Fulgent Genetics (FLGT) investor relations material

Executive summary

• Core revenue reached $81.7M–$82M, up 15–16% year-over-year, with total revenue at $81.8M for Q2 2025, driven by growth in laboratory services, precision diagnostics, and recent acquisitions.

• Net loss was $19M, impacted by a $9.9M non-cash impairment charge; non-GAAP income was $2.1M ($0.07 per share).

• Gross margin improved to 42–42.1% (GAAP) and 44.1–44.2% (non-GAAP), with gross profit up 30% year-over-year.

• Expanded managed care agreements, launched new genome sequencing services, and completed acquisitions of Inform Diagnostics, CSI Labs, and ANP/AMP Technologies.

• Ended Q2 with $777.5M–$778M in cash, cash equivalents, and marketable securities.

Financial highlights

• Q2 2025 core revenue: $81.7M–$82M, up 16% year-over-year; total revenue: $81.8M.

• GAAP gross margin: 42–42.1%; non-GAAP gross margin: 44.1–44.2%.

• Operating loss: $19.7M (GAAP); non-GAAP operating loss: $7.7M; adjusted EBITDA loss: $3M.

• Net loss per share: ($0.62) GAAP; non-GAAP EPS: $0.07.

• Share repurchases totaled 130,000–200,000 shares for $2.2M–$3M in Q2; $139.6M remains under the program.

Outlook and guidance

• Raised 2025 core revenue guidance to $320M, representing 14% year-over-year growth.

• Full-year non-GAAP gross margin expected to slightly exceed 40%; non-GAAP operating margin to improve to -13%.

• Non-GAAP EPS guidance improved to a loss of $0.35 per share; GAAP EPS guidance at a loss of $2.10 per share.

• Year-end 2025 cash and investments projected at ~$770M, with sufficient liquidity for ongoing investments.

• R&D expenses expected to rise as clinical trials progress; no material future COVID-19 testing revenue expected.