NEW YORK (GenomeWeb) – Fulgent Genetics reported after the close of the market on Monday that its second quarter revenues grew 17 percent year over year as billable tests delivered during the quarter climbed 47 percent.
For the three months ended June 30, Fulgent posted $5.4 million in revenues, up from $4.6 million in Q2 2017. The number of billable tests delivered during the recently completed quarter reached 5,700, the company said.
In a statement, Fulgent Chairman and CEO Ming Hsieh said that the billable test volume was a new quarterly record high and drove the year-over year acceleration in revenue growth. "We are seeing positive impact from the recent investments we have made in our business, including the growth of our test menu, expansion of our facilities for increased capacity, as well as restructuring of our sales organization."
CFO Paul Kim added that Fulgent lowered its cost per test by 26 percent compared to Q1 2018, to $446, as a result of operational efficiencies, while the company is also "gaining momentum with insurance providers."
The firm's recent financial results have left some Wall Street analysts skeptical about its management, but a company official said in May that Fulgent was starting to see stability in its business.
Nonetheless, in Q2 2018 the firm's net loss widened to $1.0 million, or $.06 per share, from a net loss of $25,000, or breakeven on a per-share basis, a year ago. On an adjusted basis, Fulgent had a net loss per share of $.01.
Its R&D costs grew 30 percent year over year to $1.2 million in Q2 2018 from $920,000 in Q2 2017. Its SG&A spending was up also 30 percent to $2.6 million from $2.0 million.
Fulgent finished the quarter with $3.7 million in cash and cash equivalents and $34.4 million in investments in marketable securities.