Business
Fulgent Genetics Reports Third Quarter Financial Results
Revenue grows 124% year-over-year to $227.9 million Core Revenue grows 292% year-over-year to $40.1 million Raises Full Year Revenue guidance to $930 million
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nRevenue grows 124% year-over-year to $227.9 million\n\n\nCore Revenue grows 292% year-over-year to $40.1 million\n\n\nRaises Full Year Revenue guidance to $930 million from $800 million, given recent strength in core and COVID-19 business\n\n\n TEMPLE CITY, Calif.--(BUSINESS WIRE)--\nFulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” 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, 2021.\n\nThird Quarter 2021 Results:\n\n\nRevenue of $227.9 million, growing 124% year-over-year\n\n\nBillable tests delivered approximately 2.2 million, or more than twice the volume of third quarter of 2020\n\n\nGross Margin improved approximately 7 percentage points year-over-year\n\n\nCore Revenue grew 292% year-over-year to $40.1 million\n\n\nGAAP income of $122.5 million, or $3.93 per share\n\n\nNon-GAAP income of $126.3 million, or $4.05 per share\n\n\nAdjusted EBITDA of $167.3 million\n\n\nCash from operations of $152.2 million; Cash, cash equivalent, and investments in marketable securities of $877.3 million as of September 30, 2021\n\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, “We demonstrated great execution across our business in the third quarter and significantly exceeded our guidance for both core and COVID-19 revenue. The investments we have made in CSI Laboratories, Helio Health and FF Gene Biotech are already contributing nicely to our growth, while our core next generation sequencing (“NGS”) business continues to do well. We see a meaningful runway ahead with a number of opportunities that have expanded our genomic test menu and commercial reach, and we have continued to build out our operational infrastructure and personnel to support our growth. We remain optimistic that our differentiated approach to the genomic testing market positions us well for continued momentum.”\n\nPaul Kim, Chief Financial Officer, said, “We had a very strong third quarter, driven by outperformance acros...