FLGT - Earnings call transcript Q4 2024

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Operator

Greetings, and welcome to the Fulgent Genetics Q4 2024 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Melanie Solomon, Investor Relations. Please go ahead.

Melanie Solomon

Thanks, Kevin. to Results Fourth Conference welcome Year and and Financial XXXX Call. morning, the Quarter Fulgent Full Good

On the Perthuis, call Officer; Paul today are Ming Chief Officer; Hsieh, Financial and Brandon Chief Officer. Kim, Commercial Chief Executive

Investor company's company's shortly the Relations A after concludes on replay the The is this website. call website, the the Investor release call financial section discussing results Relations press will the available company's of of section ir.fulgentgenetics.com. of the be on available

on questions estimates your call to views, answers and remarks forward-looking prove management's prepared forward-looking contain represent expectations may These based today's statements. be which Management's will current incorrect. to and statements assumptions, on

actual result, uncertainties from those results subject As discussed statements. forward-looking any described to in matters the and statements circumstances risks, in forward-looking are cause to a changes differ in may that

events assumes statements forward-looking predictions results should The statements any with of to reflect statements. events, the by materially in forward-looking it changes and implied forward-looking may obligation than future actual what understanding not remarks in company any actual may different results, today or today expectations. management's the company's future Listeners actual is including to on or update the no these that described rely listen of make to should as be

Investor are available the to statements filings forward-looking the filed cause the results which and ended the XXXX, Commission, may that the forward-looking company's December subsequently company's review including from previously filed the the of year discussions statements, described Relations XX-K for the Securities with in Exchange and reports, related website. on in more factors risk XX, some these to Please detailed including of the discussions contained those differ

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

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

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

Ming Hsieh

X I Melanie. you, on you Thank outlook service our lines. will financials our questions. before start the will morning, with your fourth review call year with comments business our XXXX will fiscal and business thank for updates Brandon in taking joining XXXX, Then Paul and and and conclude product Good laboratory go-to-market and our today. quarter and the some for the

year. the with for and the pleased fourth results are We quarter our

momentum begin growth combination with development pipeline. service in have now we as the to cell trial metastatic and business, for with business. shown squamous good laboratory clinical or in in head XXXX patients XXXX, and therapeutic II FID-XXX have Cetuximab our have We invest carcinoma. business In neck a In continue of recurrent clinical we in year we Phase in

which by at upcoming dosed we and to XX So ASCO preliminary meeting very are the publish results, anticipate trial we in June. the far, this in have patients encouraged

We'll for million. total to approximately continue II up clinical $XX by We XX expect to costs the trial be trial complete patients enrollment Phase XXXX. to the to estimate late

pancreatic, colon, the it was candidate treatment a an and FDA including FID-XXX, ovarian and XXXX, We investigational December XXXX. is new cleared cancers. clinical for January U.S. application SN-XX nanoencapsulated drug in solid duct to second bile in Our potentially of submitted tumors,

We XXXX. expect the to Phase I the of enroll quarter first the trial second in patient in

trial approximately the is $X Phase the trial for cost expect million. Ib We

drug a profile formed were our applications As technology, patents patent includes encapsulation and target cancer nano new windows which issued active candidates both and therapeutic and reminder, and to drugs. designed platform the the therapeutic our with many existing active novel pharmacokinetics improve of

for potential FID-XXX. the and about excited in pipeline our and we progress are clinical I'm both making the FID-XXX

options targeting life. and hope are a with be patients provide further pretreated we heavily I to treatment few left, We options to additional their will able

program this believe for we cost will anticipated be reasonable, very investment our and is Our rewarded.

some novel targets with compared time, made significant also our At we range are payload for better over in study, development technology and have novel of the novel preclinical candidates platform on tumors for patent we drug observed trials. goal clinical honing ADC and the when being a of our level using using expression of benchmarks with linker leading have the In efficacy ADC same broad the technology. our prepared the upper antigen generating of antibody the various advancement platform ADC a market. targeting Finally, conjugates

made with Overall, our business. business with our progress and growth year-over-year have the I'm laboratory we pleased the in we therapeutic core seen services have development

work partners financial I our your for employees, to forward year a to would and to for We in execute loyalty strong in position strategy. further be progress XXXX. like look continue to a We and hard our stakeholders great thank business. our in

over our Officer, to laboratory I talk turn our call to Commercial will Chief businesses. more about the Brandon now Perthuis, services Brandon?

