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Fulgent Genetics
(NASDAQ:FLGT)
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Rating:48Neutral
Price Target:
$17.50
▼(-11.03% Downside)
Action:Reiterated
Date:08/04/26
FLGT scores lower primarily due to ongoing losses and renewed cash burn, reinforced by reduced 2026 revenue guidance and continued loss outlook from the latest earnings call. Technical indicators also point to weak momentum (negative MACD and price below key moving averages). These negatives are partially offset by a strong, low-debt balance sheet and long-term therapeutic pipeline progress, but near-term execution and profitability remain the main constraints.
Positive Factors
Strong liquidity & low leverage
A very large cash balance and negligible debt give Fulgent multi-quarter flexibility to fund operations, invest in R&D and trials, and absorb near-term losses without immediate financing. This financial cushion supports execution of strategic investments and share repurchases while revenue recovers.
Negative Factors
Sustained cash burn & losses
Persistent negative operating and free cash flow, together with a large negative net margin, indicate the core diagnostics business is not currently generating sustainable profits. Continued cash burn forces reliance on reserves, limits reinvestment flexibility, and risks altering strategic plans if losses do not reverse.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity & low leverage
A very large cash balance and negligible debt give Fulgent multi-quarter flexibility to fund operations, invest in R&D and trials, and absorb near-term losses without immediate financing. This financial cushion supports execution of strategic investments and share repurchases while revenue recovers.
Read all positive factors
Fulgent Genetics (FLGT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$455.38M
Dividend YieldN/A
Average Volume (3M)260.33K
Price to Earnings (P/E)―
Beta (1Y)0.40
Revenue Growth6.83%
EPS Growth-69.59%
CountryUS
Employees1,344
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-2.82
Shares Outstanding27,515,293
10 Day Avg. Volume236,103
30 Day Avg. Volume260,327
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)0.73
Price to Sales (P/S)2.51
P/FCF Ratio-6.51
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$19.00Price Target Upside-3.41% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-1.55
Revenue Forecast (FY)$352.20M
Fulgent Genetics Business Overview & Revenue Model
Company Description
Fulgent Genetics, Inc., together with its affiliated companies, offers a comprehensive suite of COVID-19, molecular diagnostic, and genetic testing services to healthcare providers and individuals globally. Their diverse array of genetic tests cov...
How the Company Makes Money
Fulgent Genetics makes money primarily by performing laboratory tests and charging for test services. Its core revenue stream is clinical testing revenue generated when physicians, hospitals, or other authorized customers order genetic or molecula...
Fulgent Genetics Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: meaningful operational and near-term financial headwinds driven by a complex revenue-cycle transition and loss of volume from a large customer led management to reduce full-year revenue guidance and report wider losses. Offsetting these challenges are strong cash reserves, successful integration of recent acquisitions, sequential margin improvement, continued share repurchases, product and AI advancements, and tangible progress in the therapeutic pipeline (FID-007 and FID-022). The issues are material to near-term results, but the company retains financial flexibility and long-term growth drivers.Positive Updates
Therapeutic Pipeline Progress
FID-007 Phase II completed with encouraging activity in recurrent/metastatic head and neck squamous cell carcinoma; end-of-Phase-II meeting with the FDA scheduled later this summer and Phase III registration trial targeted for H1 2027. FID-022 progressed to Phase I dose escalation with the first dose level completed and maximum tolerated dose expected later this year. Both candidates use Fulgent's proprietary CleanChemo platform (patented and fully owned).
Negative Updates
Revenue Cycle Transition Causing Lower Collection Rates
Transition to a new billing/revenue cycle management system (final phase) caused delays in billing, reduced collection rates and suppressed revenue recognition in Q2. Customizations remain incomplete and management cannot predict exact timing for recovery to historical collection rates.
Read all updates
Q2-2026 Updates
Positive
Negative
Therapeutic Pipeline Progress
FID-007 Phase II completed with encouraging activity in recurrent/metastatic head and neck squamous cell carcinoma; end-of-Phase-II meeting with the FDA scheduled later this summer and Phase III registration trial targeted for H1 2027. FID-022 progressed to Phase I dose escalation with the first dose level completed and maximum tolerated dose expected later this year. Both candidates use Fulgent's proprietary CleanChemo platform (patented and fully owned).
