During Fulgent Genetics second-quarter conference call in July, management said it expects quarterly testing volume to increase from about 180,000 in Q2 to over 700,000. About Fulgent Genetics Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library … Stock Advisor launched in February of 2002. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. See you at the top! However, Fulgent Genetics' main business of genetic testing for cancer patients and parents-to-be has been negatively impacted by COVID-19 lockdowns, so demand for those services should benefit if widespread testing results in more people visiting doctors. Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. Fulgent Genetics believes this information is useful to investors because it provides a basis for measuring the performance of the company’s business excluding certain income or expense items that management believes are not directly attributable to the company’s core operating results. Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. Fulgent Genetics Inc. (NASDAQ:FLGT) went down by -1.15% from its latest closing price compared to the recent 1-year high of $52.47. However, a previous Abbott Labs test drew criticism over potential false positives, so investors will want to wait and see how the test performs following its launch. For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Fulgent Genetics Is Crashing Today @themotleyfool #stocks $FLGT $ABT. Combining next generation sequencing (“NGS”) with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in an array of panels that can be tailored to meet specific customer needs. Fulgent Genetics' turnaround time from receiving the sample to results is 24 hours, and its cost is higher, with management charging $39 out of pocket for its at-home test. Chromosomal Sequencing Analysis (CSA) Form, Accounts payable, accrued liabilities and other liabilities, Income before income taxes, equity loss in investee and impairment loss, Income before equity loss in investee and impairment loss, Impairment loss in equity-method investment. In addition to our technology investments, we believe the relationships we have built during this pandemic from both a customer and reimbursement standpoint, along with the expansion of our commercial capabilities which includes our at-home platform, Picture Genetics, will help drive our business in the years ahead.”, Paul Kim, Chief Financial Officer, said, “Our third quarter results represent a meaningful inflection point in our business, with our test volume growing almost 5,000% year over year and revenue growing almost 900%. A faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return to normal operations. After receiving FDA EUA-authorized for molecular diagnostic testing, we now offer … Press Release reported on 11/24/20 that Fulgent Genetics … Examples of forward-looking statements in this press release include statements about, among other things: anticipated growth of and increased stability in the company’s business and performance, including the company’s and its technology platform’s ability to scale, the company’s evaluations and judgments regarding momentum, partnerships, relationships, inflection points, evaluations of the company’s testing services as compared to competitors and the company’s recent and future performance; the timing, commercial success and impact on the company’s results of new product launches and other initiatives; and the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share and its ability to continue to grow its business. Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) reached a new 52-week high during trading on Thursday . View the latest Fulgent Genetics Inc. (FLGT) stock price, news, historical charts, analyst ratings and financial information from WSJ. Fulgent Genetics may continue to incur expenses similar to the items added to or subtracted from GAAP income (loss) to calculate non-GAAP income (loss) and adjusted EBITDA; accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an implication that these items are unusual, infrequent or non-recurring. It intends to provide tests to hospitals and medical … The company's test volume continued increasing in the third quarter, too. Earlier this month, it increased its full-year sales outlook to $135 million from $120 million, previously. Fulgent Genetics Stock Forecast, Price & News How has Fulgent Genetics' stock been impacted by COVID-19? Non-GAAP income (loss) and adjusted EBITDA are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), in the accompanying tables. TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. Press and industry analysts are invited to attend in listen-only mode. The company report on November 24, 2020 that Fulgent Genetics … Market data powered by FactSet and Web Financial Group. Fulgent Genetics' stock was trading at $10.06 on March 11th, 2020 when COVID-19 … Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript finance.yahoo.com - November 10 at 10:15 AM: Fulgent Genetics, Inc.'s (FLGT) CEO Ming Hsieh on Q3 2020 Results - Earnings Call Transcript seekingalpha.com - November 10 at 12:06 AM: Fulgent Genetics … Through its Picture Genetics platform launched in 2019, Fulgent Genetics offers consumers direct access to its advanced genetic testing and analytics capabilities from the ease and comfort of home, at an affordable price point. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the company’s future performance, and they are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the company’s business. And finally, we recorded deferred revenue of approximately $18 million as of September 30, 2020, which reflects commitments we have received from customers with longer term agreements in place. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. Fulgent … A high-level overview of Fulgent Genetics, Inc. (FLGT) stock. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. Returns as of 12/15/2020. Fulgent Genetics downgraded to market perform from outperform at Raymond James Nov. 7, 2017 at 8:25 a.m. On Thursday, healthcare-giant Abbott Labs announced that it's releasing a 15-minute COVID-19 test using a nasal swab and a reactive card that will cost just $5 per test. Fulgent Genetics, Inc. (NASDAQ:FLGT) has a beta value of 1.92 and has seen 1,347,539 shares traded in the last trading session. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Fulgent could customize tests for customers, for about 5,700 different genetic conditions. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. Fulgent Genetics, Inc. is a technology company. For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. We expect to continue investing in our platform to expand our capabilities as we look to capture share in the broader genetic testing market in the future. Fulgent Genetics Inc. [NASDAQ: FLGT] gained 6.44% or 2.94 points to close at $48.57 with a heavy trading volume of 2508521 shares. During Fulgent Genetics second-quarter conference call in July, management said it expects quarterly testing volume to increase from about 180,000 in Q2 to over 700,000. Investor Relations Contact:The Blueshirt GroupNicole Borsje, 415-217-2633, nicole@blueshirtgroup.com, Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million. If Abbott's launch is successful, government and corporate clients could shift away from Fulgent Genetics' testing option, causing revenue to drop in future quarters. 2018 © Fulgent Genetics. Why Fulgent Genetics Stock Surged 38% in November, This Small-Cap Stock Will Be a Long-Term Winner From the Pandemic, Why Fulgent Genetics Stock Is Soaring 11.2% Today, Copyright, Trademark and Patent Information. However, management pivoted earlier this year to provide COVID-19 testing, too, and that's caused revenue and the company's share price to soar. In 2003, Todd founded E.B. The Zacks Analyst Blog Highlights: Addus HomeCare, Fulgent Genetics and Hologic 43.58 0.92 (2.16%) Upgrade to Real-Time Afterhours (Closed) LANES, Fulgent Genetics and LA County Department of Health Services Collaborate to Fast-Track … The stock traded as high as $53.00 and last traded at $52.29, with a volume of … Genetic testing specialist Fulgent has seen its revenue and bottom line skyrocket. The company, currently valued at $1.21 Billion, closed the … Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus (“COVID-19”), including NGS and reverse transcription polymerase chain reaction (“RT-PCR”) - based tests. Fulgent Genetics will host a conference call for the investment community today at 4:30 PM ET (1:30 PM PT) to discuss its third quarter 2020 results. Note Regarding Non-GAAP Financial Measures. After competitor Abbott Labs (NYSE:ABT) unveiled a $5, 15-minute COVID-19 test, shares of Fulgent Genetics (NASDAQ:FLGT) are tumbling 28.7% at 11:15 a.m. EDT on Thursday. Ming Hsieh, Chairman and Chief Executive Officer, said, “I am very pleased with our outstanding third quarter results, which demonstrate the true scalability of our technology platform for genetic testing. Visit www.picturegenetics.com for more information. GAAP income for the third quarter of 2020 was $46.6 million, or $1.98 per share, and non-GAAP income was $49.0 million, or $2.08 per share. Company Summary. These reports contain more information about the company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release. Overall, the genetic-testing market is expected to eclipse $10 billion by 2022 worldwide, so Fulgent Genetics' current sales suggest it has plenty of potential to produce meaningful revenue growth regardless of how the COVID-19 marketplace evolves. If management thought … A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated laboratory services. For the fourth quarter of 2020, the company expects to generate revenue of at least $110 million. Fulgent Genetics, Inc. (FLGT) Quote Overview » News » Fulgent Genetics, Inc. (FLGT) ... FULGENT GENETIC (FLGT) delivered earnings and revenue surprises of 1600.00% and 18.91%, … The healthcare company delivered 180,513 billable tests in the period, up more than 1,003% from the same quarter last year. A pioneer in genetic testing, Fulgent began working on COVID-related services when cases first appeared in the US. Capital Markets, LLC, a research firm providing action oriented ideas to professional investors. How Did Fulgent Genetics Stock Perform in 2020? We expect to see continued momentum across our business in the fourth quarter, and are pleased to be raising our revenue guidance for the full year. Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. With its Forward Dividend at 0 and a yield of 0%, the … Earlier this … The growth forecast could be temporary, though. Get the latest Fulgent Genetics Inc (FLGT) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. All rights reserved. We also demonstrated great leverage in the quarter as we continued to scale, improving gross margin and generating non-GAAP earnings of $2.08 per share in the quarter. Management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure of income (loss) in evaluating the company's operating performance. The forward-looking statements made in this press release speak only as of the date of this press release, and the company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law. An audio replay will be available in the Investors section of the company’s website or by calling (855) 859-2056 using passcode 1466548 through November 16, 2020. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Fulgent Genetics may not be comparable to similarly titled metrics reported by other companies. Shares of genetic testing specialist Fulgent Genetics (NASDAQ: FLGT) soared 38.1% in November, according to data from S&P Global Market Intelligence. TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. 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