Fulgent Genetics’ Revenue Breakdown (2018-2021)

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This article discusses Fulgent Genetics’ Revenue Breakdown, across Institutional, Patient, and Insurance segments, from 2018 onwards.
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This article discusses Fulgent Genetics’ Revenue Breakdown, across Institutional, Patient, and Insurance segments, from 2018 onwards.

Fulgent Genetics is a Healthcare company offering services like genetic testing, hereditary cancer testing, sequencing services, and carrier screening.

Fulgent Genetics generates revenue from the following payor:

  • Institutional
  • Insurance
  • Patient

Fulgent Genetics’ Revenue Breakdown

Payor Q3 2019 Q3 2020 YoY Growth Revenue Share Q3 2020
Institutional $10.03 $34.53 244.27% 33.95%
Insurance $0.18 $66.11 36,627% 64.99%
Patient $0.12 $1.08 800% 1.06%
Total Revenue $10.33 $101.72 884.70% 100.00%

(all figures in millions, except percentages)

Fulgent Genetics’ total revenue increased from $10.33 million in Q3 2019 to $101.72 million in Q3 2020, marking an increase of 884.70% on a year-on-year basis. During this period, the revenue growth was mainly driven by the record number of COVID-19 tests that the company conducted in different parts of the United States. In the third quarter, Fulgent Genetics delivered more than 1 million COVID-19 reports. In Q3 2020, the company added 80 new clients from different regions like Los Angeles, Santa Clara, San Bernardino, Utah, and many more.

Fulgent Genetics’ started COVID-19 testing in March 2020. For COVID-19, the company conducts various tests like NGS and RT-PCR Tests. The company provides on-location service, at-home testing service for enterprises, and Drive-Thru and On-Site Testing service for Community Organizers for COVID-19 and RT-PCR Based Tests. During this period, Fulgent Genetics formed a partnership with the New York City Health and Hospital for Test and Trace program of COVID-19.

Institutional

Fulgent Genetics’ revenue from Institutional increased from $10.03 million in Q3 2019 to $34.53 million in Q3 2020, a growth of 244.27% on a year-on-year basis. During this period, Institutional contributed 33.95% to the company’s total revenue. Institutional payor includes hospitals and medical institutions like Royal University Hospital, Loma Linda University Medical Center, UC Davis Medical Center, Mayo Clinic, McGill University Health Center, Children’s Mercy Hospital, Children’s Hospital Oakland, Rady’s Children’s Hospital, and many more. Institutional payor also includes government agencies and large corporations.

Insurance

Fulgent Genetics’ revenue from Insurance rose from $0.18 million in Q3 2019 to $66.11 million in Q3 2020, marking an increase of 36,627% on a year-on-year basis. In Q3 2020, Insurance contributed 64.99% to Fulgent Genetics’ total revenue.

Patient

Fulgent Genetics’ revenue from Patient increased from $0.12 million in Q3 2019 to $1.08 million in Q3 2020, a growth of 800% on a year-on-year basis. During this period, Patient contributed 1.06% to Fulgent Genetics’ total revenue. Patient include individuals who pay directly for the services provided by the company.

Company Overview

Fulgent Genetics is an American Diagnostics and Research company. The company was founded by Ming Hsieh in 2011. Fulgent Genetics’ main office is located in Temple City, California, United States. The company’s offices are located in different areas of the United States like California, Georgia, and Texas. Fulgent Genetic offers various types of tests for diseases like Cancer, COVID-19, and Other Rare diseases. 

The company faces tough competition from Ambry Genetics, Cooper Surgical, Quest Diagnostics, MNG Laboratories, Precigen, Ambrx, Ocugen, and ProQR Therapeutics. Fulgent Genetics customers mainly include government organizations, hospitals, medical institutions, and individuals. The company employs more than 500 people in different regions of the United States. Fulgent Genetics’ subsidiaries include Fulgent Genetics Canada Inc, Fulgent Investments Development Limited, Fulgent Therapeutics LLC, and Shenzhen Fujin Gene Technology.

In Q3 2020, Fulgent Genetics made an investment of $2.5 million in Boston Genetics for the development of an enhanced antibody test for COVID-19 immunity. Fulgent Genetics is listed on the NYSE and is traded under the stock code “FLGT”.

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