Read all positive updates
Company Guidance
Fulgent revised full‑year 2026 guidance to $330–$340 million of revenue (down from prior $350M), implying ~2.3%–5.4% y/y growth, with segment targets of Precision Diagnostics $161–$166M, Anatomic Pathology $146–$150M, and BioPharma Services $23–$24M (Bako/StrataDX expected to add ~$53M in H2); they expect non‑GAAP gross margin in the mid‑30% range and non‑GAAP operating margin in the mid‑negative‑20% range, non‑GAAP EPS of a loss of $2.22–$2.35 per share based on ~28M diluted shares (down from ~29M), therapeutic development spend of ~$26M, capex of ~$12M, ending cash of about $610M (Q2 cash ~$551.5M), and no single customer to represent more than 10% of 2026 revenue.Fulgent Genetics Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
78
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 323.93M | 322.67M | 283.47M | 289.21M | 618.97M | 992.58M |
| Gross Profit | 115.26M | 130.88M | 107.22M | 104.46M | 366.90M | 777.05M |
| EBITDA | -65.02M | -45.83M | -26.86M | -147.45M | 217.70M | 692.04M |
| Net Income | -84.38M | -60.51M | -42.71M | -167.82M | 143.40M | 507.36M |
Balance Sheet | ||||||
| Total Assets | 1.09B | 1.21B | 1.22B | 1.24B | 1.39B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 257.03M | 336.08M | 258.11M | 424.15M | 526.24M | 450.50M |
| Total Debt | 9.42M | 7.68M | 8.47M | 15.25M | 38.94M | 21.28M |
| Total Liabilities | 93.24M | 106.81M | 90.81M | 102.04M | 116.18M | 112.84M |
| Stockholders Equity | 1.00B | 1.11B | 1.13B | 1.14B | 1.27B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | -103.79M | -124.21M | -19.25M | 4.80M | 234.75M | 514.73M |
| Operating Cash Flow | -83.70M | -101.64M | 21.06M | 27.00M | 253.52M | 538.58M |
| Investing Cash Flow | 91.98M | 111.37M | -58.35M | 38.90M | -261.31M | -546.55M |
| Financing Cash Flow | -70.04M | -14.79M | -4.85M | -47.78M | -77.14M | 85.41M |
Fulgent Genetics Technical Analysis
Negative
19.67
Price Trends
19.30
Negative
17.57
Positive
21.28
Negative
Market Momentum
-0.33
Positive
45.14
Neutral
59.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLGT, the sentiment is Negative. The current price of 19.67 is above the 20-day moving average (MA) of 19.53, above the 50-day MA of 19.30, and below the 200-day MA of 21.28, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 59.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLGT.
Fulgent Genetics Risk Analysis
Fulgent Genetics disclosed 81 risk factors in its most recent earnings report. Fulgent Genetics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fulgent Genetics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.26B | 20.31 | 32.81% | ― | 34.41% | 90.73% | |
71 Outperform | $855.39M | -42.46 | -4.15% | ― | 3.18% | -100.37% | |
53 Neutral | $1.35B | -12.41 | -46.47% | ― | -24.71% | 21.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $455.38M | -5.87 | -7.87% | ― | 6.83% | -69.59% | |
47 Neutral | $270.12M | -2.39 | -32.59% | ― | -3.16% | 72.02% | |
43 Neutral | $339.79M | -3.47 | -20.80% | ― | -49.17% | 31.01% |
* Healthcare Sector Average
FLGT
Fulgent Genetics
18.55
-1.86
-9.09%
LAB
Standard BioTools
0.80
-0.49
-37.98%
MYGN
Myriad Genetics
3.18
-2.92
-47.87%
CDNA
CareDx
44.81
32.74
271.25%
PSNL
Personalis
13.03
8.49
186.69%
CSTL
Castle Biosciences
30.47
10.82
55.06%
Fulgent Genetics Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Fulgent Genetics Updates Outlook After Q2 2026 Results
Negative
Jul 30, 2026
On July 30, 2026, Fulgent reported second-quarter 2026 revenue of $85.4 million, up 20.1% sequentially, alongside a GAAP net loss of $29.5 million and a non-GAAP net loss of $16.2 million. The company posted a GAAP gross margin of 30.1%, a non-GAA...
Business Operations and StrategyProduct-Related Announcements
Fulgent Genetics Showcases Promising FID-007 Phase 2 Data
Positive
Jun 2, 2026
On June 1, 2026, Fulgent Genetics presented updated data from its open-label Phase 2 study of FID-007 in combination with cetuximab for recurrent or metastatic head and neck squamous cell carcinoma at the ASCO 2026 Annual Meeting in Chicago. As of...
Business Operations and Strategy
Fulgent Genetics Highlights Promising FID-007 Phase 2 Results
Positive
May 21, 2026
On May 21, 2026, Fulgent Genetics announced the rapid oral publication of its full abstract on FID-007 in combination with cetuximab for recurrent or metastatic head and neck squamous cell carcinoma, which will be presented in an ASCO 2026 Head an...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Fulgent Genetics Shareholders Approve New 2026 Equity Plan
Positive
May 14, 2026
On May 14, 2026, Fulgent Genetics, Inc. stockholders approved a new 2026 Equity Incentive Plan at the company’s Annual Meeting, replacing the prior omnibus incentive plan and authorizing up to 2,000,000 new shares, plus as many as 1,500,000 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.