Fulgent Genetics, Inc. reported a revenue of $283.5 million for the fiscal year ending December 31, 2024, a decrease of 2% from $289.2 million in 2023. The company experienced significant declines in COVID-19 testing revenue, which fell by 92% to $2.3 million, and a 36% drop in BioPharma services revenue, which totaled $16.3 million. These declines were partially offset by a 27% increase in precision diagnostics revenue, which reached $167.7 million, driven by growth in reproductive health services. The net loss attributable to Fulgent for 2024 was $42.7 million, a substantial improvement from the $167.8 million loss reported in the previous year.
In 2024, Fulgent made notable strides in its therapeutic development segment, particularly with its drug candidate FID-007, which is currently undergoing a Phase 2 clinical trial for recurrent or metastatic head and neck squamous cell carcinoma. The company also filed an Investigational New Drug (IND) application for FID-022, which was cleared by the FDA in January 2025. These developments reflect Fulgent's ongoing commitment to expanding its drug pipeline, which is supported by a proprietary nano-drug delivery platform.
Operationally, Fulgent's customer base remains concentrated, with one customer accounting for 22% of total revenue in 2024. The company is actively working to diversify its customer base to mitigate risks associated with revenue concentration. As of December 31, 2024, Fulgent employed 1,313 full-time employees across its laboratory services and therapeutic development businesses, reflecting a stable workforce as the company continues to invest in its operational capabilities.
Looking ahead, Fulgent anticipates continued growth in its precision diagnostics segment and aims to expand its international presence, particularly in China, where revenue from non-U.S. sources increased by 20% to $24.3 million in 2024. However, the company faces challenges related to reimbursement rates from insurance payors and ongoing audits, including a current audit by the Health Resources and Services Administration (HRSA) regarding COVID-19 testing reimbursements. Fulgent's management remains focused on navigating these challenges while pursuing its strategic goals for growth and profitability.
About Fulgent Genetics, Inc.
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