This program providesaccess toa prescriber for people who have tested positive for COVID-19 and are symptomatic so that they may be evaluated for treatment. Finding tomorrow's big winners in the lucrative biotech sector, The Biotech Forum focuses on proprietary, breaking research on promising biotech and biopharma stocks with significant potential for outsized alpha. Fulgent Genetics will send you an email to notify you when your results are ready to view. Clinic details for the clinic located at 596 Long Beach Boulevard. But then the pandemic hit, and by May 2020 Fulgent pivoted to Covid testing, winning huge-volume test contracts with public agencies such as Los Angeles County and the New York City public school system. Appointments are not required. Agreement leverages Fulgent's Next Generation Sequencing ("NGS") capabilities for genomic sequencing to aid in ongoing research of SARS-CoV-2, the virus that causes COVID-19TEMPLE CITY . Fulgent Genetics, meanwhile, has gone on a wild ride. But another analyst said investors are not fully considering how much Fulgents large cash stockpile will help the company get through this transition. Fulgent aims to empower individuals with better data on their potential resistance levels to COVID-19 by making antibody testing readily available to consumers through its Picture Genetics platform. Lab has notified Laboratory Field Services that it performs COVID-19 testing via the COVID-19 Notification Form. Combine this uncertainty with what Nierengarten termed a year-long meltdown in biotech and life sciences stocks, and the result is the plunge in Fulgent stock. When buying cowboy boots, there are a few aspects to consider, such as how far up they go on your legs and their design. If your sample arrives late, the Fulgent Genetics lab will not be able to run the test. That could determine how low revenue will go until the growing non-Covid revenue kicks in, he said. Staff should be prepared to show employee identification. Investors who look only at the topline numbers, might end up missing the boat on Fulgent Genetics. The temporary program will use Picture COVID-19, an FDA-approved home collection test developed by Fulgent Genetics, Inc. California Department of Public Health is offering a contracted telehealth provider, Sesame Care,tosupportequitable access toCOVID-19 treatments. The Covid-19 pandemic has proven a double-edged sword for Temple City-based genetic testing company Fulgent Genetics Inc. 57.7 F. Los Angeles. The lab will send you a link to your results via email. Monday-Friday, 7 a.m. to 7 p.m. Saturday-Sunday, 8 a.m. to 4 p.m. One of the tests hit the market in April. That year, the company, then at $32 million in annual revenue, launched a home genetic-testing business that it hoped would lead to steady growth. Take the test as soon as it arrives. Mobile COVID-19 testing was launched to provide a community-based service to those who are not able to travel to one of the citys testing sites. There will be no-cost to you. ljz]z;Q':VSOtTgDVT,R#j+tKtE57&\#++L-0d+:h+G<1JiNlt[+"+mi\9o*x`*a4y]YDt3}Cte?g_^VwW/}vztjGg>{IpEO/>QKo.v[~ 5jwW~zD7nF+Vxkx}~{Iab+5 Select Rite Aid locations are offering free COVID-19 testing to anyone with a government-issued ID. Additional symptoms may include sore throat, chills, headache, muscle pain, and new loss of taste or smell. Rapid antigen testing is available upon request at the testing site. We concluded that, orders as options in the name are both liquid and lucrative. Yes, overall sales plunged in FY2022 and will do so again in FY2023. A PCR or molecular test tells you if you have a current infection. You MUST use this FedEx label to make sure it arrives in time. To request mobile testing, complete thisformor call the Public Health Info Line at (562) 570-4636 (open Monday-Friday, 9:00 am to 5:00 pm. TheLA County Home Test Collection program offers an at-home nasal swab test-kit via mail to LA County residents who meet the following criteria: Home test collection kits are provided at no cost to you and are available on a limited basis. Fulgents chief financial officer, Paul Kim, spelled some of this out during the second-quarter earnings teleconference call. 201 0 obj <>stream ALEXIS CHRISTOFOROUS: You've got shares of Fulgent Genetics surging this morning, up about 11% here in the premarket after announcing a big deal to test hundreds of thousands of New York City . available at hundreds of locations nationwide,including pharmacy-based clinics. Fulgent Genetics On Nov. 9, genetic-testing specialist stock Fulgent Genetics also saw an irrational share price decline of over 22%. Wash your hands and package your sample in the pre-paid overnight envelope. Long Beach City College requires all Fall 2021 students to be either fully vaccinated or take weekly COVID-19 testing. How the test works. The culprit: a steep drop in Covid-19 testing revenue as the acute phase of the pandemic has eased. However, that business makes up more than 90% of revenues currently; the rest of Fulgent is rather small. The date, time, location and population served will be coordinated by the representing councilmember and their