Brandon Perthuis

$XXX the a of year-over-year in addition for growth growth annual sequentially, X% strong quarter of and strong XX% to our and another exceeding slightly million. revenue core quarter guidance was It to close fourth Ming. year, delivering Thanks, Fulgent

commercial laboratory X Throughout the on and within year, we down areas we reflect on I'll as break our discuss front. the both executed business and services. operational each

throughout the quarterly We plan and outpaced clients market. to Pathology This great service in as team scale so are a who growing growth do in this turnaround taking from driving the to We to their First, and go-to-market new the our was not year by result believe successful business a continue lab. had revised previous did level Anatomic quarter, X% XXXX. of sequentially the same physician quality our sales receiving excellent time of plan. team

was turnaround while it X- not for in accounts turnaround perspective, team put time to X- receiving X-day were time. To sales X-week our it to lab delivering are uncommon to from uncover another who we

which Our we pipeline continued will momentum. sales lead team of built a opportunities, has believe to robust

York addition, Coppell pleased operation. optimistic our in our business building are with and performance recently several of into Overall, took to lab year to our In relocating Coppell, the lab the our the throughout its we're future. we purchased and steps consolidating New including operational efficiency, about improve AP Texas

due a maintained tests our This the growth Screening consistently exceptional adoption This to of to the operational wins Carrier year-over-year, to new growth other Expanded Reproductive expand, Diagnostics. Precision part market time the pushed while Turning with our some platform several early The sequential sequentially. large strong continues delivering product. quarter of client that to is and quality. Beacon of our timing true technology in in turnaround testament and Even fourth our to flat we due performance XXXX. of area into XX% were delivered excellence. outpaced on was health Beacon,

RNA, potentially we stands We RNA for diagnostic RISE. could are With much also new product, DNA as service, yield and the significant integrated recently exome this sequencing co-analyzing which by launched as a and RISE XX%. increase evaluation. genome

and regions non-coding diagnostic Integrating changes regulatory the testing and and is utility RNA and DNA-centric the is analysis in advancement improvement site genome maximizes regions, splice impact major years. variant target assessing This relevant in in level of several RNA-centric by genes. of significant first coding a exome phenotypically

and this be shift Our in how paradigm diagnose has rare a rollout we significant we from seen interest disease. may believe clients,

test launched to additional NIPT test, that and newly the will adopters. novo conditions. demand. team Our in microdeletions value are performing out create rates higher awareness The be de severe our and build of KNOVA, point is to the detection combines mutations, well XXXX to anoidies, Clinicians realizing focus genetic novel leading with for sales early a

recently a Both powered FoundationOne be proprietary analyze and variants. copy X single Fulgent's platform precision very and new this nucleotide space, Foundation Medicine are and our we launching FoundationOne by Medicine. More. with number diagnostics Within will exciting technology Via germline announced new Foundation tests partnership, Germline partnership tests,

announcing Heme the When have germline hospitals. FoundationOne providers RNA, germline combining are tests them to care in providers Liquid comprehensive win the Foundation profiling molecular with for testing patients. Medicine's tumor for the the health excited second oncology with supports to we tests accepting March. the partnership FoundationOne and comprehensive is This to largest Foundation genomic CDx, to FoundationOne we for bring profiling previously profile these their orders FoundationOne plans one services, Foundation test, a of after building CDx, partner testing launched Medicine begin more Medicine is and for these VA large germline in market.

