The healthcare company delivered 180,513 billable tests in the period, up more than 1,003% from the same quarter last year. 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. Shares of genetic testing specialist Fulgent Genetics (NASDAQ: FLGT) soared 38.1% in November, according to data from S&P Global Market Intelligence. This growth was made possible by our capacity and laboratory expansion, including the opening of our new laboratory in Houston, coupled with our highly efficient testing and reporting systems that we worked to develop over the years. Note Regarding Non-GAAP Financial Measures. Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) reached a new 52-week high during trading on Thursday . In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. View the latest Fulgent Genetics Inc. (FLGT) stock price, news, historical charts, analyst ratings and financial information from WSJ. Through its Picture Genetics platform launched in 2019, Fulgent Genetics offers consumers direct access to its advanced genetic testing and analytics capabilities from the ease and comfort of home, at an affordable price point. A faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return to normal operations. The company traded as low as $42.00 and last traded at … 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. 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 see continued momentum across our business in the fourth quarter, and are pleased to be raising our revenue guidance for the full year. Fulgent Genetics, Inc. is a technology company. Stock Advisor launched in February of 2002. Capital Markets, LLC, a research firm providing action oriented ideas to professional investors. Fulgent Genetics' stock was trading at $10.06 on March 11th, 2020 when COVID-19 … 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. 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. 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. Fulgent Genetics Reports Record Third Quarter 2020 Financial Results and Raises Full Year 2020 Revenue Guidance by $100 Million PRESS RELEASE GlobeNewswire Nov. 9, 2020, 10:05 PM 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. Returns as of 12/15/2020. 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. Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript finance.yahoo.com - November 10 at 10:15 AM: Fulgent Genetics, Inc.'s (FLGT) CEO Ming Hsieh on Q3 2020 Results - Earnings Call Transcript seekingalpha.com - November 10 at 12:06 AM: Fulgent Genetics … A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated laboratory services. 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. 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. Fulgent Genetics Inc. [NASDAQ: FLGT] gained 6.44% or 2.94 points to close at $48.57 with a heavy trading volume of 2508521 shares. 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. Press Release reported on 11/24/20 that Fulgent Genetics … 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. 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. 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. Our recent momentum is a result of the investments we have made in our business and technology platform over many years. Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. 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 stock traded as high as $53.00 and last traded at $52.29, with a volume of … The Picture Genetics platform provides a holistic approach to at-home genetic screening by including oversight from independent physicians as well as genetic counseling options to complement Fulgent Genetics’ comprehensive genetic testing analysis. We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”. All rights reserved. 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. A pioneer in genetic testing, Fulgent began working on COVID-related services when cases first appeared in the US. 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. 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. 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. The company’s stock price has collected 1.98% of gains in the last five trading sessions. 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. For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. Market data powered by FactSet and Web Financial Group. 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 … Todd has been helping buy side portfolio managers as an independent researcher for over a decade. If you invested a modest $1,000 into shares of Fulgent Genetics (NASDAQ:FLGT) back in January, that investment would have turned into $3,750 as of Dec. 8. Fulgent Genetics, Inc., a technology company, focuses on providing genetic testing services to physicians with clinically actionable diagnostic information. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Fulgent Genetics Is Crashing Today @themotleyfool #stocks $FLGT $ABT. 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. Genetic testing specialist Fulgent has seen its revenue and bottom line skyrocket. Fulgent Genetics, Inc. has a market cap of $1.11 Billion and is expected to release its quarterly earnings report on November 09, 2020. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. After receiving FDA EUA-authorized for molecular diagnostic testing, we now offer … If management thought … Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. Follow FLGT. Fulgent Genetics may continue to incur expenses similar to the items added to or subtracted from GAAP income (loss) to calculate non-GAAP income (loss) and adjusted EBITDA; accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an implication that these items are unusual, infrequent or non-recurring. 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. If Abbott's launch is successful, government and corporate clients could shift away from Fulgent Genetics' testing option, causing revenue to drop in future quarters. 2018 © Fulgent Genetics. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. The growth forecast could be temporary, though. It intends to provide tests to hospitals and medical … Fulgent Genetics downgraded to market perform from outperform at Raymond James Nov. 7, 2017 at 8:25 a.m. Let's conquer your financial goals together...faster. In 2019, billable testing volume grew to 58,573, a 160% increase from 2018. Press and industry analysts are invited to attend in listen-only mode. 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. Fulgent Genetics, Inc. (NASDAQ:FLGT) shares traded down 9.4% during mid-day trading on Thursday following insider selling activity. TEMPLE CITY, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Fulgent Genetics may not be comparable to similarly titled metrics reported by other companies. The company's test volume continued increasing in the third quarter, too. 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