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Fulgent Genetics Q4 Revenues Rise 33 Percent

NEW YORK (GenomeWeb) – Fulgent Genetics reported after the close of the market on Thursday that its fourth quarter revenues rose 33 percent year over year.

For the three months ended Dec. 31, 2018 the company reported revenues of $5.7 million, up from $4.3 million in Q4 2017. The firm said that it delivered 6,408 billable tests during Q4, an increase of 52 percent year over year.

Fulgent's Chairman and CEO Ming Hsieh said in a statement that the firm "had another good quarter with our sequencing-as-a-service business and have seen increasing orders from our clinical customers."

He noted collaborative agreements forged by Fulgent, including a recently announced partnership with Columbia University, and said that the firm achieved stability in its business in 2018 by gaining traction into areas such as reproductive health and oncology.

The company's Q4 net loss narrowed to $935,000, or $.05 per share, from $1.6 million, or $.09 per share, in Q4 2017. On an adjusted basis, the firm reported a net loss of $.01 per share.

Fulgent reported that its Q4 R&D expenses rose 8 percent year over year to $1.4 million from $1.3 million. Its SG&A expenses were flat year over year at $2.5 million. 

For full-year 2018, Fulgent reported that total revenues rose 14 percent to $21.4 million from $18.7 million in 2017.

The firm's net loss for the year widened to $4.5 million, or $.25 per share, from $2.5 million, or $.14 per share, in 2017. On an adjusted basis, the firm reported a net loss of $.09 per share.

The company's 2018 R&D expenses rose 31 percent to $5.5 million from $4.2 million in the year-ago period. SG&A expenses for the year rose 7 percent to $10.1 million from $9.4 million in 2017.

Fulgent ended the year with cash and cash equivalents of $6.7 million and investments in marketable securities of $30.7 million.