We are wins transformational for can oncology optimistic these volume. be

biopharma from Our quarter, million to the in fourth delivering the XX% million growth an going had quarter. $X.X $X.X quarter-over-quarter, excellent services third quarter in

spatial biopharma have such studies. proteomic, drastically mentioned As high-demand our expanded, research more. capability us more address services services include transcriptomic, to capabilities biology we've in These calls, as previous of allowing and many client

an quarter-to-quarter can of While near it that expanded steadier pipeline state this hit hope we we opportunities. business, and in base some a still our large leveraging future, growth the in swings see is client of

XXXX. in evaluate cash opportunities performance the to for fourth continue team We'd for strong look That we our in in to In and balance laboratory another an again was year closing, our witnessed sales M&A to pleased thank said, balance capabilities, we dedication, and us our and stakeholders year. expanded position. quarter growth both and year employees The we leveraging organic, forward strategic with and great our partnerships. -- puts their strong are the we believe enviable this performance like

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

Paul Kim

Thank you, million. revenue $XXX.X X from of Precision million non-GAAP the which $XXX.X million million, The We million exceeding million per Anatomic Pathology $XX.X loss loss $XX of compared $X.XX of growth for services. share. from excludes of our as guidance or our $XX The revenue, $XX per year was had and GAAP $XXX core year. revenue totaled income X% full Diagnostics, million of or Brandon. COVID-XX XXXX $XXX share overall million follows: $X.XX from the revenue year biopharma XXXX remaining in slightly and was revenue to streams Full from a

margin efficiencies the was of our compared Now fourth $XX.X negligible. $XX our $XX.X of is quarter the core quarterly the streamlining million for benefit non-GAAP basis of Revenue COVID-XX the of and testing business. improved from and Revenue Gross sequentially continued course quarter totaled XX.X% for results. XXXX. and fourth to million. year the was totaled business the GAAP in margins gross over showing XX.X%. our Revenue million from

expenses to were R&D Total QX. expenses turning primarily Non-GAAP the revenue to in $XX.X a quarter and margin. in totaled of reversal a XXXX. fourth margin X $XX.X expenses. $XX.X spend increased third million to minus operating GAAP the of due X%, million Now and higher compared quarter compared to Non-GAAP operating million percentage primarily legal operating operating in to point XXXX, $XX lower to related sequentially approximately gross accrual of

for of we income per the loss share today, million have a end XX.X was million. shares fourth diluted equity-based compensation On as at Since and weighted approximately basis quarter was EBITDA the aggregated Adjusted of quarter approximately the million of XXX,XXX quarter income fourth on in $X.XX $X.X for intangible and to cost compared expense the fourth asset average or repurchased a $X.X XXXX. amortization, of $X.X non-GAAP quarter outstanding. of shares million excluding the approximately an $XXX,XXX, based

of total our million approximately under today, $XXX a future the common of purchases remain available of repurchase As stock program. for

increase approximately to cash the quarter fourth cash, We quarter. refund third and received is in from the ended with restricted in over year cash the securities. federal sheet. marketable The fourth tax equivalents, $XXX.X primarily balance the million Turning the and quarter

total for representing growth core to total the guiding core XXXX, COVID-XX, revenue laboratory core COVID-XX approximately With without is to on for of XXXX. expected Moving XX% revenue outlook service million for we to minimal our $XXX which be testing company or revenue, future year-over-year. expect from revenue

and all We expect pathology biopharma this anatomic core growth our precision areas for year services. business, of which in include diagnostics,

from Pathology in customer testing may variability quarter. ended strong strong services fourth recent year the will XXXX into We a a reproductive being growth wins, we quarter-to-quarter by expect momentum with believe this but we carry are treated on patients these experienced diagnostics. experience care and drive believe seasonality. as in With although decline providers health dependent Anatomic that health XXXX, help precision remains

to sell be may partners, quarter-to-quarter. we businesses biopharma from dependent it The which pharmaceutical services, so is on those variable

