Fulgent Genetics Stock Falls As Q2 Earnings Miss Street Estimates; Lowers FY21 Sales Outlook

Fulgent Genetics Inc FLGT reported after the close of the market on Monday that its second-quarter revenues increased nearly ninefold, driven primarily by increased test volumes.
Revenues skyrocketed to $153.6 million from $17.3 million in Q2 of 2020 but missed the consensus of $197.3 million.
In addition to COVID-19 testing, the firm nearly quadrupled its Core next-generation sequencing business in the quarter year over year to $25.7 million.
The number of billable tests delivered during the quarter grew ninefold year over year to 1.6 million tests.
Adjusted EPS was $2.55, short of the Wall Street estimate of $2.81.
Fulgent ended the quarter with cash and cash equivalents of $100 million and investments in marketable securities totaling $667 million.
FY21 Guidance: Fulgent adjusted previous full-year guidance to revenues of $800 million (consensus $829.95 million), including core revenues of $110 million. It had previously guided for revenues of $830 million, core revenues of $100 million.
Adjusted EPS outlook is unchanged at $12.50 versus the consensus of $12.57.
Q3 FY21 Outlook: Expects sales of $125 million - $150 million, versus the consensus of $146.1 million. It sees a Core revenue of around $32 million.
Separately, the firm announced the acquisition of Georgia-based cancer testing lab CSI Laboratories for an undisclosed amount.
Fulgent also announced that it would partner with Helio Health to exclusively commercialize Helio's liquid biopsies tests in North America, with an initial focus on a liver cancer assay called HelioLiver.
Price Action: FLGT shares are down 14.81% at $93.50 during the premarket session on the last check Tuesday.

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