FLGT - Earnings call transcript Q2 2024

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Operator

Hello, and welcome to the Fulgent Genetics Q2 2024 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the conference over to Melanie Solomon. Investor Relations. Please go ahead, Melanie.

Melanie Solomon

Kevin. you, Thank welcome Results and Fulgent Quarter Second Good Call. to Financial Conference XXXX morning, the

On are Perthuis, prepared this replay call the call financial section Chief The the of today press contain call the results Financial concludes on and Relations questions Investor your Paul of be Executive company's . Management's forward-looking forward-looking website, the statements Officer; will after the will Kim, company's represent is based section on Officer; the website. assumptions, and available be incorrect. and Investor management's prove shortly views discussing which company's remarks of These Brandon call to release Chief on to Officer. Ming Commercial answers estimates available the Hsieh, today's Relations current Chief A may on statements. www.fulgentgenetics.com.

any a statements. it to cause that statements of statements forward-looking may are discussed subject or results circumstances the to actual changes update described make actual the results matters to those As expectations. risks, in in no reflect may forward-looking obligation and company from assumes in result, changes in any uncertainties today to The differ forward-looking

statements filings for XX, are review listen year those website. described available statements. filed including Listeners including which with contained company's is forward-looking forward-looking to these in any of Relations of including detailed and results may on the materially differ reports, than subsequently forward-looking the statements, in and with XXXX, from the be actual cause XX-K Exchange Securities statements some these filed different previously Commission, future should forward-looking factors that the December the company's more the on the of ended Investor and discussions the or company's risk by Please in predictions what the described shouldn't to understanding discussions events that to rely future today remarks events, implied management's as the the actual related results, may

with it remarks, generally measures prepared in earnings these Management United of per the contain accounting prepared principles including earnings share, GAAP. financial and accordance accepted has or financial non-GAAP discussions Management's in prepared not a be States or because the prepared believes for these may superior useful as company's not GAAP. viewed measures reasons, in to investors should substitute financial measures to for with they accordance be results various

adjusted loss second profit the margin, and the comparable Please or XXXX non-GAAP operating release for discussing or a share, see description gross EBITDA company's per information income earnings share loss, these measures per financial how financial GAAP quarter non-GAAP reconciliation directly most including more financial the and or margin non-GAAP its the non-GAAP loss, margin, operating of company and and income or earnings loss for loss results press of measures. to calculates the or profit, gross of

With turn call that, I'd Ming. the to over to like now

Ming Hsieh

second Melanie. our go-to-market questions. business Laboratory our the will today. will will with And the you, updates Brandon business conclude financial start thank review morning, X then with on the lines, our then I outlook Thank Good your call Services quarter. comments before quarter and product and you second we our for in for take and some and joining Paul

of in total quarter million recognized COVID-XX with pleased we revenue, previously second results with are $XX $XXX,XXX built We our of on test. revenue

investments. benefit and precision seen And X momentum oncology. health in business over all in second we've with seeing the We health diagnosis, this reproductive million by COVID-XX pleased particularly $XX.X to was of Excluding our were core those driven of and as in we good continue revenue quarter. ahead quarter in Laboratory invest revenue, reproductive areas the momentum testing Services growth

we square foot believe milestone informed we'll have our and Copel, We Texas, diagnosis transaction. With acquired future Brandon capacity potential opportunity this. new specifically a important more growth will consolidating part talk as the of expansion. fueling in about have reached to XX,XXX triple very in labs the the lab

is business, by to American of In range in XXX of and partial for response this. a ASCO HNSCC hybrid Development to neck presented meter, square patients I head weekly had our X cancer, [indiscernible] No dose been XXXX. [indiscernible]. X lead months. a The our with June meeting stable and FID-XXX treat previously evaluable or with candidate or response Therapeutic Society milligrams XX Three Phase duration meter HNSCC has and had Clinical patients neuropathy using Oncology per we at had partial follow-up square a or head XX% level out X% neck Annual X Development XX% cell or Therapeutic a carcinoma noted. a per clinical disease treated Meeting from Of been data XXX-milligram

demonstrated antitumor heavily of response overall rate evidence sites activity FYD-XXX premium HNSCC primary pretreated across different in of an with patients tumor XX%.

