Business
Fulgent Reports Fourth Quarter and Full Year 2024 Financial Results
Full Year Total Revenue of $283.5 million Full Year Core Revenue grows 7% year-over-year to $281.2 million Ended 2024 with $828.6 million of cash, cash
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nFull Year Total Revenue of $283.5 million\n\n\n\nFull Year Core Revenue grows 7% year-over-year to $281.2 million\n\n\n\nEnded 2024 with $828.6 million of cash, cash equivalents, restricted cash, and investments in marketable securities, representing cash per share of $26.87\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 laboratory services business and a therapeutic development business, today announced financial results for its fourth quarter and full year ended December 31, 2024.\n\n\nFourth Quarter 2024 Results:\n\n\n\nTotal Revenue of $76.2 million\n\n\n\nCore Revenue1 grew 14% year-over-year to $76.0 million\n\n\n\nGAAP loss of $5.9 million, or ($0.19) per share\n\n\n\nNon-GAAP income of $1.2 million, or $0.04 per share\n\n\n\nAdjusted EBITDA income of $0.8 million\n\n\n\nCash from operations $25.0 million\n\n\n\nFull Year 2024 Results:\n\n\n\nTotal Revenue of $283.5 million\n\n\n\nCore Revenue1 grew 7% year-over-year to $281.2 million\n\n\n\nGAAP loss of $42.7 million, or ($1.41) per share\n\n\n\nNon-GAAP income of $15.0 million, or $0.49 per share\n\n\n\nAdjusted EBITDA loss of $2.8 million\n\n\n\nCash from operations $21.1 million\n\n\n\nCash, cash equivalents, restricted cash, and investments in marketable securities of $828.6 million\n\n\n\nNote:\n\n\n1) Core Revenue is revenue calculated in accordance with GAAP minus revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue, each as calculated in accordance with GAAP.\n\n\nNon-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), GAAP gross profit and margin, and GAAP operating income (loss) and margin, in the accompanying tables.\n\n\nMing Hsieh, Chairperson of the Board of Directors and Chief Executive Officer, said, “I am pleased with the progress of our business in 2024. Laboratory Services exhibited strong growth for the year. In Therapeutics Development, we now have a clinical pipeline, with FID-007 continuing to progress in a Phase 2...