FLGT Stock: 3 Reasons Why Fulgent Genetics Is Soaring Today

Fulgent Genetics (NASDAQ:FLGT) stock is on the rise in pre-market trading and we know exactly why investors are so happy with the company.

a visualization of DNA in a vialSource: Connect world / Shutterstock.com

Fulgent Genetics released its earnings report for the fourth quarter of 2020 after normal trading hours on Thursday. Today’s positive movement is connected to those results. Let’s take a look at some of the biggest earnings highlights for FLGT stock today.

  • To start off, the company reported record adjusted earnings per share of $6.20. That easily beat out Wall Street’s estimate of $4.05 for the quarter. It’s also a massive 15,400% increase over the company’s adjusted EPS of 4 cents from Q4 2019.
  • Next up is revenue of $294.99 million, which is another record for the company. This stomps analysts’ estimates of $199.44 million for the period. Likewise, it’s a more than 3,400% year-over-year increase from $8.39 million.
  • Finally, we have to talk about Fulgent Genetics’ strong guidance for the full year of 2021. It’s expecting adjusted EPS and revenue to come in at around $12.50 and $800 million. If that holds true, results will easily come in above Wall Street’s estimates of $11.55 per share on revenue of $600.24 million.

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Ming Hsieh, chairman and CEO of FLGT, said this about the news boosting the company’s stock higher today.

“Our record fourth quarter results capped off a transformational year for Fulgent Genetics. While we did not envision 2020 to unfold in the way that it did, I am proud of our team for supporting the pivot of our business to rapidly scale to become one of the top providers of COVID-19 testing in the country.”

FLGT stock was up 31.5% in pre-market trading on Friday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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