Fri, Aug 2, 11:40 AM (88 days ago)
Fulgent Genetics, Inc. reported a 5% increase in revenue for Q2 2024, reaching $71.0 million compared to $67.9 million in Q2 2023, driven primarily by a 35% growth in precision diagnostics. However, the company experienced declines in anatomic pathology and BioPharma services revenues. Cost of revenue decreased by 6%, improving gross profit by 29% to $26.5 million. Operating expenses rose by 13%, mainly due to increased R&D costs for therapeutic development. Despite a 51% increase in interest and other income, the net loss attributable to Fulgent narrowed to $8.7 million from $11.2 million year-over-year. As of June 30, 2024, the company held $837.9 million in cash and marketable securities, indicating strong liquidity. Future financial performance may be impacted by ongoing legal investigations and regulatory audits.