Fulgent Genetics (NASDAQ:FLGT) Updates FY24 Earnings Guidance

Fulgent Genetics (NASDAQ:FLGT) updated its FY24 earnings guidance on Friday. The company provided EPS guidance of approx ($1.05) for the period, compared to the consensus EPS estimate of ($1.06). The company issued revenue guidance of approx $280 million, compared to the consensus revenue estimate of $285.99 million. Fulgent Genetics also updated its FY 2024 guidance to -1.050–1.050 EPS.

Fulgent Genetics Trading Up 1.2 %

FLGT stock traded up $0.26 during midday trading on Friday, hitting $21.50. The company had a trading volume of 355,667 shares, compared to its average volume of 200,261. Fulgent Genetics has a 52 week low of $19.88 and a 52 week high of $44.09. The stock has a market cap of $642.85 million, a price-to-earnings ratio of -3.81 and a beta of 1.43. The stock’s 50 day moving average price is $21.81 and its 200 day moving average price is $25.00.

Fulgent Genetics (NASDAQ:FLGT) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.61. Fulgent Genetics had a negative net margin of 58.03% and a negative return on equity of 3.04%. The business had revenue of $70.51 million during the quarter, compared to analysts’ expectations of $67.14 million. Analysts predict that Fulgent Genetics will post -2.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price objective on Fulgent Genetics from $28.00 to $25.00 and set a neutral rating for the company in a report on Wednesday, March 6th.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.