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Fulgent Genetics Posts 15 Percent Increase in Q1 Revenues

NEW YORK (GenomeWeb) — Fulgent Genetics reported after the close of the market on Tuesday a 15 percent increase in its first quarter revenues.

For the three-month period ended March 31, Fulgent posted revenues of $5.4 million versus $4.7 million in the same quarter last year. The firm said it delivered 7,530 billable genetic tests during Q1, a 63 percent year-over-year increase.

Fulgent's net loss in the first quarter was essentially unchanged from the year before at $1.9 million, or $.10 per share, compared with $1.9 million, or $.11 per share, in Q1 2018.

First quarter R&D spending fell slightly to $1.4 million from $1.5 million, while SG&A costs edged up 8 percent to $2.8 million from $2.6 million.

At the end of March, Temple City, California-based Fulgent had cash and cash equivalents totaling $5.3 million.

"We are pleased with our growth this quarter, but at the same time we made investments in our operations [that] impacted our gross and operating margins," Fulgent CFO Paul Kim said in a statement. "Despite these investments, we generated approximately $1 million in cash flow from operations. Looking at our pipeline of opportunities, we expect to see further growth throughout the year," he added.

Earlier this year, Fulgent formed a partnership with Columbia University and the Precision Genomics Laboratory to make on-site, expanded carrier screening available to Columbia patients. In October, it signed an agreement to offer two of its reproductive testing services through StemCyte.