fulgent genetics long beach
As I indicated, the core business grew 57% sequentially, which translates into approximately 20,000 tests and revenues of approximately $10 million to $11 million, which is at a record for the company. Regarding the on-site testing for New York City, we now have over 60 pairs of boots on the ground to help with school site operations. That's a fact. Company Quest Diagnostics jobs in Long Beach, CA. Join to Connect Fulgent Genetics. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. The increase is attributable to the vast majority of our tests now going through reimbursement and our favorable payment experienced today. Congrats on the nice quarter, you guys. How does that fit in into your longer-term plan from a capacity standpoint? We're not only to use our test for the COVID-19, but we also put our other genetic tests. But because our turnaround time is just getting quicker with the additional volume, we don't have a whole lot of doubt whether we can meet that threshold starting on January 1, 2021. And then during the earlier on part of this year, in March, April, and May, during the first lockdown, that impacted the core or the genetic testing business across the industry. Your line is now open. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. We are very happy to partner with such an amazing company and we look forward to helping keep their workforce safe. Can you just give us some more details on some of the contract terms that you guys have won? With a modest level of investment in the infrastructure and headcount, we were able to grow our test volume almost 50 times or 5,000% of that in the third quarter of last year and by more than 5 times or 500% of that in the second quarter of this year. Total GAAP operating expenses were $11.9 million for the third quarter, up from $6.9 million in the second quarter. 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. Our next question is from the line of Erin Wright of Credit Suisse. Thanks. 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. Your line is now open. As needed, we could quickly scale to handle 80,000 tests per day and more. And we think that's incredibly important. So, yes, we continue to develop new tests. [Operator instructions] I would now like to hand the conference over to your first speaker for today, the head of investor relations, Ms. Nicole Borsje. 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. So to add to Paul's points, we'll continue to invest carefully to enhance our position in terms of our technology and also our market positions. New at Fulgent 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 that's an excellent question. 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. While we haven't announced all of our wins, we will continue to publicly announce large strategic wins to the extent we can. 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. Some of this we have announced publicly, but we have won a number of additional strategic customers that we have not publicly disclosed. You've always obviously been very nimble here with the COVID response, which has been impressive. OK. That's helpful. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. Rachel Vatnsdal -- Piper Sandler -- Analyst. At Fulgent, we took early action to leverage our technology platform to build out a comprehensive offering to meet the increased demand for reliable testing solutions. Please visit the Investor Relations section of the company's website to access the audio replay. Most labs could not survive with that price, so CMS increased the rate. Fulgent Genetics, Inc. is a technology company. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. Fulgent will test many thousands of their employees weekly on our Enterprise platform from their several locations across the United States. I think we've been on a test launch craze for the last year, a year and a half. We talked about the efficiencies that we have for COVID, but our core business, that's also gaining a lot of benefit from the automation and the efficiency. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc, (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. [Operator instructions] Please be advised that today's conference call is being recorded the 9th of November 2020. Our original offering consists of three tests: carrier screening, newborn screening, and adult wellness. So we think when our expanded portfolio of customers is running at full speed when they're seeing the same number of patients they saw pre-pandemic, could be a pretty powerful turning point for our company. At the same time, our gross margin improved by 19 percentage points sequentially, with the operating expense only roughly doubling on a GAAP basis, which translates into operating income of $63.5 million and a record adjusted EBITDA of $67.4 million. At this time, between our headquarters in Temple City, California, and our new lab in Houston, Texas, we have a maximum daily capacity of 60,000 tests per day. “Miami-Dade residents now have improved access to … Yes. This has been in large part due to our ability to win new clients while maintaining relationships with existing clients, even as some of those clients experienced lower test volumes amid the pandemic. Good afternoon, and welcome to the Fulgent Genetics third-quarter 2020 financial results conference call. “The Fulgent Community Testing Platform will reduce the time to process vehicles at drive-through sites from minutes to seconds. Search Bioinformatics jobs in Los Angeles, CA with company ratings & salaries. Fulgent Booking System 1.0 - Appointment Free COVID-19 Testing The City of Long Beach is providing free COVID-19 testing at two additional locations. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. We also added content to our genetic testing menu across the board, whether it be cancer, women's reproductive health, or pediatrics. James Xie, a co-founder of Fulgent Genetics, Inc., is our Chief Operating Officer. This will lead to false-negative results, which are particularly troublesome. However, data presented in antigen EUAs show that at day 6 and 7 the sensitivity drops measurably, and positive cases are already being missed. The private side also is a satisfactory reimbursement. As you recall, all our lab management system and software has developed in-house. So COVID is not going to go away at the end of 2020. If we look at our largest customers in Q3, more than half of those were new this year. And thank you for joining our call today to discuss our third-quarter 2020 results. Thank you for all that color. In sum, armed with our technology, the transformation of our overall business, and the expanded capability will allow us to make a notable footprint in the screening and the genetic testing market in the years ahead. 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. So number one, our total fixed assets, and the equipment purchases for the year is going to be between $10 million and $15 million. We have grown our headcount from 151 at the beginning of 2020 to approximately 500 employees and consultants today. The third area I wanted to highlight as an avenue of durable growth is our consumer offering Picture Genetics. Page 1 of 24 jobs. Third, our capacity. For example, what are the terms, and how long are they and do you have any exclusivity agreements? We add at-home COVID-19 test service to the platform in late June, and since then, we have seen very strong demand for this at-home test. Fulgent Genetics, FLGT; Department: Clinical Diagnostics Lab; 4978 Santa Anita Ave., Suite 205; Temple City, California, United States 91780; Phone: 626-350-0537 Can you talk about your plans for using the money to invest in the business? We had $90 million of accounts receivable. These forward-looking statements represent management's estimates based on current views and assumptions, which may prove to be incorrect. Fourth, our two EUA approvals. Thanks. 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. For years, we described ourselves as a technology company providing clinical genetic testing, and we have continually emphasized the power of our technology platform. We've already gotten massive returns on those investments. Yes, certainly. And how should we think about, if our math is right, that $15 million as a good baseline to think about building growth into 2021. This has really been important for patient care and contact tracing and has been a huge differentiator for Fulgent. 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. Testing is expected to begin January 2021 and will continue for at least 18 months. Most of all, we're seeing our customers appreciating the clear differentiation by the application of our technology platform. “Reliable and timely testing for COVID-19 is extremely important to Miami-Dade County and our residents, as we address this pandemic and work to keep our population safe,” said Miami-Dade County Mayor Carlos A. Gimenez. Our investment in terms of capacity, it is always the multiple-use. In addition to those, there are approximately 500 million non-influenza respiratory infections occurring annually. The CMS gave two rates: $100 for the 24-hour response -- 48 hours response time or the $75 if we could not meet the 48 hours response time. Employer Identification No.) Third-quarter revenues totaled $101.7 million, an organic increase of 883% compared to the third quarter of 2019. Great. Due to the COVID-19, I think it slowed down a little bit our introduction in this kind of products. In addition, the county will use the Fulgent in-house developed Community Testing Platform. We now project test volumes for the year to be well over $2 million, which translates into over $235 million in revenues. We provide the low-cost competitive bid in all our efforts. As we continue seeing the increase for the demand, we increase our automation. And the core business is performing better than we had hoped and that's because we've signed on many new customers. Entry Level (19) Mid Level (2) Upload your resume - Let employers find you. Adjusted EBITDA for the third quarter was $67.4 million, compared to $3 million in the third quarter of 2019. I believe I heard you correctly. We were able to launch this high capacity lab in record time by building on top of our foundational Fulgent technology. So we hope that will stick around. And then from an operational sense, we can quickly deviate the resources into other areas that we believe will be fruitful for the company. Investor Relations Contact: Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. And we have seen our commercial initiatives at home test offering, Picture Genetics. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. This facility is a great example of the power and portability of the Fulgent technology platform. Operator, now, you can open it up for questions. So we are on track with our original guidance, which is quite a feat, because a lot of the diagnostics companies, 2020 was essentially a throwaway year. And then we have added a number of people to the organization, but not all of them are employees. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. But this growth has been fueled by continuing to win new customers. So we definitely could program or repurpose some of those equipment, getting into the mix of our complete automation for the lab automation. 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. Regarding turnaround time, it's been widely publicized that labs have struggled with turnaround time and patients have experienced delays receiving test results. We if look at the contracts, they range from month to month to 24 months. So we think we can play a dominant role in the testing. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT. More so than ever, we are working closely with the payers and are making progress becoming an in-network provider. Yes, Rachel -- sorry, Erin. Historically, our customers have predominantly been cash-paying customers, with very little revenue coming through the reimbursement. And, Erin, remember, the COVID-19 test started at $50. Examples of forward-looking statements in this press release include statements about, among other things: management’s beliefs and estimates regarding Fulgent’s testing solutions, including its Community Testing Platform, the suitability and performance of RT-PCR tests, including Fulgent Genetics’ RT-PCR testing solution, as compared to other potential testing solutions and for certain testing circumstances, the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities to grow its business; expected future lab capacity and turnaround times; and expectations or guidance regarding future revenues and management’s judgements and evaluations of the company’s platform and technology. Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. And then a little more forward-thinking. Thank you. The investment we made in our technology stretches back almost a decade and enable all the facets of our business, which produces notable efficiency and scalability. 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 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. So some are exclusive, some are not. I think as Paul mentioned, we do have some additional leverage in our COGS there. We believe Picture is now a well-known and rapidly growing brand that will continue to deliver for us going forward as we expand the number of tests being offered on the platform. In addition to the momentum we had with our COVID test, our core genetic testing business, and sequencing-as-a-service business have remained strong. All of the above, Rachel. Prior to joining Fulgent, Mr. Xie served as the Senior Vice President of Cogent Inc., a publicly traded biometric identification service and product company from 1996 until 2011. Let's make no mistake of [Audio gap] impacted by this pandemic. And actually, I got a text that I cut out a little bit. “Rapid turnaround times for testing are vital to limiting the spread of COVID-19, and Fulgent Genetics promises efficient processing, within 24 to 48 hours of receipt of the sample.”. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. On a non-GAAP basis, it's even lower than that. Hi. All rights reserved. So very exciting. To that end, we believe the investment we made to build our COVID-19 test initiatives will continue to benefit our business in long term. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. But we think we're extremely well-positioned to be a major player in this market. With this increased visibility with the payers, we can now tell the Fulgent story and show the value of having our services in their network. Can you walk us through what you guys are thinking about for testing demand over the next year or two with an effective vaccine on the market following that news we saw this morning? In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. Displayed here are Job Ads that match your query. During Q3, we had an equity shelf program in place, which enabled us to sell approximately 1.3 million shares in the open market, raising $42.3 million in cash. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ:FLGT) ("Fulgent Genetics" or the "company"), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. Simply put, it's the best test. At the same time, our clients are confident using Fulgent [Audio gap] volume. These reports contain more information about the company, its business and the risks affecting its business. Fulgent Genetics, Inc. (NASDAQ:FLGT) Q3 2020 Earnings Conference Call November 9, 2020 4:20 PM ET Company Participants Nicole Borsje - Head, IR Ming Hsieh - … Our clients are using our applications to run their daily operations. Next, we have Kevin DeGeeter of Oppenheimer. Gross margin improved almost 19% points sequentially. Great. Erin, just to give you a point of reference on the reimbursement. So if you take a look at the amount that we're spending for COVID versus what COVID has brought us just for this year, we're going to be generating approximately $200 million of COVID business on top of massive profits. So you can break out the investments that we made, as well as the spending in a couple of different buckets. Fulgent Genetics, Inc. Common Stock ... To date, San Bernadino County, Los Angeles County, the City of Long Beach, Santa Clara County, and Orange County are … Erin, from a numbers perspective -- this is Paul. The success we have had with COVID-19 testing has allowed us to expand our go-to-market strategy. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. And finally, Paul will discuss our financial results and the outlook in detail. I will now turn the call back to Nicole for any final comments. And we believe [Audio gap] in the -- our traditional genetic testing space or in the wider screening market that we will be one of the consolidators to take a look at businesses and technologies that we can incorporate or potentially incorporate as our own to enhance our technological lead in addition to making a stronger company. The Picture Genetics platform provides a holistic approach to at-home genetic screening by including oversight from independent physicians as well as genetic counseling options to complement Fulgent Genetics’ comprehensive genetic testing analysis. I think in terms of vaccine development, we welcome the news of the vaccine development because we do see the demand for the Fulgent Genetics to provide faster, quicker, and cheaper tests in terms of the COVID-19 test. 429 open jobs for Bioinformatics in Los Angeles. We also announced in the third quarter that we won a competitive bid for the entire state of Ohio prison system to provide testing to their 12,000 employees. But with our technology, our capture set, our pipelines, we were able to develop that pretty quickly. Like I said, some have exclusivity, some don't. So whatever investments that we're making, we believe that we'll have immediate returns on that. Bioinformatics Data and Software Engineer at Fulgent Genetics Los Angeles, California 408 connections. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. I think the Fulgent Genetics when we get in [Audio gap] we are not highest, the provider. Definitely, we see the business opportunities. But should testing even begin to slow down a little bit, the way we position this company with our technology platforms, we're going to continue to take market share from other people, right? The tests provided through this program are mouth swab tests that do not require assistance. So Paul is right. Thanks, guys. Great. 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. This puts our new lab in close proximity to an amazing talent pool, as well as world-renowned cancer centers and pediatric hospitals. Through its Picture Genetics platform launched in 2019, Fulgent Genetics offers consumers direct access to its advanced genetic testing and analytics capabilities from the ease and comfort of home, at an affordable price point. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. Sort by: relevance - date. Fulgent Offers Coronavirus Testing And, Rachel, Brandon. To further emphasize this point, we looked at our top core business customers in the third quarter of this year and compared it to the third quarter of last year. Powered by Madgex Job Board Software. California State University-Long Beach . I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. Stock Advisor launched in February of 2002. The Blueshirt Group We have discussed these in detail on previous calls, but the platforms include the Fulgent Enterprise and Fulgent Community, which support corporate testing and drive-through testing, respectively. Visit www.picturegenetics.com for more information. Thanks. Fulgent will continually invest in these areas. On the customer front, we have made a meaningful stride in signing large agreements with a range of commercial organizations, municipalities, and the medical institutions. Fulgent Genetics, Miami-Dade County Partner on COVID-19 testing Miami-Dade switches to the Fulgent RT-PCR test and Community Testing Platform TEMPLE CITY, Calif., Sept. 09, … We welcome the news about the very promising vaccine development from Pfizer today since we have made a $2.5 million investment in a private company called Boston Molecules during this quarter. All of this is done in the pursuit of bettering the everyday lives of our customers. In fact, it's hardly a competitor. Thanks, Ming. Not only we win those bids effectively, but also, we are able to deliver the bottom line. 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. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. Second point I want is on reimbursement. We shine brightest when meaningful relationships, passion, and purpose come together. ET. Market data powered by FactSet and Web Financial Group. On September 9, 2020, Fulgent Genetics, Inc. (NASDAQ: FLGT), a technology company providing comprehensive testing solutions through its scalable technology platform, announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. 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