Q4 2024 Fulgent Genetics Inc Earnings Call Transcript
Key Points
- Fulgent Genetics Inc (FLGT) reported a 14% year-over-year growth in the fourth quarter and slightly exceeded their annual core revenue guidance of $280 million.
- The company has shown growth in its laboratory service business and has good momentum going into 2025.
- Fulgent Genetics Inc (FLGT) has made significant advancements in therapeutic development, including the initiation of Phase 2 clinical trials for FID-007 and the clearance of an investigational new drug application for FID-022.
- The company has launched new products, such as the exome and genome RISE, which could potentially increase diagnostic yield by as much as 30%.
- Fulgent Genetics Inc (FLGT) has formed a new partnership with Foundation Medicine, which is expected to enhance their precision diagnostics offerings.
- The company reported a GAAP loss of $42.7 million for 2024, translating to a loss of $1.41 per share.
- Fulgent Genetics Inc (FLGT) expects a non-GAAP operating margin of approximately minus 15% for 2025 as they continue to invest in business growth.
- The company's biopharma services, while showing growth, still experience large swings quarter-to-quarter, indicating variability and potential instability.
- Fulgent Genetics Inc (FLGT) anticipates a cash burn of approximately $25 million for their therapeutics development business in 2025.
- The company has not included potential revenue from new partnerships, such as with Foundation Medicine, in their 2025 guidance, indicating uncertainty in realizing these opportunities.
Greetings, and welcome to the Fulgent Genetics Q4 2024 conference call and webcast. (Operator Instructions)
As a reminder, this conference is being recorded. It's now my pleasure to turn over to your host Melanie Solomon, Investor Relations. Please go ahead.
Thanks, Kevin. Good morning, and welcome to the Fulgent's fourth-quarter and full-year 2024 financial results conference call. On the call today are Ming Hsieh, Chief Executive Officer; Paul Kim, Chief Financial Officer; and Brandon Perthuis, Chief Commercial Officer.
The company's press release discussing the financial results is available on the Investor Relations section of the company's website, ir.fulgentgenetics.com. A replay of this call will be available shortly after the call concludes on the Investor Relations section of the company's website.
Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. These forward-looking statements represent management
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