Benzinga | Nov 10, 2021 07:06AM EST

Fulgent Genetics Q3 Revenues More Than Double; Raises FY21 Outlook

* Fulgent Genetics Inc (NASDAQ:FLGT) reported Q3 sales of $227.9 million, +124% Y/Y, beating the consensus of $264 million primarily driven by sales of its COVID-19 tests.

* Fulgent said that the billable tests delivered in the quarter grew to approximately 2.2 million, up from 1.04 million in Q3 2020.

* Excluding COVID-related testing, the firm's core revenues increased almost fourfold, to $40.1 million.

* Fulgent's third-quarter results significantly exceeded the firm's quarterly guidance for both core and COVID-19 revenues, Chairman and CEO Ming Hsieh said in a statement.

* Adjusted EPS doubled to $4.05, beating the consensus of $3.25.

* Fulgent finished Q3 with $214.9 million in cash and cash equivalents and $662.4 million in marketable securities.

* Guidance: For Q4 FY21, Flugent expects revenues of approximately $189 million (consensus $171.20 million), with core revenues of roughly $32 million.

* For FY21, it expects revenue of $930 million, up from its previous guidance of $800 million but lower than the consensus of $948 million.

* Price Action: FLGT shares are up 1.82% at $80.05 during the premarket session on the last check Wednesday.