Business
Fulgent Genetics Reports Third Quarter 2019 Financial Results
Third Quarter 2019 Results: Record billable tests of 20,697, growing 272% year over yearRecord revenue of $10.3 million, growing 84% year over yearGross
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"Third Quarter 2019 Results:\n Record billable tests of 20,697, growing 272% year over yearRecord revenue of $10.3 million, growing 84% year over yearGross Margin improves 8.9 percentage points year over year and 5.4 percentage points sequentially; cost per test improves 60% year over year and 15% sequentiallyPosts profit; GAAP income of $1.5 million, or $0.08 per shareNon-GAAP income of $2.6 million, or $0.14 per shareCash flow from operations of positive $3.9 millionAdjusted EBITDA of $3.0 million TEMPLE CITY, Calif., Nov. 04, 2019 (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 third quarter ended September 30, 2019. Third quarter revenue was $10.3 million, an increase of 84% year over year from $5.6 million in the third quarter of 2018. GAAP income for the third quarter of 2019 was $1.5 million, or $0.08 per share, and non-GAAP income was $2.6 million, or $0.14 per share. Adjusted EBITDA was $3.0 million in the third quarter of 2019, an increase of 950% year over year from $281,000 in the third quarter of 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 continued to build on our momentum in the third quarter and once again posted very strong results. Revenue and billable test volume reached new record highs in the third quarter, while cost per test continued to improve. Our strong top line results have been driven by the growing traction with our oncology and reproductive health businesses, as well as our sequencing-as-service offering. Our established strategic investments and partnerships are contributing to our ongoing momentum, and we have been successful in meeting the growing demand from our new commercial genomic customers. We believe our superior test capabilities, extensive and flexible test menu, along with our competitive pricing will continue to drive strong growth across our business.” Paul Kim, Chief Financial Officer, said, “We once again achieved record results in the third quarter, exce...