Fulgent Reports Third Quarter 2023 Financial Results

 

• Core Revenue of $66 million represents Growth of 17% Year-over-Year
• Additional Reimbursement from COVID-19 Test Sales yields Revenue of $19 million, for Total Revenue of $85 million
• Reiterates Full Year 2023 Core Revenue Guidance of $260 million

Outlook

For the full year 2023, Fulgent expects:

• Core Revenue of approximately $260 million
• GAAP loss of approximately $2.15 per share
• Non-GAAP loss of $0.95 per share
• Cash, cash equivalents, and investments in marketable securities of approximately $830 million as of December 31, 2023*

*Cash expenditures may be higher or lower than currently estimated due to a variety of facts and circumstances, including as a result of the Company’s ongoing stock repurchase program or other expenditures outside of ordinary course.

Conference Call Information

Fulgent will host a conference call for the investment community today at 8:30 AM ET (5:30 AM PT) to discuss its third quarter 2023 results. The call may be accessed through a live audio webcast on the Investor Relations section of the Company’s website, http://ir.fulgentgenetics.com. An audio replay will be available at the same location.

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