Fulgent Genetics Q4 Report

Fulgent Genetics reported on their 4th Quarter and Full 2020 results

Q4 2020:

  • Revenue $295M (over 3,400% yoy, beats by $95.5M)
  • approx 3.2M tests delivered, 230x volume Q4 2019
  • Gross margin improved over 8% sequentially and approx 26% yoy
  • Cost per test improved 36% sequentially
    - Non-COVID Revenue grew 43% yoy
  • Non-GAAP Income $167.5M ($6.20 per share, beats by $2.15)
  • Adjusted EBITDA $230.1M

Full year Revenue $421.7M , increase of 1,200% from 2019.
Non-GAAP income $218.9M, or $9.10 per share

2021 Outlook:

  • projects $800M in 2021, 90% yoy
  • within these, $70M expected to come from Next Generation Sequencing testing, representing 92% growth yoy
  • expects non-GAAP income of approx $12.5 per share in 2021

Q1 2021 Outlook:

  • Revenue of at least $325M


Ming Hsieh, Chairman and Chief Executive Officer, said, “Our record fourth quarter results capped off a transformational year for Fulgent Genetics. While we did not envision 2020 to unfold in the way that it did, I am proud of our team for supporting the pivot of our business to rapidly scale to become one of the top providers of COVID-19 testing in the country. The results we achieved were possible because of our differentiated technology platform built over the ten years since our founding. While the majority of our business this year was from COVID-19 testing, we believe we have laid a very strong foundation for continued growth in the years ahead. This year we made inroads with numerous new customers, established new reimbursement agreements, expanded our capacity and commercial capabilities, and have grown our direct-to-consumer genetic testing platform, Picture Genetics. We have also begun utilizing our NGS based COVID testing capabilities to aid in identification and screening of potential new strains and mutations of the virus. And finally, we have taken a novel approach to licensing our lab management software solutions and are offering a new COVID vaccine management software platform, which will continue to aid in recovery from the pandemic. I believe we are extremely well positioned in the years ahead as vaccine rollout continues and our lives return to a state of normalcy.”

Another blowout quarter! :slight_smile:
Long FLGT, 5,7% (but it’s climbing 30% After hours)