Adam Gault/OJO Images via Getty Images Fulgent Genetics, Inc., (NASDAQ:FLGT) is a leading provider of comprehensive genetic testing solutions, offering an extensive suite of testing services to healthcare providers, researchers, and individuals, mainly in the United States. The company specializes in next-generation sequencing ("NGS") technology, enabling the analysis of various genetic conditions and diseases with high accuracy and efficiency. Following the acquisition of Fulgent Pharma, the company is als ...

Investors might want to bet on Fulgent Genetics, Inc. (FLGT) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a ...

Fulgent Genetics, Inc. (FLGT) closed the last trading session at $23.84, gaining 12.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $30.33 indicates a 27.2% upside potential. The average comprises three short-term price targets ranging from a low of $26 to a high of $35, with a standard deviation of $4.51. While the lowest estimate indicates an increase of 9.1% from the current ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Company Participants Melanie Solomon - Investor Relations Ming Hsieh - Chief Executive Officer Brandon Perthuis - Chief Commercial Officer Paul Kim - Chief Financial Officer Conference Call Participants David Westenberg - Piper Sandler Dan Leonard - UBS Andrew Cooper - Raymond James Operator Hello and welcome to the Fulgent Genetics Q2 2024 Conference Call and Webcast. [Operator Instructions] A question-and-answe ...

Fulgent Genetics, Inc. (FLGT) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of a loss of $0.31 per share. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 148.39%. A quarter ago, it was expected that this company would post a loss of $0.33 per share when it actually produced a loss of $0.01, delivering a surprise of 96.97%. Over the last four quarters, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share FLGT The Nasdaq Stock Market (Nasdaq Global Market) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Exhibit 99.1 Fulgent Reports Second Quarter 2024 Financial Results • Total Revenue of $71.0 million • Core Revenue grows 5% year-over-year to $70.2 million • Reiterates Full Year 2024 Core Revenue Guidance of $280 million, Improves Earnings Per Share Guidance for 2024 EL MONTE, CA, August 2, 2024 — Fulgent Genetics, Inc. (NASDAQ: FLGT) ("Fulgent," or the "Company"), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced financi ...

Fulgent Genetics scored a strong price increase on investors' optimism surrounding its impending secondquarter 2024 financial results, which is slated to release on Aug 2 post the closing bell. The Zacks Consensus Estimate for the second quarter revenue indicate a 1.3% growth year over year. Furthermore, Precision Diagnostics, presently the largest growth driver in the company's laboratory services business, posted a 34% year-over-year revenue growth in the first quarter. While earnings and revenue growth e ...

Financial Data and Key Metrics - Total GAAP operating expenses were $43.9 million for Q1 2024, down from $176.4 million in Q4 2023, primarily due to a one-time non-cash goodwill impairment charge in Q4 2023 [3] - Non-GAAP operating expenses totaled $32.4 million in Q1 2024, down from $45.1 million in Q4 2023 [3] - Non-GAAP operating margin increased by approximately 12 percentage points sequentially to minus 12.9%, driven by lower bad debt reserve and legal fees [3] - Adjusted EBITDA loss for Q1 2024 was $3.2 million, compared to a loss of $7.2 million in Q1 2023 [27] - The company ended Q1 2024 with approximately $846.2 million in cash, cash equivalents, and marketable securities [27] Business Line Data and Key Metrics - Core revenue for Q1 2024 was $63.2 million, up $500,000 year-over-year but down $3.3 million sequentially [24] - Precision diagnostics revenue increased by $9.5 million (34%) year-over-year and $2 million (6%) sequentially, driven by reproductive health and oncology [24] - Anatomic pathology revenue declined sequentially, attributed to timing issues in biopharma service contracts [24] - The company expects 10% sequential core revenue growth in Q2 2024, driven by momentum in precision diagnostics [24] - Gross margin excluding COVID-19 revenue and stock-based compensation increased from 28% in Q1 2023 to 36% in Q1 2024, with expectations to reach 40% or higher by Q2 2024 [16][43] Market Data and Key Metrics - The company is focusing on the OB-GYN market with the launch of its new NIPT test, KNOVA, which combines aneuploidy screening, deletion duplication screening, and de novo point mutations into one test [1] - The biopharma services revenue stream is tracking on plan for 2024, with efforts to expand existing relationships and forge new ones [2] - The company is expanding its biopharma sales team and building a robust product offering to address a large market for biopharma studies [2] Company Strategy and Industry Competition - The company is shifting focus to the OB-GYN market, hiring a new sales team with OB-GYN experience and launching the KNOVA NIPT test [1] - The therapeutic development business is progressing well, with the lead drug candidate FID-007 showing promising results in clinical trials for various cancers [23] - The company is developing next-generation antibody drug conjugates (ADCs) to address challenges in cancer treatment, with a focus on improving therapeutic windows and pharmacokinetics [38] - The company is investing in digital technology and AI to improve operational efficiency in anatomic pathology services [41] Management Commentary on Operating Environment and Future Outlook - Management is confident in the momentum of the business, particularly in precision diagnostics and reproductive health, and expects continued growth in these areas [24][40] - The company anticipates gross margins to improve to 40% or higher by Q2 2024, with further increases expected in Q3 and Q4 2024 [16][43] - Management reiterated the full-year 2024 core revenue guidance of $280 million, representing 7% year-over-year growth [56] - The company expects to end 2024 with approximately $800 million in cash, cash equivalents, and marketable securities, excluding stock repurchases or other expenditures [28] Other Important Information - The company is consolidating its Texas and New York operations into a new building outside Irving, Texas, to improve operational efficiency [41] - The company is investing in digital slide imaging and AI to enhance the quality and efficiency of its anatomic pathology services [41] - The company is expanding its oncology laboratories, with one in Alpharetta, Georgia, and another in Phoenix, Arizona, catering to pathologists and oncologists respectively [25] Q&A Session Summary Question: What gives confidence in the revenue ramp to hit the $280 million sales target for 2024? - The company is seeing momentum in precision diagnostics, gaining market share in reproductive health and oncology, and stabilizing the anatomic pathology business [30][59] Question: What are the implications of the finalized lab-developed test regulations for Fulgent? - The company believes the new regulations bode well for Fulgent, as existing products may be exempt from a full PMA process, and the company has the necessary quality systems in place to adhere to FDA guidelines [7][60] Question: Will the new NIPT offering require FDA 510(k) clearance? - The company believes its new NIPT test, KNOVA, will not require a full PMA process but will still adhere to FDA quality standards [11][12] Question: What is the investment plan for the OB-GYN market launch? - The company plans to ramp up to 20 new sales headcount by the end of 2024, focusing on a national rollout of the KNOVA NIPT test [49][66] Question: What is the outlook for the anatomic pathology business? - The company has revamped its go-to-market strategy and sales organization for anatomic pathology, with expectations of stabilization and growth in 2024 [53][70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37894 FULGENT GENETICS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...