Have a great day. Who knows? Is it carrier? But are there important or meaningful menu expansion opportunities in genetic testing that you think could continue to fuel this type of growth to existing customers as they expand the breadth of their ordering into a broader menu for genetic testing? So we think we can play a dominant role in the testing. Fulgent Booking System 1.0 - Appointment Free COVID-19 Testing The City of Long Beach is providing free COVID-19 testing at two additional locations. Our second EUA was for our Picture at-home test, which has been instrumental for our growth. Yes, Rachel -- sorry, Erin. That's an excellent point. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. Thanks, everyone, for joining our call today. We are a genetic testing laboratory built by engineers, founded in technology. 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 currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. Your line is now open. So very exciting. As we continue seeing the increase for the demand, we increase our automation. To that end, we believe the investment we made to build our COVID-19 test initiatives will continue to benefit our business in long term. A lot of our wins have been organic. Your line is now open. For example, what are the terms, and how long are they and do you have any exclusivity agreements? Turning over to operating expenses. Of those top customers [Audio gap] were new. Brandon? Hi. The Investor Relations website contains information about Fulgent Genetics's business for stockholders, potential investors, and financial analysts. We think it's going to stretch well into 2021. 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. So we're still on track to meet the $40 million. And we have seen our commercial initiatives at home test offering, Picture Genetics. We believe we'll have a material level of COVID business. So I think this creates a new opportunity for Fulgent Genetics in this space. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. And yes, in terms of meeting the turnaround time to get that extra reimbursement, we are incredibly confident in our ability to do that. The Latest News and Updates in fulgent genetics brought to you by the team at KTLA: Investor Relations Contact: I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. Kevin DeGeeter -- Oppenheimer and Company -- Analyst. Software Developer & Lab Automation Coordination at Fulgent Genetics Long Beach, California 500+ connections. We are very happy to partner with such an amazing company and we look forward to helping keep their workforce safe. We believe that having this reimbursement agreement in place will continue to drive business from the customers in a way that we haven't seen prior to the pandemic. Our ASP in the third quarter was $98, higher than the $96 we saw in the second quarter. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. “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.”. We continue to win business. Fulgent Genetics, Inc. Common Stock (NASDAQ:FLGT)Q3 2020 Earnings CallNov 09, 2020, 4:30 p.m. We provide the low-cost competitive bid in all our efforts. We are one of a limited number of providers with this approval and at-home testing is proving to be a differentiator and an important testing tool to help in the fight against this pandemic. Our clients are using our applications to run their daily operations. Well, Kevin, if we throw away $100 million, we can easily buy a $20 million or $30 million business. Can you talk about your plans for using the money to invest in the business? Fulgent Genetics, FLGT; Department: Clinical Diagnostics Lab; 4978 Santa Anita Ave., Suite 205; Temple City, California, United States 91780; Phone: 626-350-0537 Great. We continue to believe that the COVID-19 testing is quite durable, right? So what that tells us is, if we continue on with the momentum and our capabilities as a company, our outlook for our core business in 2021 should be very, very favorable. On a non-GAAP basis and excluding equity-based compensation expense, income for the quarter was $49 million or $2.08 per share based on 23.5 million weighted average diluted shares outstanding. On the call today are Ming Hsieh, chief executive officer; Paul Kim, chief financial officer; and Brandon Perthuis, chief commercial officer. California State University-Long Beach . We need to make sure it is beneficial to our clients. Moving on to our outlook. Overall, I'm very pleased with the execution of our sales team in the quarter as we consistently won in competitive opportunities. Especially for the people who get the vaccine, all patients recovered from COVID-19. Great. With a powerful leverage in our model, this translates into GAAP net income, and excluding stock-based compensation, we expect non-GAAP net income of approximately $100 million or approximately $4 per share for our shareholders in 2020. Founded in 2011, Fulgent began with two simple ideas; flexibility and affordability. We also announced in the third quarter that we won a competitive bid for the entire state of Ohio prison system to provide testing to their 12,000 employees. And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. I mean, now, the test menu is over 19,000 tests. There are three particular areas of strength I would like to elaborate on, especially in the quality and the scale of our customer base. We're not only to use our test for the COVID-19, but we also