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Fulgent Genetics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $71,743,000 from $84,687,000 in the same quarter the previous year. The decrease is attributed to a decline in COVID-19 testing services and BioPharma services.
Cost of revenue for the quarter was $44,972,000, representing 63% of revenue, compared to 53% in the same quarter of the previous year. The increase in cost ratio is due to the absence of revenue from COVID-19 testing services completed in prior periods.
The company reported a gross profit of $26,771,000 for the quarter, compared to $39,844,000 in the previous year, with the decline attributed to reduced COVID-19 testing revenue.
Research and development expenses increased to $11,783,000 from $10,014,000, primarily due to increased expenses in the therapeutic development segment.
Selling and marketing expenses decreased to $9,124,000 from $10,161,000, primarily due to reduced marketing efforts related to COVID-19 testing.
General and administrative expenses increased to $20,950,000 from $17,498,000, primarily due to increased personnel costs and provision for credit losses.
Net loss for the quarter was $14,648,000, compared to a net loss of $13,107,000 in the previous year.
Cash used in operating activities was $3,958,000, while cash used in investing and financing activities was $30,897,000 and $4,520,000, respectively.
Fulgent had cash, cash equivalents, and marketable securities totaling $815,400,000 as of September 30, 2024.
The filing also details various legal proceedings, including ongoing investigations by the DOJ and SEC related to billing practices and compliance with healthcare regulations.
Fulgent continues to focus on expanding its precision diagnostics services and advancing its therapeutic development pipeline, including the development of FID-007 for cancer treatment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fulgent Genetics Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.