GlobeNewswire Inc | Sep 9, 2020 08:00AM EDT

September 09, 2020

TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (Fulgent Genetics or the company), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing.

Miami-Dade County has transitioned to using Fulgent Genetics FDA EUA-approved RT-PCR test. Results will be delivered to patients within 24 to 48 hours. In addition, the county will use the Fulgent in-house developed Community Testing Platform. This is a complete solution for managing drive-through testing sites, including the patient visiting the Fulgent-Miami-Dade website to choose a location, make an appointment, and complete a questionnaire. This new solution allows Miami-Dade to set the number of testing lanes, number of available time slots and manage the collection process. Fulgents reporting solution will then deliver reports directly to patients mobile phones. This system also includes heat maps and contact tracing functionality. Miami-Dade joins a long list of counties to use Fulgents Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County.

Miami-Dade residents now have improved access to reliable and fast COVID-19 testing. Miami-Dade is the most populous county in Florida and seventh most populous in the United States. We are incredibly happy to partner with the county in their tremendous efforts to combat this virus, commented Brandon Perthuis, Chief Commercial Officer of Fulgent Genetics. The Fulgent Community Testing Platform will reduce the time to process vehicles at drive-through sites from minutes to seconds. We believe the process is similar to buying coffee with a QR code on your cell phone; cars drive up, show their phone, scan the kit, self-administer the shallow nasal swab and drive off. This allows for many more appointments to be available with shorter wait times. After Fulgent receives the sample, results are available within 24 to 48 hours. We believe this combination of delivering the gold-standard RT-PCR test at scale, in timely fashion, combined with a management system that makes the process seamless for everyone, is key to a successful testing protocol, Perthuis added.

Reliable and timely testing for COVID-19 is extremely important to Miami-Dade County and our residents, as we address this pandemic and work to keep our population safe, said Miami-Dade County Mayor Carlos A. Gimenez. Rapid turnaround times for testing are vital to limiting the spread of COVID-19, and Fulgent Genetics promises efficient processing, within 24 to 48 hours of receipt of the sample.

About Fulgent Genetics

Fulgent Genetics proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. Combining next generation sequencing (NGS) with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in an array of panels that can be tailored to meet specific customer needs. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Companys advanced NGS solutions with actionable results and genetic counseling options for individuals. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus (COVID-19), including NGS and reverse transcription polymerase chain reaction (RT-PCR) - based tests. The Company has received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. A cornerstone of the Companys business is its ability to provide expansive options and flexibility for all clients unique testing needs through a comprehensive technology offering including cloud computing, pipeline services, record management, web portal services, clinical workflow, sequencing as a service and automated lab services.

About Picture Genetics

Through its Picture Genetics platform launched in 2019, Fulgent Genetics offers consumers direct access to its advanced genetic testing and analytics capabilities from the ease and comfort of home, at an affordable price point. The Picture Genetics platform provides a holistic approach to at-home genetic screening by including oversight from independent physicians as well as genetic counseling options to complement Fulgent Genetics comprehensive genetic testing analysis. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. Visit www.picturegenetics.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: managements beliefs and estimates regarding Fulgents testing solutions, including its Community Testing Platform, the suitability and performance of RT-PCR tests, including Fulgent Genetics RT-PCR testing solution, as compared to other potential testing solutions and for certain testing circumstances, the companys identification and evaluation of opportunities and its ability to capitalize on opportunities to grow its business; expected future lab capacity and turnaround times; and expectations or guidance regarding future revenues and managements judgements and evaluations of the companys platform and technology.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the companys future performance, and they are based on managements current assumptions, expectations and beliefs concerning future developments and their potential effect on the companys business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemics effects on the global supply chain; the market potential for, and the rate and degree of market adoption of, the companys tests, including its newly-developed tests for COVID-19 and genetic testing generally; the companys ability to capture a sizable share of the developing market for genetic and COVID-19 testing and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the companys ability to maintain the low internal costs of its business model, particularly as the company makes investments across its business; the companys ability to maintain an acceptable margin on sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce the companys sale prices for and margins on its tests; risks related to volatility in the companys results, which can fluctuate significantly from period to period; risks associated with the composition of the companys customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the companys revenue; the companys ability to grow and diversify its customer base and increase demand from existing and new customers; the companys investments in its infrastructure, including its sales organization and operational capabilities, and the extent to which these investments impact the companys business and performance and enable it to manage any growth it may experience in future periods; the companys level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests; the companys level of success in establishing and obtaining the intended benefits from partnerships, joint ventures or other relationships; the companys compliance with the various evolving and complex laws and regulations applicable to its business and its industry; risks associated with the companys international operations; the companys ability to protect its proprietary technology platform; and general industry, economic, political and market conditions. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

The forward-looking statements made in this press release speak only as of the date of this press release, and the company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law.

The companys reports filed with the U.S. Securities and Exchange Commission (SEC), including its annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020 and the other reports it files from time to time, including subsequently filed quarterly and current reports, are made available on the companys website upon their filing with the SEC. These reports contain more information about the company, its business and the risks affecting its business.

Investor Relations Contact:The Blueshirt GroupNicole Borsje, 415-217-2633; nborsje@blueshirtgroup.com

Media Contact:The Blueshirt GroupJeff Fox, 415-828-8298, jeff@blueshirtgroup.com