put our other genetic tests. You feel comfortable kind of at that $40 million reported revenue for genetic testing for the year. An audio replay of this call will be available shortly after the call concludes. At the same time, we are taking market share from other people. We if look at the contracts, they range from month to month to 24 months. Company Quest Diagnostics jobs in Long Beach, CA. Join to Connect Fulgent Genetics. Good afternoon, and welcome to the Fulgent Genetics third-quarter 2020 financial results conference call. The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. So we're also on the private side as well, not just the Medicare and Medicaid from the CMS perspective. Examples of forward-looking statements in this press release include statements about, among other things: management’s beliefs and estimates regarding Fulgent’s 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 company’s 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 management’s judgements and evaluations of the company’s platform and technology. This new solution allows Miami-Dade to set the number of testing lanes, number of available time slots and manage the collection process. Historically, our customers have predominantly been cash-paying customers, with very little revenue coming through the reimbursement. These reports contain more information about the company, its business and the risks affecting its business. Our investment in terms of capacity, it is always the multiple-use. Non-GAAP operating expenses totaled $9.2 million, up from six [Audio gap] quarter. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. ET. We will introduce the products in this area. [Operator instructions] Please be advised that today's conference call is being recorded the 9th of November 2020. So we think it's going to be around with us for a while. And looking out into Q4, we anticipate that our volume for the core business could be approximately 25,000, with revenues being in the low teens. Fulgent Genetics, Miami-Dade County Partner on COVID-19 testing Miami-Dade switches to the Fulgent RT-PCR test and Community Testing Platform TEMPLE CITY, Calif., Sept. 09, … Yes. And the results we delivered today will continue to enhance our position in this area because of our technology, because of our biochemistry, and because of our pipelines. And I think the platforms we've built, the turnaround time, the systems, I think we're going to be a player for deep into 2021. Adjusted EBITDA for the third quarter was $67.4 million, compared to $3 million in the third quarter of 2019. So we think when our expanded portfolio of customers is running at full speed when they're seeing the same number of patients they saw pre-pandemic, could be a pretty powerful turning point for our company. We had a low in the springtime of the year, but we came back roaring in the back half of the year. Testing is expected to begin January 2021 and will continue for at least 18 months. In fact, it's hardly a competitor. We continued to make meaningful investments across all our departments in the quarter, but our top-line outperformance and increasing operating efficiencies are outstripping our investments into our business. We look forward to keeping in touch with you in the days and weeks ahead. Clients are choosing Fulgent COVID testing offerings for a variety of reasons, including our rapid turnaround time, supply chain availability, capacity, EUA approvals, our technology platforms, and user-friendly systems. For years, we described ourselves as a technology company providing clinical genetic testing, and we have continually emphasized the power of our technology platform. On the customer front, we have made a meaningful stride in signing large agreements with a range of commercial organizations, municipalities, and the medical institutions. So we will be at the market, which will help in personalized therapy and in drug treatment. While we have come a long way together in our efforts to combat this pandemic, we still have a long road ahead of us as we look to return to normalcy. With that, I'd now like to turn the call over to Ming. Erin, just to give you a point of reference on the reimbursement. Thanks, guys. At the same time, our clients are confident using Fulgent [Audio gap] volume. The vast majority of this volume was from our business related to COVID-19. All rights reserved. As we stated repeatedly on previous earnings calls, the cornerstone of our business is our technology and its flag role platform, which will allow us to develop, validate, customize, and launch our products and services. 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. With this increased visibility with the payers, we can now tell the Fulgent story and show the value of having our services in their network. Bioinformatics Data and Software Engineer at Fulgent Genetics Los Angeles, California 408 connections. We've already gotten massive returns on those investments. To further emphasize this point, we looked at our top core business customers in the third quarter of this year and compared it to the third quarter of last year. And though the majority of volume and revenues in the quarter were related to COVID, we saw a sharp rebound in our traditional genetic testing business. A cornerstone of the Company’s 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. These customers are not running at full speed. Please see the company's press release discussing its financial results for the third quarter of 2020 for more information, including the description of how the company calculates non-GAAP earnings and earnings per share and a reconciliation of these financial measures to income and income per share, the most directly comparable GAAP financial metrics. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different in what is described in or implied by these forward-looking statements. The COVID-19 pandemic has continued to challenge both our health and our way of life this year. 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 Fulgent Community Testing Platform will reduce the time to process vehicles at drive-through sites from minutes to seconds. We remain well-stocked to continue to fuel our growth plan. A comprehensive panel of pathogens can help provide an accurate diagnosis, therefore, allowing for a more personalized treatment plan. 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. Great. Billable tests in the quarter totaled 1,040,000, growing almost 5,000% over Q3 of last year. And even with the explosive growth we have seen, we have continued to improve. The breadth of our customer base was impressive during the quarter, with over a dozen companies contributing over $1 million of revenues. Today, we strive to create the most effective and wide ranging tests on the market. This system also includes heat maps and contact tracing functionality. After Fulgent receives the sample, results are available within 24 to 48 hours. On September 9, 2020, Fulgent Genetics, Inc. (NASDAQ: FLGT), a technology company providing comprehensive testing solutions through its scalable technology platform, announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. Please review the more detailed discussions related to these forward-looking statements, including discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-Q for the quarter ended June 30, 2020, which is available on the company's Investor Relations website. But definitely, that's the areas that we will be focused on. During the third quarter, we filed over 590,000 insurance claims, an increase of almost 9,000% over Q2. Congrats on the nice quarter, you guys. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. And based on our profits, we recorded a 23% tax rate in Q3. During the third quarter, we brought on almost 80 new clients, representing thousands of individual users. In the third quarter, I think we have proven it in practice. The Blueshirt Group It's at consistent levels with what we posted in the third quarter of 2019, which was a high point before this quarter. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. Miami-Dade County has transitioned to using Fulgent Genetics’ FDA EUA-approved RT-PCR test. During Q3, we had an equity shelf program in place, which enabled us to sell approximately 1.3 million shares in the open market, raising $42.3 million in cash. California State University-Long Beach. Furthermore, we have submitted an EUA for our next-generation sequencing-based COVID-19 test, which is still pending with the FDA. And, Erin, remember, the COVID-19 test started at $50. Given our rapid expansion in new customers, combined with quarterly test volume which now exceed 1 million tests, this has accelerated the need of reimbursement agreement with insurance provider. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. So on the core business, we were extremely pleased with how the core business performed during the quarter. Great. Switching gears, I'd like to briefly touch on the opening of our Houston lab, which we announced in August. We're still not back open like we need to be, we want to be. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the company’s future performance, and they are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the company’s business. Operator, now, you can open it up for questions. It is not just influenza in COVID-19 that can cause respiratory infections. With a modest level of investment in the infrastructure and headcount, we were able to grow our test volume almost 50 times or 5,000% of that in the third quarter of last year and by more than 5 times or 500% of that in the second quarter of this year. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. These include huge hospital systems, some of the largest specialty care clinics, government agencies, large companies, etc. We want to be clear that antigen testing is not a replacement for RT-PCR. Results will be delivered to patients within … Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. But as long as there is a requirement in this space, Fulgent Genetics will be there to provide fast and quicker, and more accurate test to respond to this pandemic. At this time, between our headquarters in Temple City, California, and our new lab in Houston, Texas, we have a maximum daily capacity of 60,000 tests per day. In the meantime, we continue to add contents and add additional tests for our core business to address the growing need for the genetic testing market. Many of them are consultants in the operational lab area. Definitely, we see the business opportunities. New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. Customers are using Fulgent for hereditary cancer, cardiovascular genetics, neurological genetics, reproductive health, and other newer tests that we've launched in the last 12 to 18 months. Brandon Perthuis -- Chief Commercial Officer. Our relationships with these clients are very deep and many will be able to use our core products and services in the future. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. Fulgent Genetics, Inc. Common Stock ... To date, San Bernadino County, Los Angeles County, the City of Long Beach, Santa Clara County, and Orange County are … And we think that's incredibly important. Compared to Q2, our traditional genetic testing business grew by more than 57%. In the future, we plan to add additional pathogens to our panel to provide comprehensive testing for patients with respiratory infections. Rachel Vatnsdal -- Piper Sandler -- Analyst. But that's not the way we do, OK? 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. 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. Sort by: relevance - date. And then during the earlier on part of this year, in March, April, and May, during the first lockdown, that impacted the core or the genetic testing business across the industry. “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. And I would say a majority of them do have some legs to them, to where they're going to stretch many months and deep into 2021. The company’s 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 company’s website upon their filing with the SEC. And I'll turn it over to Brandon, who can give more commentaries both in terms of the number of customers, the quality of their customers, as well as the size of programs that they're thinking about for our core business. This program went live in October and we are now collecting thousands of samples per week throughout New York City. 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. Despite massive increase in volume that we experienced, we delivered results to our customers without any issues and with best-in-class turnaround time for RT-PCR results. The tests provided through this program are mouth swab tests that do not require assistance. That's a fact. These wins included drive-through operations for the counties of Los Angeles, Alameda, Orange, Santa Clara, San Bernardino, Miami-Dade, the state of Utah, the city of Long Beach, and others. We think it's quite durable. And before COVID hit, we guided the street to $40 million of business for the year. So we are on track with our original guidance, which is quite a feat, because a lot of the diagnostics companies, 2020 was essentially a throwaway year. In sum, armed with our technology, the transformation of our overall business, and the expanded capability will allow us to make a notable footprint in the screening and the genetic testing market in the years ahead. The Blueshirt Group Displayed here are Job Ads that match your query. RT-PCR provides the highest level of sensitivity and specificity. I will review the highlights from our third quarter, before I hand it over to our chief commercial officer, Brandon Perthuis, to provide updates on our commercial success and the go-to-market strategy. At the same time, our gross margin improved by 19 percentage points sequentially, with the operating expense only roughly doubling on a GAAP basis, which translates into operating income of $63.5 million and a record adjusted EBITDA of $67.4 million. Let's make no mistake of [Audio gap] impacted by this pandemic. The traction we have [Audio gap] insurance provider on reimbursement. 429 open jobs for Bioinformatics in Los Angeles. Our next question is from the line of Erin Wright of Credit Suisse. This has been in large part due to our ability to win new clients while maintaining relationships with existing clients, even as some of those clients experienced lower test volumes amid the pandemic. This demonstrates how our core business has continued to strengthen with new customers we've been winning. FULGENT GENETICS, INC. (Exact name of registrant as specified in its charter) Delaware 81-2621304 (State or other jurisdiction of incorporation or organization) (I.R.S. As Ming mentioned, we made a small investment in a company called [Audio gap] antibody and antigen testing capabilities, as well as assisting in the developing landscape for therapeutics. Due to the COVID-19, I think it slowed down a little bit our introduction in this kind of products. Lastly, we have seen COVID-19 bring us many, many new clients. I believe I heard you correctly. This is done on the same sample with no need for clients to make any collection protocol changes. And as we think about continued menu expansion, you did call out some opportunities with regard to infectious disease side of the portfolio. And then from an operational sense, we can quickly deviate the resources into other areas that we believe will be fruitful for the company. 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. And we believe [Audio gap] in the -- our traditional genetic testing space or in the wider screening market that we will be one of the consolidators to take a look at businesses and technologies that we can incorporate or potentially incorporate as our own to enhance our technological lead in addition to making a stronger company. This volume was from our business related to COVID-19 with these clients are very similar and can. Are no further questions as of today, we are very deep and many will be delivered to within... Not least, the last thing is on the private Securities Litigation Reform Act of 1995 the. 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