Why Is Fulgent Genetics Stock Moving Higher Today?

Fulgent Genetics Inc FLGT reported Q2 sales of $68 million, beating the consensus estimate of $62.68 million.

The company reported Q2 adjusted EPS loss of $(0.08), a turnaround from income of $0.78, beating the consensus of $(0.33).

The company reported an adjusted EBITDA loss of $(2.7) million, a shift from EBITDA income of $37.7 million.

Ming Hsieh, Chairman of the Board and Chief Executive Officer, said, "We are pleased with our results so far in the first half of the year, with record revenue for our core genetics business showing continued momentum in our three main areas -- precision diagnostics, anatomic pathology, and pharma services."

Paul Kim, Chief Financial Officer, added, "We are again raising our core guidance for the year due to our outperformance in the second quarter. Looking ahead, we believe our gross margins and operating margins will continue to improve as we implement efficiencies through our integration efforts.

Guidance: Fulgent raises FY23 revenue guidance to $260 million versus the consensus of $255.94 million and the prior guidance of $250 million.

It forecasts an adjusted EPS loss of $(0.95) versus a consensus of $(1.23) and prior guidance of $(1.25).

Price Action: FLGT shares are up 1.45% at $40.66 on the last check Friday.