Fulgent Genetics (FLGT) Q4 2025 earnings summary

Executive summary

• Achieved $322.7 million in 2025 revenue, up 14% year-over-year, with Q4 revenue of $83.3 million, up 9% year-over-year.

• Investments in AI, digital pathology, and proprietary technology platforms drove operational efficiency and product innovation, including the launch of Eziopath and new sequencing tests.

• Clinical pipeline advanced with FID-007 completing phase II enrollment and FID-022 progressing through phase I dose escalation.

• Announced acquisition of Bako Diagnostics and StrataDx for $55.5–$56 million to expand anatomic pathology services and national reach, factored into 2026 guidance.

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

Financial highlights

• Q4 2025 revenue was $83.3 million, up 9% year-over-year; full-year revenue was $322.7 million, up 14%.

• Q4 gross margin was 39.1% GAAP and 41% non-GAAP; full-year gross margin was 40.6% GAAP and 42.7% non-GAAP.

• Full-year non-GAAP income was $13.2 million ($0.42/share); Q4 GAAP loss was $23.4 million; adjusted EBITDA loss was $4.5 million.

• Operating cash flow was $(102) million, impacted by a delayed $106 million federal tax refund due to government shutdown.

• Non-GAAP operating margin for the year was -8.4%.

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 year-end 2026 cash position of $685 million, assuming receipt of delayed tax refunds and factoring in acquisitions.

• Revenue from the largest customer expected to drop from $70.8 million in 2025 to $11.8 million in 2026; no single customer expected to account for more than 10% of revenue in 2026.