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.
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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.