Fulgent Genetics is like a specialized LabCorp or Quest Diagnostics, focused on advanced genetic and molecular testing services.

• COVID-19 Testing Services: Offers a range of tests including next-generation sequencing, RT-PCR, and antigen-based diagnostics for SARS-CoV-2 detection.
• Oncology Genetic Testing: Provides Focus and Comprehensive oncology panels, as well as solid tumor molecular profiling for cancer diagnosis and treatment guidance.
• Inherited Conditions & Pediatric Genetic Testing: Includes Beacon carrier screening, rapid whole genome testing for critically ill children, newborn genetic analysis panels, and ataxia-related variant detection.
• Whole Exome and Whole Genome Testing: Delivers comprehensive genetic analysis through whole exome, clinical exome, and whole genome sequencing for diagnostic and research applications.
• Patient-Initiated Genetic Testing (Picture Genetics): A platform enabling patients to directly access genetic testing services and insights.
• Advanced Laboratory Diagnostics: Offers specialized services such as flow cytometry, fluorescence in-situ hybridization (FISH), immunohistochemistry, and cytogenetics for detailed cellular and chromosomal analysis.
• Blood-Based Early Cancer Detection Tests: Commercializes innovative tests for early cancer detection utilizing blood samples, in partnership with Helio Health, Inc.

Fulgent Genetics (FLGT) serves a diverse range of customers. While the company provides genetic and diagnostic testing services that ultimately benefit individual patients, it primarily serves various types of organizations and institutions, as well as direct patient categories. Due to the lack of specific company names in the provided description, the major customers can be broadly categorized as follows:

• Healthcare Providers & Laboratories: This category includes hospitals, medical institutions, and other laboratories that utilize Fulgent's testing services for their patients or as part of their diagnostic offerings.
• Payors & Institutional Clients: This encompasses insurance companies, other payors, governmental bodies, municipalities, and large corporations that contract with Fulgent for testing services, often covering costs or providing services for their members, employees, or constituents.
• Individual Patients: Fulgent also directly serves patients, particularly through offerings like "picture genetics," which is a patient-initiated genetic testing service.

• Illumina, Inc. (ILMN)
• Thermo Fisher Scientific Inc. (TMO)

Ming Hsieh, Chairman of the Board of Directors and Chief Executive Officer

Ming Hsieh is the founder of Fulgent Genetics, Inc., established in 2011 as Fulgent Therapeutics before becoming Fulgent Genetics in 2016, and he led its initial public offering in 2016. Prior to Fulgent, he founded Cogent, Inc., a biometric identification service and product company, in 1990 and served as its CEO, President, and Chairman until its sale to 3M in 2010 for $943 million. He also founded AMAX Technology (1987–1990). Hsieh utilized personal capital from the sale of Cogent Systems to fund the launch of Fulgent.

Paul Kim, Chief Financial Officer

Paul Kim has served as the Chief Financial Officer of Fulgent Genetics since January 2016. He previously held the position of Chief Financial Officer at Cogent, Inc., a publicly traded biometric identification company, from 2004 until 2011, during which time Cogent was acquired by 3M. His prior experience also includes serving as Chief Financial Officer of JNI Corporation, a publicly traded storage area network technology company (2002-2003), and Vice President of Finance at Datafusion Inc., a privately held software development company (1998-1999). Kim also held finance leadership roles at Interlink Computer Sciences, Inc. (1996-1998) and worked at Coopers and Lybrand L.L.P. (1990-1996), leaving as an audit manager. He is a Certified Public Accountant.

Jian (James) Xie, President and Chief Operating Officer

Jian (James) Xie is a co-founder of Fulgent Genetics, Inc. He has served as Chief Operating Officer since April 2018 and was appointed President in May 2022. Before becoming COO, he held the position of Vice President of Bioinformatics since the company's inception. Prior to joining Fulgent, Mr. Xie was the Senior Vice President of Cogent Inc. from 1996 until 2011.

Hanlin (Harry) Gao, M.D., Ph.D., Chief Scientific Officer and Laboratory Director

Dr. Hanlin (Harry) Gao is a founder of Fulgent's genetic testing business. He has served as Fulgent LLC's Laboratory Director since February 2012 and was appointed Chief Scientific Officer in January 2016. Dr. Gao's prior experience includes serving as Laboratory Director of both the DNA Sequencing Core Laboratory and Clinical Molecular Diagnostics Laboratory at City of Hope from 2004 until 2013. He completed his clinical molecular genetics training fellowship and post-doctoral fellowship at Harvard Medical School in 2004.

