NEW YORK (GenomeWeb) – Fulgent Genetics reported on Monday that its second quarter revenues rose 17 percent as it integrated its newly reorganized sales force.
For the three months ended June 30, Fulgent's revenues climbed to $4.6 million from $4.0 million the year before.
Fulgent CFO Paul Kim noted that the company saw an expected "modest" decline in revenues from the first quarter due to the restructuring of its domestic sales organization, but added, "We anticipate that our recent investments across our business will begin to drive momentum in the coming quarters."
During the quarter, Fulgent also said it established a joint venture in China in order to offer genetic testing services in that country.
For Q2, Fulgent reported its net loss narrowed to $25,000, or $.00 per share, from $4.5 million a year ago. On an adjusted basis, the firm reported earnings of $.02 per share.
The firm filed for an initial public offering in September 2016, and closed the IPO with 4.2 million shares of common stock at a public offering price of $9 per share a month later.
R&D spending in the quarter rose 40 percent to $920,000 from $656,000, while SG&A costs jumped 114 percent to $2.0 million from $934,000.
At the end of June, Fulgent had cash and cash equivalents totaling $11.5 million.
Fulgent's shares dropped 4 percent to $5.88 in Tuesday morning trading on the Nasdaq.