Fulgent Genetics Inc. (FLGT) has increased the value of its share price by 413.00% over the past 12 months. The stock price dropped -8.81% during the last five trades, and it drops to -27.10% in the previous 30 days. However, during the previous three months, the share price increased by 96.13%, adding 220.29% to its price in the last six months.
The Fulgent Genetics Inc. (FLGT) team provides next-generation sequencing solutions to their customers. When the pandemic hit, the company was very fast in response to the changing customer demands and proposed a comprehensive solution for processing tests for COVID-19 and analyzing and reporting the data for use by epidemiological and other services. For COVID-19 testing, the company processed thousands of samples during the first wave of the pandemic.
Fulgent Genetics Inc. (FLGT) announced its results for the fourth quarter of 2020 on Thursday, March 4. The result shows the Increased revenue by 3400% from the previous year to $295 million. Analysts had forecast $ 166.3 million net income (GAAP) or the equivalent of $6.16 per share. GAAP net income for the fourth-quarter for Fulgent was $ 167.5 million, or $ 6.2 per share, compared to a net loss of $ 296 million or $ 0.01 per share in the previous year.
During the past quarter, Fulgent (FLGT) has received most of its income from COVID-19 testing. In addition to the pandemic, another development from the company has been noticed. Due to a 43 % increase in non-COVID revenue, Fulgent’s revenue jumped year-over-year. The company reported more than 3.2 million paid tests for the fourth-quarter, as contrasted to a volume of 2.3 million for the previous year.
In the first quarter of 2021, Fulgent Genetics Inc. (FLGT) is expected to have at least $325 million. Based on forecasts, project revenues for the entire year of about $ 850 million, which is over 90 % more than in 2020. In line with the company’s approximation, NGS revenue will grow by 92% to more than $70 million, including new customers. Management noted the emergence of new customers in its quarterly report.