Fulgent Genetics Reports Q3 2024 Financial Performance

Fulgent Genetics ( (FLGT) ) has released its Q3 earnings. Here is a breakdown of the information Fulgent Genetics presented to its investors.

Fulgent Genetics is a technology-based company specializing in laboratory services and therapeutic development, primarily focusing on genomic diagnostics and precision medicine. In its third-quarter 2024 earnings report, Fulgent Genetics reported total revenue of $71.7 million, with core revenue showing a 9% year-over-year increase. Despite a GAAP loss of $14.6 million, the company achieved a non-GAAP income of $9.4 million, and adjusted EBITDA income was registered at $0.4 million. The company maintains a strong cash position with $815.4 million in cash, cash equivalents, and investments.

The financial results highlight Fulgent’s continued growth in core revenue, emphasizing the effective performance of its laboratory services and ongoing therapeutic developments. The company is advancing its clinical trials, notably the Phase 2 trial of FID-007 for head and neck cancer, and progressing with preclinical studies for FID-022. Despite a GAAP loss, the improved earnings per share guidance and positive non-GAAP results demonstrate operational improvements and financial stability.

Moving forward, Fulgent Genetics reiterates its full-year 2024 core revenue guidance at $280 million, while also expecting an improvement in GAAP loss per share from ($1.95) to ($1.70) and a shift to a non-GAAP income per share of $0.33. The management remains optimistic about the company’s growth trajectory and its strategic focus on expanding its precision medicine capabilities, aiming for further advancements in its therapeutic and laboratory services.