Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. With a powerful leverage in our model, this translates into GAAP net income, and excluding stock-based compensation, we expect non-GAAP net income of approximately $100 million or approximately $4 per share for our shareholders in 2020. Fulgent Booking System 1.0 - Appointment Free COVID-19 Testing The City of Long Beach is providing free COVID-19 testing at two additional locations. The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. This growth and the profitability were made possible by the efficiencies we have created across our business from our lab operation and our information management and the reporting system, to have our own proprietary biochemistry and reagents, to our enhanced reimbursement capabilities and our system, who have covered a significant amount of the ground and signing a number of substantial agreements, securing large volume of tests in the quarter ahead. At Fulgent, we took early action to leverage our technology platform to build out a comprehensive offering to meet the increased demand for reliable testing solutions. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. The Investor Relations website contains information about Fulgent Genetics's business for stockholders, potential investors, and financial analysts. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. And I'll turn it over to Brandon, who can give more commentaries both in terms of the number of customers, the quality of their customers, as well as the size of programs that they're thinking about for our core business. At the same time, we are taking market share from other people. So we're still on track to meet the $40 million. This will lead to false-negative results, which are particularly troublesome. “Miami-Dade residents now have improved access to reliable and fast COVID-19 testing. Our ASP in the third quarter was $98, higher than the $96 we saw in the second quarter. Let's conquer your financial goals together...faster. This system also includes heat maps and contact tracing functionality. Fourth, our two EUA approvals. Investor Relations Contact: And I would say a majority of them do have some legs to them, to where they're going to stretch many months and deep into 2021. These customers are not running at full speed. The nasal swab tests are being offered by the county through a partnership with Fulgent Genetics and are the same tests given at the county’s various drive-up and walk-up testing sites. As I indicated, the core business grew 57% sequentially, which translates into approximately 20,000 tests and revenues of approximately $10 million to $11 million, which is at a record for the company. So we're also on the private side as well, not just the Medicare and Medicaid from the CMS perspective. Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 Fulgent Genetics earnings conference call. Results will be delivered to patients within … We also announced in the third quarter that we won a competitive bid for the entire state of Ohio prison system to provide testing to their 12,000 employees. Historically, our customers have predominantly been cash-paying customers, with very little revenue coming through the reimbursement. I will now turn the call back to Nicole for any final comments. Coupling the gold standard test with our industry best turnaround time makes the Fulgent solution a powerful tool to fight against the spread of COVID-19. The EUAs of several antigen tests state that a negative result should be followed up by RT-PCR, and the CDC has been clear that RT-PCR is the gold standard to detect SARS-CoV-2. How long do you think that lasts thereon? We provide the low-cost competitive bid in all our efforts. At 9:30 as of today, we collected on more than $60 million of that $90 million balance. New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. During Q3, we had an equity shelf program in place, which enabled us to sell approximately 1.3 million shares in the open market, raising $42.3 million in cash. As we walk into each opportunity, we need to make sure we have a sound business model. So that was a substantial guidance increase. We welcome the news about the very promising vaccine development from Pfizer today since we have made a $2.5 million investment in a private company called Boston Molecules during this quarter. We are a genetic testing laboratory built by engineers, founded in technology. Kevin DeGeeter -- Oppenheimer and Company -- Analyst. Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. And the reason why it's accelerating in the back half of the year is because during the lockdown period and even with the momentum of the COVID business, we continue to sign on additional customers and it's across the board, in cancer, in women's reproductive health, as well as in pediatrics. Switching gears, I'd like to briefly touch on the opening of our Houston lab, which we announced in August. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. Clients are choosing Fulgent COVID testing offerings for a variety of reasons, including our rapid turnaround time, supply chain availability, capacity, EUA approvals, our technology platforms, and user-friendly systems. Entry Level (19) Mid Level (2) Upload your resume - Let employers find you. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. The Latest News and Updates in fulgent genetics brought to you by the team at KTLA: But because of the additional capabilities that we made in terms of reimbursement, the great traction that we've seen in reimbursement because we've signed on so many more core customers and we've proven ourselves for the capabilities and the efficiencies that we've had in the lab, we've seen a tremendous uptick in our core business in the back half of this year. Thanks, Ming. And finally, Paul will discuss our financial results and the outlook in detail. Examples of forward-looking statements in this press release include statements about, among other things: management’s beliefs and estimates regarding Fulgent’s testing solutions, including its Community Testing Platform, the suitability and performance of RT-PCR tests, including Fulgent Genetics’ RT-PCR testing solution, as compared to other potential testing solutions and for certain testing circumstances, the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities to grow its business; expected future lab capacity and turnaround times; and expectations or guidance regarding future revenues and management’s judgements and evaluations of the company’s platform and technology. Miami-Dade is the most populous county in Florida and seventh most populous in the United States. Brandon? This puts our new lab in close proximity to an amazing talent pool, as well as world-renowned cancer centers and pediatric hospitals. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different in what is described in or implied by these forward-looking statements. Testing is expected to begin January 2021 and will continue for at least 18 months. When it comes to contact tracing, the turnaround time needs to be 24 hours or less for this test to be as powerful as possible. We see the second half of 2020 as a continuation of our inflection point in our business, which began last quarter. We'll see how it plays out. We want to be clear that antigen testing is not a replacement for RT-PCR. Moving on to our outlook. These risks and uncertainties include, among others: the ongoing impacts of the COVID-19 pandemic, including the preventive public health measures that may continue to impact demand for its tests and the pandemic’s effects on the global supply chain; the market potential for, and the rate and degree of market adoption of, the company’s tests, including its newly-developed tests for COVID-19 and genetic testing generally; the company’s ability to capture a sizable share of the developing market for genetic and COVID-19 testing and to compete successfully in these markets, including its ability to continue to develop new tests that are attractive to its various customer markets, its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the company’s ability to maintain the low internal costs of its business model, particularly as the company makes investments across its business; the company’s ability to maintain an acceptable margin on sales of its tests, particularly in light of increasing competitive pressures and other factors that may continue to reduce the company’s sale prices for and margins on its tests; risks related to volatility in the company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the company’s revenue; the company’s ability to grow and diversify its customer base and increase demand from existing and new customers; the company’s investments in its infrastructure, including its sales organization and operational capabilities, and the extent to which these investments impact the company’s business and performance and enable it to manage any growth it may experience in future periods; the company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests; the company’s level of success in establishing and obtaining the intended benefits from partnerships, joint ventures or other relationships; the company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; risks associated with the company’s international operations; the company’s ability to protect its proprietary technology platform; and general industry, economic, political and market conditions. Some of this we have announced publicly, but we have won a number of additional strategic customers that we have not publicly disclosed. At these same levels? Most labs could not survive with that price, so CMS increased the rate. Fulgent is a growing technology company offering comprehensive genetic testing and providing physicians with clinically actionable diagnostic information they can use to improve the quality of patient care. But that includes our core genetic tests on top of COVID. Regarding turnaround time, it's been widely publicized that labs have struggled with turnaround time and patients have experienced delays receiving test results. We believe this combination of delivering the gold-standard RT-PCR test at scale, in timely fashion, combined with a management system that makes the process seamless for everyone, is key to a successful testing protocol,” Perthuis added. And Brandon can give you some of the details. Fulgent Genetics, Miami-Dade County Partner on COVID-19 testing Miami-Dade switches to the Fulgent RT-PCR test and Community Testing Platform TEMPLE CITY, Calif., Sept. 09, … Fulgent Genetics is followed by the analysts listed above. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. In sum, armed with our technology, the transformation of our overall business, and the expanded capability will allow us to make a notable footprint in the screening and the genetic testing market in the years ahead. It has been important when it comes to winning RFPs and government contracts. And do you feel comfortable -- I assume you feel comfortable now based on sort of your prepared remarks in terms of your turnaround time to meet their two-day requirement. Thank you. And as Ming indicated, the CMS reimbursement rate is $100, and starting January 1, it stays at $100 as long as you're able to meet the turnaround time. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. Great. Switching to our COVID-19 business. Have a great day. Brandon will elaborate further on some of these customer dynamics. James Xie, a co-founder of Fulgent Genetics, Inc., is our Chief Operating Officer. Our clients are using our applications to run their daily operations. So very exciting. Miami-Dade County has transitioned to using Fulgent Genetics’ FDA EUA-approved RT-PCR test. So I'll take the first part of that question on the core business, and then I'll turn it over to Ming, followed by Brandon as to their thoughts on the landscape and the development on the vaccine use from today. A lot of our wins have been organic. These wins included drive-through operations for the counties of Los Angeles, Alameda, Orange, Santa Clara, San Bernardino, Miami-Dade, the state of Utah, the city of Long Beach, and others. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. Thanks. And as you remember, we ended last year with approximately $32 million of revenues, all non-COVID. I'm excited to announce today we have won the opportunity. That's an excellent point. So we hope that will stick around. With that, I'll [Audio gap] call over to Brandon to dig into more about the customer dynamics we are seeing in this quarter and elaborate on the long-term drive for our momentum. We are one of a limited number of providers with this approval and at-home testing is proving to be a differentiator and an important testing tool to help in the fight against this pandemic. And we believe [Audio gap] in the -- our traditional genetic testing space or in the wider screening market that we will be one of the consolidators to take a look at businesses and technologies that we can incorporate or potentially incorporate as our own to enhance our technological lead in addition to making a stronger company. But we think we're extremely well-positioned to be a major player in this market. We were able to launch this high capacity lab in record time by building on top of our foundational Fulgent technology. All of this is done in the pursuit of bettering the everyday lives of our customers. Those included Northwestern University using our Picture at-home test for their students or a return to school program and the Pac-12 conference using our test for athletic programs and sports officials. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. Software Developer & Lab Automation Coordination at Fulgent Genetics Long Beach, California 500+ connections. Both new and existing clients are increasingly taking advantage of our expanded product portfolio, which now includes almost 19,000 tests. And then from an operational sense, we can quickly deviate the resources into other areas that we believe will be fruitful for the company. I think in terms of vaccine development, we welcome the news of the vaccine development because we do see the demand for the Fulgent Genetics to provide faster, quicker, and cheaper tests in terms of the COVID-19 test. The primary reasons for the decrease in COGS per test were continued automation efficiency and in general the utilization of our technology platform. But are there important or meaningful menu expansion opportunities in genetic testing that you think could continue to fuel this type of growth to existing customers as they expand the breadth of their ordering into a broader menu for genetic testing? The COVID-19 pandemic has continued to challenge both our health and our way of life this year. So to add to Paul's points, we'll continue to invest carefully to enhance our position in terms of our technology and also our market positions. So you can just estimate what our cost structure is, whether it be for COVID or non-COVID. We are incredibly happy to partner with the county in their tremendous efforts to combat this virus,” commented Brandon Perthuis, Chief Commercial Officer of Fulgent Genetics. [Operator instructions] I would now like to hand the conference over to your first speaker for today, the head of investor relations, Ms. Nicole Borsje. The investment we made in our technology stretches back almost a decade and enable all the facets of our business, which produces notable efficiency and scalability. To that end, during the third quarter, we engaged with one of the largest biotech companies in the United States in a competitive bid for their employee testing. But with our technology, our capture set, our pipelines, we were able to develop that pretty quickly. The Company has received Emergency Use Authorization (“EUA”) from the U.S. Food and Drug Administration (“FDA”) for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. In the third quarter, I think we have proven it in practice. The breadth of our customer base was impressive during the quarter, with over a dozen companies contributing over $1 million of revenues. Hi. Why Fulgent Genetics Stock Surged 38% in November, This Small-Cap Stock Will Be a Long-Term Winner From the Pandemic, Why Fulgent Genetics Stock Is Soaring 11.2% Today, Copyright, Trademark and Patent Information. And before COVID hit, we guided the street to $40 million of business for the year. An audio replay of this call will be available shortly after the call concludes. Yes, certainly. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. But in addition, we need to make sure that we also provide the returns to our shareholders. We need to make sure it is beneficial to our clients. We believe we'll have a material level of COVID business. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. Many of these institutions have never heard of Fulgent Genetics before the pandemic, and now, we have proven our ability to deliver large volumes of high-quality tests in a quick and efficient manner. Fulgent Genetics, Inc. is a technology company. Management's prepared remarks, including discussions of earnings and earnings per share, contain financial measures not prepared in accordance with accounting principles generally accepted in the United States or GAAP. And the results we delivered today will continue to enhance our position in this area because of our technology, because of our biochemistry, and because of our pipelines. Most of all, we're seeing our customers appreciating the clear differentiation by the application of our technology platform. It would demonstrate several things: one, the viability, and the permanence of our business model; two, the efficiency, as well as the scalability of Fulgent Genetics. We continue to believe that the COVID-19 testing is quite durable, right? OK. That's helpful. Thanks, Brandon. Fulgent Genetics, Inc. is a technology company. Especially for the people who get the vaccine, all patients recovered from COVID-19. That's it for me. But because our turnaround time is just getting quicker with the additional volume, we don't have a whole lot of doubt whether we can meet that threshold starting on January 1, 2021. So a lot of these contracts are laboratory services agreements. Our investment in terms of capacity, it is always the multiple-use. In addition to the huge drive-through operation wins, we announced our partnership with New York City Health and Hospital and their Test & Trace program for K-through-12 testing, both on-site and at home. Erin, just to give you a point of reference on the reimbursement. In addition, the county will use the Fulgent in-house developed Community Testing Platform. We hope that that reimbursement rate will continue deep into 2021. So we are on track with our original guidance, which is quite a feat, because a lot of the diagnostics companies, 2020 was essentially a throwaway year. We believe Picture is now a well-known and rapidly growing brand that will continue to deliver for us going forward as we expand the number of tests being offered on the platform. Fulgent Houston will soon serve as a fully operational second site. Yes. We see a day where families can get the testing they need through Picture ahead of the visit and then spend the time with the specialist discussing results, prognosis, treatment plans, etc. [Operator instructions] Please be advised that today's conference call is being recorded the 9th of November 2020. Definitely, we see the business opportunities. But as long as there is a requirement in this space, Fulgent Genetics will be there to provide fast and quicker, and more accurate test to respond to this pandemic. California State University-Long Beach. So we definitely could program or repurpose some of those equipment, getting into the mix of our complete automation for the lab automation. Is it hereditary cancer? In the future, we plan to add additional pathogens to our panel to provide comprehensive testing for patients with respiratory infections. As I mentioned, the COVID-19 is not going to be -- goes away completely. We see these contracts going deep into 2021. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. [Audio gap] the third quarter was $104 million in cash, cash equivalents, with no debt. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. The vast majority of this volume was from our business related to COVID-19. “Miami-Dade residents now have improved access to … Who knows? Our original offering consists of three tests: carrier screening, newborn screening, and adult wellness. And looking out into Q4, we anticipate that our volume for the core business could be approximately 25,000, with revenues being in the low teens. