Business
Fulgent Reports Fourth Quarter and Full Year 2022 Financial Results
Full Year 2022 Total Revenue of $619.0 million; Q4 Total Revenue of $67.7 million Full Year 2022 Core Revenue grows 95% year-over-year to $181.5 million; Q4
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nFull Year 2022 Total Revenue of $619.0 million; Q4 Total Revenue of $67.7 million\n\n\nFull Year 2022 Core Revenue grows 95% year-over-year to $181.5 million; Q4 Core Revenue grows 97% year-over-year to $55.0 million\n\n\n TEMPLE CITY, 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 fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter 2022 Results:\n\n\nTotal Revenue of $67.7 million\n\n\nCore Revenue1 grew 97% year-over-year to $55.0 million\n\n\nGAAP loss of $23.8 million, or $0.80 per share\n\n\nNon-GAAP loss of $14.2 million, or $0.48 per share\n\n\nAdjusted EBITDA loss of $15.1 million\n\n\nCash from operations of $33.2 million\n\n\nCash, cash equivalents, and investments in marketable securities, including investments pending settlement, of $872.0 million as of December 31, 2022\n\n\nRepurchased approximately 815,000 shares of common stock at an aggregate cost of $29.1 million under the stock repurchase program announced in March 2022\n\n\nFull Year 2022 Results:\n\n\nTotal Revenue of $619.0 million\n\n\nCore Revenue1 grew 95% year-over-year to $181.5 million\n\n\nGAAP income of $143.4 million, or $4.63 per share\n\n\nNon-GAAP income of $179.4 million, or $5.79 per share\n\n\nAdjusted EBITDA of $257.1 million\n\n\nCash from operations of $253.5 million\n\n\nRepurchased over 1.8 million shares of common stock at an aggregate cost of $74.3 million under the stock repurchase program announced in March 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), 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\nMing Hsieh, Chairman of the Board and Chief Executive Officer, said, “2022 was a transitional and transformative year for Fulgent, as we integrated the acquisitions of Inform Diagnostics and CSI Laboratories and acquired the Pharma business. As the COVID-19 pandemic continues to h...