First Quarter 2024 Results: Note: 1) Core Revenue is revenue calculated in accordance with GAAP minus revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue, each as calculated in accordance with GAAP. Non-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are described below under "Note Regarding Non-GAAP Financial Measures" and are reconciled to the most ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2023 was $70 million, compared to $68 million in Q4 2022, with $4 million from COVID-19 testing [33] - Core revenue, excluding COVID-19 testing, was $66 million, exceeding guidance of $64 million and representing a 21% year-over-year growth [33][28] - Adjusted EBITDA loss for Q4 was $6.8 million, an improvement from a loss of $15.1 million in Q4 2022 [10] - The company ended Q4 with approximately $848 million in cash, cash equivalents, and marketable securities [81] Business Line Data and Key Metrics Changes - Precision diagnostics revenue for 2023 was $132 million, with a projected growth to over $173 million in 2024, indicating over 31% organic growth [97] - Anatomic pathology revenue for 2023 was $104.7 million, with a projected decline in 2024 due to pricing pressure and lower contract rates [36][20] - Bio pharma services revenue for 2023 was $25.4 million, with a significant decline anticipated in 2024 due to project terminations [36][20] Market Data and Key Metrics Changes - The company gained significant market share in carrier screening due to a major competitor exiting the market [106] - The sales pipeline for carrier screening is filling up with new opportunities, indicating a positive market response [106] Company Strategy and Development Direction - The company is focused on expanding its precision diagnostics and improving its anatomic pathology and bio pharma services through technology investments and sales team enhancements [21][98] - A new facility in Dallas is being developed to enhance operational capabilities, with an expected cash outlay of over $15 million [37] - The company aims to leverage its technology platform to drive growth in precision diagnostics while addressing challenges in anatomic pathology [95][98] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the core business's strength and growth momentum, particularly in precision diagnostics [13] - The company anticipates a core revenue growth of approximately 7% year-over-year for 2024, with a focus on managing expenses and improving margins [35][12] - Management acknowledged challenges in the bio pharma services segment but emphasized the strength of their capabilities [32] Other Important Information - A one-time non-cash goodwill impairment charge of $120 million was recorded due to a decline in market capitalization, but it does not affect cash position or future operations [80] - The company has restructured its reporting segments to better reflect its operations, now categorizing its business into laboratory services and therapeutic development [73] Q&A Session Summary Question: Expectations for expanded carrier screening - Management noted that expanded carrier screening is becoming standard care, and positive guideline changes could enhance reimbursement opportunities [15] Question: Strategy around COVID testing - Management confirmed that they have effectively exited the COVID testing business, with current revenue primarily from collections on past tests [17] Question: Revenue breakdown for 2023 and growth expectations - Management provided detailed revenue figures for 2023 and projected declines in anatomic pathology and bio pharma services, with growth expected in precision diagnostics [20][46] Question: Update on the national rollout for Fulgent oncology - Management reported significant momentum in the oncology division, with robust reimbursement secured for assays [62] Question: Capital deployment strategy - Management indicated a focus on potential acquisitions and investments in technology to enhance efficiency and expand distribution channels [91]

Fourth Quarter 2023 Results: Note: EL MONTE, CA, February 28, 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 financial results for its fourth quarter and full year ended December 31, 2023. 1) Core Revenue excludes revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue. Outlook: Conference Call Information Cert ...

Our consolidated cost of revenue decreased by $67.3 million, or 27%, from $252.1 million in 2022 to $184.8 million in 2023. The decrease was primarily due to decreases of $32.1 million in consulting and outside labor costs for production, $25.9 million in reagent and supply expenses, $12.3 million in depreciation expenses, $5.3 million in shipping expenses, and $1.2 million in travel and meals expense and $2.9 million in facility expense, all related to decreased COVID-19 testing, and partially offset by an ...

Testing offers CBR families the opportunity to proactively seek additional information about their child's health TRUMBULL, Conn. and EL MONTE, Calif., Feb. 9, 2024 /PRNewswire/ -- CooperSurgical®, a global leader in fertility and women's health, and Fulgent Genetics, Inc. (NASDAQ: FLGT), a technology-based company with a well-established clinical diagnostic business and a therapeutic development business, today announced that they have partnered to offer families of Cord Blood Registry® (CBR®) exclusive ne ...

