Fulgent Genetics, Inc. (FLGT) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

                                                                                                                                                                     Exhibit 99.1

Fulgent Genetics Reports Fourth Quarter and Full Year 2017 Financial Results

Fourth Quarter of 2017 Results:

Full Year 2017 Results:

TEMPLE CITY, CA, February 28, 2018 —Fulgent Genetics (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”) today announced financial results for its fourth quarter and full year ended December 31, 2017.

Fourth quarter revenue was $4.3 million, a decrease of 27% year over year from $5.9 million in the fourth quarter of 2016. For the full year of 2017, revenue was $18.7 million, compared to $18.3 million in the prior year. GAAP loss for the fourth quarter of 2017 was $1.8 million, or $0.10 per share, and non-GAAP loss was $1.0 million, or $0.06 per share. GAAP loss for the full year 2017 was $2.7 million, or $0.15 per share, and non-GAAP loss was $459,000, or $0.03 per share.

Adjusted EBITDA loss was $952,000 in the fourth quarter of 2017 and adjusted EBITDA was $471,000 for the full year 2017.

Non-GAAP loss 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.

Ming Hsieh, Chairman and Chief Executive Officer, said, “We experienced some challenges this year that impacted our results, including our sales reorganization and initiation of business by our joint venture in China. We are working through these challenges and believe we are well positioned to capitalize on an opportunity to drive growth in 2018.”

“We have remained focused on expanding our test menu and investing in our technology and operations.  We are pleased with the initial traction we have seen with our Beacon carrier screening test and look forward to the launch of our somatic -based cancer test later this year,” continued Hsieh.

Paul Kim, Chief Financial Officer, said, “We saw good momentum in test volume in the fourth quarter, driven by the launch of our Beacon carrier screening test. Due to the timing of revenue recognition on these tests, we largely did not record revenue from these tests during the quarter, which impacted our revenue level for the quarter.  We did, however, record costs from these tests in the quarter, which also impacted our gross margin for the quarter. Looking ahead, we remain focused on investing in our