Here are 1-3 brief analogies for Fulgent Genetics (FLGT):

• Like a specialized Quest Diagnostics, but focused entirely on comprehensive genetic testing services.
• Imagine 23andMe, but providing clinical-grade genetic diagnostics for doctors and hospitals.
• Similar to a high-tech LabCorp, but exclusively focused on advanced genetic sequencing for disease diagnosis and risk assessment.

• Whole Exome and Whole Genome Sequencing: These services provide comprehensive analysis of an individual's entire protein-coding genes or full genetic blueprint to identify disease-causing variants.
• Targeted Genetic Panels: These are focused tests that analyze specific sets of genes associated with particular conditions, such as hereditary cancers, cardiovascular diseases, or neurological disorders.
• Non-Invasive Prenatal Testing (NIPT): This screening service identifies common chromosomal abnormalities in a fetus using a blood sample from the pregnant mother.
• Pharmacogenomics (PGx): This genetic testing service predicts an individual's response to specific medications, aiding in personalized drug selection and dosing.
• Picture Genetics (Direct-to-Consumer Testing): An online platform offering various genetic tests directly to consumers for health insights, carrier screening, and pharmacogenomics.

Fulgent Genetics (FLGT) primarily sells its genetic testing and precision medicine services to other companies and organizations, rather than directly to individuals as its primary business model.

According to its latest annual report (10-K filing), no single customer accounted for 10% or more of Fulgent Genetics' total revenue. Therefore, there are no individually identifiable "major customers" by name or specific public company symbols to list in terms of significant revenue concentration. Instead, the company serves a diverse base of organizations. Its primary customer categories include:

• Healthcare Providers: This category includes hospitals, clinics, and physician groups that order Fulgent's genetic tests for their patients for diagnostic, prognostic, or therapeutic guidance purposes.
• Commercial and Government Payers: This encompasses health insurance companies (commercial payers) that reimburse for genetic testing services, as well as government agencies (e.g., state health departments, federal programs) that may contract for large-scale genetic testing initiatives, such as population health screenings or historical infectious disease testing programs.
• Pharmaceutical and Biotechnology Companies: These companies partner with Fulgent Genetics to leverage its genetic sequencing capabilities for various applications, including support for clinical trials, research and development efforts, and the development of companion diagnostics.

Illumina (ILMN)

Fulgent Genetics (FLGT) operates in several key areas within the genetic testing and precision medicine markets. The addressable markets for its main products and services are substantial and are primarily global, with specific regional breakdowns available for some segments.

• Genetic Testing (Overall): The global genetic testing market was valued at approximately $13.01 billion in 2022 and is projected to experience a rapid revenue Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. An earlier estimate for the global Next-Generation Sequencing (NGS) genetic testing market, which includes pre-sequencing, sequencing, and data analysis, was approximately $4.0 billion in 2016, and was expected to reach approximately $10.5 billion by 2022. The U.S. portion of this market was estimated at $1.4 billion in 2016, projected to reach approximately $3.6 billion by 2022. Another perspective estimated the annual spending on genetic testing in the U.S. to be around $7 billion by 2019, using Medicare expenditures as a proxy.
• Oncology Testing: The somatic genetic testing market, a significant part of oncology testing, is expected to grow to $16.8 billion by 2030. While not explicitly stated, the context of "market" and other global figures suggests this is a global projection, with Fulgent Genetics expanding its reach within the U.S. oncology market. Fulgent's oncology testing services cover hereditary cancer, cancer diagnostics, and new developments like liver cancer detection.
• Reproductive Health Testing: The global reproductive genetics market was valued at approximately $5.1 billion in 2023 and is anticipated to reach around $17.2 billion by 2033, demonstrating a CAGR of 12.9% during the forecast period from 2024 to 2033. This area includes services such as carrier screening and prenatal testing (including NIPT).
• Pharmacogenetic (PGx) Testing: The global pharmacogenetic testing market was estimated at $12.37 billion in 2024 and is projected to grow to $25.62 billion by 2029, with a CAGR of 15.6%. Another estimate for the pharmacogenomics market places its size at $10.27 billion in 2025, expected to reach $15.61 billion by 2030, growing at a CAGR of 8.73%. North America held a significant share of the pharmacogenomics market, at 56.96% in 2024.
• Whole Exome Sequencing (WES): The global whole exome sequencing market was valued at approximately $2.14 billion in 2023 and is projected to grow substantially to about $10.56 billion by 2031, with a robust CAGR of 22.42%. North America represented a significant portion of this market, holding a 42.09% share in 2023, valued at $902.2 million. Fulgent Genetics also offers ultra-rapid whole genome sequencing services.

Fulgent Genetics (FLGT) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Growth in Precision Diagnostics and Biopharma Services: The company has reported sustained momentum in its laboratory services business, particularly in precision diagnostics and biopharma services. This growth is attributed to ongoing investments in reproductive health testing, as well as the adoption of AI and digital pathology solutions.
2. Advancement of Therapeutic Development Pipeline: Fulgent Genetics' therapeutic development business, centered around its drug candidate FID-007 for cancer treatment, is progressing through Phase 2 clinical trials. Positive clinical trial results and subsequent advancement of FID-007 into later phases of development are anticipated to be significant revenue drivers.
3. Launch of New Products and Services: Fulgent Genetics is actively introducing new offerings, such as an ultrarapid whole-genome sequencing service and the expansion of its Beacon carrier screening panel to 1,000 genes. These new product launches are expected to enhance diagnostic capabilities and drive revenue growth.
4. Strategic Expansions and Market Penetration: The company's robust revenue growth is also supported by its expanding footprint in the diagnostics market and strategic expansions. This indicates efforts to reach new customer segments or geographic regions, contributing to overall revenue increases.

Share Repurchases

• On March 8, 2022, Fulgent Genetics' Board of Directors authorized a share repurchase program of up to $250 million.
• As of November 7, 2025, approximately $110.4 million has been spent on share repurchases since the program's inception in March 2022, with approximately $139.6 million remaining available for future repurchases.
• In Q1 2025, the company repurchased 516,000 shares for $8.7 million, and in Q2 2025, it repurchased approximately 130,000 shares for $2.2 million; no stock repurchases were made in Q3 2025.

Share Issuance

• Fulgent Genetics had approximately 30.61 million shares outstanding as of November 7, 2025, with the number of shares increasing by 2.27% in one year.

Outbound Investments

• In 2022, Fulgent completed the acquisition of Fulgent Pharma Holdings, Inc., as part of its long-term vision to transform into a fully integrated precision medicine company focused on oncology.

Capital Expenditures

• Capital expenditures partially offset strong operating cash flows, as reported in the third quarter of 2025 financial results.
• The primary focus of capital expenditures includes investments in AI and digital pathology solutions for laboratory services, and advancing the therapeutic development pipeline, which involves developing a proprietary image management system called EZOPath.