Fulgent Genetics (NASDAQ:FLGT) stock is on the rise in pre-market trading and we know exactly why investors are so happy with the company.
Fulgent Genetics released its earnings report for the fourth quarter of 2020 after normal trading hours on Thursday. Today’s positive movement is connected to those results. Let’s take a look at some of the biggest earnings highlights for FLGT stock today.
- To start off, the company reported record adjusted earnings per share of $6.20. That easily beat out Wall Street’s estimate of $4.05 for the quarter. It’s also a massive 15,400% increase over the company’s adjusted EPS of 4 cents from Q4 2019.
- Next up is revenue of $294.99 million, which is another record for the company. This stomps analysts’ estimates of $199.44 million for the period. Likewise, it’s a more than 3,400% year-over-year increase from $8.39 million.
- Finally, we have to talk about Fulgent Genetics’ strong guidance for the full year of 2021. It’s expecting adjusted EPS and revenue to come in at around $12.50 and $800 million. If that holds true, results will easily come in above Wall Street’s estimates of $11.55 per share on revenue of $600.24 million.
Ming Hsieh, chairman and CEO of FLGT, said this about the news boosting the company’s stock higher today.
“Our record fourth quarter results capped off a transformational year for Fulgent Genetics. While we did not envision 2020 to unfold in the way that it did, I am proud of our team for supporting the pivot of our business to rapidly scale to become one of the top providers of COVID-19 testing in the country.”
FLGT stock was up 31.5% in pre-market trading on Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.