Business
Fulgent Reports Second Quarter 2023 Financial Results
Total Revenue of $68 million Record Core Revenue of $67 million, growth of 48% year-over-year Raises Full Year 2023 Core Revenue Guidance to $260 million and
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nTotal Revenue of $68 million\n\n\n\nRecord Core Revenue of $67 million, growth of 48% year-over-year\n\n\n\nRaises Full Year 2023 Core Revenue Guidance to $260 million and Narrows Expected Loss\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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Results:\n\n\n\nTotal Revenue of $68 million\n\n\n\nCore Revenue1 grew 48% year-over-year to $67 million\n\n\n\nGAAP loss of $11.2 million, or $0.38 per share\n\n\n\nNon-GAAP loss of $2.4 million, or $0.08 per share\n\n\n\nAdjusted EBITDA loss of $2.7 million\n\n\n\nGenerated cash flow from operations of $9.7 million\n\n\n\nCash, cash equivalents, and investments in marketable securities of $846.8 million as of June 30, 2023, with the decrease from last quarter primarily related to non-operating activities including the full repayment of a margin loan and purchase of real estate\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 pleased with our results so far in the first half of the year, with record revenue for our core genetics business showing continued momentum in our three main areas -- precision diagnostics, anatomic pathology, and pharma services. In our therapeutics development business, we are pleased with the medical community’s response to Phase 1b data for our lead drug candidate, FID-007, in various cancers, as presented at the American Society of Clinical Oncology annual meeting, and look forward to furthering this clinical program as we prepare for initiation of Phase 2 studies by the end of 2023.”\n\n\nPaul Kim, Chief Financial Officer, added, “We are again raising our core guidance for the year due to our outper...