Fulgent Genetics, Inc.

Listed Company

FLGTCIK 0001674930NasdaqAcceleratedServices-Medical LaboratoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$322.67M

Net Income

$-60.51M

Total Assets

$1.21B

Equity

$1.11B

Shares Out

31.23M

Op. Cash Flow

$-101.64M

Business

Fulgent Genetics, Inc. is a technology-based company operating a laboratory services business and a therapeutic development business focused on nanoencapsulation-based cancer therapies. Its laboratory services include anatomic pathology, precision diagnostics (NGS and related molecular and cytogenetic technologies), specialized oncology testing, BioPharma contract testing, and a patient-facing Picture telemedicine testing platform. The company reports two principal divisions: laboratory services (including software and proprietary lab information systems) and Fulgent Pharma for drug development. It distributes services primarily through U.S. CLIA/CAP‑certified labs, direct-to-consumer channels, institutional and insurance payors, and international markets including Australia and the EU.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	323	283	289	619	993
Cost of revenue	192	176	185	252	216
Gross profit	131	107	104	367	777
Research and development	54	49	41	29	24
Selling and marketing	43	36	41	39	24
General and administrative	117	88	89	111	51
Amortization of intangible assets	8	8	8	7	2
Goodwill impairment loss	0	0	120	—	—
Total operating expenses	222	181	300	188	101
Operating loss	−91	−74	−196	179	676
Interest income	31	31	22	6	—
Interest expense	−75,000	170,000	−488,000	−1	—
Impairment loss	−10	−10	—	—	—
Other income, net	153,000	561,000	320,000	887,000	—
Total other income, net	21	22	21	5	—
Loss before income taxes	−70	−52	−174	184	677
(Benefit from) provision for income taxes	−8	−8	1	42	175
Net loss from consolidated operations	−62	−44	−175	142	506
Net loss attributable to noncontrolling interests	1	1	7	1	1
Net loss attributable to Fulgent	−61	−43	−168	143	507
Basic	−1.97	−1.41	−5.63	4.76	17.25
Diluted	−1.97	−1.41	−5.63	4.63	16.38
Basic (shares)	31	30	30	30	29
Diluted (shares)	31	30	30	31	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	50	55	97	80	165
Marketable securities	286	203	—	—	—
Trade accounts receivable, net of allowance for credit losses of $21,411 as of December 31, 2025, and $20,458 as of December 31, 2024	85	69	51	53	139
Prepaid income taxes	107	3	—	—	—
Other current assets	23	23	33	49	23
Total current assets	550	354	508	628	612
Marketable securities, long-term	369	570	424	327	485
Fixed assets, net	113	106	83	81	62
In-process research & development	68	65	—	—	—
Other intangible assets, net	65	70	—	—	—
Goodwill	25	22	22	143	51
Other long-term assets	23	33	35	44	11
Total assets	1,214	1,220	1,235	1,386	1,279
Accounts payable	19	18	15	23	20
Accrued liabilities	34	24	31	25	18
Customer deposit	28	28	23	11	20
Contract liabilities	4	2	3	3	15
Notes payable, current	476,000	412,000	1	6	6
Total current liabilities	85	73	73	88	105
Deferred tax liabilities	7	6	8	—	—
Unrecognized tax benefits	7	5	6	10	725,000
Other long-term liabilities	8	7	15	18	7
Total liabilities	107	91	102	116	113
Commitments and Contingencies (Note 8)	—	—	—	—	—
Common stock, $0.0001 par value per share, 50,000 shares authorized, 34,501 shares issued and 31,081 shares outstanding as of December 31, 2025, and 33,614 shares issued and 30,841 shares outstanding as of December 31, 2024	3,000	3,000	3,000	3,000	3,000
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding as of December 31, 2025, and December 31, 2024	—	—	—	—	—
Additional paid-in capital	575	543	502	487	502
Accumulated other comprehensive income (loss)	8	−368,000	1	−21	−759,000
Retained earnings	530	590	633	801	658
Total Fulgent stockholders' equity	1,112	1,133	1,136	1,267	1,159
Noncontrolling interest	−5	−4	−3	3	7
Total stockholders equity	1,107	1,129	1,133	1,270	1,166
Total liabilities and stockholders equity	1,214	1,220	1,235	1,386	1,279

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based compensation	40	44	43	33	16
Depreciation and amortization	24	25	26	33	11
Provision (adjustment) for credit losses	8	−2	−880,000	33	9
Noncash lease expense	2	4	6	5	—
(Gain) loss on disposal of fixed asset	−3,000	320,000	305,000	502,000	850,000
Discount premium of marketable securities	−5	−6	−4	5	8
Deferred taxes	−1	−4	11	−8	−8
Unrecognized tax benefits	936,000	−1	−4	9	348,000
Net realized (gain) loss on marketable securities	−62,000	994,000	589,000	692,000	—
Impairment loss	10	10	0	—	—
Other	30,000	−7,000	−21,000	−11,000	−15,000
Trade accounts receivable	−23	−16	2	69	42
Income tax	−105	9	3	−15	—
Other current and long-term assets	798,000	199,000	−3	9	8
Accounts payable	550,000	3	−7	−25	−12
Contract liabilities	1	−639,000	−325,000	−11	—
Customer deposits	520,000	5	12	−9	—
Accrued liabilities and other liabilities	9	−4	3	−11	13
Operating lease liabilities	−2	−4	−6	−5	—
Net cash (used in) provided by operating activities	−102	21	27	254	539
Purchase of marketable securities	−81	−472	−492	−418	−710
Purchases of fixed assets	−23	−40	−22	−19	−24
Maturities of marketable securities	211	350	509	233	84
Proceeds from sale of marketable securities	0	104	44	140	186
Proceeds from sale of fixed assets	5,000	313,000	775,000	412,000	63,000
Acquisition of businesses, net of cash acquired	4	0	−399,000	−173	−62
Net cash provided by (used in) investing activities	111	−58	39	−261	−547
Common stock withholding for employee tax obligations	−3	−3	−3	−2	−4
Repayment of notes payable	−471,000	−1	−4	—	—
Principal paid for finance lease	−399,000	−544,000	−730,000	−700,000	−7,000
Repurchase of common stock	−11	−225,000	−25	−74	—
Repayment of investment margin loan	0	0	−15	—	—
Proceeds from exercise of stock options	1,000	51,000	3,000	31,000	86,000
Net cash used in financing activities	−15	−5	−48	−77	85
Effect of exchange rate changes on cash and cash equivalents	105,000	−55,000	−149,000	−453,000	34,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	−5	−42	18	−85	77
Income taxes paid	96	—	—	—	—
Income taxes paid	—	28	3	56	237
Interest paid	52,000	512,000	960,000	—	—
Contingent consideration for business acquisition included in additional paid-in capital	6	0	0	—	—
Purchases of fixed assets in accounts payable	2	2	2	3	1
Holdback for acquisition of business included in other long-term liabilities	2	0	0	—	—
Operating lease right-of-use assets obtained in exchange for lease liabilities	579,000	1	3	52,000	2
Operating lease right-of-use assets reduced due to lease modification and termination	−47,000	57,000	142,000	66,000	399,000
Operating lease liabilities removed due to purchasing underlying assets	0	3	0	—	—
Finance lease right-of-use assets reduced due to lease modification and termination	0	0	696,000	—	—

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