in As January II a in began combination second patients catasimab result, with enrollment trial the and the initiated we HNSCC a in quarter. of XXXX, in with clinical FIDO-X Phase

far, X we have and So dosed first in trial. this the enrolled patients

side expected patients We to in approximately in early enroll expect to to enrollment with complete various XX XXXX.

the We to clinical Phase trial location for case be the around $XX II total currently million. estimate

an candy We application by year. and this studies of our advance investigation drug continue [indiscernible] of new SN-XX to in end second FID-XXX toward preclinical drug

cancers XX res of unexpected efficacy significant tox model FID-XXX no and ovarian include GLP observed preclinical the were boat studies. and pancreatic toxicity While study, our monkey in shown in [indiscernible] has colon super both

our also in and using platform linker of In development addition, conjugate a advancement made drug technology. we antibody payload novel patent significant

in antigen ADC was our novel best levels broad benchmark range studies. Our ADC trials. for targeted in of ADC using the are overall. meanwhile, with the technology being of In Over the better clinical generating novel a also has efficacy the with market preclinical shown present target than some goal [indiscernible] Triton prepared tumors different in a of

applications a and for profile existing which windows to patent with pharma active the non-nano new our both included candidates drugs. designed formula over therapeutic translation and patents therapy and our all drug active cancer issued platform target reminder, kinetic As and in XX were improve technology,

development and Overall, a strategy business. services core good therapeutic we we believe both have our with our laboratory business

seen we have our strengthening will model therapeutic in and businesses, business fill momentum continue to our our core grow, initiatives. believe We

We continue balance thank to second a our stakeholders, I sheet employees, like our and forward to the of loyalty quarter your business. XXXX. partners, strategy. strong to work a hard in good for to our for half We execute would look second maintain continued growth in very

Brandon Commercial business about results will Perthuis, Brandan? call turn over now second Laboratory the more to to Service Chief our quarter. Officer, I talk our the during

Brandon Perthuis

Ming. Thanks,

showing service do This testing. not post X streams XXXX. quarter first includes all by led quarter-over-quarter had And another core and include seen revenue a business strength. very our areas -- Precision our diagnostics, and we we time anatomic laboratory growth the precision since X COVID-XX all X pathology services. These As with reminder, have is represent strong X Diagnostics, areas biopharma

experienced sales a pay few Beacon strength pathology Precision and Circling areas In have $XX.X us more testing, have some relationships in by $X.X Fulgent, been we up I'll expanded growth. off. investments about biopharma strong BXB are be we the bright XX% million has health made headwinds we in captured was that each led continued continues spot and begin quarters, services, those but confidence quarter-over-quarter million Diagnostics, to The back pipeline or past of to market the and momentarily. XX% talk it to anatomic we seeing or continue carrier a for share, in have including to significant gives tremendous screening. Beacon year-over-year. established those reproductive

a platform. On give are technology trivial. average, seeing. our testament even custom also to rapid power true turnaround to tailor exceptionally with clients If able volume The the our which gene to to specifications. rapidly, could it our it well, laboratory provide has the time we built record perform flexibility days is fantastic continues is been the panel time the and been not of their We've change to to XX is turnaround

