Fulgent Genetics, Inc. · NASDAQ:FLGT
Fulgent Genetics — Q2 2024 Earnings Presentation
37 slides from Fulgent Genetics's earnings presentation, Aug 2, 2024
Slide 1: Investor Presentation August 2, 2024
Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT Investor Presentation August 2, 2024
Slide 2: Disclaimer: Forward-Looking Statements and Market Data
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 Esteemed background in molecular science and pathology Most recently Chief Medical Officer at NeoGenomics Laboratory, Inc.; prior senior role at Clarient, Inc. Chairman Emeritus of Pathology at City of Hope National Medical Center Brandon Perthuis Chief Commercial Officer Dr. Lawrenc
Slide 4: About Fulgent
About Fulgent We are a premier global, technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health. Mission Develop flexible and affordable diagnostics and therapeutics that improve the everyday lives of those aroun
Slide 5: Strategic Vision – A One-Stop Solution for Cancer Care
Strategic Vision – A One-Stop Solution for Cancer Care VISION Leading Genetic Testing Company Offering Tech-Enabled Diagnostic Solutions Therapeutic and Diagnostic Entity Providing Comprehensive Solutions Across the Cancer Care Continuum Vertically integrated “one-stop” solution across the healthcar
Slide 6: History of Fulgent
Fulgent Pharma and Fulgent Genetics combined entity positioned to unlock significant long-term upside for both the therapeutics and diagnostic businesses while effectively managing risk History of Fulgent 2011 Fulgent Therapeutics founded as combined pharma and genetics company focused on oncology 2
Slide 7: Long-Term Vision: Fulgent Continuum of Care
Long-Term Vision: Fulgent Continuum of Care Diagnosis Well-funded by diagnostics to advance H&N therapy trials and commercialization process Genomics data accelerates pipeline therapeutics development, e.g. spatial biology for tumor micro-environment profiling Long-term opportunity to leverage data
Slide 8: Laboratory Services
LABORATORY SERVICES
Slide 9: Positioned for Growth
Well-positioned to execute on a growth strategy that includes organic and inorganic initiatives, including: Transformational acquisition of Inform Diagnostics Ramping of CSI Labs Scaling partnerships Potential future acquisitions with a strategy of short- and long-term ROI, tangible synergies, and e
Slide 10: Platform and Capabilities Across Divisions
Platform and Capabilities Across 3 Divisions Precision Diagnostics Reproductive Health Oncology / Liquid Biopsy Rare Disease Neurogenetics BioPharma Services Anatomic Pathology Laboratory Services Dermatopathology GI GU GSP Spatial Phenotyping Exome/Genome sequencing RNA sequencing Single Cell seque
Slide 11: Target Market Opportunity
Target Market Opportunity Cancer Diagnostics $80B market1 Market sizes sourced from Wall Street equity research Market size sourced from Frost & Sullivan, October 2022 Market size sourced from Research and Markets, April 2022 $18B market1 Early Detection / Liquid Biopsy Reproductive Health $8B marke
Slide 12: What Sets Fulgent Diagnostics Apart?
What Sets Fulgent Diagnostics Apart? Technology Platform A New Approach to NGS Proprietary probes and engineered chemistry Comparison and suppression algorithms Comprehensive analytics powered by AI and ML Extensive Test Menu Leads to a Broader Test Menu 18,400+ single-gene tests (1) 900+ panels Who
Slide 13: Proprietary Technology Platform
Patients and Providers Research Portal …Provides a Multitude of Advantages Broad test menu Ability to rapidly develop and launch new tests Customizable test offerings Lower costs per billable test High efficiency Proprietary Technology Platform Differentiated Technology... Engineered genetic biochem
Slide 14: Comprehensive Anatomic Pathology Services
Comprehensive Anatomic Pathology Services Specialized Oncology Testing Recent Traction with: Hereditary Cancer Cardiovascular Genetics Reproductive Health Neurodegenerative Genetics Newly launched pharmacogenetic test Aggressively expanding sales and commercial organization Wide Array of Technologie
Slide 15: Technology Platform Case Study: COVID-19
Fulgent deployed its technology platform to rapidly respond to the COVID-19 Pandemic, scaling operations to provide tests with reliable results and rapid turnaround time Technology Platform Case Study: COVID-19 Research driven platform worked with local and federal government on genomic studies CDC
Slide 16: Scalable and Affordable Menu for Customers
Scalable and Affordable Menu for Customers Large Panel Small Panel Focus Panel Single-Gene / Custom Comprehensive Panel Average Sales Price / Test Whole Genome Whole Exome Clinical Exome GREATER OFFERINGS THAN LEADING COMPETITORS CNV+ MANY COMPETITORS DO NOT OFFER Flow Cytometry FISH Histopathology
Slide 17: NGS Testing – Offerings
NGS Testing – Offerings Site-Specific Testing Known Mutation Focus (49 Genes) Comprehensive (153 Genes) Somatic Cancer Panels 20 Panels Repeat Expansion 18,400+ Genes Single Gene 800+ Panels Customizable Panels Disease Panels Clinical Exome (4,500+ Genes) Whole Exome Exome Tests
