NEW YORK – Fulgent Genetics on Friday reported that its second quarter revenues grew approximately 5 percent year over year.
For the three months ended June 30, the El Monte, California-based firm reported revenues of $71.0 million compared to $67.9 million in the prior year, beating the Wall Street consensus estimate of $67.1 million.
The firm said its core revenues, which exclude COVID-19 next-generation sequencing services and products, also grew 5 percent year over year to $70.2 million, compared to core revenues in the Q2 2023.
"Laboratory services continue to be a source of strength for Fulgent, fueling our initiatives and business model, with momentum in precision diagnostics," Fulgent Chairman and CEO Ming Hsieh said in a statement.
He added the company is "off to a good start" with initial enrollment for Phase II studies of its FID-007 head and neck cancer therapy and that it continues to move its next candidate, called FID-022, through preclinical studies with intent to file an investigational new drug application by the end of the year.
Fulgent posted a Q2 net loss of $8.7 million, or $.29 per share, compared to a net loss of $11.2 million, or $.38 per share, a year ago. It posted a diluted non-GAAP income of $.15 per share, well above analysts' average estimate of a loss of $.30 per share.
Fulgent's R&D spending increased 39 percent year over year to $13.5 million from $9.7 million, while SG&A expenses increased by 4 percent to $29.9 million from $28.7 million. Fulgent ended the quarter with $65.1 million in cash and cash equivalents and $772.8 million in investments in marketable securities.
Fulgent reiterated its full-year 2024 guidance and increased its EPS guide. For 2024, it expects $280 million in core revenues, and it now expects a loss of approximately $1.95 per share, compared to prior expectation for a loss of $2.25 per share. It also expects a non-GAAP loss of approximately $.30 per share, compared to prior outlook for a non-GAAP loss of $1.05 per share.
In midmorning trading on the Nasdaq, shares of Fulgent were up 2 percent to $24.11.