Stock Track | Fulgent Genetics Plunges Over 5% After Disappointing Q3 Earnings

Stock Track11-08

Shares of Fulgent Genetics Inc. (NASDAQ: FLGT) plummeted over 5% on Wednesday, November 8, 2024, after the company reported its financial results for the third quarter of 2024.

The genetic testing company posted total revenue of $71.7 million for the quarter, with its core revenue (excluding COVID-19 testing) growing 9% year-over-year to $71.7 million. However, the company reported a net loss of $14.6 million, or $0.48 per share, compared to a net loss of $13.1 million in the same period last year.

Despite the revenue growth, Fulgent's adjusted EBITDA income for the quarter was a mere $0.4 million, indicating weak profitability. The company also posted a non-GAAP operating loss of $4.2 million, with a negative operating margin of 5.8%.

While Fulgent reiterated its full-year 2024 core revenue guidance of $280 million and improved its earnings per share guidance, investors appeared to be disappointed with the company's lacklustre bottom-line performance in the third quarter.

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(NASDAQ: FLGT) plummeted over 5% on Wednesday, November 8, 2024, after the company reported its financial results for the third quarter of 2024.\nThe genetic testing ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FLGT","symbol_name":"Fulgent Genetics Inc.","start_time":0,"source_url":"","article_id":"1124989013","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1124989013","pubTimestamp":1731076661,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Fulgent Genetics Inc.  plummeted over 5% on Wednesday, November 8, 2024, after the company reported its financial results for the third quarter of 2024.The genetic testing company posted total revenue of $71.7 million for the quarter, with its core revenue  growing 9% year-over-year to $71.7 million. 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