In strong our client-side engineering have be interface delivered with allowed addition, EMRs, electronically. orders reports us to for rapidly to and allowing capabilities

a NIPT is screening continue have Nova. health. first focus monogenic to novo launched services. anemploydees, Fulgent leading have will and for now quarter, providers as ourselves reproductive carrier on Staying de one microdeletions a -- of NIPT Last we or branded announced time, as a be prenatal first by common of Nova the mutations. point the include noninvasive for we caused we Beacon test the expanded to conditions test we find

continue We coming strategy the progress with good our quarters. and go-to-market to progress additional make anticipate in seeing

for to market. we As time expect we this have to mentioned, test as novel be volume bring we low some

approved [ see our we NGS for quick a provide on methodology. our recently over liquid will assays. solid this our portfolio. We high approval solid I previously assay tumor want clinicians multi-x NIPT stage oncology and new time, complementing tumors, ] the value However, tissue believe to update for heme biopsy gained of

including copy number mutation offering detects nucleotide biopsy and Our XXX genes, alterations addition to burden, liquid test, single comprehensive in which over is [indiscernible] microsatellite variants. a instability, tumor

The one-stop QNS focus near build team oncologists. be just rates shop leaning rate to to shop $X,XXX commercial time, and for an capture of complete This and a share, more is time. approximately on this continue will and market coverage is September one back quality one-stop XXXX. puzzle, retroactive the turnaround is out helping Over excellent the piece to offering the

strategy continue the sales to result revamped And Inform headwinds our Turning new go-to-market performance multiple to closing and some meaningful and Diagnostics growth, integration we team and is the are laboratory to macro to and turnaround but seen importantly, strong. this as this pipeline time. acquisition albeit has stabilize. area return accounts small. more sales of it to see area now and of improved we team of relates is pleased Pathology Anatomic Pathology, a of Anatomic quality factors, quarters a related This the see is

very quarter, New special the and Copel capacity, building team long-term on this to so this. purchased believe laboratory. the consolidated the Texas during was members We to York to who not operation trivial A Also yet and advantages hard efficiency costs. well. will provide at our executed all worked relocated related our thanks investment we This newly

to in the quarter. Services second growth also Biopharma returned

in address technical to have us we market. As expand mentioned allowing to larger we previous a our continue calls, capabilities,

on is additional robust this to believe drug to and count due period building results lengthy to Nonetheless, to We development, funnel. these have their and nature leans This sales an a for we cycle. partner this vary on period more sales are in area in studies the area continues a multi-omic continue are good a position invested as studies. head we expand to of Biopharma and from expect in the sales still we up project to market

the New new are a high at policy. FDA questions level, some have the call, catalyst a currently last as the lab over some before operative clarification, new marketed our have our tests we interpret approved, State questions the tests our regulations enforcement on we and were test potentially remain regulations the positive of gained is There menu discretion York at time the many around developed although which of publication purposes for and X, of launched Fulgent. date on Many May for XX,XXX XXXX tests we date, the

likely any not will offer and the and which we within regulatory the at of will to also and meet reporting, file FDA's X specific Stage maintain that they're phase-out product a report Stage or compliant tests it report modified, presently to don't for Stage service events Stage offerings. certain adverse X, they labs and device only these as expect our medical to need FDA X Stage frame. problems agency. long to material line, the require X to to removals time applicable As includes requires appears to each device-related become FDA corrections test device laboratories X disruptions requirements time

launched to regulations labeling each and other list requires agency. the the and with compliance tests their Stage has and to laboratory applies laboratories tests X registered also quality with other requirements their be to whether certain for difficult company. may a requirements new X in specific potentially moat the or device more or -- system for our It certain be Stage also rules. new regulations existing approved large with by on make phases depending to commercial open These marketed FDA is in competitive a to test New labs creating currently not. at a new part laboratories, it State test York

which in The final FDA, vacate case the However, FDA's legal of and of outcome agency there that it did not the plaintiffs to the to announce and have that for is against LDT the uncertain, clinical is a lawsuit the all federal lawsuit are that change. may highly is rule. issuance very much pending seeking authority final the argues landscape The new could Accordingly, this change rule. and regulatory laboratories.

