Shameful behavior on part of the board, as usual, short on their own data and loud with the what now passes for the usual dogwhistling rhetoric. It would demonstrate several things: one, the viability, and the permanence of our business model; two, the efficiency, as well as the scalability of Fulgent Genetics. But because of the additional capabilities that we made in terms of reimbursement, the great traction that we've seen in reimbursement because we've signed on so many more core customers and we've proven ourselves for the capabilities and the efficiencies that we've had in the lab, we've seen a tremendous uptick in our core business in the back half of this year. Management has presented these non-GAAP financial measures because it believes they may be useful to investors for various reasons, but they should not be viewed as a substitute for or superior to the company's financial results prepared in accordance with GAAP. We have expanded our partnerships on the reimbursement front and are seeing high demand for tests across our Picture platform. So we're still on track to meet the $40 million. I have asthma and other hereditary lung issues. Operator, now, you can open it up for questions. At the same time, we are taking market share from other people. Adjusted EBITDA for the third quarter was $67.4 million, compared to $3 million in the third quarter of 2019. Is it possible testing methods changed and the reason for increasing Covid numbers? So we definitely could program or repurpose some of those equipment, getting into the mix of our complete automation for the lab automation. Some of this we have announced publicly, but we have won a number of additional strategic customers that we have not publicly disclosed. This is all possible because of how we built this company and how we have leveraged technology and operational excellence. [Audio gap] the third quarter was $104 million in cash, cash equivalents, with no debt. It is for the state to supply the science/facts for the the shut down they have imposed. Our next question is from the line of Erin Wright of Credit Suisse. The vast majority of this volume was from our business related to COVID-19. Thanks, Brandon. There have been some attention-grabbing headlines regarding cheap and fast antigen testing. Thank you! And as we think about continued menu expansion, you did call out some opportunities with regard to infectious disease side of the portfolio. Management's prepared remarks, including discussions of earnings and earnings per share, contain financial measures not prepared in accordance with accounting principles generally accepted in the United States or GAAP. If our math is right, that suggests somewhere around $15 million for 4Q or another 40% sequential growth in that business on top of the 57% in the current quarter. Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. So, yes, we continue to develop new tests. We launched the platform in 2019 to make a clinical-grade genetic testing available to individuals in the comfort of their homes without need to visit a doctor office. I think we've been on a test launch craze for the last year, a year and a half. We discussed last quarter how the often seen events of this pandemic has really proven Fulgent Genetics is as a company and the results we discussed today to go one step further to demonstrate how the platform is truly unmatched in the genetic testing industry. Podcasts for Small Business Owners is much more fun, less hard work, plus you can do it at home and then pretend Job Creator is a thing. And the reason why it's accelerating in the back half of the year is because during the lockdown period and even with the momentum of the COVID business, we continue to sign on additional customers and it's across the board, in cancer, in women's reproductive health, as well as in pediatrics. I will absolutely remember this when it’s time to vote again. And, Erin, remember, the COVID-19 test started at $50. As we stated repeatedly on previous earnings calls, the cornerstone of our business is our technology and its flag role platform, which will allow us to develop, validate, customize, and launch our products and services. These are the machines we can use for multiple different purpose. At these testing events, samples are collected by inserting a swab up the nostril or into the mouth to the throat. And Brandon can give you some of the details. Lastly, we have seen COVID-19 bring us many, many new clients. California pays WAY too much to the Fed to not be given the relief we desperately need now. While we projected a slight decline in our core business due to the pandemic, it has rebounded much faster than we thought and grew 57% sequentially from a revenue standpoint. We are a genetic testing laboratory built by engineers, founded in technology. Thank you, Nicole. Your email address will not be published. I want to thank San Bernardino for having the common sense to fight this lockdown. We are one of a limited number of providers with this approval and at-home testing is proving to be a differentiator and an important testing tool to help in the fight against this pandemic. So can you just comment a little bit more about what's driving that, what portion of the business? As I mentioned, the COVID-19 is not going to be -- goes away completely. You need Science and Data? And I'll turn it over to Brandon, who can give more commentaries both in terms of the number of customers, the quality of their customers, as well as the size of programs that they're thinking about for our core business. Simply put, it's the best test. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different in what is described in or implied by these forward-looking statements. In fact, it's hardly a competitor. Apply to Counselor, Personal Trainer, Customer Service Representative and more! It's at consistent levels with what we posted in the third quarter of 2019, which was a high point before this quarter. These wins included drive-through operations for the counties of Los Angeles, Alameda, Orange, Santa Clara, San Bernardino, Miami-Dade, the state of Utah, the city of Long Beach, and others. In partnership with the California Department of Public Health, we also have three state testing sites in the county. Clinicians can now directly order our FDA EUA-authorized molecular test, NGS test, or antibody test through a safe, straightforward, and streamlined process. God help us. At these levels that we are forecasting in Q4 and Q1, we'll see, right? Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT, 2 Stocks That Could Double Your Money in 2021, These Were the 5 Best Diagnostics Stocks of 2020, Why Fulgent Genetics Stock Is Dropping Today, Stock Markets Sink, but These 2020 Stock Winners Look Good for the New Year, Copyright, Trademark and Patent Information. Getting EUA for our standard physician-administered RT-PCR test was critical as it served as a validation and stamp of approval for our quality. Many of our restaurants are hanging on by a string and many other businesses are going down for the count. In the future, we plan to add additional pathogens to our panel to provide comprehensive testing for patients with respiratory infections. Your line is now open. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. We'll continue to do our part at Fulgent to help to get testing solutions to individuals and organizations that need them so that business, school, sporting events, travel, and social engagements can resume safely. In addition to the huge drive-through operation wins, we announced our partnership with New York City Health and Hospital and their Test & Trace program for K-through-12 testing, both on-site and at home. Most of all, we're seeing our customers appreciating the clear differentiation by the application of our technology platform. Testing is expected to begin January 2021 and will continue for at least 18 months. San Bernardino County has worked tirelessly on behalf of county residents and businesses urging the state to recognize that the county’s size and geographic diversity should allow for fewer restrictions in communities with lower COVID-19 metrics than the county as a whole. I think the Fulgent Genetics when we get in [Audio gap] we are not highest, the provider. So I'll reemphasize what I said. In addition, as the vaccine developments will come in, adding additional requirement for the test, faster and cheaper and quicker and more accurate test for the antibody test, neutralizes those antigen test. So whatever investments that we're making, we believe that we'll have immediate returns on that. Not only we win those bids effectively, but also, we are able to deliver the bottom line. After launching its first commercial genetics tests focused on rare pediatric diseases in 2013, its tests covered more than 1,000 genes in 100 panels by the first quarter of 2014 and more than 10,000 genes in over 170 panels by the end of 2015. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. I think we should evaluate the process before we blame our neighbors. [Operator instructions] Our first question is from the line of Rachel Vatnsdal from Piper Sandler. This will lead to false-negative results, which are particularly troublesome. And thank you for joining our call today to discuss our third-quarter 2020 results. In the third quarter of this year, greater than half of those customers were new, right? I want to visit genetic testing, and Paul, some of your comments with regard to how to think about that portion of the business for the year. 2. Who is Corwin Porter? San Bernardino County leadership and residents, please, I’m begging, stop being a “super spreader” community. