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Fulgent Genetics Q4 Revenues Fall 73 Percent, Beat Expectations

NEW YORK – Fulgent Genetics reported after the close of the market on Tuesday that its fourth quarter 2022 revenues declined 73 percent year over year but exceeded the consensus analyst estimate.

Separately on Tuesday, the Temple City, California-based firm announced the launch of a panel called the Beacon787 Expanded Carrier Screening Panel to detect 787 genes associated with autosomal recessive and X-linked conditions. Fulgent said the panel includes all of the American College of Medical Genetics and Genomics tier 3 genes published in the latest practice guideline for carrier screening. ACMG has recommended that all pregnant people and those planning a pregnancy be offered screening for this set of genes as an equitable, pan-ethnic screening approach, Fulgent noted in a statement.

For the three months ended Dec. 31, Fulgent reported revenues of $67.7 million, down from $251.7 million in Q4 2021 but beating the average Wall Street estimate of $59.6 million. Excluding revenues from COVID-19 testing products and services, core revenues nearly doubled year-over-year, Fulgent said.

Fulgent reported Q4 net loss attributable to the company of $23.8 million, or $.80 per share, compared to a net income of $104.3 million, or $3.34 per share, in Q4 2021. Adjusted loss per share for the recently completed quarter was $.48, above the Wall Street analysts' estimate of a loss per share of $.56.

Q4 R&D expenses increased 13 percent year over year to $8.5 million from $7.5 million, while SG&A expenses increased 29 percent to $39.0 million from $30.3 million.

For full-year 2022, Fulgent reported $619.0 million in revenues, down 39 percent from $992.6 million in 2021. Excluding revenues from COVID-19 testing products and services, core revenues nearly doubled in 2022 compared to 2021, Fulgent said.

Fulgent's net income attributable to the company for the year fell to $143.4 million, or $4.63 per share, from $507.4 million, or $16.38 per share, in 2021. Adjusted EPS for 2022 was $5.79, beating the average Wall Street analyst estimate of $5.61 per share.

The company's 2022 R&D expenses increased 19 percent to $28.9 million from $24.2 million a year ago. SG&A expenses for the year nearly doubled to $150.0 million from $75.2 million in 2021.

Fulgent ended the year with $79.5 million in cash and cash equivalents and $773.4 million in marketable securities.

For Q1 2023, the firm expects $56.0 million in revenues. For full-year 2022, Fulgent expects revenues of approximately $240.0 million, net loss of about $2.50 per share, and non-GAAP loss of approximately $1.25 per share.

In Wednesday afternoon trading on the Nasdaq, Fulgent's shares were down a fraction of a percent at $32.62.