• Income totals $125.Three million

• Core Income grows 102% year-over-year to $45.Three million

• Raises full yr core income outlook to $185 million from beforehand introduced $180 million

TEMPLE CITY, Calif., August 04, 2022–(BUSINESS WIRE)–Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics”, “Fulgent”, or the “Firm”), a technology-based genetic testing firm centered on reworking affected person care in oncology, infectious and uncommon illnesses, and reproductive well being, immediately introduced monetary outcomes for its second quarter ended June 30, 2022.

Second Quarter 2022 Outcomes:

• Income of $125.Three million, versus $153.6 million in Q2 2021

• Billable assessments delivered over 1.Three million, versus 1.6 million in Q2 2021

• Core Income¹ grew 102% year-over-year to $45.Three million

• GAAP earnings of $11.5 million, or $0.37 per share

• Non-GAAP earnings of $24.Three million, or $0.78 per share

• Adjusted EBITDA of $37.7 million

• Money from operations of $11.1 million

• Money, money equivalents, and investments in marketable securities of $931.Zero million as of June 30, 2022

Notice:

1. Core Income excludes income from COVID-19 testing services and products together with COVID-19 NGS testing income.

Non-GAAP earnings (loss) and adjusted EBITDA are described beneath below “Notice Concerning Non-GAAP Monetary Measures” and are reconciled to essentially the most straight comparable GAAP monetary measure, GAAP earnings (loss), within the accompanying tables.

Ming Hsieh, Chairman of the Board and Chief Govt Officer, stated, “We noticed sturdy development in our core enterprise within the second quarter whereas income from COVID-19 testing has returned to a extra normalized degree, as anticipated. We’re nonetheless within the very early phases of integrating and streamlining the operations of Inform Diagnostics into the Fulgent platform, however we’re inspired by the early optimistic momentum we’re seeing with the mixed enterprise. We additionally continued to realize traction in our oncology testing with the official opening of our west coast lab, whereas increasing our sequencing as a service enterprise for Biopharma purchasers. With our focus shifted squarely on our long-term core technique, we’re persevering with to judge methods to capitalize on strategic alternatives and increase our footprint throughout the genomic testing and therapeutics panorama. We’re excited concerning the alternatives we see for Fulgent on the long-term horizon and anticipate to proceed constructing on our momentum within the quarters forward.”

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Paul Kim, Chief Monetary Officer, stated, “Our second quarter outcomes got here in modestly forward of our expectations with our core enterprise doubling year-over-year amid a unstable macroeconomic backdrop. Now we have constructed a fantastic staff round a differentiated platform for genomic testing and are seeing the influence of those efforts materialize in our outcomes. The acquisition of Inform Diagnostics, which closed in late April, contributed properly to our development this quarter, and we anticipate to see ongoing traction with the mixed enterprise as we capitalize on incremental synergies over time. We stay extraordinarily effectively capitalized to execute on our development technique and plan to proceed investing in our gross sales group, geographic operational enlargement and in opportunistic acquisitions and partnerships that will come up. We’re happy with the sturdy development we anticipate to see in our core enterprise, which we’re forecasting can have an annual run price above $200 million by the top of the third quarter. We shall be offering a proper replace throughout our funding group convention name to shortly observe the issuance of this press launch.”

Outlook:

For the third quarter of 2022, Fulgent Genetics expects:

• Complete Income of roughly $105 million

• Core Income of roughly $54 million, representing development of 101% year-over-year

For the total yr 2022, Fulgent Genetics expects:

• Complete Income of roughly $665 million

• Core Income of roughly $185 million

• Non-GAAP earnings of roughly $6.00 per share

Fulgent has not reconciled its expectations as to non-GAAP earnings per share to their most straight comparable GAAP measure as a result of sure gadgets are out of Fulgent’s management or can’t be moderately predicted. Accordingly, a reconciliation for forward-looking non-GAAP earnings per share shouldn’t be obtainable with out unreasonable effort.