Brandon Perthuis, Chief Commercial Officer

Brandon Perthuis joined Fulgent Genetics in 2017 and has served as Chief Commercial Officer since 2020. Before his time at Fulgent, he was the Vice President of Sales and Marketing of the Medical Genetics Laboratory at Baylor College of Medicine from 2009 to 2015. His career in genetic testing began in 2003, leading commercialization efforts for technologies such as microarray testing, exome sequencing, and mitochondrial diagnostics.

The key risks to Fulgent Genetics' business operations revolve primarily around its transition from a COVID-19 testing-dominant revenue stream, evolving regulatory and reimbursement landscapes, and concentration in its customer base.

1. Declining COVID-19 Testing Revenue and the Challenge of Diversification
   Fulgent Genetics experienced a substantial surge in revenue during the COVID-19 pandemic, with its annual revenue growing from $32 million to nearly $1 billion within two years, largely due to demand for COVID-19 testing services. However, this revenue has since declined significantly, falling to negligible amounts in recent quarters. This sharp reduction has led to consecutive quarterly losses for the company. Fulgent Genetics is actively working to diversify its revenue streams by expanding its core diagnostics and pathology services, targeting $310 million in core revenue by 2025. The success of this transition is crucial, as the company navigates away from its pandemic-driven revenue peaks to achieve sustainable, long-term growth in the broader healthcare market.
2. Regulatory and Reimbursement Pressures
   The genetic and diagnostic testing industry in which Fulgent Genetics operates is subject to extensive regulatory oversight. Potential changes in federal laws or enforcement policies could significantly impact the business. A notable risk is the FDA's final rule on Laboratory Developed Tests (LDTs), which is expected to increase validation and submission requirements, thereby raising compliance costs and extending the time-to-market for some of Fulgent's testing workflows. Furthermore, downward reimbursement trends, partly driven by the Protecting Access to Medicare Act (PAMA), continue to compress margins. Shifts in commercial and Medicare mix are also anticipated to materially affect revenue growth. The company has also faced allegations of improper billing practices and medically unnecessary testing, leading to increased legal and regulatory scrutiny from bodies like the Department of Justice (DOJ).
3. Customer Concentration Risk
   Fulgent Genetics faces a significant risk due to its revenue being concentrated among a limited number of large customers. The loss or reduction in sales to these key customers could materially harm the business. For example, the departure of the company's single largest customer, which accounted for 22% of its total revenue in 2025 ($70.8 million), caused a substantial decline in the company's stock price and placed pressure on its gross margins and overall profitability. This highlights a vulnerability where a change in a few key customer relationships can lead to sudden and impactful revenue declines.

Fulgent Genetics (symbol: FLGT) operates in several significant addressable markets for its diverse range of genetic and molecular diagnostic testing services.

Genetic Testing Market

• The global genetic testing market was valued at approximately USD 21.49 billion in 2024 and is projected to reach around USD 72.93 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 16.5% from 2025 to 2032. Other estimates place the global market at USD 18.6 billion in 2023, growing to USD 52.3 billion by 2032.
• In the U.S. alone, the genetic testing market was valued at USD 6.03 billion in 2024 and is poised to grow to USD 11.76 billion by 2033, with a CAGR of 7.7% during the forecast period of 2026–2033. Another report estimates the U.S. market at USD 5.3 billion in 2024, reaching USD 14.4 billion by 2033.

Molecular Diagnostics Market

• The global molecular diagnostics market was valued at USD 26.2 billion in 2023 and is projected to reach USD 40.4 billion by 2034, growing at a CAGR of 4.2% from 2025. Another source indicates the global market size at USD 45.11 billion in 2025, expected to reach USD 66.34 billion by 2035, with a CAGR of 3.93% from 2026 to 2035.
• The U.S. molecular diagnostics market size reached USD 10.4 billion in 2024. It was also estimated at USD 7.85 billion in 2025 and is projected to hit approximately USD 12.62 billion by 2035, growing at a CAGR of 4.86% during the forecast period of 2026 to 2035.

Oncology and Hereditary Cancer Testing Market

• The global cancer genetic testing market was valued at USD 6.70 billion in 2024 and is projected to grow to USD 17.98 billion by 2033, demonstrating a CAGR of 11.6% from 2025 to 2033.
• For hereditary cancer testing specifically, the global market was estimated at USD 4.67 billion in 2024 and is projected to reach USD 14.45 billion by 2033, with a CAGR of 13.76% from 2025 to 2033.
• In the U.S., the hereditary cancer testing market was estimated at USD 1.93 billion in 2024 and is projected to reach USD 5.76 billion by 2033, growing at a CAGR of 13.32% from 2025 to 2033. The U.S. oncology molecular diagnostics market size was estimated at USD 790 million in 2024 and is predicted to increase to USD 2.5 billion by 2034, expanding at a CAGR of 12.21% from 2025 to 2034.

