olivLaw · US equity research
Fulgent Genetics, Inc. FLGT
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Fulgent Genetics is a technology company combining a genetic diagnostics and pathology laboratory business with a cancer therapeutics unit built on a nanoencapsulation platform. Its revenue grew 20.1% sequentially in the latest quarter, but the company revised its annual revenue guidance because of collection delays tied to a billing system transition, with second-quarter 2026 revenue reaching 85.4 million USD.
At the close of 04 Nov 2026, Fulgent Genetics, Inc. (FLGT) stock was 19.68 USD (+1.60% on the day), with market capitalisation 541.5 m USD, beta 0.70, 52-week range 13.79–30.85 USD. Latest reported quarter (Q2 2026): revenue of 85.4 m USD (+4.4% YoY), net income of -29.5 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.9
- weak (30–45)
- Bollinger (20, 2)
- 19.06 – 22.03
- in the lower half of the band · %B 0.21 · band width 14.4%
- SMA 50 / 200
- 20.75 / 19.24
- mixed trend
- MACD (12, 26, 9)
- -0.27 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −1.1% | −11.2 pp | — |
| 3 months | +6.2% | −0.5% | +6.7 pp | — |
| 6 months | +31.9% | +4.4% | +27.5 pp | — |
| Year to date | −25.1% | +12.3% | −37.4 pp | — |
| 1 year | −14.0% | +13.5% | −27.5 pp | +7.7% |
| 3 years | −26.9% | +76.4% | −103.4 pp | +74.2% |
| 5 years | −74.5% | +63.7% | −138.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71.7 m | 76.2 m | 73.5 m | 81.8 m | 84.1 m | 83.3 m | 71.1 m | 85.4 m |
| Cost of revenue | 45.0 m | 44.4 m | 45.1 m | 47.4 m | 48.6 m | 50.8 m | 49.6 m | 59.7 m |
| Gross profit | 26.8 m | 31.8 m | 28.3 m | 34.4 m | 35.5 m | 32.6 m | 21.5 m | 25.7 m |
| Research & development | 11.8 m | 12.1 m | 12.4 m | 13.5 m | 13.9 m | 14.2 m | 14.2 m | 14.6 m |
| Operating income | -17.1 m | -16.1 m | -19.8 m | -19.7 m | -15.4 m | -36.2 m | -34.6 m | -36.1 m |
| Depreciation & amortisation | 5.9 m | 6.2 m | 5.9 m | 6.1 m ≈ | 6.0 m ≈ | 6.1 m | 6.0 m | 7.7 m ≈ |
| Interest expense | 14.0 k | 40.0 k | 14.0 k | 17.0 k | 28.0 k | 16.0 k | 17.0 k | 59.0 k |
| Pre-tax income | -18.5 m | -8.0 m | -11.7 m | -21.5 m | -7.5 m | -29.3 m | -26.0 m | -29.7 m |
| Income tax | -3.8 m | -1.9 m | 176.0 k | -2.3 m | -683.0 k | -5.6 m | -704.0 k | 29.0 k |
| Net income | -14.6 m | -5.9 m | -11.5 m | -19.0 m | -6.6 m | -23.4 m | -24.8 m | -29.5 m |
| Operating cash flow | -15.5 m ≈ | 25.0 m | -4.4 m | -30.2 m ≈ | 11.1 m ≈ | -78.1 m | 7.1 m | -23.8 m ≈ |
| Capex | 19.5 m ≈ | 3.8 m | 4.7 m | 6.8 m ≈ | 6.1 m ≈ | 5.0 m | 5.2 m | 3.9 m ≈ |
| Share repurchases | 0 ≈ | 0 | 8.7 m | 2.2 m ≈ | 0 ≈ | 0 | 40.1 m | 23.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.4 m | 32.5 m | 421.7 m | 992.6 m | 619.0 m | 289.2 m | 283.5 m | 322.7 m |
| Revenue YoY | +14.0% | +52.3% | +1,196.5% | +135.4% | −37.6% | −53.3% | −2.0% | +13.8% |
| Net income | -5.6 m | -411.0 k | 214.3 m | 507.4 m | 143.4 m | -167.8 m | -42.7 m | -60.5 m |
| Net income YoY | unavailable | unavailable | unavailable | +136.7% | −71.7% | −217.0% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -26.3% | -1.3% | 50.8% | 51.1% | 23.2% | -58.0% | -15.1% | -18.8% |
| Free cash flow | -3.0 m | 4.3 m | 105.5 m | 514.8 m | 234.7 m | 4.8 m | -19.3 m | -124.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.1 bn USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 6.48x
- ROE
- -5.4%
- ROA
- -5.0%
- FCF margin
- -38.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 421.7 m | 992.6 m | 619.0 m | 289.2 m | 283.5 m | 322.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 89.8 m | 215.5 m | 252.1 m | 184.8 m | 176.3 m | 191.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 331.9 m | 777.1 m | 366.9 m | 104.5 m | 107.2 m | 130.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 11.6 m | 24.2 m | 28.9 m | 41.4 m | 48.8 m | 53.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 290.2 m | 676.0 m | 178.5 m | -195.5 m | -73.9 m | -91.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 3.0 m | 11.0 m | 32.7 m | 26.1 m | 24.9 m | 24.1 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 293.1 m ≈ | 687.0 m ≈ | 211.2 m ≈ | -169.4 m ≈ | -49.0 m ≈ | -67.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 20.0 k | 117.0 k | 346.0 k | 488.0 k | -170.0 k | 75.