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Fulgent Genetics, Inc. provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases. Its therapeutic development solutions focus on developing drug candidates for treating a range of cancers using a nanoencapsulation and targeted therapy platform to enhance the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The company operates picture genetics platform, which includes gene probes, data suppression and comparison algorithms, adaptive learning software, and proprietary laboratory information management systems that helps customers to identify health markers in their personal DNA. It serves insurance, hospitals, medical institutions, other laboratories, governmental bodies, payors, large corporations, and patients. Fulgent Genetics, Inc. was formerly known as Fulgent Diagnostics, Inc. and changed its name to Fulgent Genetics, Inc. in August 2016. The company was founded in 2011 and is headquartered in El Monte, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $323M | $-46M | $-61M | $-124M | -5.4% | 13.8% | 41.7% |
| 2024 | $283M | $-49M | $-43M | $-19M | -3.8% | -2.0% | -74.6% |
| 2023 | $289M | $-147M | $-168M | $5M | -14.8% | -53.3% | -217.0% |
| 2022 | $619M | $218M | $143M | $235M | 11.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 618.97 | 289.21 | 283.47 | 322.67 |
| Operating Revenue | - | 618.97 | 289.21 | 283.47 | 322.67 |
| Cost Of Revenue | - | 252.07 | 184.76 | 176.26 | 191.80 |
| Gross Profit | - | 366.90 | 104.46 | 107.22 | 130.88 |
| Operating Expense | - | 185.40 | 179.75 | 181.13 | 221.97 |
| Research And Development | - | 28.91 | 41.44 | 48.82 | 53.90 |
| Selling General And Administration | - | 149.99 | 130.47 | 124.35 | 160.04 |
| Total Expenses | - | 437.47 | 364.51 | 357.39 | 413.77 |
| Operating Income | - | 181.50 | -75.30 | -73.92 | -91.10 |
| Total Operating Income As Reported | - | 178.53 | -195.53 | -73.92 | -91.10 |
| EBITDA | - | 217.70 | -147.45 | -48.99 | -45.83 |
| Normalized EBITDA | - | 220.68 | -27.22 | -38.92 | -35.90 |
| EBIT | - | 185.04 | -173.60 | -73.92 | -69.95 |
| Interest Income | - | 5.62 | 21.61 | 31.47 | 30.92 |
| Interest Expense | - | 1.01 | 0.49 | - | 0.08 |
| Net Interest Income | - | 4.61 | 21.12 | 31.47 | 30.84 |
| Other Non Operating Income Expenses | - | 0.89 | 0.32 | 0.56 | 0.15 |
| Other Income Expense | - | -2.09 | -119.91 | -9.51 | -9.77 |
| Interest Income Non Operating | - | 5.62 | 21.61 | 31.47 | 30.92 |
| Interest Expense Non Operating | - | 1.01 | 0.49 | - | 0.08 |
| Net Non Operating Interest Income Expense | - | 4.61 | 21.12 | 31.47 | 30.84 |
| Pretax Income | - | 184.02 | -174.08 | -51.96 | -70.03 |
| Tax Provision | - | 42.10 | 1.15 | -8.14 | -8.39 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.68 | -25.25 | -1.62 | -1.19 |
| Net Income Continuous Operations | - | 141.92 | -175.24 | -43.82 | -61.63 |
| Net Income From Continuing And Discontinued Operation | - | 143.40 | -167.82 | -42.71 | -60.51 |
| Net Income From Continuing Operation Net Minority Interest | - | 143.40 | -167.82 | -42.71 | -60.51 |
| Net Income | - | 143.40 | -167.82 | -42.71 | -60.51 |
| Net Income Common Stockholders | - | 143.40 | -167.82 | -42.71 | -60.51 |
| Net Income Including Noncontrolling Interests | - | 141.92 | -175.24 | -43.82 | -61.63 |
| Normalized Income | - | 145.70 | -72.84 | -34.26 | -51.78 |
| Diluted NI Availto Com Stockholders | - | 143.40 | -167.82 | -42.71 | -60.51 |
| Basic Average Shares | - | 30.10 | 29.78 | 30.24 | 30.78 |
| Diluted Average Shares | - | 30.96 | 29.78 | 30.24 | 30.78 |
| Reconciled Depreciation | - | 32.66 | 26.14 | 24.93 | 24.12 |
| Reconciled Cost Of Revenue | - | 225.90 | 166.46 | 159.29 | 175.70 |
| Total Unusual Items | - | -2.98 | -120.23 | -10.07 | -9.93 |
| Total Unusual Items Excluding Goodwill | - | -2.98 | -120.23 | -10.07 | -9.93 |
| Minority Interests | - | 1.48 | 7.41 | 1.11 | 1.12 |
| Earnings From Equity Interest Net Of Tax | 3.73 | 0 | 0 | - | - |
| Special Income Charges | - | -2.98 | -120.23 | -10.07 | -9.93 |
| Write Off | - | 0 | 0 | 10.07 | 9.93 |
| Impairment Of Capital Assets | - | 0 | 120.23 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 2.98 | 0 | 0 | - |
| Depreciation Amortization Depletion Income Statement | - | 6.50 | 7.84 | 7.96 | 8.03 |
| Depreciation And Amortization In Income Statement | - | 6.50 | 7.84 | 7.96 | 8.03 |
| General And Administrative Expense | - | 111.07 | 89 | 88.11 | 116.66 |
| Other Gand A | - | 111.07 | 89 | 88.11 | 116.66 |
| Salaries And Wages | 3.48 | - | - | - | - |
| Selling And Marketing Expense | - | 38.92 | 41.47 | 36.25 | 43.37 |
| Amortization | - | 6.50 | 7.84 | 7.96 | 8.03 |
| Amortization Of Intangibles Income Statement | - | 6.50 | 7.84 | 7.96 | 8.03 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fulgent Genetics, Inc.this co. | FLGT | $554M | -9.15 | 0.50 | -5.4% | -11.16 |
| MiMedx Group, Inc. | MDXG | $563M | 11.59 | 2.19 | 18.9% | 5.27 |
| Rigel Pharmaceuticals, Inc. | RIGL | $560M | 1.52 | 1.43 | 93.8% | 4.35 |
| Ironwood Pharmaceuticals, Inc. | IRWD | $560M | 23.30 | -2.14 | -9.2% | 9.00 |
| Cytek Biosciences, Inc. | CTKB | $559M |
| - |
| - |
| - |
| - |
| - |
| - |
| -8.40 |
| 1.64 |
| -19.5% |
| -28.29 |
| Cerus Corporation | CERS | $559M | - | 8.70 | -24.3% | - |
| NeuroPace, Inc. | NPCE | $556M | -25.92 | 29.24 | -112.8% | -50.21 |
| Tectonic Therapeutic, Inc. | TECX | $550M | -7.41 | 2.19 | -29.5% | -4.16 |
| Strata Critical Medical, Inc. | SRTA | $542M | 13.10 | 1.94 | 14.8% | -36.28 |
| Peer Median | - | 1.52 | 2.06 | -14.3% | -4.16 | |