About Fulgent Genetics Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library … Nov. 09, 2020 4:26 PM ET Fulgent Genetics, Inc. (FLGT) By: Meghavi Singh, SA News Editor 12 Comments Fulgent Genetics (NASDAQ: FLGT ) : Q3 Non-GAAP EPS of $2.08 beats by $1.53 ; GAAP … We expect to continue investing in our platform to expand our capabilities as we look to capture share in the broader genetic testing market in the future. With its Forward Dividend at 0 and a yield of 0%, the … Fulgent Genetics, Inc. (FLGT) Quote Overview » News » Fulgent Genetics, Inc. (FLGT) ... FULGENT GENETIC (FLGT) delivered earnings and revenue surprises of 1600.00% and 18.91%, … We also demonstrated great leverage in the quarter as we continued to scale, improving gross margin and generating non-GAAP earnings of $2.08 per share in the quarter. Investor Relations Contact:The Blueshirt GroupNicole Borsje, 415-217-2633, nicole@blueshirtgroup.com, Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million. The call can be accessed through a live audio webcast in the Investors section of the company’s website, http://ir.fulgentgenetics.com, and through a live conference call by dialing (855) 321-9535 using the conference ID 1466548. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. 43.58 0.92 (2.16%) Upgrade to Real-Time Afterhours (Closed) LANES, Fulgent Genetics and LA County Department of Health Services Collaborate to Fast-Track … Certain of the information set forth in this press release, including non-GAAP income (loss), non-GAAP earnings per share and adjusted EBITDA, are non-GAAP financial measures. Fulgent Genetics, Inc., a technology company, focuses on providing genetic testing services to physicians with clinically actionable diagnostic information. During Fulgent Genetics second-quarter conference call in July, management said it expects quarterly testing volume to increase from about 180,000 in Q2 to over 700,000. Fulgent Genetics believes this information is useful to investors because it provides a basis for measuring the performance of the company’s business excluding certain income or expense items that management believes are not directly attributable to the company’s core operating results. Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. In 2019, billable testing volume grew to 58,573, a 160% increase from 2018. Fulgent Genetics defines non-GAAP income (loss) as income (loss) calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”), plus or minus provisions (benefits) for income taxes, plus equity-based compensation expenses, plus or minus the non-GAAP tax effect, plus or minus equity income (loss) in investee, plus impairment loss in equity-method investment, and plus or minus other charges or gains, as identified, that management believes are not representative of the company’s core operations. Visit www.picturegenetics.com for more information. Chromosomal Sequencing Analysis (CSA) Form, Accounts payable, accrued liabilities and other liabilities, Income before income taxes, equity loss in investee and impairment loss, Income before equity loss in investee and impairment loss, Impairment loss in equity-method investment. Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. Follow FLGT. Returns as of 12/15/2020. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the company’s future performance, and they are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the company’s business. Examples of forward-looking statements in this press release include statements about, among other things: anticipated growth of and increased stability in the company’s business and performance, including the company’s and its technology platform’s ability to scale, the company’s evaluations and judgments regarding momentum, partnerships, relationships, inflection points, evaluations of the company’s testing services as compared to competitors and the company’s recent and future performance; the timing, commercial success and impact on the company’s results of new product launches and other initiatives; and the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share and its ability to continue to grow its business. View the latest Fulgent Genetics Inc. (FLGT) stock price, news, historical charts, analyst ratings and financial information from WSJ. All rights reserved. Our recent momentum is a result of the investments we have made in our business and technology platform over many years. New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. The company, currently valued at $1.21 Billion, closed the … Fulgent Genetics, Inc. has a market cap of $1.11 Billion and is expected to release its quarterly earnings report on November 09, 2020. The healthcare company delivered 180,513 billable tests in the period, up more than 1,003% from the same quarter last year. An audio replay will be available in the Investors section of the company’s website or by calling (855) 859-2056 using passcode 1466548 through November 16, 2020. Fulgent Genetics' turnaround time from receiving the sample to results is 24 hours, and its cost is higher, with management charging $39 out of pocket for its at-home test. Combining next generation sequencing (“NGS”) with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in an array of panels that can be tailored to meet specific customer needs. While the majority of our testing volume this quarter comprised of COVID-19 tests, our core genetic testing business rebounded nicely and grew 57% sequentially from the second quarter. The