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 291.7 m | 677.3 m | 184.0 m | -174.1 m | -52.0 m | -70.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 72.5 m | 174.8 m | 42.1 m | 1.2 m | -8.1 m | -8.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 214.3 m | 507.4 m | 143.4 m | -167.8 m | -42.7 m | -60.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 24.1 m | 31.0 m | 31.0 m | 29.8 m | 30.2 m | 30.8 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 87.4 m | 164.9 m | 79.5 m | 97.5 m | 55.1 m | 50.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 183.9 m | 138.9 m | 52.7 m | 51.1 m | 69.0 m | 84.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 523.6 m | 612.0 m | 627.9 m | 507.8 m | 353.6 m | 550.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 40.2 m | 62.3 m | 81.4 m | 83.5 m | 105.5 m | 112.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | — | 50.9 m | 143.0 m | 22.1 m | 22.1 m | 25.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 35.9 m | 150.6 m | 143.1 m | 135.0 m | 133.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 700.5 m | 1.3 bn | 1.4 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 26.5 m | 20.5 m | 23.1 m | 15.4 m | 18.4 m | 18.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 130.1 m | 105.3 m | 88.1 m | 73.0 m | 72.9 m | 85.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 131.1 m | 112.8 m | 116.2 m | 102.0 m | 90.8 m | 106.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 569.4 m | 1.2 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 140.6 m | 538.6 m | 253.5 m | 27.0 m | 21.1 m | -101.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 35.1 m | 23.8 m | 18.8 m | 22.2 m | 40.3 m | 22.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 105.5 m ≈ | 514.8 m ≈ | 234.7 m ≈ | 4.8 m ≈ | -19.3 m ≈ | -124.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -326.4 m | -546.5 m | -261.3 m | 38.9 m | -58.4 m | 111.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 261.3 m | 85.4 m | -77.1 m | -47.8 m | -4.8 m | -14.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 62.0 k | — | 74.3 m | 25.1 m | 225.0 k | 10.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 541.5 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -26.0% | 43 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -19.5% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,019.0x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 6.3x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -19.2% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 11.8% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial43/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FULGENT GENETICS, INC. (FLGT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 322.7 m USD in 2025; YoY growth 13.8%; net margin -26.0%; ROE -8.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.3x
- Shareholder yield (distributions): 11.8%
What contradicts it
- Revenue CAGR 3Y: -19.5%
- Interest coverage: -1,019.0x
- FCF yield: -19.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 56.4 bn | — | -12.5% | -7.1% | +35.9% | +64% / +599% |
| LHLabcorp Holdings Inc. | 29.9 bn | 30.2 | 11.4% | 6.9% | +7.2% | +37% / +70% |
| DGXQuest Diagnostics Inc | 28.1 bn | 25.5 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 22.6 bn | — | — | -38.3% | +32.9% | +55% / +570% |
| CAICaris Life Sciences, Inc. | 9.5 bn | 97.6 | 17.2% | 9.2% | +97.0% | +30% / unavailable |
| GRALGRAIL, Inc. | 6.4 bn | — | -16.1% | -236.9% | +17.2% | +30% / unavailable |
| RDNTRadNet, Inc. | 6.3 bn | — | -2.1% | -0.9% | +11.5% | −3% / +142% |
| CDNACaredx, Inc. | 4.5 bn | 35.9 | 33.0% | 25.9% | +13.8% | +380% / +784% |
| VCYTVeracyte, Inc. | 4.2 bn | 37.5 | 8.8% | 20.4% | +16.0% | +11% / +105% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +64% / −29% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +47% / +932% |
| BLLNBillionToOne, Inc. | 1.3 bn | 118.4 | 30.2% | 11.3% | +100.0% | −13% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.2% | -5.4% | +3.7% | −11% / +79% |
| FLGTFulgent Genetics, Inc. | 541.5 m | — | -8.0% | -26.0% | +13.8% | −14% / −27% |
| YDESYD Bio Limited | 492.0 m | — | -445.1% | -1,392.6% | +16.9% | −40% / unavailable |
| BDSXBiodesix, Inc. | 226.7 m | — | -540.0% | -27.0% | +24.1% | +160% / −28% |
| XGNExagen Inc. | 206.2 m | — | -113.8% | -26.6% | +19.7% | +8% / +363% |
| SERASera Prognostics, Inc. | 59.0 m | — | -49.7% | -34,866.7% | +5.2% | −39% / +4% |
| AMSAmerican Shared Hospital Services | 8.2 m | — | -7.5% | -5.8% | −0.9% | −43% / −48% |
| MDXHMdxhealth SA | 8.0 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 5.0 m | — | -59.0% | -10,978.5% | +65.6% | −72% / −100% |
| ADVBAdvanced Biomed Inc. | 3.5 m | 0.4 | 84.8% | 5,231.3% | unavailable | −75% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.8 m | — | -33.7% | -82.4% | −21.9% | −79% / −90% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −41% / +55% |
1- and 3-year price returns: for FLGT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fulgent Genetics is a technology company combining a genetic diagnostics and pathology laboratory business with a cancer therapeutics unit built on a nanoencapsulation platform. Its revenue grew 20.1% sequentially in the latest quarter, but the company revised its annual revenue guidance because of collection delays tied to a billing system transition, with second-quarter 2026 revenue reaching 85.4 million USD.
SWOT
Strengths
- A proprietary technology platform with algorithms and AI tools supports low cost per test and a flexible genetic testing menu.
- The company held a substantial cash and investment position at the end of the second quarter of 2026, giving it flexibility for investment and acquisitions.
- The therapeutic unit has a patent portfolio and clinical-stage candidates, with encouraging interim data for one of them.
Weaknesses
- The company has reported recurring losses and has no recent record of sustained profitability.
- Revenue depends heavily on one major customer, whose reduced orders have already been flagged.
- Collection problems linked to the billing system transition forced the company to revise its 2026 guidance.
Opportunities
- Integrating recent acquisitions could add dermatopathology and pathology revenue if the announced synergies materialize.
- Expanding AI and digital pathology could raise efficiency and quality, which might attract new customers.
- A favorable outcome in the FID-007 clinical studies could open a path toward U.S. regulatory approval.
Threats
- Larger competitors with greater resources could offer lower prices or better terms to payors.
- Regulatory changes and government reimbursement audits could lead to refunds or sanctions.
- Limited suppliers of sequencers and equipment could disrupt operations if replacements prove difficult to arrange.
Risks
- Customer concentrationhigh
One major customer contributed a significant share of revenue, and reduced orders from it could weigh on results.
- Collection and billing problemshigh
The revenue cycle system transition has caused collection delays, and the company has revised its 2026 guidance.
- Government investigations and auditsmedium
The HRSA audit and CIDs could lead to material refunds or exclusion from reimbursement programs.
- Clinical development riskmedium
The therapeutic candidates are at early stages, and preliminary results do not guarantee success in larger trials or regulatory approval.
- Acquisition integrationmedium
Integrating Bako Diagnostics and StrataDx could encounter operational difficulties or costs above expectations.
Investment thesis
What would need to be true (bull case)
- If the billing system transition stabilizes, the company could recover some delayed revenue and improve laboratory margins.
- If recent acquisitions integrate well, dermatopathology revenue could offset reduced orders from the major customer.
- Success in the FID-007 studies could give the company a path to value that goes well beyond laboratory activity.
What would break the thesis
- Recurring losses and dependence on one customer could limit the company's ability to become profitable in the near term.
- If collection delays persist, pressure on cash flow could increase despite existing reserves.
- Preliminary clinical results do not guarantee success in later phases, and drug development is costly and uncertain.
What to watch
- Interim results of the FID-007 Phase 2 studyJune 2026
- Completion of the Bako Diagnostics and StrataDx acquisitions and their effect on revenue2026
- Receipt of the approximately 106 million USD tax refundbefore December 31, 2026
- Financial results for the third quarter of 2026Q3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fulgent Genetics, founded in 2011, operates two businesses: laboratory services, which include genetic diagnostic tests, anatomic pathology and physician interpretation of results, and therapeutic development, focused on cancer drugs formulated with the nano-drug delivery technology acquired with Fulgent Pharma. The company aims to transform from a diagnostic business into a fully integrated precision medicine company, and in fiscal 2025 it reported revenue of 322.7 million USD and an operating loss of 60.5 million USD 1. Recent acquisitions such as Bako Diagnostics and StrataDx extended its presence in dermatopathology and podiatric pathology 23.
The billing model relies on payment for tests by institutional customers, insurers or patients, and a significant part of revenue depends on reimbursement from insurance payors. Because of this dependence, the company reported that one customer contributed 22% of revenue in 2025 1. Tests are purchased on a test-by-test basis, without long-term volume contracts 1.
The proprietary technology platform includes patented gene probes, data comparison algorithms, machine learning software and an in-house image management system for digital pathology that supports AI-assisted diagnosis 1. The company says this platform lets it deliver tests at a lower cost per test than many competitors 1.
Segments
Laboratory services
The laboratory segment covers anatomic pathology (gastrointestinal, dermatopathology, urologic, breast, neuropathology and hematopathology), precision diagnostics (next-generation sequencing and tests for rare disease and hereditary cancer), BioPharma services for drug developers, and the Picture telemedicine platform 1. This segment forms the base of the company's revenue, which totaled 85.4 million USD in the second quarter of 2026 3.
Therapeutic development
The therapeutic unit develops nanoencapsulated candidates. FID-007, nanoencapsulated paclitaxel, is in a Phase 2 study in head and neck cancer, and FID-022, nanoencapsulated SN38, is in a Phase 1/1b trial 1. In June 2026 interim Phase 2 data showed an objective response rate of 61.9%, which the company describes as preliminary 2.
Market context
The genetic and diagnostic testing market is fragmented, with dozens of commercial and academic laboratories, and recent consolidation has produced larger providers with greater cost efficiencies 1. The oncology markets targeted by Fulgent Pharma include large, established segments such as head and neck cancer and non-small-cell lung cancer, for which the company cites market data 1.
Because insurer reimbursement is central, market conditions depend on payor policies and government audits, and the company has said that collection delays can affect near-term revenue 13.
Trends
- Adoption of artificial intelligence and digital pathologytailwind
The company is expanding its AI portfolio and digitizing pathology slides, and says its AI tools are improving efficiency and quality 13. If these tools translate into better margins, the effect could be positive, though the outcome remains uncertain.
- Consolidation in laboratory diagnosticsheadwind
The industry is consolidating, and larger laboratories may gain cost efficiencies and service levels, which could intensify competition for Fulgent 1.
- Reimbursement pressure and government auditsheadwind
Complex payor requirements and the HRSA audit and CIDs could lead to lower reimbursement or refunds, and collection delays have already affected the 2026 guidance 13.
- Acquisitions and dermatopathology expansionmixed
Integrating Bako Diagnostics and StrataDx could offset the loss of revenue from a major customer if integration succeeds, but the benefits are not assured 23.
Competitive position
Competitors in laboratory services include pathology, genetic and diagnostic companies, reference laboratories and diagnostic providers, along with informatics companies that may develop similar tests 1. In therapeutics, competition comes from drug delivery platform companies and developers pursuing 505(b)(2) approval routes 1.
The company acknowledges that many competitors have longer operating histories, larger customer bases and substantially greater financial resources, which could let them offer more aggressive pricing or better supplier terms 1.
- Quest DiagnosticsDGX
Large commercial laboratory cited as a principal competitor in diagnostic and genetic testing.
- Laboratory Corporation of America HoldingsLH
Major laboratory services provider active in both genetic and routine diagnostics.
- NateraNTRA
Genetic diagnostics company named as a rival in prenatal and cancer testing.
- Myriad GeneticsMYGN
Direct competitor in hereditary genetic testing and precision oncology tests.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report21 May 2026Other events · Financial statements and exhibits
- Current report14 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement31 Mar 2026
- Current report17 Mar 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fulgent Genetics, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Fulgent Genetics, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Fulgent Genetics, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.