Fulgent Genetics Announces Partnership with Ohio Department of Rehabilitation and Correction for COVID-19 Testing
September 30 2020 - 8:00AM
Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the
“company”), a technology company providing comprehensive testing
solutions through its scalable technology platform, today announced
that the Ohio Department of Rehabilitation and Correction (“ODRC”)
has selected Fulgent Genetics for their COVID-19 testing needs.
The Ohio Department of Rehabilitation and Correction will
leverage Fulgent’s RT-PCR testing capabilities and Enterprise
Platform to test its approximately 14,000 employees on a routine
basis. The partnership encompasses on-site testing at locations
across the state and will leverage Fulgent’s Enterprise Platform.
Fulgent’s platform will enable the ODRC to streamline the
on-site testing process by either giving each employee a QR code or
using their employer ID which is linked to the individual’s sample
via a barcode scan, and then self-collected under supervision and
returned to Fulgent’s lab for processing and reporting. Employees
will receive their results within 24 hours of sample receipt.
“We look forward to aiding the Ohio Department of Rehabilitation
and Correction in their effort to protect their employees and curb
the spread of COVID-19 across their facilities,” commented Brandon
Perthuis, Chief Commercial Officer of Fulgent Genetics. “Our
Enterprise Platform offering enables the ODRC to test their
employees in an extremely efficient manner, a process that takes
approximately one minute per person. This offering provides a
flexible and comprehensive testing solution for the ODRC that
utilizes our gold-standard RT-PCR testing capabilities. Fulgent
continues to raise the bar in offering COVID-19 testing solutions
that meet the needs of large organizations and municipalities in a
highly efficient and accurate manner.”
About Fulgent Genetics
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.
Combining next generation sequencing (“NGS”) with its technology
platform, the company performs full-gene sequencing with
deletion/duplication analysis in an array of panels that can be
tailored to meet specific customer needs. 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. Since March 2020, the company
has commercially launched several tests for the detection of
SARS-CoV-2, the virus that causes the novel coronavirus
(“COVID-19”), including NGS and reverse transcription polymerase
chain reaction (“RT-PCR”) - based tests. 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. A cornerstone of the
company’s business is its ability to provide expansive options and
flexibility for all clients’ unique testing needs through a
comprehensive technology offering including cloud computing,
pipeline services, record management, web portal services, clinical
workflow, sequencing as a service and automated lab services.
About Picture Genetics
Through its Picture Genetics platform launched in 2019, Fulgent
Genetics offers consumers direct access to its advanced genetic
testing and analytics capabilities from the ease and comfort of
home, at an affordable price point. The Picture Genetics platform
provides a holistic approach to at-home genetic screening by
including oversight from independent physicians as well as genetic
counseling options to complement Fulgent Genetics’ comprehensive
genetic testing analysis. The Picture Genetics platform currently
offers multiple tests, providing medically actionable,
clinical-level results with professional medical follow-up in one
easy process. Visit www.picturegenetics.com for more
information.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Examples of forward-looking statements in this press release
include statements about, among other things: management’s beliefs,
judgments and estimates regarding Fulgent’s testing solutions,
including its technology platforms and RT-PCR testing solution; the
company’s identification and evaluation of opportunities and its
ability to capitalize on opportunities to grow its business; and
its expected lab capacity and results turnaround times.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances or the company’s
future performance, and they are based on management’s current
assumptions, expectations and beliefs concerning future
developments and their potential effect on the company’s business.
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. 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. As a result of these risks and
uncertainties, forward-looking statements should not be relied on
or viewed as predictions of future events.
The forward-looking statements made in this press release speak
only as of the date of this press release, and the company assumes
no obligation to update publicly any such forward-looking
statements to reflect actual results or to changes in expectations,
except as otherwise required by law.
The company’s reports filed with the U.S. Securities and
Exchange Commission (“SEC”), including its annual report on Form
10-K for the year ended December 31, 2019 filed with the SEC on
March 13, 2020 and the other reports it files from time to time,
including subsequently filed quarterly and current reports, are
made available on the company’s website upon their filing with the
SEC. These reports contain more information about the company, its
business and the risks affecting its business.
Investor Relations Contact:The Blueshirt
GroupNicole Borsje, 415-217-2633; nborsje@blueshirtgroup.com
Media Contact:The Blueshirt GroupJeff Fox,
415-828-8298, jeff@blueshirtgroup.com
Fulgent Genetics (NASDAQ:FLGT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fulgent Genetics (NASDAQ:FLGT)
Historical Stock Chart
From Apr 2023 to Apr 2024