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- Fulgent Genetics Inc FLGT reported after the close of the market on Monday that its second-quarter revenues increased nearly ninefold, driven primarily by increased test volumes.
- Revenues skyrocketed to $153.6 million from $17.3 million in Q2 of 2020 but missed the consensus of $197.3 million.
- In addition to COVID-19 testing, the firm nearly quadrupled its Core next-generation sequencing business in the quarter year over year to $25.7 million.
- The number of billable tests delivered during the quarter grew ninefold year over year to 1.6 million tests.
- Adjusted EPS was $2.55, short of the Wall Street estimate of $2.81.
- Fulgent ended the quarter with cash and cash equivalents of $100 million and investments in marketable securities totaling $667 million.
- FY21 Guidance: Fulgent adjusted previous full-year guidance to revenues of $800 million (consensus $829.95 million), including core revenues of $110 million. It had previously guided for revenues of $830 million, core revenues of $100 million.
- Adjusted EPS outlook is unchanged at $12.50 versus the consensus of $12.57.
- Q3 FY21 Outlook: Expects sales of $125 million - $150 million, versus the consensus of $146.1 million. It sees a Core revenue of around $32 million.
- Separately, the firm announced the acquisition of Georgia-based cancer testing lab CSI Laboratories for an undisclosed amount.
- Fulgent also announced that it would partner with Helio Health to exclusively commercialize Helio's liquid biopsies tests in North America, with an initial focus on a liver cancer assay called HelioLiver.
- Price Action: FLGT shares are down 14.81% at $93.50 during the premarket session on the last check Tuesday.
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