Convention Name Data

Fulgent Genetics will host a convention name for the funding group immediately at 4:30 PM ET (1:30 PM PT) to debate its second quarter 2022 outcomes. Press and business analysts are invited to attend in listen-only mode.

The decision might be accessed via a stay audio webcast within the Investor Relations part of the Firm’s web site, http://ir.fulgentgenetics.com, and thru a stay convention name by dialing (888) 221-3881 utilizing the affirmation code 6448347. An audio replay shall be obtainable within the Investor Relations part of the Firm’s web site.

Notice Concerning Non-GAAP Monetary Measures

Sure data set forth on this press launch, together with non-GAAP earnings (loss), non-GAAP earnings (loss) per share, and adjusted EBITDA are non-GAAP monetary measures. Fulgent Genetics believes this data is beneficial to traders as a result of it supplies a foundation for measuring the efficiency of the Firm’s enterprise excluding sure earnings or expense gadgets that administration believes are usually not straight attributable to the Firm’s working outcomes. Fulgent Genetics defines non-GAAP earnings (loss) as earnings (loss) calculated in accordance with accounting ideas typically accepted in the US of America, or GAAP, plus amortization of intangible belongings, plus restructuring prices, plus acquisition-related prices, together with banking charges and authorized charges related to the current acquisition, plus equity-based compensation expense, plus or minus the non-GAAP tax impact, and plus or minus different prices or features, as recognized, that administration believes are usually not consultant of the Firm’s operations. The non-GAAP tax impact is calculated by making use of the statutory company tax price on the amortization of intangible belongings, restructuring prices, acquisition-related prices, and equity-based compensation expense. Fulgent Genetics defines adjusted EBITDA as GAAP earnings (loss) plus or minus curiosity (expense) earnings, plus or minus provisions (advantages) for earnings taxes, plus restructuring prices, plus acquisition-related prices, plus equity-based compensation expense, plus depreciation and amortization, and plus or minus different prices or features, as recognized, that administration believes are usually not consultant of the Firm’s operations. Fulgent Genetics might proceed to incur bills just like the gadgets added to or subtracted from GAAP earnings (loss) to calculate non-GAAP earnings (loss) and adjusted EBITDA; accordingly, the exclusion of this stuff within the presentation of those non-GAAP monetary measures shouldn’t be construed as an implication that this stuff are uncommon, rare or non-recurring. Administration makes use of these non-GAAP monetary measures together with essentially the most straight comparable GAAP monetary measure of earnings (loss) in evaluating the Firm’s working efficiency. Non-GAAP monetary measures shouldn’t be thought of in isolation from, or as an alternative choice to, monetary data introduced in conformity with GAAP, and non-GAAP monetary measures as reported by Fulgent Genetics will not be akin to equally titled metrics reported by different corporations.

About Fulgent Genetics

Fulgent Genetics is a technology-based genetic testing firm centered on reworking affected person care in oncology, infectious and uncommon illnesses, and reproductive well being. Fulgent Genetics’ proprietary expertise platform has created a broad, versatile check menu and the power to repeatedly increase and enhance its proprietary genetic reference library whereas sustaining accessible pricing, excessive accuracy, and aggressive turnaround instances. Combining subsequent technology sequencing, or NGS, with its expertise platform, the Firm performs full-gene sequencing with deletion/duplication evaluation in an array of panels that may be tailor-made to fulfill particular buyer wants. A cornerstone of the Firm’s enterprise is its means to supply expansive choices and adaptability for all purchasers’ distinctive testing wants via a complete expertise providing together with cloud computing, pipeline companies, file administration, internet portal companies, scientific workflow, sequencing as a service and automatic laboratory companies.

