Slide 1: Investor Presentation
Investor Presentation August 1, 2025 Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Market Data This presentation contains forward-looking statements, which are statements other than those of historical facts and which represent the estimates and expectations of Fulgent Genetics, Inc. (the “Company” or “Fulgent”) about future events based o
Slide 3: Leadership Team
Leadership Team Ming Hsieh Paul Kim Dr. Harry Gao James Xie Brandon Perthuis Natalie Prescott Dr. Ray Yin Chief Executive Chief Financial Lab Director and President and Chief Commercial General Counsel & President, Pharma Officer Officer Chief Scientific Chief Operating Officer Chief Privacy Officer
Slide 4: About Fulgent, Mission, Core Values
About Fulgent Mission We are a premier global, technology-based genetic testing Develop flexible and affordable diagnostics and company focused on transforming patient care in oncology, therapeutics that improve the everyday lives of those around us. infectious and rare diseases, and reproductive he
Slide 5: Laboratory Services
LABORATORY SERVICES
Slide 6: Positioned for Growth
Positioned for Growth $82M Q2 Revenue 1 Proprietary technology platform allows for rapid scaling of a broad, flexible test menu 2 Next-generation sequencing (NGS) platform complemented with growing portfolio of emerging testing technologies with a focus on oncology +16% 3 Well-positioned to execute
Slide 7: Platform and Capabilities Across 3 Divisions
Platform and Capabilities Across 3 Divisions Laboratory Services Precision Diagnostics Anatomic Pathology BioPharma Services • Reproductive Health • Dermatopathology • Spatial Phenotyping • Oncology / Liquid Biopsy • Gastrointestinal (GI) • Exome/Genome sequencing • Rare Disease • Genitourinary (GU)
Slide 8: Target Market Opportunity
Target Market Opportunity Genes & Panels Known Mutation Genomic Testing Hereditary Cancer Infectious Disease Tumor Profiling Newborn Genetics Sequencing Service Carrier Screens Spatial Biology Early Detection / Cancer Diagnostics Liquid Biopsy Reproductive Health BioPharma Services 1 1 2 3 $80B mark
Slide 9: What Sets Fulgent Diagnostics Apart?
What Sets Fulgent Diagnostics Apart? And a Better Cost Structure ▪ Lab efficiencies, automation and scale have translated to a sustainable cost structure Leads to a Broader Test Menu ▪ Partnerships create ▪ 18,400+ single-gene tests (1) leverage with sales and marketing ▪ 900+ panels ▪ Process 100%
Slide 10: Proprietary Technology Platform
Web Services for: Proprietary Technology ▪ Patients and Providers ▪ Fulgent and Picture Websites ▪ Research Portal ▪ Benefit Analysis Platform Record Management: ▪ Patient Record ▪ FulgentDB Differentiated Technology... Lab Workflow: ● Engineered genetic biochemistry, ▪ Wet Lab ▪ BioBank including r
Slide 11: Broad Capabilities
Broad Capabilities Next Generation Sequencing Specialized Comprehensive Anatomic Opportunities Oncology Testing Pathology Services Wide Array of Technologies Broad Capabilities Recent Traction with: Services Include: ▪ Breast pathology ▪ Hereditary Cancer ▪ Urologic pathology ▪ Gastrointestinal path
Slide 12: Scalable and Affordable Menu for Customers
Scalable and Affordable Menu for Customers CNV+ Average Sales Price / Test GREATER OFFERINGS THAN LEADING COMPETITORS Comprehensive Panel Whole Genome Large Panel Whole Exome Clinical Exome Small Panel Cytogenetics MANY COMPETITORS Focus Panel Molecular DO NOT OFFER FISH Single-Gene / Custom Flow Cy
Slide 13: NGS Testing – Offerings
NGS Testing – Offerings Single Gene Cancer Panels Focus (50 Genes) 18,400+ Genes Comprehensive (154 Genes) Somatic Disease Panels Known Mutation 800+ Panels Site-Specific Testing Customizable Panels Exome Tests Repeat Expansion Clinical Exome (6,700+ Genes) 20 Panels Whole Exome 13
Slide 14: NGS Testing – Germline Oncology Test Menu
NGS Testing – Germline Oncology Test Menu Coverage: Coverage: 99% at 50x TAT: 99% at 50x TAT: Del/Dup ≥ 1 2 – 3 Weeks Del/Dup ≥ 1 2 – 3 Weeks Exon Exon Focused Comprehensive Fulgent Fulgent Focus Cancer Comprehensive Panels Cancer Panels Methods: Methods: Genes: Genes: NGS & NGS & 50 154 Del/Dup Del
Slide 15: Oncology Testing Platforms
Oncology Testing Platforms FISH Histology Cytogenetics Flow Cytometry Molecular ▪ Expansive heme and ▪ 225+ stains ▪ Oncology and constitutional ▪ 10-color platform ▪ Hematology and solid solid tumor menu ▪ Platform agnostic ▪ >20% abnormality detection ▪ Comprehensive panel tumor menu ▪ STAT testin
Slide 16: NGS Testing – Rapid Whole Genome
NGS Testing – Rapid Whole Genome Designed for critically ill infants in the NICU/PICU to rapidly diagnose genetic disorders Covers >4,000 Focused reporting single gene Fast turn around of diagnostic disorders time findings only (7-10 days) Ideal for Infants Experiencing: Multiple co ngenital Inborn
