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fulgent Fulgent Genetics Reports Second Quarter Financial Results August 9 , 2021 • Revenue grows 790 % year over year to $ 153.6 million • Core Revenue grows 296 % year over year to $ 25.7 million • Announces acquisition of CSI Laboratories • Announces commercial agreement with Helio Health through strategic investment • Announces incremental controlling investment in Chinese Joint Venture entity , FF Gene Biotech TEMPLE CITY , Calif .-- ( BUSINESS WIRE ) -- Aug . 9 , 2021-- Fulgent Genetics , Inc. ( NASDAQ : FLGT ) ( “ Fulgent " or the " company " ) , a technology - based genetic testing company focused on transforming patient care in oncology , infectious and rare diseases , and reproductive health , today announced financial results for its second quarter ended June 30 , 2021 . Second Quarter 2021 Results : • Revenue of $ 153.6 million , growing 790 % year - over - year • Billable tests delivered approximately 1.6 million , or 9 times the volume of second quarter of 2020 • Gross Margin improved approximately 21 percentage points year - over - year • Core Revenue¹ grew 296 % year - over - year to $ 25.7 million • GAAP income of $ 79.8 million , or $ 2.59 per share • Non - GAAP income of $ 78.7 million , or $ 2.55 per share • Adjusted EBITDA of $ 105.0 million • Cash from operations of $ 76.1 million ; Cash and investments of $ 777.0 million as of June 30 , 2021 ( 1 ) Core Revenue was previously defined as " NGS revenue " 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 . Ming Hsieh , Chairman and Chief Executive Officer , said , “ The exciting announcements we have made today demonstrate our ability to execute on our strategic initiatives to expand our platform capabilities and reach in a post pandemic world . With the acquisition of CSI Laboratories and commercial agreement with Helio Health , we believe we are now well positioned to grow our presence in the molecular diagnostics and oncologic testing markets . In addition , through the incremental controlling investment in FF Gene Biotech in China we seek to further solidify our foothold in one of the fastest growing genetic testing markets in the world . While we are early in the process of integrating and ramping these investments , we are very excited to be able to offer an expanded menu of genomic testing solutions to our customers with the same precision , service and efficiency that Fulgent is known for . We believe the future is extremely bright for Fulgent as we build out additional ways to capitalize on the growing market for genetic testing across oncology , infectious and rare diseases , and reproductive health . " Paul Kim , Chief Financial Officer , said , " We demonstrated strong growth in the second quarter with accelerating momentum in our Core NGS business , which grew 296 % year over year . Although we fully anticipated a widespread slowdown in RT - PCR testing for COVID - 19 , vaccine administration materially decreased demand for testing in the second quarter faster than we expected . While we view rapid vaccine administration as a net positive for our country's health and path to recovery , we are closely monitoring the proliferation of the delta variant and expect that ongoing testing will be an important part of fighting this surge . At the same time , we remain focused on opportunities beyond COVID testing as we leverage our strong cash position to make strategic investments in areas that enhance our core genomic testing capabilities , demonstrated this quarter by our acquisition of CSI Laboratories and investment in Helio Health . In addition , we believe the incremental investment in FF Gene Biotech strengthens our direct access to the Chinese genetic testing market , which will be additive to our revenue growth in the second half of the year . We are excited about the opportunities ahead and will be providing a formal update during our investment community conference call to shortly follow the issuance of this press release . " Outlook : For the third quarter of 2021 , Fulgent expects : • Total Revenue in the range of $ 125 to $ 150 million , representing growth of 35 % year over year at the midpoint