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Fulgent Genetics (FLGT) investor relations material
Fulgent Genetics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved full-year 2025 revenue of $322.7 million, up 14% year-over-year, with Q4 revenue at $83.3 million, a 9% increase year-over-year.
Laboratory services, especially precision diagnostics and anatomic pathology, were key revenue drivers, supported by investments in AI and digital pathology.
Therapeutic pipeline advanced: FID-007 completed Phase II enrollment and FID-022 progressed through Phase I.
Announced acquisition of Bako Diagnostics and StrataDx for $55.5–$56 million, expected to close in March 2026, expanding anatomic pathology services.
Proprietary technology and AI/ML analytics enabled rapid test development and operational efficiency.
Financial highlights
Q4 2025 gross margin was 41% non-GAAP and 39.1% GAAP; full-year gross margin was 42.7% non-GAAP and 40.6% GAAP.
Q4 GAAP loss was $23.4 million; adjusted EBITDA loss was $4.5 million.
Full-year non-GAAP income was $13.2 million, or $0.42 per share; Q4 non-GAAP EPS was $0.16.
Ended 2025 with $705.5 million in cash, cash equivalents, restricted cash, and marketable securities.
Operating cash flow was $(102) million, impacted by a delayed $106 million federal tax refund.
Outlook and guidance
2026 revenue guidance is $350 million, up 8–8.5% year-over-year, with Bako and StrataDx expected to contribute $50–$56 million.
Non-GAAP EPS guidance for 2026 is a loss of $1.45 per share.
Anticipated 2026 year-end cash position of $685 million, assuming receipt of delayed $106 million tax refund and factoring in acquisitions.
Non-GAAP gross margins expected slightly above 40% for 2026, with lower margins in H1 due to revenue mix.
Non-GAAP operating margin projected to decrease to between -8% and -18% for 2026.
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