Financial Data and Key Metrics - Total revenue for Q3 2023 was $85 million, down from $106 million in Q3 2022, with $19 million coming from COVID-19 testing, which was not part of the guidance [8] - Core revenue for Q3 2023 was $66 million, exceeding the guidance of $65 million and growing 17% year-over-year [8] - Gross margin was 47%, with the increase primarily related to COVID-19 revenues recognized on previously built tests due to successful insurance collection on appeals [8] - Adjusted EBITDA for Q3 2023 was $18.1 million, compared to $19.7 million in Q3 2022 [9] - Non-GAAP loss for the quarter was $11.7 million or $0.39 per share based on 30 million weighted average shares outstanding [9] - The company ended Q3 with approximately $851 million in cash, cash equivalents, and marketable securities, an increase of $4 million from Q2 [29] Business Line Data and Key Metrics - Precision Diagnostics revenue for Q3 2023 was $37.5 million, up 16% sequentially and 45% year-over-year [5] - Pharma Services revenue for Q3 2023 was $3.7 million, down 50% sequentially and up 19% year-over-year [5] - Beacon carrier screening portfolio continues to be a significant growth driver for Precision Diagnostics, with a mean turnaround time of 12 days [6] - The company updated its hereditary cancer panels to align with the latest NCCN guidelines, focusing on high to moderate risk factors for cancer [7] Market Data and Key Metrics - The company entered into a new agreement with Progyny for Beacon carrier screening, allowing it to provide reproductive genetic testing to the Progyny member network [25] - The company is focusing on gaining market share in the infertility space and planning for a rollout to the OB market [6] Company Strategy and Industry Competition - The company is moving forward with Phase II studies for FID-007 in head and neck cancer, with an initial study expected in Q1 2024 [4] - The company is being highly selective in evaluating M&A or strategic investment opportunities, focusing on organic growth and strengthening its market position [26] - The company expects ongoing integration efforts with recent acquisitions to create efficiencies and improve gross and operating margins in 2024 [10] Management Commentary on Operating Environment and Future Outlook - The company reiterated its core revenue guidance of $260 million for 2023, excluding additional revenues from COVID-19 testing [10] - Management is pleased with the trajectory and sees good momentum ahead, with a strong balance sheet and cash position [30] - The company expects to end the year with approximately $830 million of cash, cash equivalents, and investments, excluding stock repurchases since Q3 or other expenditures outside the ordinary course [30] Other Important Information - The company repurchased approximately 80,000 shares of common stock at an aggregate cost of $2.2 million in Q3, and an additional 533,000 shares at an aggregate cost of $13.7 million subsequent to the end of the quarter [29] - The company recognized a tax expense of $20 million in Q3 as it put up a reserve against deferred tax assets [28] Q&A Session Summary Question: Potential for additional COVID-19 collections - There is a chance for additional collections from COVID-19 in Q4 and beyond, but it is not something the company is counting on [34] Question: Seasonality and revenue guidance - Some seasonality is expected, especially in the Anatomic Pathology division, and the company is taking a conservative approach due to lumpiness in Pharma Services [40] Question: Anatomic Pathology (AP) business update - The AP business is stable but has seen a slight downtrend, partly due to seasonality and account-level profitability adjustments [41] Question: Fulgent Oncology expansion - The company has onboarded two new sales reps in different territories and is continuing to look for additional sales talent [43] Question: FDA LDT regulations impact - The company is monitoring FDA LDT regulations closely and is prepared to respond with its subject matter and operational expertise [48] Question: COVID reimbursement payments - The company has mostly exited COVID testing but continues to appeal claims and collect on accounts receivable from previous COVID testing [32] Question: Pharma Services lumpiness and macro environment - The company anticipates lumpiness in Pharma Services but expects over 100% increase in that business for 2023 compared to 2022 [36] Question: R&D spend for Phase II studies - The company expects an annual burn rate of around $50 million for new drug development efforts, including Phase II studies [57] Question: Beacon carrier screening and OB market - The company is seeing continued momentum in Beacon carrier screening and is planning for a rollout to the OB market [45] Question: Share gains in IVF setting - The company continues to see opportunities to gain share in the IVF setting as clients reassess their laboratory choices [64]

FORM 10-Q | --- | --- | --- | |-----------------------------------------------------------------------------------|-------------------|---------------------------------------------------| | Securities registered pursuant to Section 12(b) of the Act: \nTitle 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) | UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (M ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2023 Earnings Conference Call August 4, 2023 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 Lawrence Weiss - Chief Medical Officer Conference Call Participants Dan Leonard - Credit Suisse David Westenberg - Piper Sandler Andrew Cooper - Raymond James Operator Hello and welcome to the Fulgent Genetics Q2 2023 Earnings Conference Call ...

Cash used in investing activities in the six months ended June 30, 2023 was $5.5 million, which primarily related to $250.5 million on purchases of marketable securities and $14.2 million on purchases of fixed assets, including real estate, partially offset by $258.8 million related to maturities of marketable securities. Cash used in investing activities in the six months ended June 30, 2022 was $213.0 million, which primarily related to $245.5 million on purchase of marketable securities and $137.8 millio ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q1 2023 Earnings Conference Call May 5, 2023 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 Dan Leonard - Credit Suisse David Westenberg - Piper Sandler Andrew Cooper - Raymond James Operator Hello and welcome to the Fulgent Genetics Q1 2023 Earnings Conference Call and Webcast. [Operator Instructions] As a ...