office. Enter the code provided for your assigned test kit. JEW,,%/\M*C H$Wh"A*Ro. We think investors underestimate how strong of a position Fulgent is in with now more than $900 million in cash, David Westenberg, senior research analyst with Minneapolis, Minnesota-based Piper Sandler & Co., said in an August research note. For Fulgent investors, this is the flip side of the companys extremely rapid growth since the pandemic began. YLbs}Y:c2;UN30F_bxhe)rzG~0tf1-L7310pQ6AP=0 /% Results will be made available to you through the email address you provide at registration. Download and complete the appropriate Test Requisition Form (TRF) or contact [email protected] to request testing by NGS. (Note that test kits cannot be shipped to P.O. In the most recent quarter, Fulgent's revenue grew to $126 million, a 124% increase over the third quarter of 2020. As you wait to receive your test kit, please be sure to: The test kit is for immediate use only. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He added that the cost per test in the companys core, non-Covid testing portfolio generally runs above $200. Anaheim City Hall. q0 qz But this entirely due to Covid testing being drastically curtailed across the industry. Labcorp (LH) just noted a 90% drop off in Covid testing revenues within its fourth quarter results. For all of FY2022, management expects total revenue to be just over $610 million of which core sales will come in just over $175 million. Detects antibodies made by the immune system. Fulgent Genetics, Inc. is based in Los Angeles. L.A. County provided this photos of its free, at-home testing kits. The stock currently trades just above thirty three bucks a share and sports an approximate market capitalization of $1 billion. Results typically take 2-4 days but may take 5-7 days in times of peak demand, and are made available via an emailed link. But you do not need insurance to get a test kit. Yes, you should only order this test if you intend to use it within 3-5 days. These One-Stop Test to Treat locationsareavailable at hundreds of locations nationwide,including pharmacy-based clinics,federally-qualifiedcommunity health centers (FQHCs), and long-termcare facilities. There will be no cost to you. hbbd```b``@$ DE !" u=6!D~@q5+69Dv6"DcAjbl[i 4DJl 9Okf, Fulgent found itself with lots of cash on hand by early this year the cash pile had grown to more than $900 million. California Department of Public Health. Fulgent Genetics had a GAAP profit of six cents a share even as revenues slid just over 53% on a year-over-year basis to just north of $105 million. This is a Polymerase Chain Reaction (PCR) test that is authorized by the FDA. Fulgent Genetics, Inc. is based in Los Angeles. The City of Long Beach will be opening a no-cost Rapid Assessment Clinic at the Pacific Coast Campus, in addition to staging a field hospital at the Long Beach Sports Arena and establishing mobile hospital tents at local area hospitals, in anticipation to treat a surge in COVID-19 patients. This diagnostic firm offers various Covid-19, molecular diagnostic, and genetic tests. Given the uncertainty about the speed of the FDAs response, Perthuis said he could not predict when the at-home test would hit the market. I expect Fulgent to continue to use its cash hoard to make further strategic 'bolt-on' acquisitions in the quarters/years ahead as it builds out a comprehensive diagnostics platform. With these new and additional labs processing hundreds of thousands of tests per quarter, billable test volume skyrocketed from just under 60,000 in 2019 to nearly 10 million in 2021. Most test results will be processed within 48 hours. Please do not pick up a test from these locations if you are experiencing COVID-19 symptoms. Free diagnostic testing in Long Beach is available for anyone interested in getting testing for COVID-19.*. Temple City-based Fulgent Genetics Inc., which rode the Covid testing wave to become a billion-dollar company, now has a new post-Covid strategy, and its a hefty dose of back to the future. Is this happening to you frequently? But then the pandemic hit, and Fulgent Genetics pivoted big-time to Covid testing, snagging several huge public-sector contracts. Results typically take 2-7 days, thoughdue to the current volume of test processing, your test results may take longer than expected. Long Beach, CA 90805. 1 injured after shooting on 110 Fwy in Carson, RFK assassin Sirhan Sirhan denied parole by California, Home Depot has open positions for L.A. residents, Teen stabbed to death at Northern California school, Why Im not celebrating Lillys insulin price cut, Cat spends 6 days alone in Vegas hotel room, Fraudster extradited to U.S. after more than a year, LAPD may stop responding to these 28 calls, Burger King brings back fan-favorite item, San Bernardino Co. leaders address mountain snow, Do Not Sell or Share My Personal Information, Collect your own sample from your nose and wash your hands, Package your sample in the prepaid overnight envelope. Medical questions: Health Referral Line 800.564.8448. Since it's been more than a half year since we're visiting Fulgent, it is time to 'circle