Fulgent Genetics, Inc.
fulgentgenetics.comWhat Do They Do?
Provides pathology and genetic testing services to hospitals, laboratories and patients, and develops cancer drug candidates.
10-K for FY2025, filed Feb 27, 2026We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our…View ↗
Comprehensive anatomic pathology testing services, including gastrointestinal pathology, dermatopathology, urologic pathology, breast…View ↗
Precision diagnostics testing services, including next-generation sequencing, or NGS, tests for biopharma research and clinical tests for…View ↗
We currently classify our customers in our laboratory services business by their payor types: (i) Insurance; (ii) Institutional, including…View ↗
In 2022, we completed our acquisition of Fulgent Pharma Holdings, Inc., or Fulgent Pharma. Our efforts at Fulgent Pharma are based on a…View ↗
How Do They Make Money?
Customers pay for testing services when results are delivered; patients pay directly, institutions are billed directly, and insurance payments can be below the stated price. Research testing is paid for as each test is completed.
10-K for FY2025, filed Feb 27, 2026The Company’s insurance contracts for testing services typically have a single performance obligation to deliver testing services to the…View ↗
The Company’s institutional contracts for its testing services typically have a single performance obligation to deliver testing services…View ↗
The Company enters into contracts with research institutions to perform testing and research services. Revenue is recognized as each…View ↗
The Company generates revenue from sales of its testing services. The Company currently receives payments from primarily three different…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$322.7M
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10-K for FY2025, filed Feb 27, 2026
$322.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Laboratory Services
Sold outright
10-K for FY2025, filed Feb 27, 2026 |
100%
FY2022: 100%
|
Laboratory Services, FY2025
$322.2M Sources
|
Sold outright |
|
Therapeutic Development
|
0.1%
FY2022: 0.0%
|
Therapeutic Development, FY2025
$447K Sources
|
Who Are Their Customers?
Institutional customers such as hospitals, medical institutions, other laboratories, government bodies, and large corporations are billed directly; insurers pay for some tests, while patients may pay out of pocket after a physician orders testing.
10-K for FY2025, filed Feb 27, 2026We currently classify our customers in our laboratory services business by their payor types: (i) Insurance; (ii) Institutional, including…View ↗
We currently classify our customers into three payor types: (i) Insurance, (ii) Institutional, including hospitals, medical institutions…View ↗
The Company generates revenue from sales of its testing services. The Company currently receives payments from primarily three different…View ↗
10-K for FY2025, filed Feb 27, 2026
In certain periods, a small number of customers or a single laboratory customer have accounted for a significant portion of the Company’s…View ↗
Do Revenues Turn Into Profits?
No. It lost $60.5M in FY2025.
10-K for FY2025, filed Feb 27, 2026
−$91.1MView ↗
10-K for FY2025, filed Feb 27, 2026
−$60.5MView ↗
10-K for FY2025, filed Feb 27, 2026
−$124.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$29.5MView ↗
- ▲ +56% (Loss)
- vs −$19M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Mar 17, 2026
Fulgent completed acquisitions of Bako Diagnostics and StrataDx
It acquired selected Bako assets and StrataDx for a combined purchase price of approximately $56.9 million in cash.
Sources
8-K, filed Mar 17, 2026
Under the terms of the agreement, Fulgent acquired certain assets of Bako Diagnostics and acquired StrataDx for a total combined purchase…View ↗
Shrinking. Revenue fell 67% in 4 years, from $992.6M in FY2021 to $322.7M in FY2025, about 24% a year.
Expanded diagnostic services
The latest report describes a broader laboratory-services business, adding BioPharma services and sponsored testing, while the older report focused on clinical diagnostic tests and testing services.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 27, 2026We are a technology-based company with a well-established clinical diagnostic business and a therapeutic development business. Our clinical…View ↗
Our Clinical Diagnostic Tests and Testing ServicesView ↗
We also offer NGS services and have experienced recent traction in NGS services related to hereditary cancer, cardiovascular genetics…View ↗
Who Do They Compete With?
Competes with Ambry Genetics, Tempus AI, Baylor Genetics, Caris Life Sciences, Exact Sciences, Foundation Medicine, GeneDx Holdings, Laboratory Corporation of America Holdings, Myriad Genetics, Natera, NeoGenomics, PerkinElmer, Quest Diagnostics, and Bristol-Myers Squibb
10-K for FY2025, filed Feb 27, 2026The competitors in our laboratory services business include dozens of companies focused on pathology, genetic, and diagnostic testing…View ↗
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