FLGT earnings analysis
What we found in FLGT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Fulgent Genetics reported a revenue decline of 3% to $71.1 million for Q1 2026 compared to Q1 2025, driven mainly by reduced sales in precision diagnostics. The operating loss widened significantly to $34.6 million due to increased expenses from recent acquisitions, leading to a net loss attributable to Fulgent of $24.8 million. Cash provided by operations rose to $7.1 million, reflecting improved cash flow management despite ongoing challenges associated with customer transitions and increased operational costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Decline
- Revenue decreased by 3% from $73.5 million in Q1 2025 to $71.1 million in Q1 2026.
- Increased Operating Loss
- Operating loss widened to $34.6 million, up from $19.8 million in the prior year.
- Cash from Operations Turnaround
- Generated $7.1 million in cash from operating activities, a recovery from $4.4 million used last year.
- Cost of Revenue Increased
- Cost of revenue rose by 10% to $49.6 million, leading to a 24% drop in gross profit.
- Acquisition Impact on Financials
- The Bako Acquisition began impacting financial results, contributing $2.6 million in revenue for two weeks.
- Reduction in Cash Reserves
- Cash, cash equivalents, and marketable securities decreased to $604.7 million from $705.5 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Dependence on Key Customer
- A significant customer transition to internal testing led to a $3.9 million revenue drop in precision diagnostics.
- Integration Challenges
- Acquisition of Bako Diagnostics poses integration risks and potential unanticipated costs.
- Increased Operating Expenses
- Operating expenses surged by 17% YoY, reflecting high integration costs and expanded operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.38
- Gross margin
- 30%
- Operating margin
- -48.7%
- Segment
- Precision diagnostics: $40.2M
- Segment
- Anatomic pathology: $25.1M
- Segment
- BioPharma services: $5.7M
What they said about what is next.
Management indicates anticipates continued operational cash use while integrating acquisitions.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- Fulgent reports top-line expansion in 2025 with quarterly revenues of $73M, $82M, $84M and $83M (≈$322M for the year) while remaining unprofitable and cash flow negative in Q4 (operating margin -43.5% and FCF -$83M).…
- 10-Q · August 1, 2025
- Fulgent reported Q2 revenue of $81.8M, up $10.8M (≈15.2%) year-over-year with gross margin expanding to 42.1% from 37.3%. Despite top-line strength and higher cash balances, the company recorded an impairment of $9.9M…
- 10-K · February 28, 2025
- Fulgent positions itself as a technology-driven laboratory services company that is expanding into therapeutics via its 2022 acquisition of Fulgent Pharma. In 2024 the company generated roughly $283.0 million of revenue…
- 10-Q · May 3, 2024
- Fulgent reported quarterly revenue of $64,485 (in thousands), down $1,683 from $66,168 a year earlier, but achieved gross profit of $22,104 (in thousands) as cost of revenue fell to $42,381 (in thousands). Operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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