we as currently may Ultimately, the these not expect. effect regulations of be

we So attempting rule. continue pleased very this invalidate is the implementation litigation are regulations In closing, our with technology will diverse quarters. to far progress upcoming are and to large ongoing year offering and the to to monitor platform, of these we final our new about FDA's so that the product the success. we primed our believe build and on We optimistic with continue a powerful

call the turn our Paul Paul? Financial now over I'll Officer. Kim, Chief to

Paul Kim

gross and core on the continue our a was streamlining million totaled the quarter you, $XXX,XXX COVID-XX was Thank Brandon. second in margin to Revenue from continued second our and the improve quarter our compared of GAAP non-GAAP from part in $XX million year-over-year, $XX.X of was not which of of QX, Revenue came in XX%. showing testing of business. XXXX totaled Gross business $XX.X to XXXX. guidance. XX% million. our efficiencies benefit basis, margins

compared $XX.X totaled of million related compared quarter first million first spend. Non-GAAP $XX.X primarily to R&D Total GAAP were higher expenses second for in million expenses in operating the XXXX, of to the operating the quarter to million XXXX. quarter $XX.X $XX.X

quarter quarter basis million a diluted second of in Non-GAAP Adjusted intangible approximately operating to for asset $XXX,XXX and margin second million EBITDA due a the X income loss million of and percentage gross On stock-based revenue share the quarter margin minus QX. XX $X.X was compared X.X%, excluding positive loss average sequentially to based outstanding. expenses the was primarily in to points higher XXXX. and per on a XX% for increased weighted or amortization, non-GAAP fully shares $X.X compensation

for Turning in lab, the quarter. which equivalents improvements building used We relocated lab investment approximately the equipment ended second mentioned, cash in sheet. the our quarter second the cash, and Brandon in included marketable $XXX with securities. our balance to Texas Cash million we period and Capel in lab

reiterating testing without core XXXX our Now We're COVID-XX revenue minimal outlook revenues the company which expected, for with services guiding revenue. for testing our we're guidance. moving is laboratory on to from to revenues, revenue total COVID-XX

X% We expect XXXX, continue to be Therapeutics of business $XXX for There's revenues anticipated representing the our XXXX no year-over-year. core in total guidance. million revenue to growth our approximately from Development core

to high expected margins our margins revenue of end that with by non-GAAP XXXX, stock-based the gross to continue COVID-XX compensation, the the in be and range reach target and for Turning year. we XX% to XX% QX excluding saw around of

resources ahead our in of see for grow we margin to minus business, as non-GAAP an expect operating lower We slightly operating XX% approximately margins the the quarters invest further to year.

margin spend on technology We a our remain foundational focused managing that our strong and continue to supports believe longer term. profile platform

to cash We and contemplated $XX our this cash million about million $XX for our Therapeutics be which continue associated EPS to in is to expect burn Development year, business guidance.

non-GAAP share $X.XX we million average expected favorable in the Based for charges year a forecast more on XX approximately approximately intangible year well of spend non-GAAP compensation a achieved million first of year, Utilizing full the XXXX half the count excluding share net lower any using to shareholders, lowering $X.XX provision tax our rate count. for XX tax onetime loss our assets lowering our expense EPS stock-based loss we're full charges. share as excluding to the effective per any onetime we're a amortization and and and of share, GAAP per as average

cash position remains our Finally, strong.

property real through see grown ahead. ending of which course, M&A in million or investments acquisitions other equivalents stock good purchases strength our any cash outside ordinary approximately or $XXX purchases see marketable could in we business, include organically, strategic which with XXXX securities. anticipate would and and and expenditures the core has momentum Overall, Excluding we cash,

joining up for you it call. for may open our Operator, Thank now questions. you

Operator

from question David coming is first Sandler. [Operator Piper from Westenberg Instructions] Our

