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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