Fulgent Genetics Stock Price, News & Analysis

Fulgent Genetics (NASDAQ: FLGT) has partnered with Miami-Dade County for COVID-19 testing, utilizing its FDA EUA-approved RT-PCR test. Results will be available within 24 to 48 hours. The company’s Community Testing Platform enhances efficiency at drive-through testing sites, allowing patients to manage appointments online and receive reports via mobile. Miami-Dade County Mayor highlighted the significance of prompt testing for public health. Fulgent's technology facilitates rapid processing and aims to support community health amid the pandemic.

Fulgent Genetics, a technology-driven company focused on comprehensive genetic testing solutions, announced its participation in the H.C. Wainwright 22nd Annual Global Investment Conference on September 14, 2020. Chairman and CEO Ming Hsieh, CFO Paul Kim, and CCO Brandon Perthuis will present at 1:00 p.m. ET. A live webcast will be available on their Investor Relations website, with a replay accessible shortly after. The company is known for its advanced technology platform and innovative products, including at-home testing through its Picture Genetics platform and COVID-19 detection tests with FDA Emergency Use Authorization.

Fulgent Genetics (NASDAQ: FLGT) announced that starting September 28, 2020, all COVID-19 tests will now also include results for Influenza A and B. This addition aims to enhance testing efficiency as flu season approaches, helping to differentiate between influenza and SARS-CoV-2. CEO Brandon Perthuis highlighted the superiority of their RT-PCR tests, noting consistent 24-hour turnaround times. The new testing will be integrated into all platforms, including drive-through and at-home tests. This move positions Fulgent as a leading laboratory for comprehensive viral testing during the pandemic.

Fulgent Genetics (Nasdaq: FLGT) and New York City Health and Hospitals have partnered to provide COVID-19 testing for hundreds of thousands of students at around 1,600 locations as they prepare to return to school. Utilizing its FDA EUA-approved at-home RT-PCR test, Fulgent aims to deliver results within 24-48 hours. This collaboration marks one of the first significant at-home testing initiatives for COVID-19, enhancing student safety with rapid testing capabilities.

Fulgent Genetics has opened a new CLIA-certified laboratory, Fulgent Houston, in Texas focused on COVID-19 testing, capable of processing 20,000 tests per day. This expansion is set to enhance the company’s testing capacity and improve turnaround times, contributing to rising FY20 revenue guidance from $120 million to $135 million. The facility will also support genetic testing and is positioned near major medical centers, enabling strategic growth.

Fulgent Genetics (NASDAQ: FLGT) will release its Q2 2020 financial results on August 4, 2020, after market close. A conference call will follow at 4:30 PM ET to discuss results. The call can be accessed through a live audio webcast on the company’s website or by dialing (855) 321-9535 with conference ID 2797888. The company focuses on offering extensive genetic testing services, featuring a proprietary technology platform to deliver high-quality diagnostic information. Their test menu includes around 18,000 single-gene tests and over 850 multi-gene panels.

Fulgent Genetics (NASDAQ: FLGT) announced the launch of an at-home COVID-19 testing solution, receiving Emergency Use Authorization from the FDA. This service will be available through Picture Genetics, allowing individuals to self-collect samples to be tested at Fulgent's lab. The online eligibility screener prioritizes those who need testing most. Results will be provided within 24-48 hours. The initiative aims to make testing more accessible and reduce healthcare system congestion. Fulgent’s testing capabilities have already expanded significantly, processing thousands of tests daily.

Fulgent Genetics (NASDAQ: FLGT), a genetic testing provider, announced its subsidiary received Emergency Use Authorization (EUA) from the FDA for its RT-PCR test detecting SARS-CoV-2, the virus causing COVID-19. The test utilizes upper respiratory specimens and allows self-collection via authorized kits. The company aims to enhance COVID-19 testing availability through its BSL-2, CLIA-certified lab in Temple City, California. This EUA is specifically for SARS-CoV-2 detection and does not cover other viruses.

Fulgent Genetics (FLGT) reported a 44% increase in first-quarter revenue, totaling $7.8 million, up from $5.4 million year-over-year. The company delivered 13,163 billable tests, a 75% growth year-over-year. Despite a GAAP loss of $2.0 million ($0.09/share) and a non-GAAP loss of $749,000 ($0.03/share), gross margin improved by 3 percentage points. The company successfully launched multiple COVID-19 tests, responding to pandemic demand and showing strong growth potential.