XXXX areas expect $XX business Precision and revenues of Anatomic We The from business from $XXX have estimated are the Diagnostics, X expected follows: and Services. Pathology the from moderate $XXX from as these this million Biopharma million growth. building remaining million been

Turning expected COVID-XX full the margins XX%, to for margins experienced compensation, momentum slightly excluding quarters. stock-based we and exceed gross recent continuing the for XXXX, strong year non-GAAP expect we've to in

We at growth, to we develop platform supports the to facilities. continue approximately strong operating focused operations a margins expect believe in to continue We and margin year foundational non-GAAP profile our XX% as spend our business see remain term. lower further existing and enhance technology our that laboratory for invest on longer managing laboratory minus

contemplated therapeutics in business burn EPS cash $XX for which cash associated development and this of approximately guidance. expect our is million We year,

year be charges. any million, expect loss Utilizing $X.XX to approximately using average a $XX intangible share our of provision assets as tax charges non-GAAP per compensation stock-based amortization a excluding a of onetime to of count any a EPS $XX share of non-GAAP we at GAAP onetime full be share, and our impairments expect as future well per share, loss and XXXX average count. excluding $X.XX million We

efficient Finally, growth. us fund capital in position strong. key and future our reinvest on remains support cash that business, focused We our allocation initiatives to allows

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

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

Operator

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

David Westenberg

I got a few.

to endpoints more trial Hsieh, the $XX Or then as excited FID-XXX, what to clinical million see So you is key cost whatnot, just the in do finally, the ACOG? with look And going neck opportunity? we and head and afterwards? should start I'll just about for milestones Ming biggest at indications and you and only the are expect

Ming Hsieh

you, cost And and a XX enroll we to patient average our Thank great is much for XXX,XXX clinical pretty using That The Yes. [indiscernible] about thus on trials, you're expect question. people. the spending around track David. with is far. per so

neck cancer. the for that's and So head

very are encouraged with results. the We preliminary

single patients June with year FID-XXX And data showed this in year, of last remember be we we we [indiscernible] data neck time very you synergy results we'll work have the see ASCO, cancer, more published the combination drugs conference. treatment and year's Dave, the As at the X promising Cetuximab, we together. very, with or great between and in XX the at and head for ASCO by agent for last the

David Westenberg

a on in here. you be Okay. if Got slowdown had year-over-year got you the XX% going any Brandon. it. dynamics good one this that talk growth. year? of you know that's the onetime I And quarter would or don't one guessing in growth about little guiding from this for to I'm because a are Paul -- QX, Paul there bit XX% was really Can but you following -- that On

Paul Kim

Brandon, do take to . you want that?

Brandon Perthuis

can Yes. that, in for the I quarter. question. can't Yes, happened events think certainly. and that onetime No, I of the take any fourth thanks

tackling and I blocking and think gaining market it share. was

slightly be but of down meaning some in resetting, you care deductibles are first in year part, health and that's, due large to co-pays, the correct. from So QX this coinsurance resetting will think benefits of I QX, quarter. the

Texas Coppell weather in adverse significant events Texas. well and X now And doesn't I. do had Dallas, with also in We

of to But it couple experienced bring little QX. it and events a in experienced from So the first applicable those in there think more QX. was quarter. that year bit sort going it things we every seasonality normalizes type maybe looking down That's we as events similar a I of just at that year-over-year,

quarter And record first we in think $XX that. a I well coming in So the of million. But quarter the off quarter, in in this north quarter. will are fourth at we were the first in XXXX, be XXXX in quarter,

in first seasonality of We dynamics the quarter. have the sort

to any in macro expect come we we a sort issues the onetime quarter. So it experienced little but of or issues bit, no fourth down