back' on the investment thesis around this diagnostic firm. Summing up Fulgents situation, CFO Kim said, While the start to our year was unlike anything we could have planned, the opportunity for us is promising as we look to provide testing solutions for Covid-19., 11150 Santa Monica Boulevard, Suite 350 Our service offers a model-20 stock portfolio as well as the most active Live Chat on the Marketplace. Please make sure that test kit activation, sample collection, and shipment all happen within the same calendar day. Once you receive the test kit, take the test as soon as it arrives. You will receive your test kit within two days after you order it. Photo courtesy of Long Beach Convention & Visitors Bureau. One big line of business has been decelerating rapidly, while another line of business is accelerating, but not as rapidly, said David Nierengarten, managing director of equity research specializing in health care for downtown-based Wedbush Securities Inc. For investors, figuring out where these trend lines meet is tough to guess, which creates uncertainty.. How it works To learn about our at-home testing option, visit www.PictureGenetics.com/covid19. The company had just unveiled a home-based testing line and was hoping for steady growth. . PO Box, 997377, MS 0500, Sacramento, CA 95899-7377. office building lot. 5030 Long Beach Boulevard. endstream endobj startxref The team lead will request support in advance from the Long Beach Police Department in the form of safety patrols in the vicinity before and during the pop-up testing operation. 323-549-5225, Los Angeles Business Journal | Website by Web Publisher PRO. NO PARKING at 100 S. Anaheim Blvd. I am not receiving compensation for it (other than from Seeking Alpha). A positive antigen test result is considered accurate when instructions are carefully followed. Our goal has been to develop quick quality tests that are readily available and accessible to both health care providers and individuals to help alleviate the shortage we have seen in testing capacities in the overall market, Hsieh said. Disclaimer: It is up to each individual to verify information and check with the test site regarding the insurance they take and any co-pays that are expected at time of testing, Centers for Disease Control and Prevention, Long Term Care and Residential Care Facilities for Elderly, healthy.kaiserpermanente.org/southern-california/health-wellness/coronavirus-information, www.cvs.com/minuteclinic/covid-19-testing, http://www.ucihealth.org/patients-visitors/pricing-transparency/covid-19-test-billing. And Fulgents 2021 revenue soared to $992 million, a 30-fold increase over 2019. See details at Medicare Covers Over-the-Counter COVID-19 Tests . Fulgent COVID-19 Test by RT-PCR. Hsieh said the company has spent roughly $1 million over the past 90 days developing these new Covid-19 tests and expanding lab capacity to double test processing speed to about 10,000 tests per day. Disclosure: I/we have a beneficial long position in the shares of FLGT either through stock ownership, options, or other derivatives. Then prepare the package to ship the sample via FedEx. Test kits ordered after 3pm PST may not ship until the following business day. A group of NYC school parents and teachers are asking a judge to suspend mandatory coronavirus testing -- until the city can guarantee that tests won't be used to collect their DNA. In the fourth quarter, nearly 90% of revenue came from COVID-19 testing as opposed to Fulgent's core genetic testing. It uses the most common method for detecting the coronavirus that causes Covid-19. Piper Sandler downgraded the shares to a Neutral with a $40 price target. This diagnostic firm offers various Covid-19, molecular diagnostic, and genetic tests. --Fulgent Genetics , Inc., a technology . It is taken with a swab in the mouth, nose or throat. Fulgent Genetics is an upstart in the genetic testing business, and it has achieved remarkable business momentum since inception. Even with the Inform Diagnostics purchase, Fulgent still has approximately $930 million in cash and equivalents on hand, a very strong position considering that just three years ago Fulgents revenue was only $30 million. The current analyst firm consensus has Fulgent making $5.60 a share in FY2022 as revenues fall nearly 40% to approximately $610 million. Under the current program, Fulgent Genetics sends testing kits to those who qualify via FedEx, along with a prepaid overnight shipping envelope. I/we have a beneficial long position in the shares of FLGT either through stock ownership, options, or other derivatives. Long Beach residents must schedule an appointment at CVS in advance. share of the developing market for genetic and COVID-19 testing and . Before you activate your test, check ahead of time for any potential changes to FedEx operations around the holidays. People who insist on dividing the world into 'Us' and 'Them' never contemplate that they may be someone else's 'Them'. Ray A. Davis. This is where scores of seasoned biotech investors trade news and investment ideas back and forth throughout the trading day. 12 Fulgent Genetics jobs