Fulgent Genetics Reports First Quarter 2017 Financial Results

TEMPLE CITY, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Fulgent Genetics (NASDAQ:FLGT) (“Fulgent” or the “company”) today announced financial results for its first quarter ended March 31, 2017.

First quarter revenue was $5.3 million, an increase of 54% year over year from $3.4 million in the first quarter of 2016. GAAP income for the first quarter of 2017 was $0.2 million, or $0.01 per share, while non-GAAP income, excluding equity-based compensation expense and using a corporate tax rate of 38% for the quarter, was $0.6 million, or $0.03 per share.

Adjusted EBITDA was $1.2 million in the first quarter of 2017. Non-GAAP income and adjusted EBITDA are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), in the accompanying tables.

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