Fulgent Springs on Record Results

Fulgent Genetics, Inc. (NASDAQ: FLGT) saw its shares reach for the ceiling Friday, as the technology company announced financial results for its fourth quarter and full year ended December 31, 2020.

Fourth-quarter revenue was $295.0 million, an increase of 3,400% from $8.4 million in the fourth quarter of 2019. GAAP income for the fourth quarter of 2020 was $166.3 million, or $6.16 per share, and non-GAAP income was $167.5 million, or $6.20 per share.

Full-year 2020 revenue was $421.7 million, an increase of 1,200% from $32.5 million in 2019. GAAP income for the full year 2020 was $214.3 million, or $8.91 per share, and non-GAAP income was $218.9 million, or $9.10 per share.

Adjusted EBITDA was $230.1 million in the fourth quarter of 2020, compared to $1.1 million in the fourth quarter of 2019. Adjusted EBITDA was $301.3 million in the full year 2020, compared to $4.9 million in 2019.

For the first quarter of 2021, the company expects to generate revenue of at least $325.0 million. For the full year 2021, the company expects revenue of approximately $800.0 million, which would represent growth of 90% year-over-year.

The company anticipates that of this $800.0 million, approximately $70.0 million will be realized from Next Generation Sequencing (“NGS”) testing, and the remaining $730.0 million will be realized from non-NGS testing.

Shares grew $4.14, or 4.8%, to $89.67.