Revenue growth has turned negative with a 3.2% year-over-year decline in 2026Q1, while gross margins have compressed significantly to 30.2% from a 42.2% peak in 2025Q3.
| Sales/Revenue | 320.35M | 322.67M | 283.47M | 289.21M | 618.97M | 992.58M | 421.71M | 32.53M | 21.36M | 18.73M | 18.28M | 9.58M | 1.28M |
| Revenue Growth % | 9.54% | 13.83% | -1.99% | -53.27% | -37.64% | 135.37% | 1196.46% | 52.31% | 14.03% | 2.48% | 90.85% | 649.3% | - |
| Cost of Goods Sold | 196.33M | 191.8M | 176.25M | 184.76M | 252.07M | 215.53M | 89.81M | 14.11M | 10.69M | 8.55M | 6.72M | 5.07M | 936K |
| COGS % of Revenue | - | 59.44% | 62.18% | 63.88% | 40.72% | 21.71% | 21.3% | 43.37% | 50.06% | 45.65% | 36.78% | 52.93% | 73.24% |
| Gross Profit | 124.02M | 130.88M | 107.22M | 104.46M | 366.9M | 777.05M | 331.9M | 18.42M | 10.66M | 10.18M | 11.55M | 4.51M | 342K |
| Gross Margin % | 38.71% | 40.56% | 37.82% | 36.12% | 59.28% | 78.29% | 78.7% | 56.63% | 49.94% | 54.35% | 63.22% | 47.07% | 26.76% |
| Gross Profit Growth % | - | 22.07% | 2.64% | -71.53% | -52.78% | 134.12% | 1701.78% | 72.72% | 4.77% | -11.91% | 156.38% | 1217.84% | - |
| Operating Expenses | 229.94M | 221.97M | 181.13M | 299.99M | 188.37M | 101.1M | 41.75M | 18.85M | 15.72M | 13.58M | 10.64M | 9.52M | 1.33M |
| OpEx % of Revenue | - | 68.79% | 63.9% | 103.72% | 30.43% | 10.19% | 9.9% | 57.95% | 73.62% | 72.5% | 58.2% | 99.4% | 104.23% |
| Selling, General & Admin | 166.18M | 160.03M | 124.35M | 130.47M | 149.99M | 75.17M | 30.17M | 12.31M | 10.19M | 9.44M | 7.08M | 5.09M | 811K |
| SG&A % of Revenue | - | 49.6% | 43.87% | 45.11% | 24.23% | 7.57% | 7.15% | 37.85% | 47.7% | 50.39% | 38.73% | 53.13% | 63.46% |
| Research & Development | 55.69M | 53.91M | 48.82M | 41.44M | 28.91M | 24.22M | 11.58M | 6.54M | 5.53M | 4.22M | 3.56M | 4.43M | 521K |
| R&D % of Revenue | - | 16.71% | 17.22% | 14.33% | 4.67% | 2.44% | 2.75% | 20.1% | 25.91% | 22.55% | 19.47% | 46.27% | 40.77% |
| Other Operating Expenses | 4M | 8.03M | 7.96M | 128.08M | 9.47M | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -105.92M | -91.1M | -73.92M | -195.53M | 178.53M | 675.95M | 290.16M | -428K | -5.07M | -3.48M | 919K | -5.01M | -990K |
| Operating Margin % | -33.07% | -28.23% | -26.08% | -67.61% | 28.84% | 68.1% | 68.8% | -1.32% | -23.74% | -18.59% | 5.03% | -52.34% | -77.46% |
| Operating Income Growth % | - | -23.24% | 62.2% | -209.52% | -73.59% | 132.96% | 67893.93% | 91.56% | -45.61% | -478.89% | 118.34% | -406.26% | - |
| EBITDA | -81.72M | -66.97M | -48.99M | -169.39M | 211.19M | 686.96M | 293.12M | 1.68M | -2.91M | -1.75M | 2.09M | -4.44M | -794K |
| EBITDA Margin % | -25.51% | -20.76% | -17.28% | -58.57% | 34.12% | 69.21% | 69.51% | 5.16% | -13.61% | -9.36% | 11.43% | -46.33% | -62.13% |
| EBITDA Growth % | -71.21% | -36.71% | 71.08% | -180.21% | -69.26% | 134.36% | 17358.01% | 157.76% | -65.74% | -183.96% | 147.08% | -458.82% | - |
| D&A (Non-Cash Add-back) | 24.2M | 24.12M | 24.93M | 26.14M | 32.66M | 11M | 2.96M | 2.11M | 2.16M | 1.73M | 1.17M | 575K | 196K |
| EBIT | -82.72M | -69.95M | -51.79M | -173.6M | 185.04M | 681.03M | 290.16M | -428K | -5.07M | -3.48M | 918K | -5.01M | -990K |
| Net Interest Income | 31.36M | 30.84M | 31.13M | 21.12M | 4.61M | 1.35M | 1.53M | 837K | 434K | 481K | -5.39M | 27K | 0 |
| Interest Income | 31.55M | 30.92M | 31.3M | 21.61M | 5.62M | 1.35M | 1.53M | 837K | 434K | 481K | 0 | 27K | 0 |
| Interest Expense | 196K | 75K | 170K | 488K | 1.01M | 0 | 0 | 0 | 0 | 0 | 5.39M | 0 | 0 |
| Other Income/Expense | 23.01M | 21.07M | 21.96M | 21.44M | 5.5M | 5.08M | -3.32M | 60K | 434K | 481K | -5.39M | 27K | 0 |
| Pretax Income | -82.91M | -70.03M | -51.96M | -174.09M | 184.03M | 681.03M | 286.84M | -368K | -4.64M | -3M | -4.47M | -4.99M | -990K |
| Pretax Margin % | -25.88% | -21.7% | -18.33% | -60.19% | 29.73% | 68.61% | 68.02% | -1.13% | -21.71% | -16.02% | -24.45% | -52.06% | -77.46% |
| Income Tax | -7.91M | -8.39M | -8.14M | 1.15M | 42.1M | 174.79M | 72.53M | 43K | 36K | -1.01M | 920K | 3.33M | 3.29M |
| Effective Tax Rate % | 9.54% | 11.99% | 15.66% | -0.66% | 22.88% | 25.67% | 25.29% | -11.68% | -0.78% | 33.82% | -20.59% | -66.78% | -332.63% |
| Net Income | -73.81M | -60.51M | -42.71M | -167.82M | 143.4M | 507.36M | 214.31M | -411K | -5.61M | -2.51M | -5.35M | -8.31M | -4.28M |
| Net Margin % | -23.04% | -18.75% | -15.07% | -58.03% | 23.17% | 51.12% | 50.82% | -1.26% | -26.25% | -13.4% | -29.26% | -86.82% | -335.13% |
