Fulgent Genetics(FLGT) - 2024 Q4 - Annual Results

Revenue Performance - Full Year Total Revenue reached $283.5 million, with Core Revenue growing 7% year-over-year to $281.2 million[6] - Fourth Quarter Total Revenue was $76.2 million, with Core Revenue increasing 14% year-over-year to $76.0 million[6] - Revenue for Q4 2024 was $76,214,000, a 8.4% increase from $70,505,000 in Q4 2023[20] Financial Results - GAAP loss for the full year was $42.7 million, or ($1.41) per share, while Non-GAAP income was $15.0 million, or $0.49 per share[6] - Projected GAAP loss for 2025 is approximately ($1.95) per share, with Non-GAAP loss expected to be approximately ($0.65) per share[10] - Net loss attributable to Fulgent for Q4 2024 was $5,888,000, compared to a net loss of $128,149,000 in Q4 2023[21] - Non-GAAP income attributable to Fulgent for Q4 2024 was $1,163,000, compared to $8,269,000 in Q4 2023[21] Cash and Investments - Cash, cash equivalents, restricted cash, and investments in marketable securities totaled $828.6 million as of December 31, 2024, representing cash per share of $26.87[6] - Cash from operations for the full year 2024 was $21.1 million[6] - Interest income for Q4 2024 was $8,123,000, an increase from $5,810,000 in Q4 2023[20] Operating Performance - Operating loss for Q4 2024 was $16,135,000, significantly improved from a loss of $151,121,000 in Q4 2023[20] - Non-GAAP operating loss for Q4 2024 was $3,735,000, an improvement from a loss of $17,497,000 in Q4 2023[23] - Total operating expenses for Q4 2024 were $47,984,000, down from $176,350,000 in Q4 2023, primarily due to the absence of goodwill impairment loss[20] Gross Profit and Margins - Gross profit for Q4 2024 increased to $31,849,000, representing a gross margin of 41.8%, compared to 35.8% in Q4 2023[23] - Non-GAAP gross margin for Q4 2024 was 44.2%, compared to 39.2% in Q4 2023[23] Future Outlook - The company expects Core Revenue of approximately $310 million for the full year 2025[10] - The company ended 2024 with a strong balance sheet, indicating a position of strength for future growth[7] Research and Development - Fulgent's clinical pipeline includes FID-007 in Phase 2 trial and FID-022 cleared for Phase 1 trial by the U.S. FDA[6] - Research and development expenses for Q4 2024 were $12,113,000, up from $11,952,000 in Q4 2023[20] Strategic Focus - Fulgent is focused on transforming into a fully integrated precision medicine company, expanding its therapeutic development business[12]