NEW YORK – Fulgent Genetics said on Monday that it has increased its full-year 2020 revenue estimate by nearly 30 percent as a result of growing demand for its COVID-19 testing solutions.
After an earlier revenue guidance increase in August, from $120 million to $135 million, Fulgent raised its guidance a second time, to $235 million, in its third quarter earnings announcement earlier this month. Now, the Temple City, California firm said it expects 2020 revenues of $300 million, which it noted in a statement represents year-over-year revenue growth of more than 800 percent.
"As COVID-19 cases continue to rise across the country, we expect to see increasing demand for testing through the balance of the year," said Paul Kim, Fulgent's CFO, in a statement. "We believe we remain well positioned to meet this demand with our ample resources and capacity to run more than 60,000 tests per day."
Fulgent has commercially launched several tests for the detection of SARS-CoV-2 during the pandemic, including next-generation sequencing and RT-PCR tests. The company has received Emergency Use Authorization from the US Food and Drug Administration for an RT-PCR-based test for the detection of the virus from nasal, nasopharyngeal, and oropharyngeal swabs, and for an at-home testing service through its Picture Genetics business.