Fulgent Genetics (FLGT) Company Report

Fulgent Genetics, Inc. (FLGT) has entered into a definitive agreement to acquire selected assets of Bako Diagnostics and StrataDx for a total combined purchase price of approximately $55.5 million.
The acquisition will be paid from cash on hand and is expected to close during the first half of 2026, subject to customary closing conditions, including regulatory approvals.
This strategic move aims to strengthen Fulgent's laboratory services by adding new anatomic pathology services, proprietary PCR tests, and expanding its national client base and sales team.
The acquisition will also expand Fulgent's geographic footprint with CLIA, CAP, and NY State certified laboratories in Georgia (Bako) and Massachusetts (StrataDx).

Dec 22, 2025, 9:11 PM

8-K

Fulgent Genetics Agrees to Acquire Bako Diagnostics and StrataDx

FLGT

M&A

New Projects/Investments

Fulgent Genetics has entered into a definitive agreement to acquire selected assets of Bako Diagnostics and to acquire StrataDx for a total combined purchase price of approximately $55.5 million, to be paid from cash on hand.
The acquisition is expected to close during the first half of 2026, subject to satisfying customary closing conditions, including regulatory approvals.
This strategic acquisition will expand Fulgent's laboratory services by adding new anatomic pathology services, proprietary PCR tests, and a national client base, while also strengthening its national sales team and geographic footprint.
Fulgent plans to leverage its investments in digital pathology and AI, including its Eziopath image management system, to improve the capacity, turnaround time, efficiency, and quality of Bako's and StrataDx's services.

Dec 22, 2025, 9:10 PM

Press Release

Fulgent Genetics Agrees to Acquire Bako Diagnostics and StrataDx

FLGT

M&A

New Projects/Investments

Fulgent Genetics, Inc. has entered into a definitive agreement to acquire selected assets of Bako Diagnostics, a premier pathology laboratory headquartered in Alpharetta, GA.
Fulgent Genetics will also acquire StrataDx, a premier dermatopathology laboratory located in Lexington, MA.

Dec 22, 2025, 9:10 PM

Press Release

Fulgent Genetics Highlights Organic Growth, Therapeutic Pipeline Progress, and Strategic Capital Allocation

FLGT

Guidance Update

Product Launch

New Projects/Investments

Fulgent Genetics has consistently beaten revenue guidance and achieved organic growth, with laboratory services revenues nearly doubling organically since pre-COVID levels to a current guidance of $325 million. Gross margins have significantly improved from the mid-to-high 20% range to over 44%.
The company reported strong Phase II data for FID-007 in head and neck cancer, showing significantly increased progression-free survival (e.g., 72.2 months for high-dose vs. 2-2.5 months standard), and plans to advance it to a Phase III trial. Its second drug, FID-022, is in escalation trials with encouraging initial results, expected to conclude by mid-next year.
With almost $800 million in cash on its balance sheet, Fulgent has already executed over $100 million in stock buybacks and invested in a new state-of-the-art laboratory, while actively pursuing M&A opportunities to expand its market presence.
In diagnostics, Fulgent offers the largest test menu (approximately 22,000 tests) and competitive turnaround times, including an ultra-rapid whole genome test for NICU with a 48-hour turnaround time. Recent innovations include a novel NIPT test and whole genome sequencing with RNA.
Future catalysts include the FID-007 Phase III trial, completion of FID-022 escalation trials by mid-next year, and a potential ACOG guideline update for expanded carrier screening in 2026, which is expected to boost reimbursement and adoption.

Dec 2, 2025, 4:00 PM

Transcript

Fulgent Provides Update on Organic Growth, Efficiency, and Therapeutic Pipeline

FLGT

Revenue Acceleration/Inflection

Product Launch

New Projects/Investments

Fulgent has consistently exceeded revenue guidance with organic growth, nearly doubling laboratory services revenues from pre-COVID levels to a current guidance of $325 million. The company has significantly improved gross margins to over 44% and its laboratory services business is approaching cash flow break-even due to highly engineered processes and technology.
With nearly $800 million in cash, Fulgent has actively engaged in share buybacks (over $100 million), organic investments, and strategic acquisitions, while also building a state-of-the-art laboratory. The company maintains a competitive edge in the genetic testing market through its 22,000-test menu, rapid turnaround times (e.g., 8.8 days for carrier screening), and innovative product launches like the ultra-rapid whole genome test for NICU.
Fulgent's drug development efforts show promise, with FID007 demonstrating significantly increased progression-free survival in Phase 2 trials for head and neck cancer, leading to a planned Phase 3 trial. FID022, a reformulated SN-38 drug, is in escalation trials with broad application potential. Key upcoming catalysts include clinical trial milestones for these drugs and a potential ACOG guideline update in 2026 for expanded carrier screening.

