Fulgent Genetics (FLGT) Q4 2025 earnings summary

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, driven by laboratory services and growth in precision diagnostics and anatomic pathology.

• Investments in AI, digital pathology, and proprietary platforms like Eziopath enhanced operational efficiency and throughput.

• Advanced therapeutic pipeline with FID-007 completing Phase II enrollment and FID-022 progressing through Phase I.

• Announced acquisition of Bako Diagnostics and StrataDx for $55.5–$56 million, expected to close in March 2026, expanding anatomic pathology and national client base.

• Ended 2025 with $705.5 million in cash, cash equivalents, restricted cash, and marketable securities.

Financial highlights

• Q4 2025 revenue: $83.3 million (up 9% year-over-year); full-year 2025 revenue: $322.7 million (up 14%).

• Q4 non-GAAP gross margin: 41%; GAAP gross margin: 39.1%; full-year non-GAAP gross margin: 42.7%.

• Q4 GAAP loss: $23.4 million; adjusted EBITDA loss: $4.5 million; full-year GAAP loss: $60.5 million; non-GAAP income: $13.2 million.

• Operating expenses for 2025 were $222 million; equity-based compensation totaled $39.6 million.

• Ended 2025 with $705.5 million in cash and investments.

Outlook and guidance

• 2026 revenue guidance: ~$350 million (8–8.5% year-over-year growth), with first half impacted by major customer loss, offset by Bako/StrataDx acquisition.

• 2026 non-GAAP EPS guidance: loss of $1.45 per share; non-GAAP gross margin expected slightly above 40%.

• Anticipated 2026 year-end cash: ~$685 million, assuming $106 million tax refund is received and factoring in acquisitions and capital expenditures.

• No single customer expected to account for more than 10% of revenue in 2026.