Fulgent Genetics, Inc. (FLGT) Tops Q4 EPS by $2.15, Revenues Rise 3400%; Raises Outlook

March 4, 2021 4:15 PM EST
Get Alerts FLGT Hot Sheet
Price: $85.62 -5.39%

Today's EPS Names:
WTFC, IBM, ELS, More
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Fulgent Genetics, Inc. (NASDAQ: FLGT) reported Q4 EPS of $6.20, $2.15 better than the analyst estimate of $4.05. Revenue for the quarter came in at $295 million versus the consensus estimate of $199.44 million.

GUIDANCE:

Fulgent Genetics, Inc. sees FY2021 EPS of $12.50, versus the consensus of $11.55. Fulgent Genetics, Inc. sees FY2021 revenue of $800 million, versus the consensus of $600.24 million.

Ming Hsieh, Chairman and Chief Executive Officer, said, “Our record fourth quarter results capped off a transformational year for Fulgent Genetics. While we did not envision 2020 to unfold in the way that it did, I am proud of our team for supporting the pivot of our business to rapidly scale to become one of the top providers of COVID-19 testing in the country. The results we achieved were possible because of our differentiated technology platform built over the ten years since our founding. While the majority of our business this year was from COVID-19 testing, we believe we have laid a very strong foundation for continued growth in the years ahead. This year we made inroads with numerous new customers, established new reimbursement agreements, expanded our capacity and commercial capabilities, and have grown our direct-to-consumer genetic testing platform, Picture Genetics. We have also begun utilizing our NGS based COVID testing capabilities to aid in identification and screening of potential new strains and mutations of the virus. And finally, we have taken a novel approach to licensing our lab management software solutions and are offering a new COVID vaccine management software platform, which will continue to aid in recovery from the pandemic. I believe we are extremely well positioned in the years ahead as vaccine rollout continues and our lives return to a state of normalcy.”

Paul Kim, Chief Financial Officer, said, “Despite the challenges created by the pandemic this year, we were pleased with our ability to execute and grow our core business while aggressively scaling our COVID-19 testing capabilities. This resulted in overall revenue growth of approximately 1,200% for the year, far exceeding our expectations and guidance, while our non-COVID business grew 43% year-over-year in the fourth quarter. Despite the second wave of lockdowns that we experienced in the fourth quarter, our team was able to process approximately 3.2 million tests in the quarter and more than 4.4 million tests in the year, compared to 59,000 tests in all of 2019. We continued to demonstrate improving leverage in the quarter with record gross margin of 82% and operating margin of 77%, while generating non-GAAP income of $6.20 per share in the quarter. We remain optimistic about our positioning for the quarters ahead and expect to see revenue growth of at least 90% for the full year 2021. We will provide a formal update during our investment community conference call to shortly follow the issuance of this press release.”

For earnings history and earnings-related data on Fulgent Genetics, Inc. (FLGT) click here.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Guidance, Hot Earnings, Hot Guidance, Management Comments

Related Entities

Earnings