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Fulgent Genetics Q1 Revenues Drop 11 Percent

NEW YORK (360Dx) – Fulgent Genetics reported after the close of the market on Monday that its first quarter revenues fell 11 percent year over year.

For the three months ended March 31, the Temple City, California-based company posted $4.7 million in revenues, down from $5.3 million in Q1 2017. The firm delivered 4,621 billable tests in Q1 2018.

Despite the revenue decline, the billable test volume was the highest in a quarter in the company's history, Fulgent Chairman and CEO Ming Hsieh said in a statement.

"We are aiming to achieve increased stability in our business as we gain traction with some of our newer initiatives, including our Beacon carrier screening test," Hsieh said, adding that the firm is also seeing increased interest and revenue from its sequencing-as-a-service research tests.

For the quarter, Fulgent had a net loss of $1.9 million, or $.11 per share, compared to a profit of $232,000, or $.01 per share, in the year-ago period. On a non-GAAP basis, Fulgent's net loss per share for the recently completed quarter was $.06.

Its R&D costs rose 76 percent year over year to $1.5 million from $851,000. Its SG&A spending increased 8 percent to $2.6 million from $2.4 million.

Fulgent exited Q1 2018 with $5.3 million in cash and cash equivalents and $33.5 million in investments in marketable securities.