.
Fulgent Genetics (Nasdaq: FLGT) and New York City Health and Hospitals have partnered to provide COVID-19 testing for hundreds of thousands of students at around 1,600 locations as they prepare to return to school. Utilizing its FDA EUA-approved at-home RT-PCR test, Fulgent aims to deliver results within 24-48 hours. This collaboration marks one of the first significant at-home testing initiatives for COVID-19, enhancing student safety with rapid testing capabilities.
Fulgent Genetics has opened a new CLIA-certified laboratory, Fulgent Houston, in Texas focused on COVID-19 testing, capable of processing 20,000 tests per day. This expansion is set to enhance the company’s testing capacity and improve turnaround times, contributing to rising FY20 revenue guidance from $120 million to $135 million. The facility will also support genetic testing and is positioned near major medical centers, enabling strategic growth.
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