FLGT - Fulgent Genetics beats Q2 top and bottom line estimates; initiates Q3 and updates FY23 outlook

2023-08-04 07:12:10 ET

• Fulgent Genetics press release ( NASDAQ: FLGT ): Q2 Non-GAAP EPS of -$0.08 beats by $0.25 .
• Revenue of $67.85M (-45.9% Y/Y) beats by $5.37M .
• Adjusted EBITDA loss of $2.7 million.
• Generated cash flow from operations of $9.7 million.
• Cash, cash equivalents, and investments in marketable securities of $846.8 million as of June 30, 2023.
• Raises Full Year 2023 Core Revenue Guidance to $260 million and Narrows Expected Loss.
• Outlook: For the third quarter of 2023 , Fulgent expects:  Core Revenue of approximately $65 million vs. consensus of $62.84M.

• For the full year 2023 , Fulgent now expects: Core Revenue of approximately $260 million vs. consensus of $255.94M; GAAP loss of approximately $2.15 per share; Non-GAAP loss of approximately $0.95 per share vs. consensus of -$1.23.

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