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. Both new and existing clients are increasingly taking advantage of our expanded product portfolio, which now includes almost 19,000 tests. And the results we delivered today will continue to enhance our position in this area because of our technology, because of our biochemistry, and because of our pipelines. I am very proud I live in San Bernardino County! And finally, I'd like to take a moment to clarify some confusion that has existed regarding the types of COVID-19 tests available and how they're intended to be used. Third-quarter revenues totaled $101.7 million, an organic increase of 883% compared to the third quarter of 2019. These customers are not running at full speed. The EUAs of several antigen tests state that a negative result should be followed up by RT-PCR, and the CDC has been clear that RT-PCR is the gold standard to detect SARS-CoV-2. Great. OK. That's helpful. Fulgent Genetics is another positioned -- well positioned to meet the time challenges, but also, we'll be able to perform in this market at any price to compete in this market. Before we get into our COVID-19 business, I would first like to highlight the strong quarter we had in our core genetic testing business. No, that's super helpful. Fulgent will test many thousands of their employees weekly on our Enterprise platform from their several locations across the United States. We hope that that reimbursement rate will continue deep into 2021. November 11, 2020 Covid hospitalizations started increasing. “If it is concluded that the act allows him to do so, the act is unconstitutional as it permits the delegation of the Legislature’s powers to the executive branch in violation of the California Constitution.”. FULGENT GENETICS AKTIE und aktueller Aktienkurs. We continued to make meaningful investments across all our departments in the quarter, but our top-line outperformance and increasing operating efficiencies are outstripping our investments into our business. July 31, 2020 San Bernardino County announced Fulgent Genetics would be the supplier of PCR tests used in Covid testing. Now more than ever we need to collectively do the right thing by our communities and families. Total GAAP operating expenses were $11.9 million for the third quarter, up from $6.9 million in the second quarter. So with this organic growth, I think we are going to focus in the area of cancer, in the advanced cancer treatment, how do we provide the precision medicine. Amen. I believe I heard you correctly. We see these contracts going deep into 2021. Rachel Vatnsdal -- Piper Sandler -- Analyst. And then from an operational sense, we can quickly deviate the resources into other areas that we believe will be fruitful for the company. One other point of differentiation on our COVID-19 test offering, which we announced in September, is that we will give our clients an option to add influenza A and B. These samples are then sent to a laboratory to test for the virus that causes the COVID-19 illness (SARS CoV 2 virus). The primary reasons for the decrease in COGS per test were continued automation efficiency and in general the utilization of our technology platform. OK. Great. Embarrassing and foolish. With that, I'd now like to turn the call over to Ming. Thank you for standing up for the rights of the countie’s citizens. . We need to make sure it is beneficial to our clients. The success we have had with COVID-19 testing has allowed us to expand our go-to-market strategy. We don't have that crystal ball, no one does, right? Yes. Well, Kevin, if we throw away $100 million, we can easily buy a $20 million or $30 million business. You've always obviously been very nimble here with the COVID response, which has been impressive. Accessibility | Disclaimer | Privacy Policy, Copyright © 2013. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. So COVID is not going to go away at the end of 2020. And as you remember, we ended last year with approximately $32 million of revenues, all non-COVID. We now have the vaccine and many are already immune. For example, what are the terms, and how long are they and do you have any exclusivity agreements? July 31, 2020 San Bernardino County announced Fulgent Genetics would be the supplier of PCR tests used in Covid testing. But that's not the way we do, OK? I’m both appalled and embarrassed that this county’s representation would continue to put our residents at risk by seeking legal remedy to scale back on needed restrictions. We remain well-stocked to continue to fuel our growth plan. We plan to get even more aggressive in our continued investment in technology and to further separate us from our peers in the future. And even with the explosive growth we have seen, we have continued to improve. At these same levels? Kevin, the last thing is on the cost side. And we have seen our commercial initiatives at home test offering, Picture Genetics. Sure. And looking out into Q4, we anticipate that our volume for the core business could be approximately 25,000, with revenues being in the low teens. Good afternoon, and welcome to the Fulgent Genetics third-quarter 2020 financial results conference call. Can you talk about your plans for using the money to invest in the business? There should be no guilt or shame associated with wanting this clear information to help make decisions that impact the lives of the people that you are appointed to help and work for. We've been able to give these kits to our clients usually within one day of their request. So very exciting. And the reason why we've been able to get that kind of collection is because of the efficiency, as well as the enhanced capabilities that we have as a company in the area of reimbursement. Not only that, we have done it the hard way, building our business organically from the ground up. In response to a recent statewide shortage in COVID-19 testing materials, San Bernardino County has contracted with a new supplier, Fulgent Genetics, to secure an adequate supply of test equipment Support local businesses remotely when you can. This puts our new lab in close proximity to an amazing talent pool, as well as world-renowned cancer centers and pediatric hospitals. Our original offering consists of three tests: carrier screening, newborn screening, and adult wellness. Fulgent's diagnostic tests serve as the core of our COVID-19 offerings. You feel comfortable kind of at that $40 million reported revenue for genetic testing for the year. Agreed. Required fields are marked *. Thanks, Ming. Is it carrier? 