FLGT - Fulgent Genetics stock drops 12% after hours despite beats on top and bottom lines

Shares of Fulgent Genetics (NASDAQ:FLGT) are down 12% in after-hours trading despite quarterly results that beat on the top and bottom lines. Net income fell 37% to ~104.3M compared to the prior-year period. Diluted earnings per share went from $6.16 to $3.34. Net revenue in the quarter declined ~15% to ~$251.7M. Total operating expenses skyrocketed ~124% to ~$38.7M. Fulgent (FLGT) ended the year with $935.5 million in cash. Read why Seeking Alpha contributor JR Research says Fulgent (FLGT) is a buy.

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Fulgent Genetics stock drops 12% after hours despite beats on top and bottom lines