Business
Fulgent Genetics Reports First Quarter 2020 Financial Results
First Quarter 2020 Results: Revenue totals $7.8 million, growing 44% year over yearBillable tests delivered total 13,163, growing 75% year over yearGross
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"First Quarter 2020 Results:\n Revenue totals $7.8 million, growing 44% year over yearBillable tests delivered total 13,163, growing 75% year over yearGross Margin improves approximately 3 percentage points year over year; cost per test improves approximately 22% year over yearGAAP loss of $2.0 million, or $0.09 per shareNon-GAAP loss of $749,000, or $0.03 per shareAdjusted EBITDA loss of $506,000 TEMPLE CITY, Calif., May 04, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a provider of comprehensive genetic testing and Next Generation Sequencing (“NGS”) solutions, today announced financial results for its first quarter of fiscal year 2020 ended March 31, 2020. First quarter revenue was $7.8 million, an increase of 44% year over year from $5.4 million in the first quarter of 2019. GAAP loss for the first quarter of 2020 was $2.0 million, or $0.09 per share, and non-GAAP loss was $749,000, or $0.03 per share. Adjusted EBITDA loss was $506,000 in the first quarter of 2020, compared to $712,000 in the first quarter of 2019. 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. Ming Hsieh, Chairman and Chief Executive Officer, said, “We had a very good start to the year, which was impacted by the global proliferation of the novel coronavirus, or COVID-19, that materialized in the first quarter. While volume from our core rare disease, oncology and reproductive health businesses has been challenged in this unprecedented macro environment, particularly in March, we were pleased to deliver strong year over year growth in both revenue and billable test volume in the first quarter. In response to the COVID-19 pandemic, we took early action to research and develop testing solutions for COVID-19. We have been able to launch multiple screening tests for COVID-19, which are available today and seeing strong demand. Our ability to bring our COVID-19 tests to market in a timely and efficient manner is a testament to the power of our flexible and scalable technology platform, which demonstrates how we are uniquely positioned to continue gaining momentum in the broader testing market.” Paul Kim, Chief Financial Officer,...