Business
Fulgent Reports Second Quarter 2024 Financial Results
Total Revenue of $71.0 million Core Revenue grows 5% year-over-year to $70.2 million Reiterates Full Year 2024 Core Revenue Guidance of $280 million,
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":"\n\nTotal Revenue of $71.0 million\n\n\n\nCore Revenue grows 5% year-over-year to $70.2 million\n\n\n\nReiterates Full Year 2024 Core Revenue Guidance of $280 million, Improves Earnings Per Share Guidance for 2024\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 second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Results:\n\n\n\nTotal Revenue of $71.0 million\n\n\n\nCore Revenue1 grew 5% year-over-year to $70.2 million\n\n\n\nGAAP loss of $8.7 million, or ($0.29) per share\n\n\n\nNon-GAAP income of $4.7 million, or $0.15 per share\n\n\n\nAdjusted EBITDA loss of $727,000\n\n\n\nCash from operations of $4.3 million\n\n\n\nCash, cash equivalents, and investments in marketable securities of $837.9 million as of June 30, 2024\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, “Laboratory Services continue to be a source of strength for Fulgent, fueling our initiatives and business model, with momentum in Precision Diagnostics. In Therapeutics Development, we are off to a good start with initial enrollment of our Phase 2 trial of FID-007 in Head and Neck Cancer, and we continue to move our next candidate, FID-022, through preclinical studies toward an Investigational New Drug (IND) application by the end of 2024. In the meantime, with our projected revenue from Laboratory Services, we believe we are well-positioned to execute our strategy.”\n\n\nPaul Kim, Chief Financial Officer, said, “We continue to be on tr...