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Sep 30, 2023
Fulgent Q3 2023 Earnings Report
Fulgent's Q3 2023 financial results were announced, showcasing core revenue growth and advancements in therapeutics development.
Key Takeaways
Fulgent Genetics reported a total revenue of $85 million for Q3 2023, with core revenue growing 17% year-over-year to $66 million. The company experienced a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share. Despite the losses, Fulgent generated $10.2 million in cash flow from operations and holds $851 million in cash, cash equivalents, and investments.
Total revenue reached $85 million, boosted by $19 million from COVID-19 test sales reimbursements.
Core revenue grew 17% year-over-year to $66 million, indicating strength in the core business.
The company reported a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share.
Fulgent is advancing its therapeutics development business, with Phase 2 studies of FID-007 in head and neck cancer expected to begin in Q1 2024.
Revenue by Segment
Forward Guidance
Fulgent expects core revenue of approximately $260 million, GAAP loss of approximately $2.15 per share and non-GAAP loss of $0.95 per share for the full year 2023. They also anticipate cash, cash equivalents, and investments in marketable securities of approximately $830 million as of December 31, 2023.
Positive Outlook
- Core Revenue of approximately $260 million
- Cash, cash equivalents, and investments in marketable securities of approximately $830 million as of December 31, 2023
Challenges Ahead
- GAAP loss of approximately $2.15 per share
- Non-GAAP loss of $0.95 per share
Historical Earnings Impact
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Avg. Return Before/After Earnings
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