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Fulgent Genetics Reports Record First Quarter Financial Results First Quarter 2021 Results : Record Revenue of $ 359.4 million , growing more than 4,500 % year - over - year Record Billable tests delivered approximately 3.8 million , or 290 times the volume of first quarter of 2020 Gross Margin improved approximately 32 percentage points year - over - year NGS Revenue grew 115 % year - over - year ● Exhibit 99.1 ● Record GAAP income of $ 200.7 million , or $ 6.52 per share Record Non - GAAP income of $ 202.9 million , or $ 6.59 per share Record Adjusted EBITDA of $ 271.9 million Cash from operations of $ 233.2 million ; Cash and investments of $ 697.4 million as of March 31 , 2021 2021 Outlook : Raises full year total revenue outlook to $ 830 million from $ 800 million , representing growth of 97 % year over year Raises NGS revenue outlook to $ 100 million from $ 70 million , representing growth of 174 % year over year Expects GAAP income of approximately $ 12.00 per share ; non - GAAP income of approximately $ 12.50 p per share in 2021 ● TEMPLE CITY , CA , May 6 , 2021 -Fulgent Genetics , Inc. ( NASDAQ : FLGT ) ( “ Fulgent " or the " company " ) , a technology company providing large - scale COVID - 19 testing services and comprehensive testing solutions through its scalable technology platform , today announced financial results for its first quarter ended March 31 , 2021 . First quarter revenue was $ 359.4 million , an increase of 4,500 % from $ 7.8 million in the first quarter of 2020. GAAP income for the first quarter of 2021 was $ 200.7 million , or $ 6.52 per share , and non - GAAP income was $ 202.9 million , or $ 6.59 per share . Adjusted EBITDA was $ 271.9 million in the first quarter of 2021 , compared to loss of $ 506,000 in the first quarter of 2020 . Non - GAAP income ( loss ) and adjusted EBITDA are described below under " Note Regarding Non - GAAP Financial Measures " and are reconciled to the most directly comparable GAAP financial measure , GAAP income ( loss ) , in the accompanying tables . For the second quarter of 2021 , the company expects to generate revenue of approximately $ 200 million . For the full year 2021 , the company now expects revenue of approximately $ 830 million , which would represent growth of 97 % year over year , versus previous guidance of $ 800 million . The company anticipates that of this $ 830 million , approximately $ 100 million will be realized from Next Generation Sequencing ( " NGS " ) testing , and the remaining $ 730 million will be realized from non - NGS , RT PCR based testing . The company also expects to drive strong gross and operating margins by leveraging the company's proprietary technology platform , which would generate GAAP income of approximately $ 380 million , or $ 12.00 per share , and non - GAAP income of approximately $ 12.50 per share for the year .