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Jun 30, 2024
Fulgent Q2 2024 Earnings Report
Fulgent's financial performance declined with a GAAP loss, but core revenue increased year-over-year.
Key Takeaways
Fulgent Genetics reported a GAAP loss of $8.7 million, or ($0.29) per share, but experienced growth in core revenue, which increased by 5% year-over-year to $70.2 million. The company reiterated its full-year 2024 core revenue guidance of $280 million and improved its earnings per share guidance for 2024.
Total revenue reached $71.0 million.
Core revenue grew 5% year-over-year to $70.2 million.
GAAP loss was $8.7 million, or ($0.29) per share.
Non-GAAP income was $4.7 million, or $0.15 per share.
Revenue by Segment
Forward Guidance
For the full year 2024, Fulgent expects Core Revenue of approximately $280 million, GAAP loss improvement from approximately ($2.25) per share to approximately ($1.95) per share, Non-GAAP loss improvement from approximately ($1.05) per share to approximately ($0.30) 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
- GAAP loss improvement from approximately ($2.25) per share to approximately ($1.95) per share
- Non-GAAP loss improvement from approximately ($1.05) per share to approximately ($0.30) per share
- Cash, cash equivalents, and investments in marketable securities of approximately $800 million as of December 31, 2024
- On track with the operational objectives set at the beginning of 2024
Challenges Ahead
- 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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