157 Jobs für Junior project manager in Rancho Cucamonga. The increase is attributable to the vast majority of our tests now going through reimbursement and our favorable payment experienced today. While we have come a long way together in our efforts to combat this pandemic, we still have a long road ahead of us as we look to return to normalcy. I will review the highlights from our third quarter, before I hand it over to our chief commercial officer, Brandon Perthuis, to provide updates on our commercial success and the go-to-market strategy. 440 Jobs für Executive director in Ontario. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. The private side also is a satisfactory reimbursement. We believe we'll have a material level of COVID business. Sometimes it feels like I’m screaming into an echo chamber… I had to retire early because people I worked with took covid waaay too flippantly. So we continue to pump out new tests, looking at different disease, different phenotypes. But are there important or meaningful menu expansion opportunities in genetic testing that you think could continue to fuel this type of growth to existing customers as they expand the breadth of their ordering into a broader menu for genetic testing? In addition to those, there are approximately 500 million non-influenza respiratory infections occurring annually. I agree completely, very well said! And finally, Paul will discuss our financial results and the outlook in detail. The traction we have [Audio gap] insurance provider on reimbursement. We were happy to see what they did actually, to reward those laboratories that can actually deliver on turnaround time. Thank you! If big retailers can stay open so should small businesses, the chances of getting the virus at a big retailer is much higher than being at small business that is at 20% capacity or eating outdoors. Unlike working people who create the wealth those business owners/donors enjoy, with no other option but to venture outside and then have to worry about spreading disease to their patients, their parents, and their children. Looking at sbcovid19.com website dashboard, our testing rate is 90% negative and 10% positive even after Thanksgiving. I do not believe that COVID-19 will go away easily. Returns as of 01/27/2021. This is done on the same sample with no need for clients to make any collection protocol changes. None of this was done overnight, and we believe we have a strong foundation on which to grow our core business in the years ahead. “The governor declared that the state’s approach would be based on science and data, but the state has not produced science or data that suggest the restrictions he has imposed would address the current trajectory of the pandemic in San Bernardino County,” said former Supervisor Josie Gonzales, who joined the county in the Supreme Court filing as a private citizen. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. More specifically, we anticipate Q4 revenues to be at least $110 million. October 30, 2020 Covid positive test results started increasing. This program went live in October and we are now collecting thousands of samples per week throughout New York City. https://www.merriam-webster.com/dictionary/constitution, Auditor-Controller/Treasurer/Tax Collector, San Bernardino County Employees' Retirement Association, South Coast AIr Quality Management District. However, data presented in antigen EUAs show that at day 6 and 7 the sensitivity drops measurably, and positive cases are already being missed. Our relationships with these clients are very deep and many will be able to use our core products and services in the future. Science and hindsight should demand that we do things differently. We now project test volumes for the year to be well over $2 million, which translates into over $235 million in revenues. Posted 4 days ago. This has really been important for patient care and contact tracing and has been a huge differentiator for Fulgent. Great. Great. Like I said, some have exclusivity, some don't. This scenario is similar throughout California and across the United States. How does that fit in into your longer-term plan from a capacity standpoint? So what that tells us is, if we continue on with the momentum and our capabilities as a company, our outlook for our core business in 2021 should be very, very favorable. And we think that's incredibly important. Is it hereditary cancer? Customers are using Fulgent for hereditary cancer, cardiovascular genetics, neurological genetics, reproductive health, and other newer tests that we've launched in the last 12 to 18 months. [Operator instructions] And there are no further questions as of this time. And I think the platforms we've built, the turnaround time, the systems, I think we're going to be a player for deep into 2021. