Fulgent Genetics (NASDAQ: FLGT) is a genomic diagnostics and laboratory services company that provides genetic testing, anatomic pathology, and precision diagnostics to insurance payors, institutional customers, and direct-pay patients. Revenue comes from fee-for-service laboratory testing billed to insurers, hospitals, medical institutions, other laboratories, governmental bodies, and patients. One customer contributed $70.8 million, or 22% of total revenue, in FY2025, indicating material customer concentration. The company operates CLIA-licensed laboratories across the United States and offers testing spanning next-generation sequencing, gastrointestinal and dermatopathology, reproductive health, rare disease, hereditary cancer, and oncology. It also provides BioPharma services, including testing and licensing to pharmaceutical and biotech companies and contract research organizations. A separate therapeutic development segment advances nanoparticle drug candidates, including FID-007 and FID-022, through clinical trials. The company also operates Picture, a patient-centric telemedicine platform.

Revenue model

Fee-for-service laboratory testing billed to three payor classes: insurance carriers, institutional customers (hospitals, labs, governmental bodies, corporations), and direct-pay patients. BioPharma services generate additional revenue through testing and licensing arrangements with pharmaceutical companies, biotech firms, and CROs.

Products and services

Anatomic pathology services (gastrointestinal, dermatopathology, urologic, breast, neuropathology, hematopathology); precision diagnostics including NGS-based tests for rare disease, hereditary cancer, and reproductive health; oncology testing via flow cytometry, cytogenetics, FISH, immunohistochemistry, and molecular genetics; BioPharma testing and licensing services; Picture telemedicine platform; therapeutic pipeline including FID-007 (nanoencapsulated paclitaxel) in Phase 2 for head and neck squamous cell carcinoma and FID-022 (nanoencapsulated SN38) in Phase 1/1b.

Customers and end markets

Payor types: insurance carriers, institutional customers (hospitals, medical institutions, other laboratories, governmental bodies, large corporations), and direct-pay patients. One institutional customer represented 22% of total revenue in both FY2025 and FY2024. End markets include oncology, rare disease, hereditary cancer, reproductive health, and biopharma research.

Value-chain role

Third-party clinical laboratory and diagnostics provider sitting between ordering physicians and payors. Dependent on key suppliers including Illumina (sole supplier of NGS sequencers and associated reagents), Roche Holdings AG (immunohistochemistry equipment and supplies), Leica Biosystems (digital pathology scanning), and Abbott Laboratories (FISH testing equipment and supplies).

Geographic exposure

Primarily United States, operating CLIA-licensed laboratories across the country. Clinical trial sites for FID-007 are located in the United States.

Competitors

Laboratory Corporation of America Holdings, Natera, Inc., Myriad Genetics, Inc., Quest Diagnostics Incorporated

Source: SEC 10-K, filed 2026-02-27

Industry: Services-Medical Laboratories Peers: 23ANDME HOLDING CO. Cross Country Healthcare Inc CVS Health Corp DocGo Inc P3 Health Partners Inc Hims & Hers Health Inc ModivCare Inc RadNet Inc