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Sep 30, 2020
Fulgent Q3 2020 Earnings Report
Fulgent Genetics' Q3 2020 financial results were released, showing record revenue and earnings.
Key Takeaways
Fulgent Genetics reported record third-quarter revenue of $101.7 million, an 883% increase year-over-year. GAAP earnings were $46.6 million, or $1.98 per share, and non-GAAP earnings were $49.0 million, or $2.08 per share. The company raised its full-year revenue guidance to $235 million.
Record revenue of $101.7 million, growing more than 880% year-over-year.
Record billable tests delivered approximately 1.04 million, growing more than 4,800% year-over-year.
Gross Margin improved approximately 19 percentage points sequentially and approximately 12 percentage points year-over-year.
Non-COVID Revenue grew 57% sequentially.
Forward Guidance
The company expects to generate revenue of at least $110 million for the fourth quarter of 2020 and now expects revenue of $235 million for the full year 2020.
Positive Outlook
- Company expects continued momentum across its business in the fourth quarter.
- Company is pleased to be raising its revenue guidance for the full year.
- Company's recent momentum is a result of the investments it has made in its business and technology platform over many years.
- Company expects to continue investing in its platform to expand its capabilities.
- Company believes the relationships it has built during this pandemic from both a customer and reimbursement standpoint, along with the expansion of its commercial capabilities which includes its at-home platform, Picture Genetics, will help drive our business in the years ahead.
Challenges Ahead
- The ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemic’s effects on the global supply chain
- The market potential for, and the rate and degree of market adoption of, the company’s tests, including its newly-developed tests for COVID-19 and genetic testing generally
Historical Earnings Impact
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Avg. Return Before/After Earnings
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