Business
Fulgent Reports First Quarter 2023 Financial Results
Total Revenue of $66.2 million Record Core Revenue of $62.7 million, growth of 150% year-over-year Raises Full Year 2023 Core Revenue Guidance to $250
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nTotal Revenue of $66.2 million\n\n\n\nRecord Core Revenue of $62.7 million, growth of 150% year-over-year\n\n\n\nRaises Full Year 2023 Core Revenue Guidance to $250 million\n\n\n\n EL MONTE, Calif.--(BUSINESS WIRE)--\nFulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “Company”), a technology-based company with a well-established clinical diagnostic business and a therapeutic development business, today announced financial results for its first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Results:\n\n\n\nTotal Revenue of $66.2 million\n\n\n\nCore Revenue1 grew 150% year-over-year to $62.7 million\n\n\n\nGAAP loss of $15.3 million, or $0.52 per share\n\n\n\nNon-GAAP loss of $6.5 million, or $0.22 per share\n\n\n\nAdjusted EBITDA loss of $7.2 million\n\n\n\nCash, cash equivalents, and investments in marketable securities, excluding investment pending cash settlement, of $867.8 million as of March 31, 2023\n\n\n\nNote:\n\n\n1) Core Revenue excludes revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue.\n\n\nNon-GAAP income (loss), non-GAAP income (loss) per share, and adjusted EBITDA income (loss) 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\n\nCommenting on the results, Ming Hsieh, Chairman of the Board and Chief Executive Officer, said, “We are off to a strong start in 2023, with strength in our core genetics business across our three main areas – precision diagnostics, anatomic pathology, and pharma services. We are encouraged by the early interest in our expanded carrier screening through Beacon787. In our therapeutics business, we look forward to sharing Phase 1b data next month at the American Society of Clinical Oncology annual meeting for our lead drug candidate, FID-007, in various cancers, and furthering this clinical program.”\n\n\nPaul Kim, Chief Financial Officer, added, “We are raising our guidance for the year due to our outperformance in the first quarter. While we are still not guiding to COVID-19 revenue, we are pleased with our results in the core business and continue to see financial strength. Our cash position continues to afford us the flexibility to be opportunistic and strategic in building a sustainable ...