Fulgent Genetics(US:FLGT)2022-05-03 20:40Company Overview - Fulgent Genetics was founded in 2011 and is located in Los Angeles, CA [1] - The company's mission is to develop flexible and affordable genomic testing [6] - The company leverages its proprietary NGS platform for broad application [6] Financial Performance - Q1 2022 revenue was $320 million [16] - Q1 2022 billable tests were 32 million [16] - Q1 2022 core revenue increased by 59% year-over-year [16] - Core revenue as of Q1 2022 was $25 million, a 59% year-over-year growth [54] - Adjusted gross margin for Q1 2022 was 762% [57] Acquisitions and Partnerships - Fulgent Genetics acquired Inform Diagnostics, expanding into the pathology testing market [16] - Fulgent Genetics acquired CSI Laboratories, expanding into the somatic genetic testing market [16] - The company has partnerships with Helio Health and Spatial Genomics [16] - The company was awarded a CDC contract worth up to $47 million to study SARS-CoV-2 using NGS [30]