David Westenberg

this Perfect. pathology about would talk did you that say did the or and revised question. maybe that right, on That say you what was be plan . diagnostics. last precision catch revised atomic then, growth? my that you can X% And And happened, than sequential X%, drive what or actual the -- would

Brandon Perthuis

Are did what David. in saying pathology? we Sorry, the change you anatomic

David Westenberg

I Did was plan. a there -- revised mentioned you

think a were could in X% dig said you you diagnostics, that could what you it of highlighted I plan but XXx, plan. in have anatomic think precision growth because although of I been terms at pathology, was bit saying of revised further the the I was? on revised a sequential little hoping you've

Brandon Perthuis

that pathology. Yes, anatomic Certainly. Yes. was on the

the diverse. So anatomic pathology business is

services, services, GI derm really go made hard XXXX, in a surgical the to GU we pretty business. pathology. have after services, We And decision derm general

in national mentioned some sort it script, derm reason, a to times. right there's the relates whatever of for the turnaround as I of As just now issue

We have in tremendous capabilities dermatopathology.

We And have that been very dermatopathology. trained our have times good in pathologies been subspecialty fantastic. have turnaround

for to if So results patients or results. of turnaround out some And as for X need of these there their not, And they weeks. mentioned, We're or cancer X-day X know the we're X- seeing competition time. who it's I biopsy to delivering are are the anxious example.

the well that business, the team particular area sales done us. year and throughout really target of go we for our deployed to So it's

business lot the division. We've a dermatopathology of AP captured for

testament Almost at time so. successful we've on did And quality leadership In a been new their every think has recruiting. to sales think brought in addition, pipeline, turnaround and our and I I good sales do the business. growing good team to lab their continue some. expand going to and And the it's we we're salesperson sales

continue think and And want the carry going especially AP a down and corner business. optimistic into to we into pretty XXXX. we're growth, that's acquired QX So we the we since we're that scale had to to team and year. turned few good But had this bit think a seeing quarters of we've sales I a QX, some

Paul Kim

areas as a anatomic sales the fourth in before. invest talked year, the of have to as we probably that quarter we're but had to when going well. aggressively we other out growth we've And David, and had Brandon Yes. than marketing, the very about about, dynamics in the we've business, close continue pathology Brandon more talked strong

So for and example, good if going you and to expand business selling we that compensation, marketing to $XX parts be specific $XX in million as that take we're a because stock-based we area, excluding organization. at close XXXX, as million in XXXX look what seeing that's sales of the like investments see expense our was we

David Westenberg

pathology. anatomic Congrats turning of business on around the that

Operator

Next coming from question Li Lu is UBS. from

Lu Li

like the the guess I one, guide. sticking to first probably

like that pushing it -- well. diagnostics, you like XX% be year-over-year XXXX you XXXX, a have specifically upside a good growth, also any X So new like XX% I the we you very it Or to timing will on will wins more be wonder, XXXX? in is finished we to lower, position in like but have guide? VA, the like but see do seems -- going just back wonder quarter on FMI. but I as are to

Brandon Perthuis

one Yes. hear you Paul, first? that Can take to you me? need

Lu Li

you. hear can I Yes,

Brandon Perthuis

new the Look, And I the visibility is feel think question. built we've to not said, good opportunities we that number a they to they're what And need into. can these that you about. have thank that I wins understand revenue. because wins some And we and a to that number we fully start new time SPX guide number baked. take where Yes, may we that for only certainly have good mean really not really it It's are our into with.

great miss Medicine the great You Foundation example, that's example. is I Foundation Medicine. a mean a right?

and partnership data put It's Foundation Why? that any Foundation the to don't new We about $X. Medicine, excited really yet new have enough XXXX we have just to don't guide, the it don't with feel win. but we a Medicine We're a the comfortable on and know experience number partnership. in about

upside said, of north That could certainly there something be right? some it's $X, yes, there. potential So

we it. as they think their think they new I begin partnerships, and are produce we these about can feel the So guidance of where the and certainly clear into run we as have sit I a to if about this quarters. we understanding and But rate better adjust wins and visibility following today think number, we with we meaningful, in have really good