Liquid Biopsy Market (for early cancer detection)

• The global liquid biopsy market was estimated at USD 6.17 billion in 2024 and is predicted to rise from USD 7.05 billion in 2025 to USD 22.69 billion by 2034, at a CAGR of 13.91% from 2025 to 2034.
• The U.S. liquid biopsy market size was valued at USD 5.13 billion in 2024 and is expected to be worth around USD 44.80 billion by 2034, growing at a CAGR of 24.2% during the forecast period of 2025 to 2034. Another estimate placed the U.S. market at USD 4.13 billion in 2023, projected to grow at a CAGR of 24.1%.

COVID-19 Testing Market

• The global COVID-19 diagnostics market size reached USD 58.3 billion in 2024 but is expected to reach USD 29.0 billion by 2033, indicating a decline as the pandemic's acute phase subsides. Similarly, the global COVID-19 diagnostics market was estimated at USD 33.03 billion in 2023 and is projected to reach USD 6.25 billion by 2030, declining at a CAGR of -21.2% from 2024 to 2030.
• The global COVID-19 antigen test market, a component of overall COVID-19 testing, was USD 7.59 billion in 2025 and is projected to grow to USD 10.84 billion by 2030, at a CAGR of 7.4%.

Expected Drivers of Future Revenue Growth for Fulgent Genetics (FLGT)

• Growth in Precision Diagnostics: Fulgent Genetics anticipates continued organic growth within its core precision diagnostics business, driven by existing and newly launched genetic tests such as the Beacon carrier screening panels, expansion of whole genome sequencing, and the Lumera somatic assay. This growth is supported by expanded laboratory capabilities and an effective sales team.
• Strategic Acquisitions: The acquisitions of Bako Diagnostics and StrataDx are expected to be significant contributors to future revenue. These acquisitions are projected to add $50 million to $55 million in revenue in 2026, significantly expanding Fulgent's laboratory services and national client base, particularly in anatomic pathology. The integration of Bako also brings additional sales representatives and opportunities for cross-selling products.
• Expansion of Anatomic Pathology Services: Following the strategic acquisitions, Fulgent Genetics forecasts substantial growth in its anatomic pathology revenue, with projections indicating a 53% increase from 2025 to $162 million in 2026.
• Strategic Partnerships: Collaborations with other entities, such as the partnership with Foundation Medicine for germline testing and the strategic investment and commercial agreement with Helio Health for early cancer detection tests like HelioLiver, are expected to broaden Fulgent's market reach and service offerings, thereby driving revenue growth.
• Advancement of Therapeutic Development Pipeline: Progress in Fulgent's therapeutic development pipeline, including the advancement of FID-007 (for head and neck cancer) to Phase 3 and FID-022 completing Phase 1 dose escalation, represents a significant long-term revenue growth driver. The initial market opportunity for the head and neck cancer indication alone is estimated to be substantial.

Share Repurchases

• Fulgent Genetics initiated a $250 million stock repurchase program in March 2022.
• As of December 31, 2025, the company had repurchased 0.6 million shares for an aggregate cost of $10.9 million under this program.
• Approximately $139.6 million remained available for future repurchases as of the most recent earnings reports (Q3/Q4 2025).

Share Issuance

• In 2025, 1.049 million restricted stock units (RSUs) vested.
• The weighted average diluted shares outstanding increased from approximately 30.7 million in Q2 2025 to 31.7 million in Q4 2025.

Outbound Investments

• Fulgent Genetics acquired Fulgent Pharma in 2022 as part of its strategy to become a "one-stop-shop" healthcare services business.
• In July 2025, the company acquired ANP, which has contributed minimal revenue from therapeutic development business through IP licensing royalties.
• The company anticipates closing the acquisition of Bako and StrataDx in March 2026, with an estimated purchase price of approximately $56 million.
• A prior investment resulted in a one-time non-cash impairment charge of $9.9 million in Q2 2025.

Capital Expenditures

• For 2026, anticipated capital purchases are approximately $12 million.
• Capital expenditures are focused on strategic investments in technology and capabilities, including whole genome sequencing bundled with RNA sequencing, and incorporating somatic testing into the pathology business.
• The company continues to commit to research and development spending to support both laboratory testing services and clinical studies.