Fulgent Genetics, Inc. · NASDAQ:FLGT
Fulgent Genetics — Raymond James & Associates' 44th Annual Institutional Investors Conference (March 2023)
25 slides from Fulgent Genetics's conference presentation, Mar 7, 2023
Slide 1: Raymond James & Associates' 44th Annual Institutional Investors Conference
Raymond James & Associates’ 44th Annual Institutional Investors Conference March 7, 2023 Founded in 2011 | Located in Los Angeles, 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”) about future events based on current vie
Slide 3: History of Fulgent
History of Fulgent Expanded operational Acquisitions and Strategic Built broad genetic test menu capabilities and market Investments provide tools for with superior cost structure reach drug discovery 2011 2022 Fulgent Therapeutics founded as Fulgent Genetics combined pharma and genetics acquires Fu
Slide 4: Strategic Vision – A One-Stop Solution for Cancer Care
Strategic Vision – A One-Stop Solution for Cancer Care To build a vertically integrated solution to combat cancer VISION early detection | clinical diagnostics | post treatment monitoring | drug discovery and cancer treatment Leading Genetic Testing Company Offering Tech- Exciting Cancer Therapeutic
Slide 5: Long-Term Vision: Fulgent Continuum of Care
Long-Term Vision: Fulgent Continuum of Care Database + Drug Discovery Diagnosis Therapy + Patient Care • Transforms from a service company to a combined • Well-funded by diagnostics to advance H&N therapy diagnostic and therapeutic company focused on trials and commercialization process precision me
Slide 6: Diagnostics
DIAGNOSTICS
Slide 7: Building Diagnostics Platform and Capabilities
Building Diagnostics Platform and Capabilities Comprehensive Diagnostics Platform Reproductive Early Detection / Anatomic Health Liquid Biopsy Pathology Genes & Known Genomic Hereditary Infectious Panels Mutation Testing Cancer Disease Tumor Newborn Sequencing Carrier Spatial Profiling Genetics Serv
Slide 8: 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% of volume
Slide 9: 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 Auto Lab including reagents
Slide 10: Average Sales Price / Test
Our Menu is Scalable and Affordable to Customers CNV+ Average Sales Price / Test GREATER OFFERINGS THAN COMPETITORS Whole Genome Comprehensive Panel Whole Exome Large Panel Clinical Exome Small Panel Cytogenetics MANY COMPETITORS Focus Panel Molecular DO NOT OFFER FISH Single-Gene / Custom Flow Cyto
Slide 11: 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 12: 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 13: Pharma
PHARMA
Slide 14: Positioned for Growth
Positioned for Growth $68M Q4 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 +97% technologies with a focus on oncology Q4 YoY Core Revenue Increase
Slide 15: 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 16: FID-007 Program Overview
FID-007 Program Overview FID-007 Phase I First in Human Clinical Trial – FID-007 Phase I Preliminary Highlights (as of 6/10/22): Preliminary Findings 2 • Dose levels up to 125 mg/m /week with manageable H&N Cancer safety profile, without yet reaching MTD 2 • 100% Disease Control Rate (DCR1) and 33%
Slide 17: Potential Market Opportunity for FID-007
Potential Market Opportunity for FID-007 Ampullary2 Breast H&N1 $50M in 2022 $500M in 2022 $2.3B in 2022 $2.9B by 2035 $63M by 2035 $521M by 2035 Initial Indication Pancreatic NSCLC $1.2B in 2022 $125M in 2022 $1.5B by 2035 $140M by 2035 Subsequent Indications Note: U.S. opportunity shown Sources: E
Slide 18: FID-007 Clinical and Regulatory Plan
FID-007 Clinical and Regulatory Plan • Wholly-owned drug candidate initially focused on Head & Neck (H&N), Pancreatic/Ampullary cancers • Seeking initial therapeutic indication for 2nd or 3rd line treatment of H&N cancer • Exploring potential ampullary or ICI resistant • Potential FDA approval strat
Slide 19: Financials
FINANCIALS
Slide 20: Summary Financial Performance
Summary Financial Performance Core Revenue1 $55M LTM as of December 31, 2022 ($ in thousands) Core Revenue1 in Q4’22 $181,500 97% growth year-over-year +95% year-over-year $92,900 $254M LTM Operating Cash Flow as of Q4’22 $36,500 Q4 2020 LTM Q4 2021 LTM Q4 2022 LTM (1) Core Revenue excludes NGS COVI
Slide 21: Financial Performance: Revenue Profile
Financial Performance: Revenue Profile Total Revenue ($ in thousands) $320,268 $251,671 $125,341 $105,655 $67,704 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Total Core Revenue1 ($ in thousands) $55,975 $55,045 $45,324 $27,977 $25,118 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (1) Core Revenue excludes NGS
Slide 22: 2023 Financial Guidance
2023 Financial Guidance Q1 2023 Full Year 2023 $56 M $240 M Total Revenue -83%y/y -61%y/y Core + 123% y/y1 Core + 32% y/y1 GAAP EPS -- ($2.50) Non-GAAP EPS -- ($1.25) 2023 Revenue does not include any expected COVID-19 testing revenue Core growth reflects momentum across the business, including prec
Slide 23: Balance Sheet
Balance Sheet (in 000's) 2021 2022 Cash & cash equivalents $ 164,894 ¢ 79,506 “) Marketable securities 285,605 446,729 “ Trade accounts receivable, net 138,912 52,749 Other current assets 22,549 48,889 Total current assets 611,960 627,873 Marketable securities, long-term 485,047 326,648 Redeemable p
Slide 24: Non-GAAP Financial Adjustments
Non-GAAP Financial Adjustments 24
Slide 25: Thank You
THANK YOU