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Fulgent Genetics(FLGT) - 2024 Q4 - Annual Results
FLGTFulgent Genetics(FLGT)2025-02-28 12:10

Revenue Performance - Full Year Total Revenue reached 283.5million,withCoreRevenuegrowing7283.5 million, with Core Revenue growing 7% year-over-year to 281.2 million[6] - Fourth Quarter Total Revenue was 76.2million,withCoreRevenueincreasing1476.2 million, with Core Revenue increasing 14% year-over-year to 76.0 million[6] - Revenue for Q4 2024 was 76,214,000,a8.476,214,000, a 8.4% increase from 70,505,000 in Q4 2023[20] Financial Results - GAAP loss for the full year was 42.7million,or(42.7 million, or (1.41) per share, while Non-GAAP income was 15.0million,or15.0 million, or 0.49 per share[6] - Projected GAAP loss for 2025 is approximately (1.95)pershare,withNon−GAAPlossexpectedtobeapproximately(1.95) per share, with Non-GAAP loss expected to be approximately (0.65) per share[10] - Net loss attributable to Fulgent for Q4 2024 was 5,888,000,comparedtoanetlossof5,888,000, compared to a net loss of 128,149,000 in Q4 2023[21] - Non-GAAP income attributable to Fulgent for Q4 2024 was 1,163,000,comparedto1,163,000, compared to 8,269,000 in Q4 2023[21] Cash and Investments - Cash, cash equivalents, restricted cash, and investments in marketable securities totaled 828.6millionasofDecember31,2024,representingcashpershareof828.6 million as of December 31, 2024, representing cash per share of 26.87[6] - Cash from operations for the full year 2024 was 21.1million[6]−InterestincomeforQ42024was21.1 million[6] - Interest income for Q4 2024 was 8,123,000, an increase from 5,810,000inQ42023[20]OperatingPerformance−OperatinglossforQ42024was5,810,000 in Q4 2023[20] Operating Performance - Operating loss for Q4 2024 was 16,135,000, significantly improved from a loss of 151,121,000inQ42023[20]−Non−GAAPoperatinglossforQ42024was151,121,000 in Q4 2023[20] - Non-GAAP operating loss for Q4 2024 was 3,735,000, an improvement from a loss of 17,497,000inQ42023[23]−TotaloperatingexpensesforQ42024were17,497,000 in Q4 2023[23] - Total operating expenses for Q4 2024 were 47,984,000, down from 176,350,000inQ42023,primarilyduetotheabsenceofgoodwillimpairmentloss[20]GrossProfitandMargins−GrossprofitforQ42024increasedto176,350,000 in Q4 2023, primarily due to the absence of goodwill impairment loss[20] Gross Profit and Margins - Gross profit for Q4 2024 increased to 31,849,000, representing a gross margin of 41.8%, compared to 35.8% in Q4 2023[23] - Non-GAAP gross margin for Q4 2024 was 44.2%, compared to 39.2% in Q4 2023[23] Future Outlook - The company expects Core Revenue of approximately 310millionforthefullyear2025[10]−Thecompanyended2024withastrongbalancesheet,indicatingapositionofstrengthforfuturegrowth[7]ResearchandDevelopment−Fulgent′sclinicalpipelineincludesFID−007inPhase2trialandFID−022clearedforPhase1trialbytheU.S.FDA[6]−ResearchanddevelopmentexpensesforQ42024were310 million for the full year 2025[10] - The company ended 2024 with a strong balance sheet, indicating a position of strength for future growth[7] Research and Development - Fulgent's clinical pipeline includes FID-007 in Phase 2 trial and FID-022 cleared for Phase 1 trial by the U.S. FDA[6] - Research and development expenses for Q4 2024 were 12,113,000, up from $11,952,000 in Q4 2023[20] Strategic Focus - Fulgent is focused on transforming into a fully integrated precision medicine company, expanding its therapeutic development business[12]