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Fulgent Genetics Posts 56 Percent Rise in Q2 Revenues

NEW YORK — Fulgent Genetics reported after the close of the market on Monday a 56 percent jump in second quarter revenues on strong growth of billable test volume.

For the three-month period ended June 30, Fulgent's revenues climbed to $8.4 million from $5.4 million in the same quarter last year. Pushing up revenues was a 187 percent year-over-year rise in the number of billable tests delivered during the quarter to 16,369.

The Temple City, California-based company posted a Q2 profit of $331,000, or $.02 per share, versus a net loss of $1.0 million, or $.06 per share, a year earlier. 

R&D spending in the quarter jumped 33 percent to $1.6 million from $1.2 million, while SG&A costs edged up 7 percent to $2.9 million from $2.7 million.

At the end of June, Fulgent had cash and cash equivalents totaling $9.2 million, and $29.5 million worth of marketable securities.

"The momentum we are seeing is due to sustained strength across our business, including traction in the reproductive health and oncology markets, as well as growth in our sequencing as a service business," Fulgent Chairman and CEO Ming Hsieh said in a statement. "We also continue to expand our customer reach with partnership agreements."

In July, Fulgent — which received approval to offer its next-generation sequencing based tests in New York state earlier this month — partnered with the Parkinson's Foundation to offer genetic testing to people at risk for Parkinson's disease. In late 2018, Fulgent struck a deal to offer genetic testing services through regenerative therapeutics company StemCyte.