Fulgent Genetics(FLGT) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $71.7 million, with core revenue growing 9% year-over-year[1][2] - Revenue for the three months ended September 30, 2024, was $71,743,000, a decrease from $84,687,000 in the same period of 2023, representing a decline of approximately 15.2%[19] - Gross profit for the nine months ended September 30, 2024, was $75,366,000, down from $79,227,000 in 2023, reflecting a decrease of about 4.9%[19] - Operating loss for the three months ended September 30, 2024, was $(4,166,000), compared to an operating income of $214,000 in the same period of 2023[19] - Net loss attributable to Fulgent for the nine months ended September 30, 2024, was $(36,820,000), a slight improvement from $(39,676,000) in 2023, indicating a reduction of about 7.0%[18] - Non-GAAP operating loss for the nine months ended September 30, 2024, was $(17,737,000), compared to $(7,031,000) in 2023, indicating a worsening of about 152.5%[19] Expenses and Investments - Research and development expenses for the nine months ended September 30, 2024, increased to $36,703,000 from $29,488,000 in 2023, marking a rise of approximately 24.7%[19] - Total operating expenses for the three months ended September 30, 2024, were $43,850,000, up from $39,630,000 in the same period of 2023, representing an increase of approximately 10.0%[19] - Interest income for the nine months ended September 30, 2024, was $23,181,000, compared to $15,802,000 in 2023, reflecting an increase of about 46.5%[18] Assets and Equity - Cash, cash equivalents, and investments in marketable securities totaled $815.4 million as of September 30, 2024[2] - Total assets as of September 30, 2024, were $1,233.8 million, slightly down from $1,235.3 million at the end of 2023[15] - Total stockholders' equity increased to $1,134.9 million as of September 30, 2024, compared to $1,133.3 million at the end of 2023[15] Future Projections - The company expects full year 2024 core revenue to be approximately $280 million[5] - GAAP loss per share is projected to improve from approximately ($1.95) to ($1.70) for the full year 2024[5] Business Development - Laboratory Services showed sequential growth in all three areas of the business during the quarter[4] - The company is progressing its therapeutic candidate FID-022 through preclinical studies towards an Investigational New Drug application[4] - The company continues to focus on transforming into a fully integrated precision medicine company[9]