Lu Li

bit Can revenue will that the physician What have it. you the in XXXX? of office? contract? how of Got little hospital much give you think terms in a Understood. update VA heard you come the us from And

Brandon Perthuis

a bit to it's XXXX Yes. just I'm much little well, say how in extremely I well. will that ready disclose we're in going not kind launch. extremely of early revenue because still

revenue continues into we've far, guide progress the the But been with it that so made upside built think how has. with well we've some in pretty could I there VA pleased if as the we're conservative much this be to possibly VA. go it really year we've as for

Lu Li

Got to then going AP. the question And another it. back

like like long good I -- can So of you maintain drop the how you like a to order like you. accounts? optimal be new sales on in how spent representatives eventually, that kind wonder size you've capture accounts very the for the the need the increasing i.e., what opportunity you like in appears sales fast to term of keep the mentioned And for to and a AP of like business? momentum time, do that lot all the be will

Brandon Perthuis

will a team question. that great still I sales the is subscale. say That's Yes.

salespeople. leadership. it salespeople can. as It upscale. capture good some our train sales I exceptionally market good think take to find have Look, goal exceptionally team, does to But is is we much of have think sales we this an time and I we to good good as

to XXXX. in So in plan scale I the mean we that's the we XXXX. why -- That's we're can team continue team why to that's scaled why

facility absolutely built is It our state-of-the-art. the that to capacity, is -- efficient high built in operation. Texas be up designed our really from ground Coppell, we It is is a good amazing. that the facility just up, from think ground AP I it

our So time. turnaround team selling quality. They're right? is selling there our our sales They're that, out in selling

the We have capacity.

exceptionally it's a think good sales I really well-run recipe been team, success. pathology labs pathologists just you for with when So a bundle great an with

So to scale we market, We capture to want continue in to the for want team. that that's and of cards to more that XXXX. to going be continue

Operator

question Raymond from Next James. . coming Andrew Cooper from is

Andrew Cooper

just of slip of mentioned new Maybe customer size that of precision Can you a you double-digit of on diagnostics and hoped you that into some sort plays more additional and first where as you in first, Foundation having out VA that of being out in wins and the light things of precision context growth think the launch like especially guide about Novo context presumably had 'XX. diagnostics, the growth a could in drive little how bit on low quarter little give there?

Brandon Perthuis

question, the for Thanks Yes. Andrew.

are the Medicine, guide. spot that I potential amount built currently this the Foundation there I I've said from think levers guide. already growth into a you're we on. modest for amount for into NOVA you that's VA, $X a modest what very mean, mentioned built not have

quarter longer going we lots doctors, bit large So It's taken locations. reasons just a are just on too I little lots that the give quarter. of Andrew, But little much from these well. bit a thought. onboarding for us are to don't of -- want slid locations competitive It's accounts, fourth into this than lots accounts these color of with and have the

a hoped quarter had maybe a wins. taking But pretty longer -- quality, the these support We every with giving bit we have of time, of little the happy them. are bit locations lot big fourth already for very some we're our should onboarded little but it a soon into lot left, and that in to locations Is with be happening second. these are location first than the a get onboarded here turnaround it onboarded

Paul Kim

look the between the the year pathology diagnostics, a indicated about diagnostics ended been you precision you was wonderful $XX how that's diagnostics, for as higher company. When precision absolutely remember anatomic precision if million ago, at achieved X was and pathology. in we take of we Brandon split comprehensively, half-half. the we Andrew, than posted what has a it And anatomic XXXX, or success

are And we're look anticipating of might when diagnostics we take be a our in percentage in in each than guide numbers large. it $XXX those with we QX. those initial quarters, So achieved precision million, what of number, higher although XXXX low a what at it's

ended The the growth see the also a had or year about other our as margin XX%, thing at margins, XX%. from that precision close largely with that to see is margins we gross gross tremendous increase so, the we in right, result we in fourth diagnostics, you the a and quarter ago target gross higher than

very guidance the as very, and increase we doing mentioned. our it's reserve option Brandon important. the of these And see progress more for and is what we some always company, business in precision the that overall programs diagnostics So color to

