Fulgent Genetics, Inc. (FLGT) Earnings History

Fulgent Genetics, Inc. - Q4 FY2025 Earnings

Filed at: Feb 27, 2026, 7:04 AM EST|Read from source

EXECUTIVE SUMMARY

Fulgent Genetics reported a mixed fourth quarter with revenue growth driven by its laboratory services business, while facing a GAAP net loss. The company highlighted strategic investments in AI and digital pathology, alongside progress in its therapeutic development pipeline. Management anticipates challenges in 2026 due to a major customer bringing work in-house, but expects acquisitions and strategic initiatives to mitigate this impact.

POSITIVE HIGHLIGHTS

  • •

    Revenue grew 9% year-over-year to $83.3 million in Q4 2025.

    positive
  • •

    Full year 2025 revenue grew 14% year-over-year to $322.7 million.

    positive
  • •

    Non-GAAP income was $5.2 million, or $0.16 per share, in Q4 2025, an improvement from $1.163 million in Q4 2024.

    positive
  • •

    Non-GAAP gross margin improved to 41.0% in Q4 2025 from 39.1% in Q4 2024.

    positive

CONCERNS & RISKS

  • •

    Reported a GAAP net loss of $23.4 million, or ($0.76) per share, in Q4 2025, compared to a loss of $5.888 million, or ($0.19) per share, in Q4 2024.

    negative
  • •

    Adjusted EBITDA was a loss of $4.5 million in Q4 2025, compared to a positive $0.774 million in Q4 2024.

    negative
  • •

    Full year 2025 Adjusted EBITDA was a loss of $9.4 million, compared to a loss of $2.8 million in 2024.

    negative
  • •

    Non-GAAP operating margin was -10.7% in Q4 2025, a significant deterioration from -4.9% in Q4 2024.

    negative
  • •

    Full year 2026 revenue guidance of approximately $350.0 million is expected to be impacted by a largest customer moving significant volume in-house.

    attention
  • •

    Full year 2026 Non-GAAP loss per share guidance of approximately ($1.45) indicates continued profitability challenges.

    negative

FINANCIAL METRICS

Revenue
Quarterly
$83.34M
+9.3%
Prior year: $76.21M
Annual (YTD)
$322.67M
N/A
Prior year: $283.47M
Net Income
Quarterly
$-23.42M
-297.8%
Prior year: $-5.89M
Annual (YTD)
$-60.51M
N/A
Prior year: $-42.71M
EPS (Diluted)
Quarterly
$-0.76
-300.0%
Prior year: $-0.19
Annual (YTD)
$-1.97
N/A
Prior year: $-1.41
Operating Income
Quarterly
$-36.24M
-124.6%
Prior year: $-16.14M
Annual (YTD)
$-91.10M
N/A
Prior year: $-73.92M
EPS (Basic)
Quarterly
$-0.76
-300.0%
Prior year: $-0.19
Annual (YTD)
$-1.97
N/A
Prior year: $-1.41

MARGIN ANALYSIS

Gross Margin
Current Quarter
39.1%
Prior Year
41.8%
YoY Change
-270 bps
Operating Margin
Current Quarter
-43.5%
Prior Year
-21.2%
YoY Change
-2230 bps
Net Margin
Current Quarter
-28.1%
Prior Year
-7.7%
YoY Change
-2040 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY2026

revenue
$350000.0B
"Expected to be impacted by largest customer moving volume in-house."
Non-GAAP loss per share
$-1.45

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2025
Acquisition-related costs for StrataDx and Bako
+$1.537M
Q4 2025
Professional liability expense
+$14.5M
FY2025
Impairment loss of investments
One-time, non-cash charge
+$9.926M
FY2025
Acquisition-related costs for StrataDx, Bako, and ANP
+$1.924M
FY2025
Professional liability expense
+$14.5M
Total Impact
+$42.387M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Progress made in 2025 on strategic and product innovation roadmap.

— Fulgent Genetics, Inc., Q4 FY2025 2025 Earnings Call

Laboratory services business sustained momentum, benefiting from investments in AI and digital pathology.

— Fulgent Genetics, Inc., Q4 FY2025 2025 Earnings Call

Accelerated progress on therapeutic development pipeline for clinical candidates.

— Fulgent Genetics, Inc., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.