Fulgent Genetics Inc (FLGT) Reports Q3 2023 Financial Results
Fulgent Genetics Inc (NASDAQ:FLGT) reports Q3 2023 total revenue of $85 million, with core revenue growing 17% YoY to $66 million.
The company records a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share.
FLGT generated cash flow from operations of $10.2 million and held cash, cash equivalents, and investments in marketable securities of $851 million as of September 30, 2023.
FLGT reiterates its full-year 2023 core revenue guidance of $260 million.
On November 3, 2023, Fulgent Genetics Inc (NASDAQ:FLGT) announced its financial results for the third quarter ended September 30, 2023. The company reported a total revenue of $85 million, with core revenue growing 17% year-over-year to $66 million. The core revenue excludes revenue from COVID-19 testing products and services.
Financial Highlights
The company reported a GAAP loss of $13.1 million, or $0.44 per share, and a non-GAAP loss of $11.7 million, or $0.39 per share. The adjusted EBITDA was $18.1 million. FLGT generated cash flow from operations of $10.2 million and held cash, cash equivalents, and investments in marketable securities of $851 million as of September 30, 2023.
Management Commentary
Ming Hsieh, Chairman of the Board and Chief Executive Officer, commented on the results,
We continue to see good momentum in our core business, with particular strength in precision diagnostics. I am pleased with the trajectory of the business and our ability to use our resources efficiently as we continue to grow our core revenue."
Paul Kim, Chief Financial Officer, added,
We are pleased with our performance as we near the end of 2023, with momentum in the business and a strong financial profile."
Outlook
For the full year 2023, Fulgent expects a core revenue of approximately $260 million, a GAAP loss of approximately $2.15 per share, a non-GAAP loss of $0.95 per share, and cash, cash equivalents, and investments in marketable securities of approximately $830 million as of December 31, 2023.
Financial Tables
The company's balance sheet data as of September 30, 2023, shows total assets of $1.36 billion, including cash and cash equivalents of $84.08 million and investments in marketable securities of $767.39 million. The total liabilities and equity stood at $1.36 billion, with total stockholders equity of $1.26 billion.
The statement of operations data for the three months ended September 30, 2023, shows a net loss income attributable to Fulgent of $13.11 million, with a basic and diluted net loss income per common share attributable to Fulgent of $0.44.
Company Performance Analysis
Despite the GAAP and non-GAAP losses, Fulgent Genetics Inc (NASDAQ:FLGT) has shown resilience in its core business, with a 17% YoY growth in core revenue. The company's strong cash position and efficient use of resources have contributed to its ability to navigate the financial challenges. The company's outlook for the full year 2023 indicates confidence in its business strategy and growth trajectory.
Explore the complete 8-K earnings release (here) from Fulgent Genetics Inc for further details.
This article first appeared on GuruFocus.