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. It is quite common for families to have to wait many weeks, even months to see a pediatric genetic specialist, and usually, the first step is to order a genetic test. Coupling the gold standard test with our industry best turnaround time makes the Fulgent solution a powerful tool to fight against the spread of COVID-19. And before COVID hit, we guided the street to $40 million of business for the year. November 11, 2020 Covid hospitalizations started increasing. I support the constitution over any tyranny. So I think this creates a new opportunity for Fulgent Genetics in this space. Great. Great. And based on the explosive demand we're continuing to see from the market and the quality of our customer base, we believe the fourth quarter will cap what has been a transformative year for our company. During the third quarter, we filed over 590,000 insurance claims, an increase of almost 9,000% over Q2. Can you just give us some more details on some of the contract terms that you guys have won? Please visit the Investor Relations section of the company's website to access the audio replay. But we think we're extremely well-positioned to be a major player in this market. It’s cruel and cynical. I would like to now turn the call over to Paul Kim, who will walk you through our third-quarter financial performance. It wasn’t until restrictions were lifted prematurely that we saw massive spikes across the globe. Due to the COVID-19, I think it slowed down a little bit our introduction in this kind of products. This is a pandemic problem. So that's an excellent question. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. Congrats on the nice quarter, you guys. Everyone should be tested for COVID-19 now. Thank you for taking my questions. Of those top customers [Audio gap] were new. There are three particular areas of strength I would like to elaborate on, especially in the quality and the scale of our customer base. That's a fact. We had $90 million of accounts receivable. Yes, certainly. RT-PCR provides the highest level of sensitivity and specificity. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Death rates have been dropping since July and new cases are on the decline this past week. Get the federal aid to help small businesses and families. So I'll take the first part of that question on the core business, and then I'll turn it over to Ming, followed by Brandon as to their thoughts on the landscape and the development on the vaccine use from today. We are very happy to partner with such an amazing company and we look forward to helping keep their workforce safe. On a non-GAAP basis and excluding equity-based compensation expense, income for the quarter was $49 million or $2.08 per share based on 23.5 million weighted average diluted shares outstanding. This has allowed us to serve our existing business, win new accounts, and continue to build a robust pipeline of new opportunities. 20 Genetics Counselor jobs available in Rancho Cucamonga, CA on Indeed.com. Most labs could not survive with that price, so CMS increased the rate. And do you feel comfortable -- I assume you feel comfortable now based on sort of your prepared remarks in terms of your turnaround time to meet their two-day requirement. On the call today are Ming Hsieh, chief executive officer; Paul Kim, chief financial officer; and Brandon Perthuis, chief commercial officer. Stupid move. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. And actually, I got a text that I cut out a little bit. Since obtaining the at-home EUA from the FDA and formally launching our Picture test for COVID-19 in mid-June, we have had significant demand. Great. The COVID-19 pandemic has continued to challenge both our health and our way of life this year. But in addition, we need to make sure that we also provide the returns to our shareholders. Health officials in San Bernardino County are urging residents to get tested for the coronavirus as a new supplier has left the county with the ability to … Gross margin improved almost 19% points sequentially. Grow up and stay home, and wear a mask when you need to go out. Our investment in terms of capacity, it is always the multiple-use. We have not played a major role in pharmacogenetics in the past. So we hope that will stick around. As Ming mentioned, we delivered more than 1 million reports during the third quarter, an almost fiftyfold increase year over year, and an almost fivefold increase sequentially. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. Thank you. Many of these institutions have never heard of Fulgent Genetics before the pandemic, and now, we have proven our ability to deliver large volumes of high-quality tests in a quick and efficient manner. We if look at the contracts, they range from month to month to 24 months. The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. 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