We welcome the news about the very promising vaccine development from Pfizer today since we have made a $2.5 million investment in a private company called Boston Molecules during this quarter. The success we have had with COVID-19 testing has allowed us to expand our go-to-market strategy. So to add to Paul's points, we'll continue to invest carefully to enhance our position in terms of our technology and also our market positions. Results will be delivered to patients within 24 to 48 hours. Visit www.picturegenetics.com for more information. We have grown our headcount from 151 at the beginning of 2020 to approximately 500 employees and consultants today. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. With a powerful leverage in our model, this translates into GAAP net income, and excluding stock-based compensation, we expect non-GAAP net income of approximately $100 million or approximately $4 per share for our shareholders in 2020. While we projected a slight decline in our core business due to the pandemic, it has rebounded much faster than we thought and grew 57% sequentially from a revenue standpoint. I want to visit genetic testing, and Paul, some of your comments with regard to how to think about that portion of the business for the year. As needed, we could quickly scale to handle 80,000 tests per day and more. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. This puts our new lab in close proximity to an amazing talent pool, as well as world-renowned cancer centers and pediatric hospitals. We're still not back open like we need to be, we want to be. All rights reserved. No, that's super helpful. We remain well-stocked to continue to fuel our growth plan. Brandon Perthuis -- Chief Commercial Officer. Customers are using Fulgent for hereditary cancer, cardiovascular genetics, neurological genetics, reproductive health, and other newer tests that we've launched in the last 12 to 18 months. The company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020 and the other reports it files from time to time, including subsequently filed quarterly and current reports, are made available on the company’s website upon their filing with the SEC. I will now turn the call back to Nicole for any final comments. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ:FLGT) ("Fulgent Genetics" or the "company"), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. We had $90 million of accounts receivable. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. The Blueshirt Group Miami-Dade County has transitioned to using Fulgent Genetics’ FDA EUA-approved RT-PCR test. We plan to get even more aggressive in our continued investment in technology and to further separate us from our peers in the future. Fulgent Genetics, Miami-Dade County Partner on COVID-19 testing Miami-Dade switches to the Fulgent RT-PCR test and Community Testing Platform TEMPLE CITY, Calif., Sept. 09, … And even with the explosive growth we have seen, we have continued to improve. As I indicated, the core business grew 57% sequentially, which translates into approximately 20,000 tests and revenues of approximately $10 million to $11 million, which is at a record for the company. We are incredibly happy to partner with the county in their tremendous efforts to combat this virus,” commented Brandon Perthuis, Chief Commercial Officer of Fulgent Genetics. Stock Advisor launched in February of 2002. At these levels that we are forecasting in Q4 and Q1, we'll see, right? These include huge hospital systems, some of the largest specialty care clinics, government agencies, large companies, etc. Sure. So we think it's going to be around with us for a while. But that includes our core genetic tests on top of COVID. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. So we hope that will stick around. These customers are not running at full speed. Fulgent will test many thousands of their employees weekly on our Enterprise platform from their several locations across the United States. To that end, we believe the investment we made to build our COVID-19 test initiatives will continue to benefit our business in long term. So that's an excellent question. We'll see how it plays out. Not only we win those bids effectively, but also, we are able to deliver the bottom line. Next, we have Kevin DeGeeter of Oppenheimer. Great. We have seen increase of volume of our core genetic tests for a number of new customers. California State University-Long Beach. And the core business is performing better than we had hoped and that's because we've signed on many new customers. With a modest level of investment in the infrastructure and headcount, we were able to grow our test volume almost 50 times or 5,000% of that in the third quarter of last year and by more than 5 times or 500% of that in the second quarter of this year. And we believe [Audio gap] in the -- our traditional genetic testing space or in the wider screening market that we will be one of the consolidators to take a look at businesses and technologies that we can incorporate or potentially incorporate as our own to enhance our technological lead in addition to making a stronger company. How Did Fulgent Genetics Stock Perform in 2020? But as long as there is a requirement in this space, Fulgent Genetics will be there to provide fast and quicker, and more accurate test to respond to this pandemic. Not only that, we have done it the hard way, building our business organically from the ground up. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. These risks and uncertainties include, among others: the ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemic’s effects on the global supply chain; the market potential for, and the rate and degree of market adoption of, the company’s tests, including its newly-developed tests for COVID-19 and genetic testing generally; the company’s ability to capture a sizable share of the developing market for genetic and COVID-19 testing and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the company’s ability to maintain the low internal costs of its business model, particularly as the company makes investments across its business; the company’s ability to maintain an acceptable margin on sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce the company’s sale prices for and margins on its tests; risks related to volatility in the company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the company’s revenue; the company’s ability to grow and diversify its customer base and increase demand from existing and new customers; the company’s investments in its infrastructure, including its sales organization and operational capabilities, and the extent to which these investments impact the company’s business and performance and enable it to manage any growth it may experience in future periods; the company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests; the company’s level of success in establishing and obtaining the intended benefits from partnerships, joint ventures or other relationships; the company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; risks associated with the company’s international operations; the company’s ability to protect its proprietary technology platform; and general industry, economic, political and market conditions. Fulgent Genetics is followed by the analysts listed above. Nicole Borsje -- Head of Investor Relations. And actually, I got a text that I cut out a little bit. And the reason why it's accelerating in the back half of the year is because during the lockdown period and even with the momentum of the COVID business, we continue to sign on additional customers and it's across the board, in cancer, in women's reproductive health, as well as in pediatrics. And the results we delivered today will continue to enhance our position in this area because of our technology, because of our biochemistry, and because of our pipelines. We provide the low-cost competitive bid in all our efforts. Miami-Dade joins a long list of counties to use Fulgent's Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach… Before we get into our COVID-19 business, I would first like to highlight the strong quarter we had in our core genetic testing business. So a lot of these contracts are laboratory services agreements. We see a day where families can get the testing they need through Picture ahead of the visit and then spend the time with the specialist discussing results, prognosis, treatment plans, etc. Please visit the Investor Relations section of the company's website to access the audio replay. We believe that having this reimbursement agreement in place will continue to drive business from the customers in a way that we haven't seen prior to the pandemic. We also announced in the third quarter that we won a competitive bid for the entire state of Ohio prison system to provide testing to their 12,000 employees. We shine brightest when meaningful relationships, passion, and purpose come together. It is not just influenza in COVID-19 that can cause respiratory infections. Billable tests in the quarter totaled 1,040,000, growing almost 5,000% over Q3 of last year. Sort by: relevance - date. Turning over to operating expenses. Great. We see these contracts going deep into 2021. Our relationships with these clients are very deep and many will be able to use our core products and services in the future. But definitely, that's the areas that we will be focused on. We think it's quite durable. The Investor Relations website contains information about Fulgent Genetics's business for stockholders, potential investors, and financial analysts. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. Third, our capacity. During the third quarter, we filed over 590,000 insurance claims, an increase of almost 9,000% over Q2. Like I said, some have exclusivity, some don't. “The Fulgent Community Testing Platform will reduce the time to process vehicles at drive-through sites from minutes to seconds. Given our rapid expansion in new customers, combined with quarterly test volume which now exceed 1 million tests, this has accelerated the need of reimbursement agreement with insurance provider. This growth and the profitability were made possible by the efficiencies we have created across our business from our lab operation and our information management and the reporting system, to have our own proprietary biochemistry and reagents, to our enhanced reimbursement capabilities and our system, who have covered a significant amount of the ground and signing a number of substantial agreements, securing large volume of tests in the quarter ahead. But that $40 million of business that we had in the core business hasn't been linear. In addition to the agreements we announced, there were a few other public announcements from our clients describing their partnerships with Fulgent. Fulgent’s reporting solution will then deliver reports directly to patients’ mobile phones. We hope that that reimbursement rate will continue deep into 2021. Is it carrier? Our second EUA was for our Picture at-home test, which has been instrumental for our growth. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT. The COVID-19 pandemic has continued to challenge both our health and our way of life this year. When it comes to contact tracing, the turnaround time needs to be 24 hours or less for this test to be as powerful as possible. Thanks, Brandon. Fulgent Genetics Inc etfs funds price quote with latest real-time prices, charts, financials, latest news, technical analysis and opinions. That's it for me. Thanks very much. With that, I'll [Audio gap] call over to Brandon to dig into more about the customer dynamics we are seeing in this quarter and elaborate on the long-term drive for our momentum. At 9:30 as of today, we collected on more than $60 million of that $90 million balance. We were happy to see what they did actually, to reward those laboratories that can actually deliver on turnaround time. On a non-GAAP basis and excluding equity-based compensation expense, income for the quarter was $49 million or $2.08 per share based on 23.5 million weighted average diluted shares outstanding. These forward-looking statements represent management's estimates based on current views and assumptions, which may prove to be incorrect. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. We're not only to use our test for the COVID-19, but we also put our other genetic tests. The Company has received Emergency Use Authorization (“EUA”) from the U.S. Food and Drug Administration (“FDA”) for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. Congrats on the nice quarter, you guys. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. As Ming mentioned, we delivered more than 1 million reports during the third quarter, an almost fiftyfold increase year over year, and an almost fivefold increase sequentially. And then on the reimbursement front, obviously, we had favorable reimbursement for COVID testing and CMS has extended that through late January. More specifically, we anticipate Q4 revenues to be at least $110 million. Jeff Fox, 415-828-8298, jeff@blueshirtgroup.com, © 1985 - 2020 BioSpace.com. For early detection, screening, testing of asymptomatic and pre-symptomatic, RT-PCR is currently the only viable option. Today, we strive to create the most effective and wide ranging tests on the market. Your line is now open. I believe I heard you correctly. You've always obviously been very nimble here with the COVID response, which has been impressive. [Operator instructions] And there are no further questions as of this time. And though the majority of volume and revenues in the quarter were related to COVID, we saw a sharp rebound in our traditional genetic testing business. OK. Great. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. And most of the labs could not meet the response time. But in addition, we need to make sure that we also provide the returns to our shareholders. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. As I mentioned, the COVID-19 is not going to be -- goes away completely. On the call today are Ming Hsieh, chief executive officer; Paul Kim, chief financial officer; and Brandon Perthuis, chief commercial officer. Kevin, the last thing is on the cost side. The primary reasons for the decrease in COGS per test were continued automation efficiency and in general the utilization of our technology platform. Powered by Madgex Job Board Software. Lastly, we have seen COVID-19 bring us many, many new clients. However, since the day we launched our COVID-19 test, we have delivered results within 24 hours. Thanks, everyone, for joining our call today. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated lab services. We discussed last quarter how the often seen events of this pandemic has really proven Fulgent Genetics is as a company and the results we discussed today to go one step further to demonstrate how the platform is truly unmatched in the genetic testing industry. This translated to approximately $2.6 million charge below operating expenses. And yes, in terms of meeting the turnaround time to get that extra reimbursement, we are incredibly confident in our ability to do that. Non-GAAP operating expenses totaled $9.2 million, up from six [Audio gap] quarter. But should testing even begin to slow down a little bit, the way we position this company with our technology platforms, we're going to continue to take market share from other people, right? Join to Connect. With this, we believe this could enhance and lead Fulgent Genetics to develop and enhance our neutralizing antibody test for COVID-19 immunity. We have not played a major role in pharmacogenetics in the past. It would demonstrate several things: one, the viability, and the permanence of our business model; two, the efficiency, as well as the scalability of Fulgent Genetics. None of this was done overnight, and we believe we have a strong foundation on which to grow our core business in the years ahead. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. Our record growth in the third quarter is a true testament to the scalability of our technology platform. We have expanded our partnerships on the reimbursement front and are seeing high demand for tests across our Picture platform. However, data presented in antigen EUAs show that at day 6 and 7 the sensitivity drops measurably, and positive cases are already being missed. The investment we made in our technology stretches back almost a decade and enable all the facets of our business, which produces notable efficiency and scalability. See you at the top! So on the core business, we were extremely pleased with how the core business performed during the quarter. Hi. We look forward to keeping in touch with you in the days and weeks ahead. We add at-home COVID-19 test service to the platform in late June, and since then, we have seen very strong demand for this at-home test. Regarding the on-site testing for New York City, we now have over 60 pairs of boots on the ground to help with school site operations. And based on our profits, we recorded a 23% tax rate in Q3. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. Coupling the gold standard test with our industry best turnaround time makes the Fulgent solution a powerful tool to fight against the spread of COVID-19. We continue to win business. Your line is now open. Returns as of 12/15/2020. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus (“COVID-19”), including NGS and reverse transcription polymerase chain reaction (“RT-PCR”) - based tests. The CMS gave two rates: $100 for the 24-hour response -- 48 hours response time or the $75 if we could not meet the 48 hours response time. While we have come a long way together in our efforts to combat this pandemic, we still have a long road ahead of us as we look to return to normalcy. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. This is all possible because of how we built this company and how we have leveraged technology and operational excellence. Many of them are consultants in the operational lab area. We have discussed these in detail on previous calls, but the platforms include the Fulgent Enterprise and Fulgent Community, which support corporate testing and drive-through testing, respectively. Our next question is from the line of Erin Wright of Credit Suisse. We need to make sure it is beneficial to our clients. This system also includes heat maps and contact tracing functionality. Let's conquer your financial goals together...faster. We are a genetic testing laboratory built by engineers, founded in technology. During the third quarter, greater than 90% of our COVID-19 results were delivered within 24 hours, some as fast as eight to 10 hours, which our customers would agree is pretty incredible. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the company’s future performance, and they are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the company’s business. In addition to the huge drive-through operation wins, we announced our partnership with New York City Health and Hospital and their Test & Trace program for K-through-12 testing, both on-site and at home. Brandon will elaborate further on some of these customer dynamics. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. In sum, armed with our technology, the transformation of our overall business, and the expanded capability will allow us to make a notable footprint in the screening and the genetic testing market in the years ahead. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. And as we think about continued menu expansion, you did call out some opportunities with regard to infectious disease side of the portfolio. This week, we had the pleasure of joining Osmosis on their #RaiseTheLine podcast to discuss the latest developments. Our original offering consists of three tests: carrier screening, newborn screening, and adult wellness. And thank you for joining our call today to discuss our third-quarter 2020 results. We'll continue to do our part at Fulgent to help to get testing solutions to individuals and organizations that need them so that business, school, sporting events, travel, and social engagements can resume safely. A comprehensive panel of pathogens can help provide an accurate diagnosis, therefore, allowing for a more personalized treatment plan. Great. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. Thanks, you guys. Please note that any opinions, estimates or forecasts regarding Fulgent Genetics's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Fulgent Genetics or its management. Fulgent was founded in 2011. I think the Fulgent Genetics when we get in [Audio gap] we are not highest, the provider. So Paul is right. So that was a substantial guidance increase. Some of this we have announced publicly, but we have won a number of additional strategic customers that we have not publicly disclosed. That's a fact. We believe the process is similar to buying coffee with a QR code on your cell phone; cars drive up, show their phone, scan the kit, self-administer the shallow nasal swab and drive off. Thanks, Ming. Fulgent Genetics, Inc. is a technology company. And do you feel comfortable -- I assume you feel comfortable now based on sort of your prepared remarks in terms of your turnaround time to meet their two-day requirement. And Brandon can give you some of the details. Is it hereditary cancer? , and sequencing-as-a-service business have remained strong grown our headcount from 151 at the same time, our pipelines we! Antibody test for the lab automation tests for a while on those investments the to. Is always the multiple-use news, technical analysis and opinions as we consistently won in opportunities! 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