Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2020 Earnings Conference Call August 4, 2020 4:30 PM ET Company Participants Nicole Borsje - Head, IR Ming Hsieh - Chief Executive Officer Paul Kim - Chief Commercial Officer Brandon Perthuis - Chief Commercial Officer Conference Call Participants Sung Ji Nam - BTIG Steven Mah - Piper Sandler Operator Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2020 Fulgent Genetics Earnings Conference Call. At this time all participants are in listen-only m ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37894 FULGENT GENETICS, INC. (exact name of registrant as specified in its charter) Delaware 81-2621304 ( State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37894 FULGENT GENETICS, INC. (exact name of registrant as specified in its charter) Delaware 81-2621304 ( State or other jurisdic ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q1 2020 Earnings Conference Call May 4, 2020 4:30 PM ET Company Participants Nicole Borsje - Head, IR Ming Hsieh - CEO Paul Kim - CFO Brandon Perthuis - Chief Commercial Officer Conference Call Participants Erin Wright - Credit Suisse Steven Mah - Piper Sandler Operator Good afternoon ladies and gentlemen, and welcome to the Q1 2020 Fulgent Genetics Earnings Conference Call. [Operator Instructions] As a reminder this call is being recorded. I would now like to hand the c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37894 FULGENT GENETICS, INC. (Exact name of registrant as specified in its charter) Delaware 81-2621304 (State or other jurisdiction ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q4 2019 Earnings Conference Call March 10, 2020 4:30 PM ET Company Participants Nicole Borsje - Head, IR Ming Hsieh - CEO Paul Kim - CFO Brandon Perthuis - Chief Commercial Officer Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. And welcome to the Q4 2019 Fulgent Genetics Earnings Conference Call. [Operator Instructions] Please be advised, that today's conference is being recorded. [Operator Instructions] I would now like to hand th ...

Revenue Growth - Revenue increased by $4.7 million, or 84%, from $5.6 million in Q3 2018 to $10.3 million in Q3 2019[113] - Revenue for the nine months ended September 30, 2019, was $24.1 million, an increase of $8.5 million, or 54%, from $15.7 million in the same period in 2018[113] - Revenue from a group of affiliated customers contributed 40% and 33% of total revenues in Q3 2019 and the nine months ended September 30, 2019, respectively[117] Test Delivery Metrics - The number of billable tests delivered increased to 20,697 in Q3 2019, a 272% increase from 5,569 in Q3 2018[111] - The number of billable tests delivered increased by 15,128, from 5,569 in Q3 2018 to 20,697 in Q3 2019, and increased by 28,706, from 15,890 in the nine months ended September 30, 2018 to 44,596 in the same period of 2019[116] - Compound quarterly growth of 26% in the number of billable tests delivered over the last eight completed fiscal quarters[106] Pricing and Cost Efficiency - Average price per billable test delivered decreased from $1,010 in Q3 2018 to $500 in Q3 2019, a 50% decline[114] - Cost per billable test delivered decreased from $469 in Q3 2018 to $188 in Q3 2019, a 60% reduction[111] - Cost per billable test delivered decreased by $281, or 60%, from $469 in Q3 2018 to $188 in Q3 2019, and decreased by $264, or 53%, from $499 to $235 in the nine months ended September 30, 2018 and 2019, respectively[120] Profitability - Gross profit for Q3 2019 was $6.5 million, a 114% increase from $3.0 million in Q3 2018[111] - Net income for Q3 2019 was $1.5 million, compared to a net loss of $595,000 in Q3 2018[111] - The company achieved profitability in Q2 and Q3 of 2019, but recorded losses in all other periods since inception[106] Cost of Revenue - Cost of revenue increased by $1.3 million, or 49%, from $2.6 million in Q3 2018 to $3.9 million in Q3 2019, and increased by $2.5 million, or 32%, from $7.9 million in the nine months ended September 30, 2018 to $10.5 million in the same period of 2019[118][119] Operating Expenses - Research and development expenses increased by $306,000, or 21%, from $1.4 million in Q3 2018 to $1.7 million in Q3 2019, and increased by $634,000, or 15%, from $4.1 million to $4.7 million in the nine months ended September 30, 2018 and 2019, respectively[123][124] - Selling and marketing expenses increased by $572,000, or 51%, from $1.1 million in Q3 2018 to $1.7 million in Q3 2019, and increased by $739,000, or 21%, from $3.5 million to $4.3 million in the nine months ended September 30, 2018 and 2019, respectively[125][126] - General and administrative expenses increased by $216,000, or 17%, from $1.3 million in Q3 2018 to $1.5 million in Q3 2019, and increased by $523,000, or 13%, from $4.2 million to $4.7 million in the nine months ended September 30, 2018 and 2019, respectively[127][128] Cash Flow and Financial Position - Cash provided by operating activities for the nine months ended September 30, 2019 was $5.6 million, an increase from a cash used of $1.5 million in the same period of 2018[143][144] - Cash provided by investing activities in the nine months ended September 30, 2019 was $7.0 million, compared to $3.5 million in the same period of 2018[145][146] - Cash provided by financing activities for the nine months ended September 30, 2019 was $1.1 million, while financing activities in the same period of 2018 were minimal[147][149] - As of September 30, 2019, the company had $6.7 million in cash and cash equivalents and $30.7 million in marketable securities[135] Accounting and Compliance - The company has opted out of the extended transition period under the JOBS Act, committing to comply with new accounting standards as they are adopted[154] - There were no significant changes to critical accounting policies and estimates from the 2018 Annual Report[152] - The company currently has no off-balance sheet arrangements that could materially affect its financial condition[156]