Ahead-Trying Statements

This press launch comprises forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995. Examples of forward-looking statements on this press launch embrace statements about, amongst different issues: steerage relating to anticipated quarterly and annual monetary outcomes, together with revenues, core revenues, GAAP earnings, and non-GAAP earnings; evaluations and judgments relating to market place, stability sheet, money place, momentum, reinvestments, shareholder worth, acquisition methods, and synergies associated to and the efficiency of acquired companies (together with Inform Diagnostics), investments and partnerships, relationships and the Firm’s testing companies and expertise; future development and the Firm’s testing companies and applied sciences and enlargement; the Firm’s identification and analysis of alternatives and its means to capitalize on alternatives, seize market share, or to increase its presence in sure markets; and the Firm’s means to proceed to develop its enterprise.

Ahead-looking statements are statements apart from historic info and relate to future occasions or circumstances or the Firm’s future efficiency, and they’re primarily based on administration’s present assumptions, expectations, and beliefs regarding future developments and their potential impact on the Firm’s enterprise. These forward-looking statements are topic to a variety of dangers and uncertainties, which can trigger the forward-looking occasions and circumstances described on this press launch to not happen, and precise outcomes to vary materially and adversely from these described in or implied by the forward-looking statements. These dangers and uncertainties embrace, amongst others: the continued impacts of the COVID-19 pandemic, together with the preventive public well being measures that will proceed to influence demand for its assessments and the pandemic’s results on the worldwide provide chain; the market potential for, and the speed and diploma of market adoption of, the Firm’s assessments, together with its assessments for COVID-19 and genetic testing typically; the Firm’s means to seize a large share of the growing marketplace for genetic and COVID-19 testing and to compete efficiently in these markets, together with its means to proceed to develop new assessments which might be enticing to its varied buyer markets, its means to keep up turnaround instances and in any other case preserve tempo with quickly altering expertise; the Firm’s means to keep up the low inside prices of its enterprise mannequin, significantly because the Firm makes investments throughout its enterprise; the Firm’s means to keep up a suitable margin on gross sales of its assessments, significantly in gentle of accelerating aggressive pressures and different components that will proceed to scale back the Firm’s sale costs for and margins on its assessments; dangers associated to volatility within the Firm’s outcomes, which might fluctuate considerably from interval to interval; dangers related to the composition of the Firm’s buyer base, which might fluctuate from interval to interval and might be comprised of a small variety of prospects that account for a good portion of the Firm’s income; the Firm’s means to develop and diversify its buyer base and enhance demand from current and new prospects; the Firm’s investments in its infrastructure, together with its gross sales group and operational capabilities, and the extent to which these investments influence the Firm’s enterprise and efficiency and allow it to handle any development it could expertise in future durations; the Firm’s degree of success in acquiring protection and satisfactory reimbursement and collectability ranges from third-party payors for its assessments; the Firm’s degree of success in establishing and acquiring the meant advantages from partnerships, strategic investments, joint ventures, acquisitions, or different relationships; the Firm’s compliance with the varied evolving and sophisticated legal guidelines and laws relevant to its enterprise and its business; dangers related to the Firm’s worldwide operations; the Firm’s means to guard its proprietary expertise platform; and basic business, financial, political and market situations. On account of these dangers and uncertainties, forward-looking statements shouldn’t be relied on or seen as predictions of future occasions.

The forward-looking statements made on this press launch communicate solely as of the date of this press launch, and the Firm assumes no obligation to replace publicly any such forward-looking statements to replicate precise outcomes or to modifications in expectations, besides as in any other case required by regulation.

The Firm’s experiences filed with the U.S. Securities and Trade Fee, or the SEC, together with its annual report on Type 10-Ok for the yr ended December 31, 2021 filed with the SEC on February 28, 2022 and the opposite experiences it recordsdata now and again, together with subsequently filed annual, quarterly and present experiences, are made obtainable on the Firm’s web site upon their submitting with the SEC. These experiences comprise extra details about the Firm, its enterprise and the dangers affecting its enterprise, in addition to its outcomes of operations for the durations coated by the monetary outcomes included on this press launch.

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Contacts

Investor Relations Contact:
The Blueshirt Group
Nicole Borsje, 415-217-2633, nicole@blueshirtgroup.com