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Fulgent Genetics Q3 Revenues Up 25 Percent

NEW YORK (GenomeWeb) — Fulgent Genetics reported after the close of the market on Tuesday that its third quarter revenues rose 25 percent year over year amid a strong increase in billable tests delivered.

For the three-month period ended Sept. 30, the Temple City, California-based company posted revenues of $5.6 million compared with $4.5 million a year earlier. The number of billable tests delivered in the quarter climbed 37 percent to 5,569, Fulgent said.

"We saw strong momentum in our international business as revenue from outside the US — in Europe and Australia specifically — continues to increase," Fulgent Chairman and CEO Ming Hsieh said in a statement. "We are also seeing traction with our sequencing-as-a-service agreements and are involved in a number of projects for biopharma and research organizations, which are driving incremental revenue."

Hsieh added that the company — which offers next-generation sequencing-based genetic testing that provides physicians with clinically actionable diagnostic information — continues to benefit from a number of recent investments in its business, including an expansion of its test menu and a restructuring of its sales organization.

Earlier this year, Fulgent executives said that the firm had begun to stabilize after underwhelming financial results left some industry analysts skeptical about its management.

Fulgent's Q3 net loss narrowed to $595,000, or $.03 per share, from a year-ago loss of $1.1 million, or $.06 per share. On an adjusted basis, the company reported a breakeven per share.

R&D spending in the quarter rose 27 percent to $1.4 million from $1.1 million, while SG&A costs dipped almost 8 percent to $2.4 million from $2.6 million.

Fulgent finished the third quarter with $8.5 million in cash and cash equivalents, and $28.4 million in marketable securities.

The firm's shares rose nearly 1 percent to $3.30 in Wednesday morning trading on the Nasdaq.