Fulgent Genetics(FLGT) - 2025 Q1 - Quarterly Report

Revenue Performance - Revenue for the three months ended March 31, 2025, was $73.5 million, an increase of$9.0 million or 14% from $64.5 million in the same period of 2024[118]. - Revenue from precision diagnostics increased by$6.7 million, or 18%, from $37.4 million in Q1 2024 to$44.1 million in Q1 2025[119]. - Revenue from BioPharma services rose by $1.4 million, or 53$2.7 million in Q1 2024 to $4.1 million in Q1 2025[119]. - Revenue from non-U.S. sources decreased by$1.0 million, or 15%, from $6.6 million in Q1 2024 to$5.6 million in Q1 2025[123]. - One customer accounted for $17.6 million, or 24$12.6 million, or 20%, in Q1 2024, indicating revenue concentration risk[122]. Profitability and Expenses - Gross profit increased by $6.2 million, or 28$22.1 million in Q1 2024 to $28.3 million in Q1 2025, with gross margin improving from 34$2.7 million, or 7%, from $42.4 million in Q1 2024 to$45.1 million in Q1 2025, while the cost of revenue as a percentage of revenue decreased from 66% to 61%[124]. - Net loss attributable to Fulgent for Q1 2025 was $11.5 million, a decrease of$1.9 million or 14% from a net loss of $13.5 million in Q1 2024[118]. - Consolidated selling and marketing expenses decreased by$0.5 million, or 6%, from $9.0 million to$8.5 million for the same period[131]. - Consolidated general and administrative expenses increased by $3.8 million, or 18$21.5 million to $25.3 million for the three months ended March 31, 2024, and 2025 respectively[132]. Research and Development - Research and development expenses totaled$12.4 million for Q1 2025, up $961,000 or 8$11.4 million in Q1 2024[126]. - Therapeutic development research and development expenses increased by $1.2 million, or 29$4.1 million in Q1 2024 to $5.3 million in Q1 2025[128]. - Research and development expenses for the therapeutic development segment increased by$1.2 million, or 29%, from $4.1 million to$5.3 million for the three months ended March 31, 2024, and 2025 respectively[129]. - The company expects research and development expenses to continue increasing as clinical trials progress for FID-007, FID-022, and other preclinical studies[130]. Cash Flow and Financial Position - Cash used in operating activities was $(4.4) million for the three months ended March 31, 2025, compared to$7.3 million provided in the same period in 2024[143]. - Cash provided by investing activities was $27.7 million for the three months ended March 31, 2025, primarily from maturities of marketable securities[146]. - Cash used in financing activities was$11.2 million for the three months ended March 31, 2025, primarily related to stock repurchases[148]. - As of March 31, 2025, the company had $814.6 million in cash, cash equivalents, restricted cash, and marketable securities[138]. - The company repurchased 0.5 million shares of common stock at an aggregate cost of$7.9 million during the three months ended March 31, 2025[152]. Other Income - Other income, net, primarily comprised of interest income, was $8.0 million for the three months ended March 31, 2025, compared to$7.4 million for the same period in 2024[134].