Dec 2, 2025, 4:00 PM

Transcript

Fulgent Genetics Discusses Strong Organic Growth, Strategic Capital Allocation, and Therapeutic Pipeline Progress

FLGT

Revenue Acceleration/Inflection

New Projects/Investments

M&A

Fulgent Genetics has consistently beaten revenue guidance and achieved double-digit organic growth in its laboratory services business, which is nearing cash flow break-even. Gross margins have significantly improved from the mid-to-high 20% range to over 44% in the last quarter.
The company maintains a strong balance sheet with almost $800 million in cash and is actively pursuing strategic M&A, having already bought back over $100 million of its stock, and invested in a new state-of-the-art laboratory.
Fulgent boasts the industry's largest test menu with approximately 22,000 genetic tests, offering competitive advantages in turnaround time (e.g., 8.8 days for carrier screening) and has recently launched advanced products like the NOVA NIPT and an ultra-rapid whole genome test with 48-hour turnaround for NICU patients.
The company reported encouraging Phase 2 data for its therapeutic drug FID007 for head and neck cancer, showing significantly extended progression-free survival of up to 72.2 months compared to the standard 2-2.5 months, with plans to advance to Phase 3.

Dec 2, 2025, 4:00 PM

Transcript

Fulgent Genetics Updates on Q3 Performance, 2025 Guidance, and 2026 Outlook

FLGT

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Fulgent Genetics reported Q3 revenue of $84.1 million and non-GAAP gross margins of 44-45%, leading to a raised full-year guidance of $320 million to $325 million.
The Precision Diagnostics segment achieved 16% growth, driven by reproductive health and rare disease offerings, while the Anatomic Pathology business, despite a temporary dip, is expected to grow its sales team by 25% in 2026 and continue improving gross margins through digital pathology and AI.
The company anticipates its 007 therapeutic candidate to enter Phase 3 in 2026, with therapeutics spending potentially increasing from $20 million-$25 million in 2025 to $35 million-$50 million in 2026, funded by the profitable laboratory services business.
Fulgent projects an approximate cash balance of $800 million by the end of 2025 and prioritizes M&A for laboratory services, alongside ongoing investments in sales, marketing, and operational efficiencies.

Nov 10, 2025, 10:00 PM

Transcript

Fulgent Genetics Reports Strong Q3 2025 Results and Outlines 2026 Strategic Focus

FLGT

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Fulgent Genetics reported Q3 2025 revenue of $84.1 million and non-GAAP gross margins of 44%-45%, leading to a raised full-year guidance of $320 million-$325 million.
The precision diagnostics segment achieved 16% growth, driven by reproductive health and new rare disease products, while the anatomic pathology (AP) segment improved gross margins to the mid-40s and plans a 25% sales team expansion in 2026.
The company is investing heavily in digital pathology and AI to enhance operational efficiencies and expects its 007 therapeutics program to enter Phase 3 in 2026.
Cash burn for therapeutics development is projected to increase to $35 million-$50 million in 2026, which is expected to be offset by the profitability of laboratory services.
With a projected cash balance of approximately $800 million by the end of 2025, Fulgent Genetics views M&A as a top priority to integrate its technology platform into new businesses.

Nov 10, 2025, 10:00 PM

Transcript

Fulgent Genetics Updates on Q3 Performance, 2025 Guidance, and Strategic Initiatives

FLGT

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Fulgent Genetics reported Q3 revenue of $84.1 million, exceeding internal and street expectations, and raised its full-year 2025 guidance to $325 million. The company achieved non-GAAP gross margins in the 44-45% range for the quarter.
The precision diagnostics segment grew 16%, driven by reproductive health and rare disease offerings. The Anatomic Pathology (AP) business saw gross margins improve from the mid-20s to the mid-40s (44-44%) over the last two years, with plans to grow its sales team by another 25% in 2026. Investments in digital pathology and AI are key to operational efficiencies and continued margin improvement across the lab services.
In therapeutics development, the 007 program is expected to enter Phase 3 in 2026, and the 022 program has begun Phase 1. Spending for therapeutics is projected to increase in 2026, potentially reaching $35 million to $50 million on a cash basis. The company anticipates a healthy cash balance of approximately $800 million by the end of 2025 , and M&A remains a top priority for laboratory services.

Nov 10, 2025, 10:00 PM

Transcript

Fulgent Genetics Raises 2025 Revenue Guidance

FLGT

Guidance Update

Earnings

Revenue Acceleration/Inflection

Fulgent Genetics reported strong third-quarter revenue growth to $84.07 million, a 17% increase year-over-year, and raised its full-year 2025 revenue guidance to $325 million.
Despite a GAAP net loss of $6.6 million, the company achieved a non-GAAP profit of $4.5 million and adjusted EBITDA of $700,000, with operating losses narrowing compared to the previous year.
The company's quarterly earnings per share were $0.14, beating the Zacks Consensus Estimate of a loss of $0.24 per share.
Following the earnings announcement, the stock rose about 17%, with trading volume reaching around 396,000 shares, significantly above the average.