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Mar 31, 2024
Fulgent Q1 2024 Earnings Report
Fulgent Genetics reported financial results for the first quarter of 2024.
Key Takeaways
Fulgent Genetics reported a total revenue of $64.5 million and a GAAP loss of $13.5 million, or $0.45 per share, for the first quarter of 2024. Core revenue grew 1% year-over-year to $63.2 million. The company reiterates full year 2024 core revenue guidance of $280 million.
Total revenue was $64.5 million.
Core revenue grew 1% year-over-year to $63.2 million.
GAAP loss was $13.5 million, or $0.45 per share.
Non-GAAP loss was $269,000, or $0.01 per share.
Forward Guidance
For the full year 2024, Fulgent continues to expect Core Revenue of approximately $280 million, GAAP loss of approximately $2.25 per share, Non-GAAP loss of approximately $1.05 per share, and Cash, cash equivalents, and investments in marketable securities of approximately $800 million as of December 31, 2024.
Positive Outlook
- Core Revenue of approximately $280 million
- Cash, cash equivalents, and investments in marketable securities of approximately $800 million as of December 31, 2024
- Remain on track with operational objectives
- Strong financial position in 2024, with ample cash to execute
- Momentum in Precision Diagnostics
Challenges Ahead
- GAAP loss of approximately $2.25 per share
- Non-GAAP loss of approximately $1.05 per share
- Cash expenditures may be higher or lower than currently estimated due to a variety of factors and circumstances, including as a result of the Company’s ongoing stock repurchase program or other expenditures outside the ordinary course of business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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