RTTNews | Aug 5, 2020 10:17AM EDT

10:17 Wednesday, August 5, 2020 (RTTNews.com) - Shares of technology company providing comprehensive testing solutions through its scalable technology platform Fulgent Genetics, Inc. (FLGT) are rising more than 20% Wednesday morning on upbeat second-quarter results.

The stock hit a new high of $43.64 this morning.

The company reported earnings of $0.14 per share up from $0.02 last year. Earnings on an adjusted basis of $0.17 beat the average estimate of analysts polled by Thomson Reuters at $0.02 loss per share.

Revenue for the quarter surged 105% year-over-year at $17.3 million driven by COVID-19 testing.

"Our second quarter volume increased over 1200% sequentially, and we see the opportunity for continued momentum through the balance of the year. Our traditional genetic testing orders rebounded in June and July and are on track for growth in the second half of 2020," Paul Kim, Chief Financial Officer, said.

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