The growth forecast could be temporary, though. 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. 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. 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 … Fulgent Genetics downgraded to market perform from outperform at Raymond James Nov. 7, 2017 at 8:25 a.m. 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. GAAP income for the third quarter of 2020 was $46.6 million, or $1.98 per share, and non-GAAP income was $49.0 million, or $2.08 per share. After receiving FDA EUA-authorized for molecular diagnostic testing, we now offer … Genetic testing specialist Fulgent has seen its revenue and bottom line skyrocket. Todd has been helping buy side portfolio managers as an independent researcher for over a decade. Fulgent Genetics believes this information is useful to investors because it provides a basis for measuring the performance of the company’s business excluding certain income or expense items that management believes are not directly attributable to the company’s core operating results. 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. Company Summary. Returns as of 12/15/2020. It intends to provide tests to hospitals and medical … 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. Overall, the genetic-testing market is expected to eclipse $10 billion by 2022 worldwide, so Fulgent Genetics' current sales suggest it has plenty of potential to produce meaningful revenue growth regardless of how the COVID-19 marketplace evolves. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Fulgent Genetics Is Crashing Today @themotleyfool #stocks $FLGT $ABT. 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. We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”. Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. The company's test volume continued increasing in the third quarter, too. Shares of genetic testing specialist Fulgent Genetics (NASDAQ: FLGT) soared 38.1% in November, according to data from S&P Global Market Intelligence. Non-GAAP income (loss) and adjusted EBITDA are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), in the accompanying tables. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. In 2003, Todd founded E.B. These reports contain more information about the company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release. 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. Third quarter revenue was $101.7 million, an increase of 883% from $10.3 million in the third quarter of 2019. The Zacks Analyst Blog Highlights: Addus HomeCare, Fulgent Genetics and Hologic Fulgent Genetics, Inc. has a market cap of $1.11 Billion and is expected to release its quarterly earnings report on November 09, 2020. Capital Markets, LLC, a research firm providing action oriented ideas to professional investors. 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. Todd has provided insight to a variety of publications, including SmartMoney, Barron's, and CNN/fn. 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. Note Regarding Non-GAAP Financial Measures. Visit www.picturegenetics.com for more information. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. The company report on November 24, 2020 that Fulgent Genetics … 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. 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. How Did Fulgent Genetics Stock Perform in 2020? 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. For example, Fulgent is responsible for COVID-19 testing for the 12,000 employees who work for the State of Ohio. With its Forward Dividend at 0 and a yield of 0%, the … Fulgent Genetics News . 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’s stock price has collected 1.98% of gains in the last five trading sessions. In addition to our technology investments, we believe the relationships we have built during this pandemic from both a customer and reimbursement standpoint, along with the expansion of our commercial capabilities which includes our at-home platform, Picture Genetics, will help drive our business in the years ahead.”, Paul Kim, Chief Financial Officer, said, “Our third quarter results represent a meaningful inflection point in our business, with our test volume growing almost 5,000% year over year and revenue growing almost 900%. Fulgent Genetics, Inc. is a technology company. Examples of forward-looking statements in this press release include statements about, among other things: anticipated growth of and increased stability in the company’s business and performance, including the company’s and its technology platform’s ability to scale, the company’s evaluations and judgments regarding momentum, partnerships, relationships, inflection points, evaluations of the company’s testing services as compared to competitors and the company’s recent and future performance; the timing, commercial success and impact on the company’s results of new product launches and other initiatives; and the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share and its ability to continue to grow its business. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. 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. 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. On Thursday, healthcare-giant Abbott Labs announced that it's releasing a 15-minute COVID-19 test using a nasal swab and a reactive card that will cost just $5 per test. See you at the top! 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. Fulgent could customize tests for customers, for about 5,700 different genetic conditions. Follow FLGT. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. 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