Welcome to our dedicated page for Fulgent Genetics news (Ticker: FLGT), a resource for investors and traders seeking the latest updates and insights on Fulgent Genetics stock.
Fulgent Genetics, Inc. reports developments across a laboratory services business and a therapeutic development business. Its laboratory operations provide technical laboratory and genetic testing services, with professional interpretation of results by licensed physicians. Its therapeutic development work focuses on cancer drug candidates using a nanoencapsulation and targeted therapy platform designed for new and existing oncology drugs.
Recurring company news includes operating and financial results, revenue guidance, stock repurchase activity, laboratory-services partnerships, and precision medicine testing initiatives. Clinical updates also cover oncology programs such as FID-007 and FID-022, including disclosures related to head and neck cancer research and presentations at oncology meetings.
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.