Financial Data and Key Metrics Changes - Revenue growth of 84% year-over-year to a record $10.3 million in Q3 2019 [10][28] - Billable tests increased by 272% year-over-year to a new record high of 20,697 [11][29] - Non-GAAP gross margin improved to 64%, up approximately 8 percentage points year-over-year [11][30] - GAAP income was $1.5 million, while non-GAAP income was $2.6 million, with non-GAAP earnings per share at $0.14 [12][34] - Cash provided by operating activities was approximately $3.9 million, compared to $675,000 in the previous quarter [35][36] Business Line Data and Key Metrics Changes - Strong demand for oncology tests and reproductive health business, particularly hereditary cancer panels [13] - Increased demand for sequencing service business from channel partners in genomics [14] - New test offerings, including a reproductive health test for IVF, contributing to growth [26] Market Data and Key Metrics Changes - U.S. business revenue grew 159% year-over-year, representing 82% of total revenue [28][29] - ASP remained flat at $500 per test, with cost per test improving to $179 [11][29] - The company anticipates fluctuations in short-term demand as it diversifies its business [16] Company Strategy and Development Direction - Focus on commercialization strategy, including international growth and collaborations with key medical institutions [41] - Emphasis on maintaining a sustainable business model while driving down costs [56] - Introduction of Picture Genetics, a consumer genetic testing offering, aimed at expanding market reach [22][24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about market position and growth opportunities despite potential fluctuations in demand [15][37] - Anticipation of approximately $8 million in revenue for Q4, leading to a full-year revenue estimate of $32 million, representing a 50% growth rate [39] - Confidence in the company's ability to sustain growth and manage operational efficiencies [70] Other Important Information - The company has no debt and ended the quarter with $43.6 million in cash and equivalents [36] - Continued investment in research and development to enhance test offerings [26] Q&A Session Summary Question: Key drivers of volume growth and outlook for Q4 - Management noted that growth was driven by new test introductions and strong demand in oncology and reproductive health [44][45] Question: Pricing environment and ASP dynamics - Management acknowledged competitive pricing pressures but emphasized maintaining a sustainable business model with strong gross margins [56][58] Question: Product mix and payer network dynamics - Management indicated strong demand for carrier screening tests and noted ongoing relationships with cancer research institutions [61][63] Question: Volume growth drivers and operational capabilities - Management highlighted the impact of technology investments and operational efficiencies in handling increased volume [66][70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37894 FULGENT GENETICS, INC. (exact name of registrant as specified in its charter) Delaware 81-2621304 ( State or other jurisdict ...

Fulgent Genetics, Inc. (NASDAQ:FLGT) Q2 2019 Earnings Conference Call August 5, 2019 4:30 PM ET Company Participants Nicole Borsje - Head, IR Ming Hsieh - CEO Paul Kim - CFO Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the Q2 2019 Fulgent Genetics Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the conference over to your host, Ms. Nicole Borsje from Investor Relations. Ma'am, please go ah ...