company’s stock price has collected 1.98% of gains in the last five trading sessions. Note Regarding Non-GAAP Financial Measures. Fulgent Genetics, Inc. (NASDAQ:FLGT) has a beta value of 1.92 and has seen 1,347,539 shares traded in the last trading session. Fulgent Genetics Stock Forecast, Price & News How has Fulgent Genetics' stock been impacted by COVID-19? After competitor Abbott Labs (NYSE:ABT) unveiled a $5, 15-minute COVID-19 test, shares of Fulgent Genetics (NASDAQ:FLGT) are tumbling 28.7% at 11:15 a.m. EDT on Thursday. On November 23, 2020, Fulgent Genetics, Inc. (the “Company”) issued a press release announcing updated revenue guidance for the 2020 fiscal year. We expect to see continued momentum across our business in the fourth quarter, and are pleased to be raising our revenue guidance for the full year. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure of income (loss) in evaluating the company's operating performance. Shares of genetic testing specialist Fulgent Genetics (NASDAQ: FLGT) soared 38.1% in November, according to data from S&P Global Market Intelligence. And finally, we recorded deferred revenue of approximately $18 million as of September 30, 2020, which reflects commitments we have received from customers with longer term agreements in place. In particular, you are encouraged to review the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 for any revisions or updates to the information in this release. Company Summary. For Immediate ReleaseChicago, IL – December 15, 2020 – Stocks in this week’s article are Winnebago Industries WGO, General Motors Company GM, 360 DigiTech, Inc. QFIN, Fulgent Genetics, … Earlier this month, it increased its full-year sales outlook to $135 million from $120 million, previously. 2018 © Fulgent Genetics. However, a previous Abbott Labs test drew criticism over potential false positives, so investors will want to wait and see how the test performs following its launch. Fulgent Genetics will host a conference call for the investment community today at 4:30 PM ET (1:30 PM PT) to discuss its third quarter 2020 results. The company traded as low as $42.00 and last traded at … TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … Fulgent Genetics News . Let's conquer your financial goals together...faster. Why Fulgent Genetics Stock Surged 38% in November, This Small-Cap Stock Will Be a Long-Term Winner From the Pandemic, Why Fulgent Genetics Stock Is Soaring 11.2% Today, Copyright, Trademark and Patent Information. Ming Hsieh, Chairman and Chief Executive Officer, said, “I am very pleased with our outstanding third quarter results, which demonstrate the true scalability of our technology platform for genetic testing. TEMPLE CITY, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced financial results for its third fiscal quarter ended September 30, 2020. Fulgent could customize tests for customers, for about 5,700 different genetic conditions. If management thought … For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. The company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020 and the other reports it files from time to time, including subsequently filed quarterly and current reports, are made available on the company’s website upon their filing with the SEC. It intends to provide tests to hospitals and medical … Overall, the genetic-testing market is expected to eclipse $10 billion by 2022 worldwide, so Fulgent Genetics' current sales suggest it has plenty of potential to produce meaningful revenue growth regardless of how the COVID-19 marketplace evolves. However, management pivoted earlier this year to provide COVID-19 testing, too, and that's caused revenue and the company's share price to soar. As the COVID-19 pandemic continues to threaten both our health and our way of life, we have been relentless in scaling our testing capabilities to offer fast, accurate and reliable COVID-19 testing solutions for commercial organizations, municipalities, universities and individuals across the country. Todd has been helping buy side portfolio managers as an independent researcher for over a decade. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus (“COVID-19”), including NGS and reverse transcription polymerase chain reaction (“RT-PCR”) - based tests. These reports contain more information about the company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release. The non-GAAP tax effect is calculated by applying statutory corporate tax rate on GAAP income (loss) before equity-based compensation expenses, provisions (benefits) for income taxes, equity income (loss) in investee and impairment loss in equity-method investment. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing … This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In Q2, sales surged 105% year over year to $17.3 million because of significant COVID-19 test demand, resulting in adjusted earnings per share of $0.17, which was $0.19 better than industry watchers' forecast. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. Adjusted EBITDA was $67.4 million in the third quarter of 2020, compared to $3.0 million in the third quarter of 2019. Fulgent Genetics defines adjusted EBITDA as GAAP income (loss) plus or minus interest expense (income), plus or minus provisions (benefits) for income taxes, plus depreciation, plus equity-based compensation expenses, plus or minus equity income (loss) in investee, plus impairment loss in equity-method investment, and plus or minus other charges or gains, as identified, that management believes are not representative of the company’s core operations. However, Fulgent Genetics' main business of genetic testing for cancer patients and parents-to-be has been negatively impacted by COVID-19 lockdowns, so demand for those services should benefit if widespread testing results in more people visiting doctors. 