Shares of the testing services and comprehensive testing solutions technology company Fulgent Genetics, Inc. (NASDAQ: FLGT) rocketed 34.46% in the after-hour trades on Thursday. Release of the financial results helped the stock to rise in after-hour which remained declining in regular session.
What says the company’s performance?
Fulgent Genetics’ proprietary technology platform has helped it to build an extensive menu of tests, deliver accurate results, and optimize genetic reference panels, all at a fair price point. The Company combines Next Generation Sequencing (NGS) with its technology platform to perform full-genome sequencing together with deletion/duplication analysis in a variety of panel formats tailored to meet customer-specific needs. A new line of screening tests known as Picture Genetics launched in 2019. The tests were created by the Company to facilitate patient-based testing, providing a more personalized treatment approach.
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As of March 2020, the Company has commercialized a variety of tests for the detection of SARS-CoV-2. These tests include NGS and reverse transcription-polymerase chain reaction (“RT-PCR”) based tests. These tests use upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) to detect SARS-CoV-2. The FDA has previously granted the Company Emergency Use Authorization (EUA) for RT-PCR-based tests and for the at-home testing service handled by Picture Genetics.
For the period ended December 31, 2020, FLGT today reported financial results for its Q4 and full-year 2020. Highlights of the financial results are as follows:
- Revenue increased 3,400% from $8.4 million in the fourth quarter of 2019 to $295.0 million in the fourth quarter of 2020.
- Income for the reported quarter was $166.3 million, or $6.16 per share against a loss of -$0.30 million or -$0.01 per share.
- Adjusted EBITDA came at $230.1 million against that of $1.1 million in the same quarter a year ago.
- A year-over-year increase of 1,200% was posted for 2020 total revenues of $421.7 million against revenue for 2019 of $32.5 million.
- Full-year 2020 income was $214.3 million, or $8.91 per share compared to a loss of -$0.41 million or -$0.02 per share in 2019.
- Adjusted EBITDA for the year 2020 was $301.3 million against that of $4.9 million in 2019.