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 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. For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. Fulgent Genetics, Inc. has a market cap of $1.11 Billion and is expected to release its quarterly earnings report on November 09, 2020. Stock Advisor launched in February of 2002. 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. The company traded as low as $42.00 and last traded at … Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. 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 … Zacks News for FLGT No Record found. Visit www.picturegenetics.com for more information. Our recent momentum is a result of the investments we have made in our business and technology platform over many years. 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 … (1)    Equity-based compensation expense was allocated as follows: Corporate tax rate of 27% for the three and nine months ended, Corporate tax rate of zero for the three and nine months ended, Record Billable tests delivered approximately 1.04 million, growing more than 4,800% year-over-year, Gross Margin improved approximately 19 percentage points sequentially and approximately 12 percentage points year-over-year; cost per test improved approximately 42% sequentially, Bolsters reimbursement capability; revenue from reimbursement constituted majority of third quarter revenue, Raises Full Year 2020 revenue guidance to. 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%, … 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. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. 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. With its Forward Dividend at 0 and a yield of 0%, the … 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. 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. 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. 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. How Did Fulgent Genetics Stock Perform in 2020? Press and industry analysts are invited to attend in listen-only mode. View the latest Fulgent Genetics Inc. (FLGT) stock price, news, historical charts, analyst ratings and financial information from WSJ. A faster, cheaper testing alternative could reduce the spread of COVID-19 and help businesses return to normal operations. If management thought … 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. In 2003, Todd founded E.B. Capital Markets, LLC, a research firm providing action oriented ideas to professional investors. 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. 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 … 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 while maintaining accessible pricing, high accuracy and competitive turnaround times. 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. 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. Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. 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. Todd has been helping buy side portfolio managers as an independent researcher for over a decade. 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. 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. These risks and uncertainties include, among others: the ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemic’s effects on the global supply chain; the market potential for, and the rate and degree of market adoption of, the company’s tests, including its newly-developed tests for COVID-19 and genetic testing generally; the company’s ability to capture a sizable share of the developing market for genetic and COVID-19 testing and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the company’s ability to maintain the low internal costs of its business model, particularly as the company makes investments across its business; the company’s ability to maintain an acceptable margin on sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce the company’s sale prices for and margins on its tests; risks related to volatility in the company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the company’s revenue; the company’s ability to grow and diversify its customer base and increase demand from existing and new customers; the company’s investments in its infrastructure, including its sales organization and operational capabilities, and the extent to which these investments impact the company’s business and performance and enable it to manage any growth it may experience in future periods; the company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests; the company’s level of success in establishing and obtaining the intended benefits from partnerships, joint ventures or other relationships; the company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; risks associated with the company’s international operations; the company’s ability to protect its proprietary technology platform; and general industry, economic, political and market conditions. The forward-looking statements made in this press release speak only as of the date of this press release, and the company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law. Follow FLGT. Genetic testing specialist Fulgent has seen its revenue and bottom line skyrocket. 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. 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. 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. A pioneer in genetic testing, Fulgent began working on COVID-related services when cases first appeared in the US. 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. The company, currently valued at $1.21 Billion, closed the … We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”. 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. The company report on November 24, 2020 that Fulgent Genetics … As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. A high-level overview of Fulgent Genetics, Inc. (FLGT) stock. 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. 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. 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 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. Let's conquer your financial goals together...faster. The healthcare company delivered 180,513 billable tests in the period, up more than 1,003% from the same quarter last year. 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. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. Fulgent Genetics, Inc. (NASDAQ:FLGT) shares traded down 9.4% during mid-day trading on Thursday following insider selling activity. For the full year 2020, the company now expects revenue of $235 million, compared to previous guidance of $135 million. 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, … 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. 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