Fulgent Genetics Reports Q4 Sales Up 9% and Guides $350M 2026 Revenue
Fulgent Genetics posted 2025 revenue of $322.7 million, up 14%, with Q4 sales of $83.3 million (9% rise), a $23.4 million net loss and $5.2 million profit. For 2026, a $59 million customer transition will be offset by $55.5 million Bako/StrataDx deals targeting about $350 million revenue.
1. Q4 and Full-Year 2025 Financial Results
Fulgent Genetics delivered Q4 revenue of $83.3 million, a 9% year-over-year increase, and full-year 2025 sales of $322.7 million, up 14%. The quarter included a $23.4 million net loss and a $5.2 million non-GAAP profit; full-year non-GAAP income reached $13.2 million, or $0.42 per share.
2. 2026 Outlook and Customer Transition
Management expects its largest client to bring in approximately $59 million of testing volume in-house during 2026, creating a revenue headwind. To mitigate this, the company guides full-year 2026 revenue to about $350 million, reflecting the anticipated contribution of recent acquisitions.
3. Acquisitions and Digital Pathology Investments
Fulgent plans to close on Bako Diagnostics and StrataDx acquisitions for $55.5–56 million, adding roughly $50–55 million in annual revenue and expanding its sales force. The company has fully digitized its Eziopath imaging system, launched multiple in-house AI modules, and has a 2026 R&D pipeline of about a dozen additional digital pathology tools.