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fulgent Fulgent Genetics Reports Third Quarter Financial Results November 9 , 2021 • Revenue grows 124 % year - over - year to $ 227.9 million • Core Revenue grows 292 % year - over - year to $ 40.1 million • Raises Full Year Revenue guidance to $ 930 million from $ 800 million , given recent strength in core and COVID - 19 business TEMPLE CITY , Calif .-- ( BUSINESS WIRE ) -- Nov . 9 , 2021-- Fulgent Genetics , Inc. ( NASDAQ : FLGT ) ( " Fulgent Genetics " 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 third quarter ended September 30 , 2021 . Third Quarter 2021 Results : • Revenue of $ 227.9 million , growing 124 % year - over - year • Billable tests delivered approximately 2.2 million , or more than twice the volume of third quarter of 2020 • Gross Margin improved approximately 7 percentage points year - over - year • Core Revenue grew 292 % year - over - year to $ 40.1 million • GAAP income of $ 122.5 million , or $ 3.93 per share • Non - GAAP income of $ 126.3 million , or $ 4.05 per share • Adjusted EBITDA of $ 167.3 million • Cash from operations of $ 152.2 million ; Cash , cash equivalent , and investments in marketable securities of $ 877.3 million as of September 30 , 2021 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 , " We demonstrated great execution across our business in the third quarter and significantly exceeded our guidance for both core and COVID - 19 revenue . The investments we have made in CSI Laboratories , Helio Health and FF Gene Biotech are already contributing nicely to our growth , while our core next generation sequencing ( " NGS " ) business continues to do well . We see a meaningful runway ahead with a number of opportunities that have expanded our genomic test menu and commercial reach , and we have continued to build out our operational infrastructure and personnel to support our growth . We remain optimistic that our differentiated approach to the genomic testing market positions us well for continued momentum . " Paul Kim , Chief Financial Officer , said , " We had a very strong third quarter , driven by outperformance across both our core NGS and RT - PCR COVID - 19 testing businesses , which grew 292 % and 105 % year - over - year , respectively . Our core business has been seeing strong momentum with the addition of CSI and integration of FF Gene Biotech , and we are continuing to make investments to drive our post - COVID growth strategy . At the same time , the spread of the contagious Delta variant drove a meaningful increase in our RT - PCR COVID - 19 testing in the quarter , while we also saw strong demand for our NGS based COVID - 19 testing solutions . We are pleased to be raising our guidance for the year 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 fourth quarter of 2021 , Fulgent Genetics expects : • Total Revenue of approximately $ 189 million • Core Revenue of approximately $ 32 million , representing growth of 166 % year - over - year For the full year 2021 , Fulgent Genetics expects : • Total Revenue of approximately $ 930 million versus previous guidance of $ 800 million • Core Revenue of approximately $ 115 million versus previous guidance of $ 110 million , representing growth of 215 % year - over - year • GAAP income of approximately $ 15.50 per share