The following is a summary of the Fulgent Genetics (FLGT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Fulgent Genetics reported Q4 revenue of $70 million, an increase compared to Q4 2022's $68 million. The full-year revenue exceeded guidance, ending at $262 million, a 44% YoY increase.

• A one-time non-cash goodwill impairment charge of $120 million was incurred due to sustained share price decline, impacting GAAP expenses that reached $176.4 million.

• The non-GAAP operating expenses totalled $45.1 million.

• The Adjusted EBITDA loss for Q4 was $6.8 million, an improvement compared to $15.1 million in Q4 2022.

• Fulgent Genetics ended Q4 with around $848 million in cash, cash equivalents, and marketable securities, and projects a total revenue approximating $280 million in 2024, implying a 7% YoY core revenue growth.

Business Progress:

• Fulgent is advancing its therapeutic development business, with FID-007 showing encouraging results in cancer trials and FID-002 IND application planned for year-end.

• The company has introduced successful products like the Beacon expanded carrier screening panel and Beacon preconception panel and partnered with Cooper Surgical to offer exclusive newborn genetic screening panels.

• There are plans to enhance operating margins in the anatomic pathology business unit and substantial technological investments for fostering innovation.

• Despite anatomic pathology revenues facing pricing and contract rate challenges, Fulgent Genetics sees promise in precision diagnostics, identified as the highest growth area for 2024.

• With around $150.7 million available, the company continues to commit to common stock repurchasing.

More details: Fulgent Genetics IR

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