Andrew Cooper

other AP little was business really of of Maybe is things. kind business derm a that wins the had that of you share few maybe of helpful. little underperforming if well? incremental need a case ask what some a little ago? little Okay. to side from the where of business bit? this felt when as bit capture those a pieces some the where gears it they shifting Super do business to you recapture -- mentioned other had is continue growing you to and of years had get do a maybe of latter been to And of shy Or bit is and be the the the away? of that gone meaning that the And stemming bit that Is parts of pain recapture that, I better --

Brandon Perthuis

Yes. I a question, that's good That's Andrew. a Yes. mean good question.

forward, close a book direction, base the business. lose sort our business, we can of we'd proactively. team it a business made going the maintaining we've our step I laboratory, AP existing And of of back. our of XXXX, say step base score, dynamics of client clients. around right? I wrong think deal, base lot would our account, So time in right, we our our the And base And call the X was account It's as a it monitoring as to job the book relates large, we had management, a was business. it good what acquired and book X keeping we did improvement from X health really sales

forward, We -- it's back now step X base solid. X is So not step our anymore. book

turnaround the on mean, built They're it us new fantastic we're to we scale operation. of there that done in surface growing the wins, we've that's enough. really products and to team been breadth in successful we story. there. factor We've still times, a our in surgical sales take it lot in this that been I to the a We general services during So state-of-the-art reason well to great business big we derm want returned is of GI. advantage capture. it's the quick out a sales layering just growth. well And overall, really I've market XXXX. the couple have team, in now taken was just and scratched But team sell. of Again, and is a missed well think yes, we've frankly, GU, I of pathology. We've can't done opportunities for how and

opportunities I division. surface we scratched trying can, across the team So entire the scale to as on just but the we've quickly sales think we're the as AP

Ming Hsieh

Yes.

around more what than Brandon's what more digitization We're days. I investment the in and total turnaround that technology heavy mode. think was like in AP we X the make our the position, we making we that that's have can efficient. bought we -- or pretty a adding the decline weeks, mentioned, are see technology That's the achieving other a business. to much using times a We it the business you and see entire few Brandon growth labs the advanced way inside, in the made business, point, do

and to I . believe the think we find bottom we the bottom. from find start growth

Andrew Cooper

efforts. approval pharma trials of ahead we I clinical that forward around you Okay. gave you from Helpful. efforts should just FDA push like about the cost continue potentially utilization one. maybe and How last the one to those And beyond in the of any some then cash the anything XXXX that? or of know overall as think the color in pipeline

Ming Hsieh

-- therapeutic we Yes, are the studies a for year the disclosure, that clinical unit, that's and $XX policy expect around financial very rate so the Actually, the farmer we include does R&D question. million. good burn XXXX a in from development

current drugs. money drugs the So most with efficient of our X treat to the options that's the with critical to with very patients much not develop the to and use

the we Phase also, will efficient for patients in think have terms expect at we the the enroll of will And findings publish -- the II our see very team, we the ASCO trials. we results second the R&D FID-XXX and So to in FID-XXX June in about we quarter.

very are nominal doing rewarded. and about we be believe opportunity, we're that We excited investment this this will do for

Operator

closing or over We reach comments. any the end for like the floor turn back our to further of I'd session. question-and-answer

Paul Kim

to and you, Thank talking we on quarter continued for you much. at everyone, Fulgent, Thank your earnings will XXXX first our be call. very you interest

Operator

conclude and today's teleconference That does webcast. you. Thank

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

Fulgent Genetics (FLGT) 28 Feb 252024 Q4 Earnings call transcript