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Fulgent Genetics Core Revenues Jump 48 Percent

NEW YORK – Fulgent Genetics on Friday reported its second quarter core revenues grew 48 percent year over year, but its reported revenues declined 46 percent overall with the decline of COVID-19 test sales.

For the three months ended June 30, El Monte, California-based Fulgent reported revenues of $67.9 million compared to $125.3 million in the prior year, beating the Wall Street consensus estimate of $62.5 million. The firm reported its core revenues, which exclude COVID-19 testing, were about $67 million.

"We are pleased with our results so far in the first half of the year, with record revenue for our core genetics business showing continued momentum in our three main areas – precision diagnostics, anatomic pathology, and pharma services," Fulgent Chairman and CEO Ming Hsieh said in a statement.

He added the company also plans to start Phase II studies of its FID-007 oncology therapy candidate by the end of 2023.

In a filing with the US Securities and Exchange Commission, Fulgent said it is well-positioned for growth because of it has proprietary technology that allows for rapid scaling of a broad and flexible test menu, a next-generation sequencing platform that complements a growing portfolio of emerging testing technologies, and a growth strategy that includes its acquisitions of Inform Diagnostics and CSI Labs as well as potential future acquisitions.

The firm also noted in its filing that it delivered about 19.3 million COVID-19 tests between 2020 and 2022, which generated about $1.7 billion in revenue for Fulgent.

Fulgent posted a Q2 net loss of $11.2 million, or $.38 per share, compared to a profit of $11.5 million, or $.38 per share, a year ago. It posted a non-GAAP loss of $.08 per share, beating analysts' estimated loss of $.33 per share.

The firm raised its R&D spending 41 percent year over year to $9.7 million from $6.9 million, but it lowered its SG&A costs 30 percent to 28.7 million from 41.1 million. Fulgent ended the quarter with $58.3 million in cash and cash equivalents and $788.5 million in investments in marketable securities.

The firm guided to core revenues of $65 million for the third quarter.

It raised its full year guidance for its core revenues to $260 million from a previous guidance of $250 million. It expects a loss of $2.15 per share and a loss of $.95 per share on a non-GAAP basis.