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Fulgent Genetics Reports Third Quarter 2022 Financial Results
Revenue totals $105.7 million Core Revenue grows 110% year-over-year to $56.0 million TEMPLE CITY, Calif.--(BUSINESS WIRE)-- Fulgent Genetics, Inc. (NASDAQ:
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nRevenue totals $105.7 million\n\n\n\nCore Revenue grows 110% year-over-year to $56.0 million\n\n\n TEMPLE CITY, Calif.--(BUSINESS WIRE)--\nFulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics”, “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 third quarter ended September 30, 2022.\n\nThird Quarter 2022 Results:\n\n\nRevenue of $105.7 million, versus $227.9 million in Q3 2021\n\n\nBillable tests delivered 952,000, versus 2.2 million in Q3 2021\n\n\nCore Revenue1 grew 110% year-over-year to $56.0 million\n\n\nGAAP income of $1.7 million, or $0.06 per share\n\n\nNon-GAAP income of $9.8 million, or $0.32 per share\n\n\nAdjusted EBITDA of $19.7 million\n\n\nCash from operations of $20.8 million\n\n\nCash, cash equivalents, and investments in marketable securities of $918.0 million as of September 30, 2022\n\n\nNote:\n\n1) Core Revenue excludes revenue from COVID-19 testing products and services, including COVID-19 NGS testing 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 of the Board and Chief Executive Officer, said, “I am pleased with the trajectory of the business as we focus on our long-term strategy and begin to realize my vision to expand our footprint across the genomic testing and therapeutics landscape. With our diversification into oncology and pathology added to our robust test menus for pediatric genetics, reproductive health, hereditary cancer, neurological conditions and more, we have created one of the largest test menus in our industry. We are committed to fueling growth in our diagnostics business through organic and strategic investments.”\n\nPaul Kim, Chief Financial Officer, said, “Our third quarter results came in as expected with our core business doubling year-over-year. As COVID-19 testing winds down, we see momentum building in our core business with the integration of Inform Diagnostics. While we are experiencing some pressure on results in the fourth quarter, we view it as transitory and believe our foundati...