Workflow
Fulgent Genetics(FLGT) - 2025 Q1 - Quarterly Results
FLGTFulgent Genetics(FLGT)2025-05-02 11:10

Revenue Performance - Core Revenue for Q1 2025 reached 73.5million,representinga1673.5 million, representing a 16% year-over-year growth[6] - Total Revenue for Q1 2025 was 73.5 million, consistent with Core Revenue[6] - Revenue for the first quarter of 2025 was 73,463,000,anincreaseof13.873,463,000, an increase of 13.8% from 64,485,000 in the first quarter of 2024[23] - Gross profit increased to 28,346,000inQ12025,upfrom28,346,000 in Q1 2025, up from 22,104,000 in Q1 2024, resulting in a gross margin of 38.6%, compared to 34.3% in the prior year[23] Financial Guidance and Cash Position - The company reiterated its full year 2025 Core Revenue guidance of 310million[6]−ThecompanyendedQ12025with310 million[6] - The company ended Q1 2025 with 814.6 million in cash, cash equivalents, restricted cash, and investments in marketable securities, equating to 26.60 per share[6] - The company expects cash expenditures may vary due to ongoing stock repurchase programs and potential M&A activities[7] Profitability and Loss - Non-GAAP income was 1.2 million, or 0.04pershare,whileGAAPlosswas0.04 per share, while GAAP loss was 11.5 million, or (0.37)pershare[6]−ThenetlossattributabletoFulgentforQ12025was0.37) per share[6] - The net loss attributable to Fulgent for Q1 2025 was 11.5 million, compared to a net loss of 13.5millioninQ12024[20]−FulgentGeneticsreportedanetlossattributabletothecompanyof13.5 million in Q1 2024[20] - Fulgent Genetics reported a net loss attributable to the company of 11,530,000 for the three months ended March 31, 2025, compared to a net loss of 13,462,000forthesameperiodin2024,representinga14.413,462,000 for the same period in 2024, representing a 14.4% improvement[21] - Basic net loss per common share improved to (0.37) in Q1 2025 from (0.45)inQ12024[21]OperationalEfficiency−Non−GAAPincomeattributabletoFulgentwas(0.45) in Q1 2024[21] Operational Efficiency - Non-GAAP income attributable to Fulgent was 1,166,000 for Q1 2025, a significant recovery from a loss of 269,000inQ12024[21]−Non−GAAPoperatinglossnarrowedto269,000 in Q1 2024[21] - Non-GAAP operating loss narrowed to 7,255,000 in Q1 2025 from 8,290,000inQ12024,reflectingimprovedoperationalefficiency[23]−Thecompanyreportedanon−GAAPgrossmarginof41.08,290,000 in Q1 2024, reflecting improved operational efficiency[23] - The company reported a non-GAAP gross margin of 41.0% for Q1 2025, compared to 37.4% in Q1 2024, indicating enhanced profitability[23] - Non-GAAP operating margin improved to -9.9% in Q1 2025 from -12.9% in Q1 2024, reflecting a positive trend in operational performance[23] Share Repurchase and Equity - Approximately 516,000 shares were repurchased at a cost of 8.7 million, totaling 108.3millioninsharerepurchasessinceMarch2022[6]−Theweightedaveragecommonsharesoutstandingincreasedto30,832,000inQ12025from29,769,000inQ12024[21]StrategicDirection−Thecompanyaimstotransitionfromadiagnosticbusinesstoafullyintegratedprecisionmedicinecompany[12]−AdjustedEBITDAlossforQ12025was108.3 million in share repurchases since March 2022[6] - The weighted average common shares outstanding increased to 30,832,000 in Q1 2025 from 29,769,000 in Q1 2024[21] Strategic Direction - The company aims to transition from a diagnostic business to a fully integrated precision medicine company[12] - Adjusted EBITDA loss for Q1 2025 was 2.9 million[6] - Operating expenses rose to 48,141,000inQ12025,upfrom48,141,000 in Q1 2025, up from 43,902,000 in Q1 2024, primarily due to increased equity-based compensation[23]