We have grown our headcount from 151 at the beginning of 2020 to approximately 500 employees and consultants today. California State University-San Bernardino. Kevin, the last thing is on the cost side. Have a great day. Stock Advisor launched in February of 2002. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. Thank you for all that color. Great. I want to thank San Bernardino for having the common sense to fight this lockdown. 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. Priority should be on enforcement instead. This is unconscionable, an abdication of their basic responsibilities to serve everyone (not just businesses who are hostile to unemployment insurance and who want to shirk off responsibility for keeping their workplaces safe and landlords and people with extra property they want to charge exorbitant short term rent for), and a performative exercise in grandstanding. . San Bernardino County officials are urging all residents to get tested for the coronavirus, whether or not they show symptoms of COVID-19. But should testing even begin to slow down a little bit, the way we position this company with our technology platforms, we're going to continue to take market share from other people, right? We welcome the news about the very promising vaccine development from Pfizer today since we have made a $2.5 million investment in a private company called Boston Molecules during this quarter. Our ASP in the third quarter was $98, higher than the $96 we saw in the second quarter. Health officials in San Bernardino County are urging residents to get tested for the coronavirus as a new supplier has left the county with the ability to … Science and hindsight should demand that we do things differently. Currently, local, state, and national influenza cases are well below average. It’s cruel and cynical. None of this was done overnight, and we believe we have a strong foundation on which to grow our core business in the years ahead. As I indicated, the core business grew 57% sequentially, which translates into approximately 20,000 tests and revenues of approximately $10 million to $11 million, which is at a record for the company. But because our turnaround time is just getting quicker with the additional volume, we don't have a whole lot of doubt whether we can meet that threshold starting on January 1, 2021. [Operator instructions] And there are no further questions as of this time. Fulgent will continually invest in these areas. Our second EUA was for our Picture at-home test, which has been instrumental for our growth. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc, (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. Unlike working people who create the wealth those business owners/donors enjoy, with no other option but to venture outside and then have to worry about spreading disease to their patients, their parents, and their children. 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. ABOUT FULGENT:Fulgent is a leader in genetic and genomic clinical testing, a publicly traded…See this and similar jobs on LinkedIn. We have definitely had a lack of enforcement and that’s why the virus continues to rage. You've always obviously been very nimble here with the COVID response, which has been impressive. Stupid move. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. 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 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. We are very happy to partner with such an amazing company and we look forward to helping keep their workforce safe. So a lot of these contracts are laboratory services agreements. In response to a recent statewide shortage in COVID-19 testing materials, San Bernardino County has contracted with a new supplier, Fulgent Genetics, to secure an adequate supply of test equipment and is now encouraging allCounty residents to get tested. Regarding the on-site testing for New York City, we now have over 60 pairs of boots on the ground to help with school site operations. Nach Executive director-Jobs in Ontario, CA mit Bewertungen und Gehältern suchen. Great. We can’t have the constitution so easily thrown out with the bath water. Our clients are using our applications to run their daily operations. And, Rachel, Brandon. I’m both appalled and embarrassed that this county’s representation would continue to put our residents at risk by seeking legal remedy to scale back on needed restrictions. Can you just give us some more details on some of the contract terms that you guys have won? Kevin DeGeeter -- Oppenheimer and Company -- Analyst. There should be no guilt or shame associated with wanting this clear information to help make decisions that impact the lives of the people that you are appointed to help and work for. More specifically, we anticipate Q4 revenues to be at least $110 million. https://www.merriam-webster.com/dictionary/constitution, Auditor-Controller/Treasurer/Tax Collector, San Bernardino County Employees' Retirement Association, South Coast AIr Quality Management District. 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. You feel comfortable kind of at that $40 million reported revenue for genetic testing for the year. They have not taken enough steps to protect us from the medical emergency threat of covid 19. Fulgent Genetics is another positioned -- well positioned to meet the time challenges, but also, we'll be able to perform in this market at any price to compete in this market. Places where restrictions were followed early on absolutely appreciated downward trends in spread, illness, hospitalization and death rates. Thanks, Ming. Although COVID-19 conditions are continually evolving, locations in the High Desert, Chino, and more will be operational Tuesday through Thursday from 11 a.m. to 6 p.m. and Saturday from 9 a.m. to 4 p.m., with some variations for some locations. While we haven't announced all of our wins, we will continue to publicly announce large strategic wins to the extent we can. As we continue seeing the increase for the demand, we increase our automation. All Rights Reserved. We don't have that crystal ball, no one does, right? Thank you! Posted 4 days ago. In response to a recent statewide shortage in COVID-19 testing materials, San Bernardino County has contracted with a new supplier, Fulgent Genetics, to secure County Urges All Residents to Test for COVID-19 by David Wert - City News Group, Inc. As a final note, we appreciate the patient shareholders who had faith in our business over the past four-plus years and look forward to sharing updates to our business in future quarters. 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. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. Can you talk about your plans for using the money to invest in the business? During the third quarter, we brought on almost 80 new clients, representing thousands of individual users. So I'll take the first part of that question on the core business, and then I'll turn it over to Ming, followed by Brandon as to their thoughts on the landscape and the development on the vaccine use from today. The success we have had with COVID-19 testing has allowed us to expand our go-to-market strategy. 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. We're not going away anywhere, and we believe we can compete in any kind of environment. But definitely, that's the areas that we will be focused on. At these levels that we are forecasting in Q4 and Q1, we'll see, right? San Bernardino County has worked tirelessly on behalf of county residents and businesses urging the state to recognize that the county’s size and geographic diversity should allow for fewer restrictions in communities with lower COVID-19 metrics than the county as a whole. The EUAs of several antigen tests state that a negative result should be followed up by RT-PCR, and the CDC has been clear that RT-PCR is the gold standard to detect SARS-CoV-2. So we hope that will stick around. So to add to Paul's points, we'll continue to invest carefully to enhance our position in terms of our technology and also our market positions. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT, 2 Stocks That Could Double Your Money in 2021, These Were the 5 Best Diagnostics Stocks of 2020, Why Fulgent Genetics Stock Is Dropping Today, Stock Markets Sink, but These 2020 Stock Winners Look Good for the New Year, Copyright, Trademark and Patent Information. Required fields are marked *. 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. If big retailers can stay open so should small businesses, the chances of getting the virus at a big retailer is much higher than being at small business that is at 20% capacity or eating outdoors. A comprehensive panel of pathogens can help provide an accurate diagnosis, therefore, allowing for a more personalized treatment plan. And even with the explosive growth we have seen, we have continued to improve. We have expanded our partnerships on the reimbursement front and are seeing high demand for tests across our Picture platform. We think it will. I think we've been on a test launch craze for the last year, a year and a half. We had a low in the springtime of the year, but we came back roaring in the back half of the year. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. You need Science and Data? It’s the attitude of the BOS, zero enforcement and their cowering to nut jobs that has put us in the spot we are in. We provide the low-cost competitive bid in all our efforts. We look forward to keeping in touch with you in the days and weeks ahead. So we think it's going to be around with us for a while. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. So, yes, we continue to develop new tests. Thank you for standing up for the rights of the countie’s citizens. This is all possible because of how we built this company and how we have leveraged technology and operational excellence. This demonstrates how our core business has continued to strengthen with new customers we've been winning. This is done on the same sample with no need for clients to make any collection protocol changes. Thanks, Brandon. In the third quarter of this year, greater than half of those customers were new, right? Had the residents and leadership if SB County taken simple, though “uncomfortable,” measures when we learned how covid spread, the dire need for current restrictions would be unnecessary. Second point I want is on reimbursement. Amen. 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. 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