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FLGT

Fulgent Genetics, Inc.

FLGT

Fulgent Genetics, Inc. • NASDAQ
$29.58 ▼ -1.89% (-0.57)
Market Cap $907.97 M
52w High $31.04
52w Low $14.57
Dividend Yield 0%
P/E -21.13
Volume 106.41K
Outstanding Shares 30.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $84.069M ▲ $50.862M ▼ $-6.608M ▲ -7.86% ▲ $-0.21 ▲ $-77.001K ▲
Q2-2025 $81.803M ▲ $54.148M ▲ $-18.957M ▼ -23.174% ▼ $-0.61 ▼ $-15.448M ▼
Q1-2025 $73.463M ▼ $48.141M ▲ $-11.53M ▼ -15.695% ▼ $-0.37 ▼ $-5.79M ▲
Q4-2024 $76.214M ▲ $47.984M ▲ $-5.888M ▲ -7.726% ▲ $-0.19 ▲ $-9.943M ▲
Q3-2024 $71.743M $43.85M $-14.648M -20.417% $-0.48 $-12.598M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $375.803M ▲ $1.215B ▲ $93.806M ▲ $1.126B ▲
Q2-2025 $292.927M ▼ $1.2B ▼ $88.202M ▲ $1.117B ▼
Q1-2025 $320.321M ▲ $1.206B ▼ $82.974M ▼ $1.127B ▼
Q4-2024 $258.106M ▲ $1.22B ▼ $90.805M ▼ $1.133B ▼
Q3-2024 $213.069M $1.234B $98.865M $1.138B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.826M ▲ $11.107M ▲ $19.084M ▼ $-445K ▲ $29.761M ▲ $5.057M ▲
Q2-2025 $-19.256M ▼ $-30.171M ▼ $53.404M ▲ $-2.638M ▲ $20.599M ▲ $-36.997M ▼
Q1-2025 $-11.899M ▼ $-4.431M ▼ $27.729M ▲ $-11.172M ▼ $12.137M ▲ $-9.149M ▼
Q4-2024 $-6.19M ▲ $25.018M ▲ $-27.455M ▼ $-327K ▲ $-2.898M ▲ $21.24M ▲
Q3-2024 $-14.694M $-15.509M $8.985M $-567K $-6.934M $-35.046M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Laboratory Services
Laboratory Services
 $140.00M ▲$70.00M ▼$80.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Fulgent’s income statement tells a story of a company coming off an exceptional pandemic-era peak and resetting to a more normal, smaller base of business. Revenue surged during the COVID testing boom and has since declined substantially, then leveled off more recently. Profitability followed the same pattern: very strong profits in 2020–2022 have given way to operating losses in the last two years as volumes fell and the company continued to spend on growth, particularly in oncology and therapeutics. Today, the business looks transitionary: core diagnostics is no longer generating the windfall it once did, and the company is absorbing higher operating and R&D costs, which push earnings into the red even though the underlying franchise still produces healthy gross margins.

Balance Sheet

Balance Sheet The balance sheet is a relative bright spot. Fulgent built up a solid asset and equity base during the high-profit years and has kept debt extremely low. Cash holdings are meaningful, though below prior peaks, which gives the company some cushion to fund its strategic pivot into precision oncology and drug development. Overall, the company appears conservatively financed, with ample equity supporting its operations and only modest financial leverage. That gives it flexibility, but the key watchpoint is how long it can maintain that strength if operating losses persist.

Cash Flow

Cash Flow Cash flow remains more resilient than earnings. The company still generates positive cash from its day-to-day operations, though at much lower levels than during the pandemic tailwind. After capital spending, free cash flow has slipped toward break-even and recently dipped slightly negative, suggesting the company is reinvesting in its platform and pharma initiatives while its cash engine is weaker than before. Capital expenditures are manageable and not excessive, but sustained negative free cash flow over multiple years would eventually start drawing down the cash buffer, so the trajectory of core diagnostics and new revenue streams matters a lot.

Competitive Edge

Competitive Edge Fulgent occupies a differentiated niche in genetic testing by combining a very broad, customizable test menu with a technology platform designed for high accuracy, flexible panels, and competitive turnaround times. Its ability to offer thousands of gene tests and tailored panels gives clinicians and research partners a one-stop shop, which can reduce the need for repeat testing and deepen relationships. Vertical integration through the acquisition of Fulgent Pharma extends its role from diagnostics into therapeutics, creating a more comprehensive precision medicine offering that many pure-play labs cannot match. At the same time, the diagnostics field is crowded and price-sensitive, with large, well-funded rivals, so maintaining volume growth and favorable pricing remains a key challenge despite these advantages.

Innovation and R&D

Innovation and R&D Innovation is central to Fulgent’s strategy. The company has a history of being early with advanced sequencing methods, and it continues to enhance its platform with AI-driven workflows that speed up and refine pathology results. It is actively expanding its patent portfolio across next-generation sequencing, novel biomarkers, and data analysis methods, which helps support a technology moat. On top of diagnostics, the pipeline at Fulgent Pharma—especially its nanoencapsulated oncology drugs—could be transformational if clinical trials succeed, but those programs are still in early to mid stages and carry the usual scientific, regulatory, and commercial risks. The company is also experimenting across the value chain with at-home testing, whole-genome offerings, specialized prenatal tests, and biopharma services, all of which show a strong R&D and product-development culture aimed at multiple future growth avenues.

Summary

Overall, Fulgent looks like a company in the middle of a strategic transition. The pandemic era left it with a stronger balance sheet and a proven diagnostics platform, but revenue and profits have reset sharply lower now that COVID testing has faded. Management appears to be using that financial foundation to push into higher-value areas like oncology therapeutics and advanced precision medicine services, which could meaningfully change the mix of the business over time. The upside is a potentially more durable, higher-impact portfolio anchored in both diagnostics and drugs; the downside is pressure on near-term earnings and cash flow as R&D and operating spending stay high while core testing volumes are more modest. How effectively Fulgent can grow its non-pandemic diagnostics business and advance its drug candidates will be central to its long-term financial profile and competitive standing.

NEWS

November 7, 2025 · 4:05 PM UTC

Fulgent to Participate in Upcoming Conferences

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November 7, 2025 · 7:05 AM UTC

Fulgent Reports Third Quarter 2025 Financial Results

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October 20, 2025 · 6:00 AM UTC

Fulgent Shares Preliminary Data from Poster Presentation at ESMO 2025 Conference

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October 16, 2025 · 7:00 AM UTC

Fulgent to Announce Third Quarter 2025 Financial Results on Friday, November 7, 2025

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