David Westenberg

for one this be would think Paul. I

right it's cash over course been really think different fairly all has I your through acquisitions. your -- that obvious terrific management now the of

think all the your So coming cash kind the in businesses tests into reproductive and with going moving irons capital many health with all too like do right and there trials the discipline, thought an and the oncology maybe Or M&A $XXX you now up? million and more to you fire to clinical any cash have different strategy? all balance proven allocation back of is

Paul Kim

is I to want in at our think we look cash with wider the our that sufficient market purchased with do a years. that to companies we have business, take we capabilities. When see the the things address our to couple balance certainly -- than we we of do a efficiencies it overall combined can the last over

momentum XXXX, look we we're When approximately million. core XXXX, of core today's for overall nice million think very $XXX a very very, was in remember, take growth. thing other our of you But In overall gross the see revenues that is as As $XXX revenues about were at $XXX our revenues. we call, our our excited the in business, margins. very, a particularly million, saying, core XXXX, reiterating in the the operations, we're core, improvement our I that our as

look you COVID, the the of compensation quarters was XX% in even QX are if X excluding the quarter take gross the at within stock-based approximately at the of margins COVID, gross excluding gross our first XXXX, -- business, margins, you for margins, If XX.X%. for XXXX out when

anticipated. the the favorable The improvements XX operating points have over operating then been have expenses that get into And expenses. is That we in gross of you than margins. we hold have more

overall been Now efficiencies with due regular our as we than well that that efficiencies are our have we collection had we the in some you acquisitions as of management But anticipated. has yes, better The better COVID. was experience and cash business much business, our to within that had correct. integrating

Brandon Perthuis

don't the to we No, too address your question. want have it's in sorry David, answer point. irons I'm fire Brandon. just I to the many

consistently for with very with M&A. careful far, well. X M&As evaluate team companies. However, the thus and opportunities case we're both We've But quite acquisitions not forward. our be the have worked done going management That's always going to

we If make we something make too opportunities. evaluate we many you work. can do consistently want it's But fourth, sure a irons third or to don't in the have and fire, a we

David Westenberg

in with That clarity a was And stick questions, Brandan. great you terms Brandon. here, I'll Great the there. of

any Reproductive reiterate Just is indeed talked in come particularly the there? some the both the there. test? a weeks that benefit in of carrier couple you out. I this Can And differentiation about microdeletions, a comes could terms pretty lines and just have if what's important you when for it's opportunity guide, if would in you not obviously, business, to of of We email ACOG from NIPT addition Health guideline about in expanded think And that's expectations, but this. growing latest talk but And the ago, the in screening, [indiscernible] recommendation out. that in of terms time XQ, there

Brandon Perthuis

Yes. question. for the Thanks

We we're ACOG of that rumors also screening. hearing would guidelines going clinically, are there. the benefit expanded for expanded Certainly, industry. forward carrier

you going doctors -- standard side is on of If infertility through That screening is patients especially of look infertility treatments. are care expanded for the ordering care. their the business, what

would being be it great today. become the often payers more Most guidelines. the the guidelines there aligned line biggest practice benefit to So with with see fall in

we'll So monitor screening. expanded positive on. as carrier industry the worked relates it will being it it's know continue I that. I be think to for And to

well the there Most is monogenic and conditions. micro point these screening so disability. as any conditions are serious are them you they In main don't quite employee NIPT cause NIPTs novo there relatively together. out And terms for mutations severe when of group as include are these monogenic do duplications, microdeletions mutations. to but for They de being able our common for screen de differentiator point test, novo

value time partner. be NIPT see think really about So they picking approach as we could added something think when clinicians this an over novel

David Westenberg

I'll then one Ming, Great. ask for one I ask And asked because and haven't from you. just I'll

opportunity Just head call, can the study And in would the you of enrollment. the begun particularly neck start you the and us long end? size of help then And would have -- opportunity, neck then be? to enrollment roll in cancer, terms head in said for you FID-XXX?. and how to When

Ming Hsieh

study with performance of excited David. you, our FID-XXX. results the we are of or -- Thank Phase Okay. I

trial for and So neck we the second -- patients. doing second-line for are head cancer the phase the

be So the to in expected enrollment XXXX. early

move which a of the So -- fast and -- to chance is process. the might response the next we'll impressive XX% is [indiscernible] track really if on is around results, based apply then FDA Phase . the result we the probably above definitely for rate, into have approval III -- it

for Typically, So is patient. cancer giving line, the the for that's Currently, neck for no the line standard the for into the was first opportunity using the for real using head the the to failed second-line and market the neck opportunity head the treatment get We treatment. see immunotherapy, and treatment. cancer immunotherapy and first-line the second treatment. the there KEYTRUDA this patient try

patients the XX,XXX over head There's globally bigger is alone. definitely the and that terms neck much, much patients. of And U.S. of in in cancer cancer

excited are do and This area. the XXXX FID-XXX the market will is we study we opportunity, a about be in only sorry. us for drug So for next I'm 'XX, the we're see into that potential in pushing grow into definitely, -- to tremendous for clinical a the

David Westenberg

next question is from coming Your Leonard UBS. Dan from

Daniel Leonard

what My first changed the question, expense side? on

Paul Kim

on about Is expenses. changed What That's a talking good side. that the you're Yes. correct? -- expense operating

Daniel Leonard

curious would the what in guidance. happened I'm change was there? That functionally your big Yes.

Paul Kim

$XX biggest we But meaning had than had we that lower for a -- that million. were the we the what be quarter we change approximately had had for. We previously $XX G&A was Yes. G&A favorable million we from we second what anticipating collections to the had expense to reserved anticipated, costs

that reduced expenses. our So

Daniel Leonard

was it head the like as that? reserve change to anything So or count opposed a side, on

Paul Kim

we a that. in reason then why in And But to overlaying our right, then I then were due operating higher tax revenues just was had yes, That's margins, some to had narrowed collections. due what G&A we we to the we the and and had indicated have we and was reduction right. the the before, better company, extent, as our the better we've reason the provision. I efficiencies it the overall head -- mean slightly business. EPS of lesser credits count our about And that a plan, gross anticipated. benefits running come and our But condition through

Daniel Leonard

And I'm regulation Understood. your the regulation did you that does curious, implementation of how flag you business? manage there. the discussion how I LDTs. impact the Brandon, of the uncertainty around thorough on then, appreciate FDA But And uncertainty

Brandon Perthuis

it's Well, a especially we're question. believe I position part, for Thank the a tremendous benefiting good think our And We way doesn't. whichever decide go, you. from size it of most in they to good the test menu.

We on have our which would over menu, tests new XX,XXX regulations. predate the

in a our state most -- lot of And tests anyway, New approved. York addition, our

should current to all their of and good bit few So where a creates in this the then goes our If on that we I back And We path. down they we're continue around a lawsuit a maybe call the successful think away, business. a is business. mentioned running ago were moat we're our position. months

So in either good we're position I way. a think

Daniel Leonard

of big Curious question. if market? how evolving market share then was different we last was up anything the curious at acquired your final least you've seen is picture acquisition finalized. one I'm And since And just competitors the caught that. Appreciate in the or

Brandon Perthuis

Yes, little acquired. not lot. competitor, The a said, was A you good question. bit,

Health not testing. but But up, wasn't think, share, and some was some to did event to their some I there instability a and certainly, market market business in there Reproductive there where the very disruption market share degree. large shake pick it but was up picked there So some there. previous up we do was I minimal, think like significant we

Operator

coming from James. is Andrew from Next Raymond question Cooper

Andrew Cooper

know see is you to about of to ramp how what's said happening out? get to Maybe thinking in and I that Brandon, of just of some the mean, terms just differentiation answer to education of talk you if playing now maybe process first, clinicians you're us potential take to starting the about this. going should on one of be given we right don't there. further it sort NIPT, kind appreciation When detail potential But some I

look pathway thoughts your love would like. just that what can So on

Brandon Perthuis

you, Thank Yes. Andrew.

