FLGT stock surged 15% higher in after-hours trading on August 4, 2020, after the company released quarterly financials.
Fulgent Genetics, Inc. (NASDAQ: FLGT), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced financial results for its second fiscal quarter ended June 30, 2020.
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
- Record Non-GAAP earnings of $4.0 million, or $0.17 per share
- Record Adjusted EBITDA of $4.3 million
Second quarter revenue was $17.3 million, an increase of 105% from $8.4 million in the second quarter of 2019. GAAP income for the second quarter of 2020 was $3.3 million, or $0.14 per share, and non-GAAP income was $4.0 million, or $0.17 per share.
Adjusted EBITDA was $4.3 million in the second quarter of 2020, compared to $1.5 million in the second quarter of 2019.
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.
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.”
Paul Kim, Chief Financial Officer, said, “Our second quarter volume increased over 1200% sequentially, and we see the opportunity for continued momentum through the balance of the year. Our traditional genetic testing orders rebounded in June and July and are on track for growth in the second half of 2020. By aggressively applying our technology platform, we democratized and made affordable the needs of COVID-19 testing to the public, resulting in overall average selling price of less than $100 per test, while shortening our average turnaround time to less than 24 hours from receipt of sample. We expanded our customer base for the long term by winning large, strategic governmental and commercial accounts. We will provide a formal update on our guidance for the remainder of the year during our investment community conference call to shortly follow the issuance of this press release.”