RTTNews | Mar 5, 2021 09:45AM EST

09:44 Friday, March 5, 2021 (RTTNews.com) - Shares of Fulgent Genetics Inc. (FLGT) are soaring over 15% Friday morning. The stock, which has been trading in the range of $6.70 - $189.89 for the past one year, is currently trading at $98.40, up $12.87 or 15.05%, with trading volume of over 1.04 million versus an average volume of 2.12 million shares.

The company reported Q4 net income of $166.3 million or $6.16 per share compared to a loss of $296K or $0.01 per share last year.

On a non-GAAP basis, net income amounted to $167.5 million or $6.20 per share, a jump from the previous year's $778K or $0.04 per share. Analysts polled by Thomson Reuters expected earnings of $4.05 per share for the quarter. Analysts' estimate typically exclude certain special items.

Revenue for the quarter soared 3,400% to $294.9 million from $8.38 million generated a year ago.

Looking ahead, the company expects to generate revenue of at least $325.0 million for the first quarter. Four Wall Street analysts have a consensus revenue estimate of $245.05 million for the quarter.

For the full year 2021, the company sees revenue of about $800.0 million, which would represent growth of 90% year-over-year. The company also expects to drive strong gross and operating margins by leveraging the company's proprietary technology platform, which would generate GAAP income of about $380.0 million, or more than $12.00 per share, and non-GAAP earnings of about $12.50 per share for the year.

Analysts look for earnings of $11.55 per share and revenue of $600.24 million for the fiscal year 2021.

Paul Kim, Chief Financial Officer, said, "...We remain optimistic about our positioning for the quarters ahead and expect to see revenue growth of at least 90% for the full year 2021."

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