**Fulgent Genetics Reports Fiscal Year 2025 Results**
Fulgent Genetics, Inc. (FLGT) reported total revenue of $322.7 million for the fiscal year ended December 31, 2025, an increase of 14% compared to $283.5 million in 2024. The revenue growth was primarily driven by a $22.7 million increase in precision diagnostics revenue, a $9.4 million increase in anatomic pathology revenue, and a $9.4 million increase in BioPharma services revenue, partially offset by a $2.3 million decrease in COVID-19 testing revenue. The company reported a net loss attributable to Fulgent of $60.5 million, compared to a net loss of $42.7 million in the previous fiscal year.
The company's cost of revenue increased by 9% to $191.8 million, resulting in a gross profit of $130.9 million, a 22% increase from the previous year. Operating expenses totaled $222.0 million, a 23% increase from $181.1 million in 2024. This increase was primarily due to higher general and administrative expenses, which included increased legal and professional fees, a provision for credit losses, and acquisition-related costs. Research and development expenses also increased, driven by investments in both the laboratory services and therapeutic development segments.
Key operational developments included the completion of the acquisition of ANP Technologies, Inc. in July 2025, securing full ownership of patents previously licensed by Fulgent. The company also announced definitive agreements to acquire selected assets of Bako Diagnostics and StrataDx, with the acquisition expected to close during the first half of 2026. As of December 31, 2025, Fulgent Genetics had 1,315 full-time employees for its laboratory services business and 29 full-time employees for its therapeutic development business.
Looking ahead, Fulgent Genetics anticipates reduced revenues from a significant laboratory customer in 2026 as the customer begins performing certain tests internally. The company plans to offset this decrease by developing existing customers and capturing new ones. The company also expects research and development expenses to continue increasing as clinical trials progress for its product candidates, FID-007 and FID-022. As of December 31, 2025, Fulgent Genetics had cash, cash equivalents, and marketable securities of $705.5 million.
About Fulgent Genetics, Inc.
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