Fulgent Genetics
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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.
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Q4 2025 earnings summary27 Feb, 2026

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.

Net revenue impact of customer loss vs. acquisitions?
2026 therapeutic pipeline key milestones?
What is the status of the $106M tax refund?
2026 customer concentration profile
Bako/StrataDx digital pathology integration
Key milestones for therapeutic pipeline
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Frequently asked questions

Fulgent Genetics, Inc. provides clinical genetic testing services in the United States and internationally. It offers genetic testing services for various types of heredity conditions, such as intellectual disability and movement disorders; infectious diseases, including sexually transmitted infections; pharmacogenetic tests to help individuals determine drug sensitivities; oncology testing services focused on inherited cancer predisposition; prenatal genetic testing for genetic abnormalities; and pediatric and adult behavioral tests for attention deficit hyperactivity disorders. The company also provides COVID-19 testing kits to physicians. In addition, it offers development of customized multi-gene panels for clinical trial recruitment, which are designed for specific panels of genes associated with various genotypes or phenotypes; and PathFinderTG tool that evaluates the likelihood that a patient's symptoms could be caused by an underlying genetic condition. Fulgent Genetics, Inc. was founded in 2011 and is headquartered in Temple City, California.

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