Fulgent Genetics, Inc. reported a notable increase in financial performance for the third quarter of 2025, with revenues reaching $84.1 million, a 17% increase from $71.7 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $239.3 million, up 16% from $207.3 million in the prior year. The growth was primarily driven by increases in precision diagnostics, anatomic pathology, and BioPharma services, which collectively contributed to the overall revenue increase. The company’s gross profit also saw a significant rise, reaching $35.5 million for the quarter, compared to $26.8 million a year earlier, reflecting a gross margin improvement from 37% to 42%.
In terms of operational efficiency, Fulgent reported a decrease in its operating loss, which narrowed to $15.4 million in Q3 2025 from $17.1 million in Q3 2024. The company attributed this improvement to streamlined operations and increased revenue, despite a rise in operating expenses, which totaled $50.9 million for the quarter, up from $43.9 million a year prior. The increase in expenses was driven by higher research and development costs, particularly in the therapeutic development segment, which rose by 41% due to increased contract research organization (CRO) costs and personnel expenses.
Fulgent's strategic developments included the acquisition of ANP Technologies, Inc. in July 2025, which was aimed at enhancing its therapeutic development capabilities. This acquisition added $3.0 million in goodwill and $3.9 million in in-process research and development (IPR&D) to the company's balance sheet. The integration of ANP is expected to bolster Fulgent's control over its drug development processes and align with its strategic objectives in precision medicine.
The company also reported a significant increase in cash and cash equivalents, totaling $117.6 million as of September 30, 2025, compared to $55.3 million at the end of 2024. This increase was attributed to cash generated from investing activities, particularly from the maturities of marketable securities. However, cash used in operating activities rose to $23.5 million for the nine months ended September 30, 2025, compared to $4.0 million in the same period last year, primarily due to the purchase of Investment Tax Credits.
Looking ahead, Fulgent Genetics anticipates continued growth in its laboratory services and therapeutic development segments, driven by ongoing investments in research and development and the expansion of its testing capabilities. The company remains focused on improving profitability through enhanced operational efficiencies and strategic market expansions, while also navigating potential regulatory challenges and market conditions that could impact its performance.
About Fulgent Genetics, Inc.
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