Business
Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million
Third Quarter 2020 Results: Record Revenue of $101.7 million, growing more than 880% year-over-yearRecord Billable tests delivered approximately 1.04 million,
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"Third Quarter 2020 Results:\n Record Revenue of $101.7 million, growing more than 880% year-over-yearRecord Billable tests delivered approximately 1.04 million, growing more than 4,800% year-over-yearGross Margin improved approximately 19 percentage points sequentially and approximately 12 percentage points year-over-year; cost per test improved approximately 42% sequentiallyNon-COVID Revenue grew 57% sequentiallyBolsters reimbursement capability; revenue from reimbursement constituted majority of third quarter revenueRecord GAAP earnings of $46.6 million, or $1.98 per shareRecord Non-GAAP earnings of $49.0 million, or $2.08 per shareRecord Adjusted EBITDA of $67.4 millionRaises Full Year 2020 revenue guidance to $235 million from $135 million previously TEMPLE CITY, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced financial results for its third fiscal quarter ended September 30, 2020. Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. 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. Adjusted EBITDA was $67.4 million in the third quarter of 2020, compared to $3.0 million in the third 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. For the fourth quarter of 2020, the company expects to generate revenue of at least $110 million. For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. 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. As the COVID-19 pandemic continues to threaten both our health and our way of life, we have been relentless in scaling our testing capabilities to offer fast, accurate and reliable COVID-19 testing solutions for commercial organizations, municipalities, uni...