Fulgent Genetics Inc. · Q3 2023 earnings

Briefing

Fulgent's Q3 2023 financial results were announced, showcasing core revenue growth and advancements in therapeutics development.

Fulgent Genetics reported a total revenue of $85 million for Q3 2023, with core revenue growing 17% year-over-year to $66 million. The company experienced a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share. Despite the losses, Fulgent generated $10.2 million in cash flow from operations and holds $851 million in cash, cash equivalents, and investments.

• Total revenue reached $85 million, boosted by $19 million from COVID-19 test sales reimbursements.
• Core revenue grew 17% year-over-year to $66 million, indicating strength in the core business.
• The company reported a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share.
• Fulgent is advancing its therapeutics development business, with Phase 2 studies of FID-007 in head and neck cancer expected to begin in Q1 2024.

Headline financials

Revenue & EPS history

Fulgent expects core revenue of approximately $260 million, GAAP loss of approximately $2.15 per share and non-GAAP loss of $0.95 per share for the full year 2023. They also anticipate cash, cash equivalents, and investments in marketable securities of approximately $830 million as of December 31, 2023.