Fulgent Genetics, Inc. (FLGT) Earnings Call Transcripts

Fulgent Genetics, Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Fulgent Genetics reported revenue of $71.1 million, a decline of 3.2% year-over-year, primarily due to decreased sales from a major customer transitioning testing in-house. The company reiterated its full-year revenue guidance of $350 million, reflecting an anticipated 8.5% growth. Non-GAAP EPS guidance was adjusted to a loss of $1.59 per share, down $0.14 due to share repurchases, while cash reserves decreased to approximately $604.7 million, influenced by acquisition costs and stock buybacks.

Reported metrics

Guidance from management

Fulgent reiterated its total revenue guidance of $350 million for 2026, while adjusting non-GAAP EPS guidance to a loss of $1.59 per share due to share repurchases. Gross margins are expected to improve to approximately 39% as the product mix shifts throughout the year.

What management said

Yes. So the impact from the largest customer was significant. The amount was substantial for 2025. We are anticipating and have experienced lower volumes from that customer in Q1, and we anticipate those levels to be further down, although not at the accelerated pace as we experienced in Q1. If you strip that away and take a look at the underlying Precision Diagnostics business, your math, we're checking it right no...

Sure. Thanks for that question. The lower gross margins are coming from the lower-than-anticipated revenues. Revenues for the first quarter could have been higher, in the millions of dollars than what we posted. And that's largely happening, as we mentioned in prior, the lower volumes from our largest customer, coupled with timing impact from claims delayed in releasing from processing backlog. We anticipate that to ...

What analysts pressed on

Analysts expressed concerns about the significant revenue impact from the major customer transitioning in-house and the potential for continued volatility in the Biopharma Services segment. Questions were raised regarding the sustainability of growth in Precision Diagnostics amidst these challenges.

Main topics on the call

• Impact of Major Customer Transition — Fulgent's revenue decline was significantly impacted by a major customer moving testing in-house, resulting in a $6 million revenue drop. Management noted, 'We expect revenue from this customer in the second quarter to c...
• Acquisition of Bako Diagnostics and StrataDx — The acquisition contributed $2.6 million to Q1 revenue and is expected to enhance Fulgent's market presence in Anatomic Pathology. Management stated, 'This acquisition adds to our market presence in Anatomic Pathology an...
• Therapeutic Development Progress — Fulgent is advancing its clinical candidates, with FID-007 in Phase II and expected to enter Phase III trials in 2027. Management expressed optimism, stating, 'We are encouraged by the early efficacy and safety data.'
• Revenue Guidance Reiteration — The company maintained its full-year revenue guidance of $350 million, indicating confidence in future performance despite current challenges. 'We believe our business is still on track with our original 2026 revenue gui...

Read the full Fulgent Genetics, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 30 Fulgent Genetics, Inc. earnings call transcripts on record, spanning March 10, 2020 to July 30, 2026. Based on this history, Fulgent Genetics, Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

FLGT

Exchange

NasdaqGM

Country

US

Sector

Health Care

Industry

Health Care Providers and Services

Calls on record

30

First call

March 10, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly