Business
Fulgent Genetics Reports Second Quarter Financial Results
Revenue grows 790% year over year to $153.6 million Core Revenue grows 296% year over year to $25.7 million Announces acquisition of CSI Laboratories
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nRevenue grows 790% year over year to $153.6 million\n\n\nCore Revenue grows 296% year over year to $25.7 million\n\n\nAnnounces acquisition of CSI Laboratories\n\n\nAnnounces commercial agreement with Helio Health through strategic investment\n\n\nAnnounces incremental controlling investment in Chinese Joint Venture entity, FF Gene Biotech\n\n\n TEMPLE CITY, Calif.--(BUSINESS WIRE)--\nFulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “company”), a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health, today announced financial results for its second quarter ended June 30, 2021.\n\nSecond Quarter 2021 Results:\n\n\nRevenue of $153.6 million, growing 790% year-over-year\n\n\nBillable tests delivered approximately 1.6 million, or 9 times the volume of second quarter of 2020\n\n\nGross Margin improved approximately 21 percentage points year-over-year\n\n\nCore Revenue1 grew 296% year-over-year to $25.7 million\n\n\nGAAP income of $79.8 million, or $2.59 per share\n\n\nNon-GAAP income of $78.7 million, or $2.55 per share\n\n\nAdjusted EBITDA of $105.0 million\n\n\nCash from operations of $76.1 million; Cash and investments of $777.0 million as of June 30, 2021\n\n\n(1) Core Revenue was previously defined as “NGS revenue”\n\nNon-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.\n\nMing Hsieh, Chairman and Chief Executive Officer, said, “The exciting announcements we have made today demonstrate our ability to execute on our strategic initiatives to expand our platform capabilities and reach in a post pandemic world. With the acquisition of CSI Laboratories and commercial agreement with Helio Health, we believe we are now well positioned to grow our presence in the molecular diagnostics and oncologic testing markets. In addition, through the incremental controlling investment in FF Gene Biotech in China we seek to further solidify our foothold in one of the fastest growing genetic testing markets in the world. While we are early in the process of integrating and ramping these investments, we are very excited to be able to offer an expanded menu of genomic te...