Slide 17: NGS Testing – Panel Deep Dive
NGS Testing – Panel Deep Dive Comprehensive Beacon Carrier Screening Tests Beacon The ACOG/ACMG panel ACOG / screens for common genetic disorders seen in ACMG the general population Guidelines The Expanded Panel Panel Gene Count: 6 screens for more than 400 Beacon recessive and X-linked conditions t
Slide 18: Prenatal Screening for Genetic Conditions
Prenatal Screening for Genetic Conditions
Slide 19: Technology
Technology • NGS Comprehensive NIPS utilizing coordinative allele-aware target enrichment (COATE) suppresses allelic hybridization bias • Dual end sequencing retains cfDNA fragmentation characteristics • Multi-dimensional analyses for allelic ratios, read-depth, cfDNA fragmentation pattern KNOVA tec
Slide 20: Fulgent NIPT/NIPS – Full Panel
Fulgent NIPT/NIPS – Full Panel Aneuploidies - 6 13, 15, 16, 18, 21, 22 Aneuploidies (sex chr) Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p; 22q11.2 Single genes - 56 ASXL1, BRAF, C
Slide 21: Detection Rates of KNOVA in High-Risk Pregnancies
Detection Rates of KNOVA in High-Risk Pregnancies Aneuploidies - 6 13, 15, 16, 18, 21, 22 Aneuploidies (sex chr) Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p; 22q11.2 Single genes
Slide 22: Consumer Initiated Tests – Picture Genetics
Consumer Initiated Tests – Picture Genetics Targeting the Large Consumer Market with Picture Genetics Launched in 2019 with significant growth amid COVID-19 ▪ A consumer-focused offering that merges clinical utility Parenting Newborn Wellness Screens adults to Screens adults for with accuracy of an
Slide 23: Therapeutic Development
THERAPEUTIC DEVELOPMENT
Slide 24: Nano-Drug Delivery Platform Overview
Nano-Drug Delivery Platform Overview Platform Advantage: Soluble in both water and various organic solvents and capable of hot melt mixing with APIs • Many drug candidates in the industry failed during preclinical and clinical development and testing due to poor water solubility • Nanoencapsulation
Slide 25: FID-007 Program Overview
FID-007 Program Overview FID-007 Phase 1/1b Preliminary Highlights (as of 6/2/24): FID-007 Phase 1/1b First in Human Clinical Trial – H&N Cancer Preliminary Findings (n=46 patients) • 45% ORR and 72% DCR were observed in 11 heavily 2 • Dose levels up to 160 mg/m /week with manageable treated HNSCC p
Slide 26: FID-007 Clinical Data Presented at ASCO 2024
FID-007 Clinical Data Presented at ASCO 2024 26
Slide 27: Potential Market Opportunity for FID-007
Potential Market Opportunity for FID-007 H&N1 $1.86B in 2025 Pancreatic Breast $2.1B by 2035 Initial Indication Ampullary NSCLC Subsequent Indications Note: U.S. opportunity shown Sources: Evaluate Pharma, Wall Street research, and management pricing expectations 27 1. Head & Neck, or H&N, market op
Slide 28: Pipeline Progress
Pipeline Progress • FID-007: wholly-owned drug candidate initially focused on Head & Neck (H&N), Pancreatic/Ampullary cancers • Phase 2 trial ongoing for 2 nd line treatment of H&N cancer • FID-022 Phase 1 trial ongoing • Potential FDA approval strategy uses 505(b)(2) studies, which may shorten clin
Slide 29: Financials
FINANCIALS
Slide 30: Summary Financial Performance
Summary Financial Performance Core Revenue1 $82M LTM as of June 30, 2025 ($ in thousands) +14% year-over-year Core Revenue1 in Q2’25 $302,900 16% growth year-over-year $265,600 $240,900 $(25)M Last Twelve Months (LTM) Operating Cash Flow as of Q2’25 Q2 2023 LTM Q2 2024 LTM Q2 2025 LTM (1) Core Reven
Slide 31: Financial Performance: Revenue and Gross Margin
Financial Performance: Revenue and Gross Margin Total Revenue ($ in thousands) Gross Profit ($ in thousands) Gross Margin $81,803 $76,214 $34,435 41.8% 42.1% $71,028 $71,743 $73,463 $31,849 37.3% 37.3% 38.6% $26,771 $28,346 $26,491 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2
Slide 32: 2025 Financial Guidance
2025 Financial Guidance Full Year Expected Revenue Metric 2025 Breakdown $320M Precision Diagnostics $194M Core Revenue +14% y/y 1 Anatomic Pathology $108M GAAP EPS ($2.10) BioPharma Services $18M Non-GAAP EPS ($0.35) Core Revenue $320M Expected Cash, cash equivalents, and investments in marketable
Slide 33: Balance Sheet
Balance Sheet (in 000's) Periods Ended December 31, 2024 June 30, 2025 Cash & cash equivalents $ 55,144 87,880 Marketable securities 202,962 205,047 Trade accounts receivable, net 69,021 77,190 Other current assets 26,444 58,610 Total current assets 353,571 428,727 Marketable securities, long-term 5
Slide 34: Non-GAAP Financial Adjustments
Non-GAAP Financial Adjustments 34
Slide 35: Thank You
THANK YOU
Slide 36: Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT
Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT