Fulgent Genetics Q1 revenue $320.3M, core revenue up 59%, raises FY outlook to $660M

Fulgent Genetics, Inc.

Revenue $320.3M (down from $359.4M Q1 2021); GAAP net income $154M ($4.93/share).
Core revenue ex-COVID NGS $25.1M (+59% YoY); billable tests ~3.2M vs 3.8M.
Non-GAAP net income $158.7M ($5.08/share); Adjusted EBITDA $213.5M.
Raises FY 2022 revenue outlook to $660M from $600M; core revenue outlook to $180M from $175M.
Cash & investments $1.1B at March 31; closed $170M acquisition of Inform Diagnostics on April 26.

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