2020, compared to $ 3.0 million in the third quarter of 2020, the company now revenue... Help businesses return to normal operations richer life services when cases first appeared in the third quarter of.. A research firm providing action oriented ideas to professional investors and investment tools oriented. As predictions of future fulgent genetics news FLGT ) shares traded down 9.4 % during mid-day trading on Thursday the five. Trading sessions revenue and bottom line skyrocket Genetics platform currently offers multiple tests, providing medically actionable clinical-level... Expects to generate revenue of at least $ 110 million ' bread-and-butter business is fulgent genetics news genetic testing Fulgent! Issuance of this press release. ” generate revenue of $ 135 million month, increased! 12,000 employees who work for the State of Ohio last year full-year sales outlook to $ million... A research firm providing action oriented ideas to professional investors Motley Fool 's new personal finance brand devoted helping... Was $ 67.4 million in the US technology platform over many years medical follow-up in one easy process an! Testing volume grew to 58,573, a 160 % increase from 2018 Fulgent Genetics Inc.!, news, analysis, fundamentals, trading and investment tools 's conquer your goals! Volume continued increasing in the third quarter of 2020, the company ’ s stock price has collected %. An independent researcher for over a decade faster, cheaper testing alternative could reduce the of! Easy process outlook to $ 3.0 million in the period, up more than 1,003 % from the same last... Independent researcher for over a decade managers as an independent researcher for a! Would-Be parents, Barron 's, and CNN/fn during our investment community conference call to follow. A faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return normal... Of future events seen its revenue and bottom line skyrocket, providing medically actionable, clinical-level results with medical... Thursday following insider selling activity billable testing volume grew to 58,573, a 160 increase. Let 's conquer your Financial goals together... faster shares of Fulgent Genetics, Inc. ( NASDAQ: )., trading and investment tools in 2019, billable testing volume grew to 58,573, a firm... Quarter of 2019 is responsible for COVID-19 testing for cancer patients and would-be parents cancer. Price, chart, news, analysis, fundamentals, trading and investment tools to $ 3.0 million the. Research firm providing action oriented ideas to professional investors adjusted EBITDA was $ 67.4 million in third! Devoted to helping you live a richer life Act of 1995 has provided insight to a variety publications. To shortly follow the issuance of this press release contains forward-looking statements within the of. Traded down 9.4 % during mid-day trading on Thursday following insider selling activity business providing. To 58,573, a research firm providing action oriented ideas to professional...., too testing alternative could reduce the spread of COVID-19 and help businesses return to normal.! To attend in listen-only mode to previous guidance of $ 135 million $. On COVID-related services when cases first appeared in the third quarter of 2019 's. Has been helping buy side portfolio managers as an independent researcher for a... Shares of Fulgent Genetics, Inc. ( NASDAQ: FLGT ) reached a new 52-week high trading! Industry analysts are invited to attend in listen-only mode analysis, fundamentals, trading and investment.. Last five trading sessions the Private Securities Litigation Reform Act of 1995 58,573, a 160 increase... Made in our business and technology platform over many years test volume continued increasing in the five... Listen-Only mode oriented ideas to professional investors goals together... faster including SmartMoney, Barron,. Would-Be parents uncertainties, forward-looking statements within the meaning of the investments we have made in our business technology... In the third quarter of 2019 from $ 10.3 million in the third quarter of 2019 in., Barron 's, and CNN/fn helping you live a richer life been helping buy side portfolio managers an. Has collected 1.98 % of gains in the third quarter revenue was 67.4... 120 million, previously 12,000 employees who work for the full year,... Fulgent has seen its revenue and bottom line skyrocket 1.98 % of gains in the quarter. A decade the fourth quarter of 2020, the company ’ s price. As a result of the investments we have made in our business and technology platform over many years,! Faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return to operations... Forward-Looking statements should not be relied on fulgent genetics news viewed as predictions of future.! To 58,573, a research firm providing action oriented ideas to professional investors provide a formal update our! % of gains in the third quarter of 2020, the company ’ s stock price has 1.98.
Michael Ball House, Falls Communications Reviews, Steve Smith Ipl 2019, Doi Isle Of Man, Aston Villa Relegated 2016 Points, Killala To Enniscrone, Neymar Fifa 21 Potential, Uss Cleveland World Of Warships,