Slide 18: NGS Testing – Germline Oncology Test Menu
NGS Testing – Germline Oncology Test Menu Fulgent Focus Cancer Panels Fulgent Comprehensive Cancer Panels Customizable: Add additional cancer genes or panels at no charge Genes: 49 Methods: NGS & Del/Dup Coverage: 99% at 50x Del/Dup ≥ 1 Exon TAT: 2 – 3 Weeks Customizable: Add additional cancer genes
Slide 19: Oncology Testing Platforms
Oncology Testing Platforms Expansive heme and solid tumor menu STAT testing available - PML/RARA <1 day TAT CD138 cell enrichment for PCM 3-5 day turnaround time 225+ stains Platform agnostic Roche, Agilent and Leica IHC Three levels of service – Tech, Global, Consultative PD-L1 - Various IVD platfo
Slide 20: NGS Testing – Panel Deep Dive
The Focus Carrier screen is a pan-ethnic screen that looks for pathogenic mutations known to cause autosomal recessive and X-linked disorders Gene Count: 30 The Ashkenazi Jewish carrier screens for pathogenic carrier variants known to cause recessive genetic disorders Gene Count: 61 The ACOG/ACMG pa
Slide 21: NGS Testing – Reproductive Services: PGT-A
NGS Testing – Reproductive Services: PGT-A Increased Chance of Pregnancy Embryos with a normal number of chromosomes have a better chance of resulting in successful pregnancy More Confidence in Transferring a Single Embryo Avoid health risks associated with twin or triplet pregnancies that can occur
Slide 22: NGS Testing – Rapid Whole Genome
NGS Testing – Rapid Whole Genome Covers >4,000 single gene disorders Fast turn around time (7-10 days) Focused reporting of diagnostic findings only Designed for critically ill infants in the NICU/PICU to rapidly diagnose genetic disorders Multiple congenital anomalies Inborn errors of metabolism Im
Slide 23: Consumer Initiated Tests – Picture Genetics
Parenting Screens adults to determine their carrier status for recessive genetic disorders Newborn Screens newborns for genes associated with various severe genetic conditions Wellness Screens adults for genetic variants that indicate disease risk PD Aware Assesses genetic risk for Parkinson's Disea
Slide 24: Therapeutic Development
THERAPEUTIC DEVELOPMENT
Slide 25: Nano-Drug Delivery Platform Overview
Nano-Drug Delivery Platform Overview Many drug candidates in the industry failed during preclinical and clinical development and testing due to poor water solubility Nanoencapsulation produces amorphous drug candidates with improved solubility and potentially enhanced absorption, drug PK profiles, s
Slide 26: FID-007 Program Overview
FID-007 Program Overview Note: all findings are preliminary DCR includes Stable Disease (SD), Partial Response (PR), Complete Response (CR) FID-007 Phase 1/1b Preliminary Highlights (as of 6/2/24): H&N Cancer 45% ORR and 72% DCR were observed in 11 heavily treated HNSCC patients. Among them, 3 out o
Slide 27: FID-007 Clinical Data Presented at ASCO 2024
FID-007 Clinical Data Presented at ASCO 2024
Slide 28: Potential Market Opportunity for FID-007
Potential Market Opportunity for FID-007 Pancreatic $1.2B in 2023 $1.5B by 2035 NSCLC $123M in 2023 $140M by 2035 Ampullary2 $51M in 2023 $63M by 2035 H&N1 $2.3B in 2023 $2.9B by 2035 Note: U.S. opportunity shown Sources: Evaluate Pharma, Wall Street research, and management pricing expectations H&N
Slide 29: Pipeline Progress
Pipeline Progress FID-007: wholly-owned drug candidate initially focused on Head & Neck (H&N), Pancreatic/Ampullary cancers Seeking initial therapeutic indication for 2nd line treatment of H&N cancer Potential FDA approval strategy uses 505(b)(2) studies, which may shorten clinical trial process and
Slide 30: Financials
FINANCIALS
Slide 31: Summary Financial Performance
Summary Financial Performance $70M Core Revenue1 in Q2’24 $37M Last Twelve Months (LTM) Operating Cash Flow as of Q2’24 5% growth year-over-year ($ in thousands) +10% year-over-year Core Revenue excludes NGS COVID-19 test volume
Slide 32: Financial Performance: Revenue Profile
Financial Performance: Revenue Profile ($ in thousands) ($ in thousands) Core Revenue excludes NGS COVID-19 test volume
Slide 33: 2024 Financial Guidance
2024 Financial Guidance Core Revenue excludes NGS COVID-19 test revenue for more accurate year over year comparison purposes. Improvements from prior guidance of ($2.25) and ($1.05), respectively Cash expenditures may be higher or lower than currently estimated due to a variety of facts and circumst
Slide 34: Balance Sheet
Balance Sheet December 31, 2023 June 30, 2024 Cash & cash equivalents $ 97,473 $ 65,111 Marketable securities 326,681 246,595 Trade accounts receivable, net 51,132 56,573 Other current assets 32,559 30,825 Total current assets 507,845 399,104 Marketable securities, long-term 423,571 526,163 Intangib
Slide 35: Non-GAAP Financial Adjustments
Non-GAAP Financial Adjustments
Slide 36: Thank You
THANK YOU
Slide 37: Founded in 2011 | Located in El Monte, CA |
Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT