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. Thank you. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company … 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. 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. Our investment in terms of capacity, it is always the multiple-use. Get e-mail updates when this information changes. Looking at sbcovid19.com website dashboard, our testing rate is 90% negative and 10% positive even after Thanksgiving. Too many of our families are suffering and dying. Thanks, Brandon. OK. That's helpful. We believe that having this reimbursement agreement in place will continue to drive business from the customers in a way that we haven't seen prior to the pandemic. Had the residents and leadership if SB County taken simple, though “uncomfortable,” measures when we learned how covid spread, the dire need for current restrictions would be unnecessary. The company's press release discussing its financial results is available in the Investor Relations section of the company's website, fulgentgenetics.com. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. These are the machines we can use for multiple different purpose. 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. 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. 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. 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. An audio replay of this call will be available shortly after the call concludes. This demonstrates how our core business has continued to strengthen with new customers we've been winning. I am very proud I live in San Bernardino County! But that's not the way we do, OK? Science and hindsight should demand that we do things differently. 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. Fulgent's diagnostic tests serve as the core of our COVID-19 offerings. We have definitely had a lack of enforcement and that’s why the virus continues to rage. 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 Houston will soon serve as a fully operational second site. 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. 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. These samples are then sent to a laboratory to test for the virus that causes the COVID-19 illness (SARS CoV 2 virus). We continue to believe that the COVID-19 testing is quite durable, right? September 28, 2020 Fulgent Genetics started using the Multiplex Covid/Influenza Assay PCR test. 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. 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. So number one, our total fixed assets, and the equipment purchases for the year is going to be between $10 million and $15 million. With that, I'll [Audio gap] call over to Brandon to dig into more about the customer dynamics we are seeing in this quarter and elaborate on the long-term drive for our momentum. But that $40 million of business that we had in the core business hasn't been linear. The county recently announced they contracted with a new supplier to secure an adequate supply of testing equipment. 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. And based on our profits, we recorded a 23% tax rate in Q3. Fulgent will continually invest in these areas. The COVID-19 pandemic has continued to challenge both our health and our way of life this year. And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. Thank you for standing up for the rights of the countie’s citizens. Hi. Can you talk about your plans for using the money to invest in the business? There are three particular areas of strength I would like to elaborate on, especially in the quality and the scale of our customer base. Thanks. Thank you! In addition to those, there are approximately 500 million non-influenza respiratory infections occurring annually. Stock Advisor launched in February of 2002. 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. We are a genetic testing laboratory built by engineers, founded in technology. Amen. And the core business is performing better than we had hoped and that's because we've signed on many new customers. These restrictions should be based on factual data that has been collected and studied specifically in our demographic area. New testing supplier, Fulgent Genetics, provides easy nasal self-swabs at nearby locations 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 and is now encouraging all County residents to get tested. This scenario is similar throughout California and across the United States. 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. Fulgent was founded in 2011. 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. Nach Executive director-Jobs in Ontario, CA mit Bewertungen und Gehältern suchen. Join to Connect Fulgent Genetics. 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 County Urges All Residents to Test for COVID-19 by David Wert - City News Group, Inc. 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. It is not just influenza in COVID-19 that can cause respiratory infections. This county’s Covid infections are out of control. [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. 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. When it comes to contact tracing, the turnaround time needs to be 24 hours or less for this test to be as powerful as possible. But this growth has been fueled by continuing to win new customers. But with our technology, our capture set, our pipelines, we were able to develop that pretty quickly. FULGENT GENETICS AKTIE und aktueller Aktienkurs. For early detection, screening, testing of asymptomatic and pre-symptomatic, RT-PCR is currently the only viable option. We see a day where families can get the testing they need through Picture ahead of the visit and then spend the time with the specialist discussing results, prognosis, treatment plans, etc. This is unconscionable, an abdication of their basic responsibilities to serve everyone (not just businesses who are hostile to unemployment insurance and who want to shirk off responsibility for keeping their workplaces safe and landlords and people with extra property they want to charge exorbitant short term rent for), and a performative exercise in grandstanding. I will absolutely remember this when it’s time to vote again. 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. Our next question is from the line of Erin Wright of Credit Suisse. https://www.merriam-webster.com/dictionary/constitution, Auditor-Controller/Treasurer/Tax Collector, San Bernardino County Employees' Retirement Association, South Coast AIr Quality Management District. Nach Junior project manager-Jobs in Rancho Cucamonga, CA mit Bewertungen und Gehältern suchen. 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. I have asthma and other hereditary lung issues. Grow up and stay home, and wear a mask when you need to go out. Now more than ever we need to collectively do the right thing by our communities and families. As we walk into each opportunity, we need to make sure we have a sound business model. So we're also on the private side as well, not just the Medicare and Medicaid from the CMS perspective. Nicole Borsje -- Head of Investor Relations. In efforts to provide more testing opportunities for San Bernardino County residents, community testing events are being held throughout the county. We look forward to keeping in touch with you in the days and weeks ahead. So, yes, we continue to develop new tests. Yes. Many of our restaurants are hanging on by a string and many other businesses are going down for the count. Suing the governor won’t help, but will have the opposite effect. So that was a substantial guidance increase. Our ASP in the third quarter was $98, higher than the $96 we saw in the second quarter. More specifically, we anticipate Q4 revenues to be at least $110 million. Thanks very much. 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. We if look at the contracts, they range from month to month to 24 months. So that's an excellent question. 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. I will now turn the call back to Nicole for any final comments. 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. [Audio gap] their decision to do that. There is no scientific or mathematical proof to close down some businesses and keep others open. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. We think it will. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. So I think this creates a new opportunity for Fulgent Genetics in this space. So I'll reemphasize what I said. So whatever investments that we're making, we believe that we'll have immediate returns on that. Non-GAAP operating expenses totaled $9.2 million, up from six [Audio gap] quarter. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … 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. We don't have that crystal ball, no one does, right? 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. “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.”. Most of all, we're seeing our customers appreciating the clear differentiation by the application of our technology platform. But in addition, we need to make sure that we also provide the returns to our shareholders. Most San Bernardino County libraries have begun opening their doors with limited library services and modified hours. We now have the vaccine and many are already immune. 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. But I had no choice because of others’ irrational response to a pandemic: It’s not that dangerous. There are now 9 confirmed covid cases among my work family, some of whom laughed off the need to wear effective masks. So you can just estimate what our cost structure is, whether it be for COVID or non-COVID. Get the federal aid to help small businesses and families. 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. 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. No, that's super helpful. Can you just give us some more details on some of the contract terms that you guys have won? [Audio gap] the third quarter was $104 million in cash, cash equivalents, with no debt. Thanks, Ming. 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. 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. Together we can get to the other side of this with more of us ALIVE. At this point, we have one of the largest, most diversified genomic test menus in the industry and we plan to continue to launch new tests. 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. Thanks, guys. 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. Turning over to operating expenses. 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. Accessibility | Disclaimer | Privacy Policy, Copyright © 2013. Great. [Operator instructions] Our first question is from the line of Rachel Vatnsdal from Piper Sandler. Please review the more detailed discussions related to these forward-looking statements, including discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-Q for the quarter ended June 30, 2020, which is available on the company's Investor Relations website. Please visit the Investor Relations section of the company's website to access the audio replay. We provide the low-cost competitive bid in all our efforts. But that includes our core genetic tests on top of COVID. This growth and the profitability were made possible by the efficiencies we have created across our business from our lab operation and our information management and the reporting system, to have our own proprietary biochemistry and reagents, to our enhanced reimbursement capabilities and our system, who have covered a significant amount of the ground and signing a number of substantial agreements, securing large volume of tests in the quarter ahead. This is done on the same sample with no need for clients to make any collection protocol changes. I lost 3 love ones to covid.my grampa my grama and my brother which i live whit them sends i was one year old .and i lost them to this co vid 19 virus.i also lost 10 close friends in less then 2 months .but like i say it hard. This translated to approximately $2.6 million charge below operating expenses. This program went live in October and we are now collecting thousands of samples per week throughout New York City. 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. 20 Genetics Counselor jobs available in Rancho Cucamonga, CA on Indeed.com. I'd like to spend a few minutes to discuss each of these in detail. 1. Fulgent Genetics, Inc. Common Stock (NASDAQ:FLGT)Q3 2020 Earnings CallNov 09, 2020, 4:30 p.m. We see these contracts going deep into 2021. The vast majority of this volume was from our business related to COVID-19. Our record growth in the third quarter is a true testament to the scalability of our technology platform. 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. Worked there for 23 years, and it wasn’t my plan to retire so soon. You need Science and Data? We need to make sure it is beneficial to our clients. We were able to launch this high capacity lab in record time by building on top of our foundational Fulgent technology. Our relationships with these clients are very deep and many will be able to use our core products and services in the future. Due to the COVID-19, I think it slowed down a little bit our introduction in this kind of products. For example, what are the terms, and how long are they and do you have any exclusivity agreements? And most of the labs could not meet the response time. Erin, from a numbers perspective -- this is Paul. In the third quarter of this year, greater than half of those customers were new, right? 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. Brandon will elaborate further on some of these customer dynamics. 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. And then we have added a number of people to the organization, but not all of them are employees. Testing is expected to begin January 2021 and will continue for at least 18 months. “The governor is not permitted to act as both the executive and legislative branch for nine months under the California Emergency Services Act,” said Board of Supervisors Chairman Curt Hagman. 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. Switching gears, I'd like to briefly touch on the opening of our Houston lab, which we announced in August. Thanks, everyone, for joining our call today. 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. This is a pandemic problem. I'm excited to announce today we have won the opportunity. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. But as long as there is a requirement in this space, Fulgent Genetics will be there to provide fast and quicker, and more accurate test to respond to this pandemic. And though the majority of volume and revenues in the quarter were related to COVID, we saw a sharp rebound in our traditional genetic testing business. Although COVID-19 conditions are continually evolving, locations in the High Desert, Chino, and more will be operational Tuesday through Thursday from 11 a.m. to 6 p.m. and Saturday from 9 a.m. to 4 p.m., with some variations for some locations. 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. San Bernardino County leadership and residents, please, I’m begging, stop being a “super spreader” community. The increase is attributable to the vast majority of our tests now going through reimbursement and our favorable payment experienced today. The symptoms of respiratory infections, including COVID-19, are very similar and it can be difficult to differentiate the best treatment plan. And Brandon can give you some of the details. We will introduce the products in this area. Meaning that our COGS per test during Q3 on a full GAAP basis was $25. 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