FLGT - Fulgent Genetics raises 2022 revenue guidance but lowers income outlook

Fulgent Genetics (NASDAQ:FLGT) raised its 2022 revenue guidance to $660M (from $600M) but also lowered its full-year non-GAAP net income outlook to $6 per share (from $7). The genetic testing services company saw its net income in Q1 2022 decline 23% to ~154M ($4.93 per diluted share) compared to the prior-year period. Revenue in the quarter dropped ~11% to ~$320.3M. However, Fulgent (FLGT) was still able to beat on the top and bottom lines. Operating expenses more than doubled in the quarter to $40.6M from $18.4 in Q1 2021. This was driven mostly by a 222% increase in general and administrative expenses to ~$25.8M. The company ended the quarter with about $1.1B in cash. Seeking Alpha's Quant Rating views Fulgent (FLGT) as a hold.

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Fulgent Genetics raises 2022 revenue guidance, but lowers income outlook