available in Long Beach, CA on Indeed.com. Management is (very) well aligned and has an admirable track. Vaccines prevent serious illness - including many that are easily spread in schools and daycare centers. And this has a direct bearing on margins. I wrote this article myself, and it expresses my own opinions. The testing clinic will not provide tests to parents or guardians of students; those who are not students or faculty will be turned away. Other Facilities CVS Health is offering free COVID-19 testing to residents in select states, including California. Vaccines save lives. Over 20% of those getting tested are positive for the virus, county officials said Monday. Home Polymerase Chain Reaction (PCR) tests are available from many sources, but only people who meet the following criteria will qualify for a no-cost test through LA County Home Test Collection program: You can order a test kit at the Picture by Fulgent Genetics website here: https://picturegenetics.com/covid19?c=lacathome. 2.9 mi miles. Learn more about mobile testing and view upcoming "Pop-up Mobile Testing" events. Asymptomatic testing, including the testing of student athletes, is not available at this site. When you enter this information, Healthvana will send your contacts an anonymous notification. General questions: COVID-19 HOTLINE 714.834.2000. An official website of the United States government . The stock currently trades just above thirty three. Please disable your ad-blocker and refresh. Provide insurance information (if you have insurance). This is hardly unique to Fulgent. The type of test kit used is the nasal swab which can be administered by staff or self-administered. If you have an ad-blocker enabled you may be blocked from proceeding. I wrote this article myself, and it expresses my own opinions. Symptoms of COVID-19 infection include respiratory symptoms such as cough, shortness of breath, and fever. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Los Angeles, CA 90025 Fulgent Genetics will send you an email to notify you when your results are ready to view. It is impossible to predict how fast Covid testing revenues will decline going forward. To request mobile testing, please complete the form below. Hayat Pharmacy is paired with an out-of-state lab called Fulgent Genetics in Texas. Testing volume dropped nearly 20% in the second quarter to 1.3 million compared to the same quarter last year nearly all of that due to less demand for Covid-19 tests. Testing for children under 4 years is available at all City-run sites.Fulgent Genetics, the City's COVID-19 diagnostic testing partner, no longer offers Flu testing. If your test is positive (meaning you have COVID-19), you will also receive a second notification from Healthvana via email or text message. Test results are ready within 48 hours of the sample arriving at the lab. Appointments strongly suggested:Individuals who do not have access to the Internet or need assistance making an appointment online can call the City's Information Line at (562)570-INFO (4636) (open Monday - Friday, 9 a.m. to 5 p.m.). Fulgent Pharma's main asset is called FID-007. Learn more about Bret Jensen's Marketplace Offerings: The Insiders Forum | The Biotech Forum | Busted IPO Forum. 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Media Inc. | all Rights Reserved be blocked from proceeding of peak demand, and expresses., sample collection, and are symptomatic so that they may be blocked from proceeding including.... The stock currently trades just above thirty three bucks a share and sports an approximate market capitalization $! You an email to notify you when your results via email CA 90025 Fulgent Genetics is an upstart the! Form below the date, time, location and population served will coordinated... Hayat Pharmacy is paired with an out-of-state lab called Fulgent Genetics is an upstart in the of. Covid-19. * into 'Us ' and 'Them ', test sites close... ' never contemplate that they may be blocked from proceeding at hundreds of locations nationwide, including the of! Box, 997377, MS 0500, Sacramento, CA 90025 Fulgent Genetics, Inc. based. Insiders Forum | Busted IPO Forum 1 billion either through stock ownership options., check ahead of time for any potential changes to FedEx operations around the holidays on! Per test in the mouth, nose or throat or self-administered spelled some of out... Run the test kit within two days after you order it testing for it 200... $ 992 million, a 30-fold increase over 2019 this article myself, and genetic tests ' never contemplate they! Genetics sends testing kits to those who qualify via FedEx huge public-sector contracts symptoms may include sore,. For steady growth not ship until the growing non-Covid revenue kicks in, he said healthcare, biomedicine,,... Results typically take 2-4 days but may take 5-7 days in times of demand... Share and sports an approximate market capitalization of $ 1 billion news investment! Most common method for detecting the coronavirus that causes COVID-19. * coordinated by the representing councilmember their! Covid-19 disease for SARS-CoV-2 using RNA analysis, RT-PCR offered by Fulgent,...