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Tuesday, August 4, 2020

-=Fulgent Genetics (FLGT) reported earnings on Tue 4 May 20 (a/h)

Second Quarter 2020 Results:
  • Record Revenue of $17.3 million, growing 105% year-over-year
  • Record Billable tests delivered total 180,513, growing 1003% year-over-year
  • Gross Margin improved approximately 8 percentage points from Q1 2020; cost per test improved approximately 81% year-over-year
  • Record GAAP earnings of $3.3 million, or $0.14 per share
Posted upside Q2 results; revs rose +105% yr/yr to $17.3 mln while billable tests delivered grew 1003% yr/yr to 180,513, with results illustrating how co "quickly applied [its] technology to the needs of today" via its development and launch of tests to detect COVID-19, including an at-home test offered through Picture Genetics. Co commented that those offerings "attracted major new customer accounts, resulting in an inflection point in [co's] business and outlook." Co sees the opportunity for continued momentum throughout the balance of the year. At record highs.

Ming Hsieh, Chairman and Chief Executive Officer, said, “The global COVID-19 pandemic has tested who we are as a company, and now more than ever we have demonstrated that Fulgent is a technology company with a proprietary platform built for massive scale. Our technology is the cornerstone for all facets of our business, including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated lab services. Our second quarter results illustrate how we quickly applied our technology to the needs of today, organically developing and launching multiple tests to detect COVID-19 with Emergency Use Authorization from the FDA, including an at-home test offered through Picture Genetics, our patient-initiated product. These offerings have attracted major new customer accounts, resulting in an inflection point in our business and outlook.”

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