The share price of Fulgent Genetics, Inc. (NASDAQ: FLGT) skyrocketed in the after-hours trading session on Thursday 4th March after the announcement of its 4th quarter and full-year 2020 financial results. The share price increased by 34.46% in extending trading as the company had exceptional financial results.
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Fourth-quarter 2020 highlights
The company showed a growth of more than 3,400% year-over-year and recorded a revenue of $295.0 million. In the fourth quarter, the company delivered 3.2 million billable tests. Cost per test improved 36% sequentially. The company’s gross margin improved by 8% points sequentially and 26% points year-over-year. The company had a record GAAP income of $166.3 million or $6.16 per share. The company had a record Non-GAAP income of $167.5 million or $6.20 per share. Non-COVID-19 revenue grew 43% year-over-year. The company adjusted EBITDA was $230.1 million.
Financial highlights for Full Year 2020
The company revenue was $421.7 million. The company had an income of $214.3 million or $8.19 per share. Non-GAAP income was $218.9 million or $9.10 per share. Adjusted EBITDA was $301.3 million in the full year 2020, compared to $4.9 million in 2019.
FLGT 2021 Financial Outlook:
The company is looking to generate a revenue of approximately $800.0 million in 2021 with a 90% growth year-over-year. For the first quarter of 2021, the company is expecting a revenue of at least $325.0 million. The company is expecting that $70million out of $800 million will be grasped from Next Generation Sequencing (“NGS”) testing, and the remaining $730.0 million will be realized from non-NGS testing in the year 2021. The expected GAAP income is $380 million or more than $12.00 per share and a non-GAAP income of approximately $12.50 per share for the year 2021.
Ming Hsieh, Chairman and Chief Executive Officer Ming Hsieh said that their record fourth-quarter results proved that they had a transformational year for Fulgent Genetics. He said that he is proud of his team for supporting the business during a tough time in 2020. He furthermore said that while the company did the majority of the business from COVID-19 related testing in the country and the company become the top providers of COVID-19 testing.
The CFO of the company Paul Kim said that, despite the pandemic challenges in the year 2020, we ere able to grow their company at an exceptional rate and scaled their COVID-19 testing capabilities. He appreciates his workers and said that their team was able to process approximately 3.2 million tests in the quarter and more than 4.4 million tests in the year, compared to 59,000 tests in all of 2019.
Conference Call Information
Fulgent Genetics will host a conference call for the investment community today at 4:30 PM ET (1:30 PM PT) to discuss its fourth quarter and full-year 2020 results. Please go to the company’s website http://ir.fulgentgenetics.com, and through a live conference call by dialing (855) 321-9535 using the conference ID 7669989.