Business
Fulgent Genetics Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019 Results: Revenue totals $8.4 million, growing 48% year over yearBillable tests delivered total 13,977, growing 118% year over yearGross
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Results:\n Revenue totals $8.4 million, growing 48% year over yearBillable tests delivered total 13,977, growing 118% year over yearGross Margin improves more than 5 percentage points year over year; cost per test improves approximately 40% year over yearGAAP loss of $296,000, or $0.01 per shareNon-GAAP income of $778,000, or $0.04 per shareAdjusted EBITDA of $1.1 million Full Year 2019 Results: Revenue totals $32.5 million, growing 52% year over yearBillable tests delivered total 58,573, growing 163% year over yearGross Margin improves more than 7 percentage points year over year; cost per test improves approximately 50% year over yearGAAP loss of $411,000, or $0.02 per shareNon-GAAP income of $3.6 million, or $0.19 per shareCash flow from operations of positive $5.5 millionAdjusted EBITDA of $4.9 million TEMPLE CITY, Calif., March 10, 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 fourth quarter and full year ended December 31, 2019. Fourth quarter revenue was $8.4 million, an increase of 48% year over year from $5.7 million in the fourth quarter of 2018. GAAP loss for the fourth quarter of 2019 was $296,000, or $0.01 per share, and non-GAAP income was $778,000, or $0.04 per share. Full year 2019 revenue was $32.5 million, an increase of 52% year over year from $21.4 million in the prior year. GAAP loss for the full year 2019 was $411,000, or $0.02 per share, and non-GAAP income was $3.6 million, or $0.19 per share. Adjusted EBITDA was $1.1 million in the fourth quarter of 2019, compared to $37,000 in the fourth quarter of 2018. Adjusted EBITDA was $4.9 million for the full year 2019, compared to a loss of $747,000 for the full year 2018. 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 strong finish to the year, which was highlighted by revenue growth of more than 50% and billable test volume growth of more than 160%, year over year. We saw continued traction with our core on...