FLGT · Fulgent Genetics, Inc.

Fulgent Genetics reported first quarter 2026 financial results marked by solid execution in its laboratory services segment and continued advancement in its therapeutic development pipeline. Revenue for the quarter was $71.1 million, with GAAP gross margin at 30.2% and Non-GAAP gross margin at 32.3%. The Company reported a GAAP net loss of $24.8 million, or $(0.80) per share, compared to a Non-GAAP net loss of $11.0 million, or $(0.36) per share. Adjusted EBITDA loss stood at $15.2 million. During the quarter, Fulgent actively executed on its capital allocation strategy by repurchasing approximately 2.6 million shares for $40.1 million in cash, resulting in a reduction of 3.1 million shares outstanding. The Company maintained a strong liquidity position, ending the quarter with $604.7 million in cash, cash equivalents, restricted cash, and investments, excluding an anticipated tax refund of approximately $106 million. Management expressed confidence in the fundamental strength of the business, reiterating full-year 2026 revenue guidance of approximately $350 million. However, the Company updated its Non-GAAP loss per share guidance to $(1.59) to account for the impact of the stock repurchase program. CEO Ming Hsieh highlighted positive trajectory across businesses and meaningful advances in clinical candidates FID-007 and FID-022, noting the selection to present Phase 2 data for FID-007 at the 2026 ASCO Annual Meeting. CFO Paul Kim indicated that gross margins are anticipated to normalize and improve in the second half of the year.