think take in the is going time. hit I product to it's NIPT This first time. some market novel the to some

on. The lot spot novo clinical does is require to education. physician add going value, and think you're a do it it. clinician lot de to I of So It take clinician the message monogenic really powerful education. behind but there some for is significant a mutation conditions is point going a of

small that area. now, focused have a Right on we pretty team sales

until So meaningful education on expect some probably expanded we additional not studies I said, some validation doing as part XXXX, publication the well really and volume, would more and as as indications. focused some

So meaningful thinking more a I'm volume in XXXX. of

Andrew Cooper

Okay. little bit, anatomic pathology. Helpful. a Maybe shifting just

necessarily real business about though. winning talked new positive and some things accounts The You there. materially isn't growing

out So business -- these growing the little maybe go a to door better? or account some a other on bit just from one give us keep maybe other the that Or way what's or wins recent? new seeing more transition customers where you're sense, the are factor the moderating side some volume

Brandon Perthuis

the time, it's direction wrong Yes. been working been which look, some Well, we've for on. going

the sure time, I at and think adhere situation. of addressed done. done And we've turnaround of was rates We've thing way. those. wrong Some and the business the other of way, is our we make But lab, some around biggest macro factors, most that that contracted the reimbursement was going which is we've to either

We've Even moving to our sales still -- the objectives. more even restructured the our during corporate the maintained also We've quarter, we team. we which We've sales did comp plans, turnaround with restructured team. time. the align second move, revamped in

it wasn't tackled this this was we've growth, quarter know it seeing all pay off. at I we're some. much and but angles, different So

the So business has we stabilized. think been

wins, we sales is the look finding when at very And deals. the team sales the pipeline, recent the wins, bigger in recent

to continue the for should AP think half momentum. year good I So the back of some have really

Andrew Cooper

for That's some helpful. seen we've terms guys of active Paul, Perfect. super recent buybacks then maybe in quarters. And in you

executing M&A, management elsewhere? of would to and balance you not just any again love to that whether think that cash on having I capital, more maybe given on So things, potential a well from cash repurchases how deployment great doing that or about -- of thoughts side maybe

Paul Kim

Yes.

stock Dx. the There see as million cash. options left. of program. that we bought can share those being from Form and shown making X in value think of have $XXX have we best the back as where significant times we return ROI return way are to acquisitions, the and we [indiscernible] have in cash and tremendous for market are there's an To We continue where acquisitions. results there in million $XXX overall success So to show in buy to so the a which do we our the you buyback to operational times integrating is and that $XXX that results. usage value also I one had past business. deployed about shareholders million, we are -- And and our buyback in this And remember, buy. our believe date, creating we reflective expand invest can't we to that We've

Ming Hsieh

Yes.

for to adding integrate acquisition, CSI M&A. spend transactions, mentioned, services, at actively those spend point the Diagnosis think laboratory also we time but taking target are Informed money a for to X not the I But and those reinvestment Dan, and the only the we for looking I for for we business. Paul think we look did what need

about close those calculation. rough a Besides, business did to buy million spent X to -- I we business. $XXX

Health try also lead results those the this to into the as more to $XX to without do which and strategic cash is insurance contracts, in making we're capability invested major area. see than us and streamlined Precision this We us of not acquisitions a be show to position grow million we which We very move, those Reproductive business. the player able our get Diagnostics the business, integrate

execute our to continue strategy. We

looking internal M&A and as for are the as our We development. opportunities well old for the

will spend we our way cash. the that's So

Operator

We've that conclude reached the of question-and-answer teleconference does today's And ladies webcast. our and and session. end gentlemen,

at your your have lines for disconnect may and wonderful We You day. this thank time, today. a you participation

Fulgent Genetics (FLGT) 2 Aug 242024 Q2 Earnings call transcript