| Net Income Growth % | -81.01% | -41.69% | 74.55% | -217.03% | -71.74% | 136.74% | 52243.55% | 92.67% | -123.39% | 53.06% | 35.69% | -94.12% | - |
| Net Income (Continuing) | -75.01M | -61.63M | -43.82M | -175.24M | 141.92M | 506.24M | 214.31M | -411K | -5.61M | -1.99M | -5.39M | -4.99M | -990K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -5.66M | -5.27M | -4.07M | -2.81M | 3.19M | 7.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.39 | -1.97 | -1.41 | -5.63 | 4.63 | 16.26 | 8.91 | -0.02 | -0.25 | -0.15 | -0.30 | -0.64 | -0.34 |
| EPS Growth % | -78.95% | -39.72% | 74.96% | -221.6% | -71.53% | 82.49% | 44650% | 92% | -66.67% | 50% | 53.13% | -88.24% | - |
| EPS (Basic) | - | -1.97 | -1.41 | -5.63 | 4.76 | 17.13 | 9.44 | -0.02 | -0.25 | -0.15 | -0.30 | -0.64 | -0.34 |
| Diluted Shares Outstanding | 30.88M | 30.78M | 30.23M | 29.78M | 30.96M | 30.98M | 24.06M | 18.71M | 17.98M | 17.74M | 17.68M | 12.77M | 17.68M |
| Basic Shares Outstanding | 30.88M | 30.78M | 30.23M | 29.78M | 30.1M | 29.41M | 22.69M | 18.71M | 17.98M | 17.74M | 17.68M | 12.77M | 17.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating margin contraction risk
According to the provided financial data, Fulgent's revenue growth has turned negative, with a 3.2% year-over-year decline in 2026Q1, signaling that the transition from pandemic-era testing volumes to core NGS services is struggling to generate consistent top-line expansion in the current competitive landscape.
The revenue trajectory appears increasingly volatile as the company attempts to pivot toward specialized oncology and reproductive health panels. Investors should monitor whether the recent decline reflects a permanent loss of market share or merely the final exhaustion of legacy COVID-19 testing tailwinds.
As reported in the income statement, gross margins have contracted significantly to 30.2% in 2026Q1, down from the 42.2% peak observed in 2025Q3, suggesting that the company is facing mounting pressure on its average selling prices and rising costs associated with its specialized laboratory services.
This margin degradation indicates that Fulgent's shift toward complex oncology testing is not yet yielding the pricing power required to offset higher operational costs. The inability to maintain gross margins above 40% suggests that the company's bioinformatics moat may be insufficient to protect against broader industry commoditization.
Based on the reported figures, Fulgent's operating margin plummeted to -48.7% in 2026Q1, demonstrating that the company's SG&A and R&D expenses are scaling disproportionately to revenue, which warrants further investigation into the efficiency of its current sales force and laboratory infrastructure expansion efforts.
The lack of operating leverage suggests that the company is currently unable to scale its core NGS business profitably. The persistent gap between revenue generation and operating expenses implies that the current cost structure is misaligned with the company's actual volume throughput.
Data from the most recent quarterly filings indicates that the company is consistently reporting net losses, with a net margin of -34.9% in 2026Q1, raising significant questions about the long-term viability of its current business model without a clear path to achieving operational breakeven.
Short-sellers may focus on the widening gap between revenue and operating expenses as evidence that the CSI Pharma acquisition has failed to provide the expected synergies. The company's reliance on cash reserves to fund ongoing operations appears unsustainable if the current trend of negative earnings persists.
Quick answers to the most common questions about buying FLGT stock.
For fiscal year 2025, Fulgent Genetics, Inc. (FLGT) reported total revenue of $322.7M. This represents a 25148.1% increase compared to $1.3M in 2014.
Fulgent Genetics, Inc. (FLGT) reported a net loss of $60.5M for the fiscal year ending 2025.
Fulgent Genetics, Inc. (FLGT) reported an operating income of $-91.1M, resulting in an operating profit margin of -28.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Fulgent Genetics, Inc. (FLGT) generated $130.9M in gross profit for the year, representing a gross profit margin of 40.6%. This demonstrates the company's core pricing power and production efficiency.