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT. But that $40 million of business that we had in the core business hasn't been linear. Can you walk us through what you guys are thinking about for testing demand over the next year or two with an effective vaccine on the market following that news we saw this morning? Sure. We've already gotten massive returns on those investments. Operator, now, you can open it up for questions. Due to the COVID-19, I think it slowed down a little bit our introduction in this kind of products. Visit www.picturegenetics.com for more information. So that's an excellent question. Compared to Q2, our traditional genetic testing business grew by more than 57%. Next, we have Kevin DeGeeter of Oppenheimer. At the same time, our clients are confident using Fulgent [Audio gap] volume. Thanks, everyone, for joining our call today. Your line is now open. And based on the explosive demand we're continuing to see from the market and the quality of our customer base, we believe the fourth quarter will cap what has been a transformative year for our company. Customers are using Fulgent for hereditary cancer, cardiovascular genetics, neurological genetics, reproductive health, and other newer tests that we've launched in the last 12 to 18 months. So whatever investments that we're making, we believe that we'll have immediate returns on that. Despite massive increase in volume that we experienced, we delivered results to our customers without any issues and with best-in-class turnaround time for RT-PCR results. We have grown our headcount from 151 at the beginning of 2020 to approximately 500 employees and consultants today. Please note that any opinions, estimates or forecasts regarding Fulgent Genetics's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Fulgent Genetics or its management. And then we have added a number of people to the organization, but not all of them are employees. Furthermore, we have submitted an EUA for our next-generation sequencing-based COVID-19 test, which is still pending with the FDA. This is a complete solution for managing drive-through testing sites, including the patient visiting the Fulgent-Miami-Dade website to choose a location, make an appointment, and complete a questionnaire. It is quite common for families to have to wait many weeks, even months to see a pediatric genetic specialist, and usually, the first step is to order a genetic test. We're not only to use our test for the COVID-19, but we also put our other genetic tests. Kevin, the last thing is on the cost side. Thanks, you guys. On a non-GAAP basis and excluding equity-based compensation expense, income for the quarter was $49 million or $2.08 per share based on 23.5 million weighted average diluted shares outstanding. We if look at the contracts, they range from month to month to 24 months. For years, we described ourselves as a technology company providing clinical genetic testing, and we have continually emphasized the power of our technology platform. And thank you for joining our call today to discuss our third-quarter 2020 results. But that's not the way we do, OK? With this, we believe this could enhance and lead Fulgent Genetics to develop and enhance our neutralizing antibody test for COVID-19 immunity. In addition to the momentum we had with our COVID test, our core genetic testing business, and sequencing-as-a-service business have remained strong. Please review the more detailed discussions related to these forward-looking statements, including discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-Q for the quarter ended June 30, 2020, which is available on the company's Investor Relations website. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. We think it's quite durable. Our second EUA was for our Picture at-home test, which has been instrumental for our growth. At this point, we have one of the largest, most diversified genomic test menus in the industry and we plan to continue to launch new tests. But should testing even begin to slow down a little bit, the way we position this company with our technology platforms, we're going to continue to take market share from other people, right? Fulgent Genetics . As we continue seeing the increase for the demand, we increase our automation. We have not played a major role in pharmacogenetics in the past. Displayed here are Job Ads that match your query. “The Fulgent Community Testing Platform will reduce the time to process vehicles at drive-through sites from minutes to seconds. Fulgent Genetics (1) Experience Level. And though the majority of volume and revenues in the quarter were related to COVID, we saw a sharp rebound in our traditional genetic testing business. So if you take a look at the amount that we're spending for COVID versus what COVID has brought us just for this year, we're going to be generating approximately $200 million of COVID business on top of massive profits. So on the core business, we were extremely pleased with how the core business performed during the quarter. Fulgent Genetics’ proprietary technology platform has created a broad, flexible test menu and the ability to continually expand and improve its proprietary genetic reference library while maintaining accessible pricing, high accuracy and competitive turnaround times. In fact, it's hardly a competitor. These are the machines we can use for multiple different purpose. This is Rachel on for Steve. Overall, I'm very pleased with the execution of our sales team in the quarter as we consistently won in competitive opportunities. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. 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