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Fulgent Genetics Core Revenues Rise 17 Percent

NEW YORK – Fulgent Genetics reported before the opening of the market on Friday that its third quarter core revenues, which exclude COVID 19 testing and service revenues, rose 17 percent year-over year.

For the quarter ended Sept. 30, Fulgent had total revenues of $84.7 million, down approximately 20 percent from $105.7 million in Q3 of 2022. In a filing with the Securities and Exchange Commission, the firm said the decrease was primarily due to declining orders for COVID-19 tests. The El Monte, California-based firm also reported core revenues of $66 million in the quarter.

"We continue to see good momentum in our core business, with particular strength in precision diagnostics," Ming Hsieh, Fulgent's CEO and board chairman, said in a statement.

Fulgent noted in its filing that payments for its testing services are distributed among insurers, institutional customers, and patients. In Q3, insurance paid $48.6 million compared to $63.0 million a year ago, while institutional customers paid $35.2 million versus $42.3 million in Q3 2022. Patients paid $904,000 in the recently completed quarter compared to $345,000 a year ago.

Fulgent posted a net loss of $13.1 million, or $.44 per share, compared to net income of $1.7 million, or $.06 per share, in Q3 2022. On an adjusted basis, the company reported a net loss per share of $.39.

The company also affirmed its full-year guidance for core revenues of approximately $260 million and an adjusted net loss per share of $.95.

Fulgent ended the quarter with $84.1 million in cash and cash equivalents and $767.4 million in investments in marketable securities.

Shares of Fulgent Genetics were up 11 percent to $26.39 in Friday morning trading on the Nasdaq.