[Audio gap] their decision to do that. The breadth of our customer base was impressive during the quarter, with over a dozen companies contributing over $1 million of revenues. OK. Great. All of this is done in the pursuit of bettering the everyday lives of our customers. But we think we're extremely well-positioned to be a major player in this market. And how should we think about, if our math is right, that $15 million as a good baseline to think about building growth into 2021. Well, Kevin, if we throw away $100 million, we can easily buy a $20 million or $30 million business. Switching to our COVID-19 business. Your line is now open. But should testing even begin to slow down a little bit, the way we position this company with our technology platforms, we're going to continue to take market share from other people, right? Thank you for all that color. But that includes our core genetic tests on top of COVID. This program went live in October and we are now collecting thousands of samples per week throughout New York City. [Operator instructions] Please be advised that today's conference call is being recorded the 9th of November 2020. Great. This is Rachel on for Steve. We add at-home COVID-19 test service to the platform in late June, and since then, we have seen very strong demand for this at-home test. To that end, we believe the investment we made to build our COVID-19 test initiatives will continue to benefit our business in long term. More so than ever, we are working closely with the payers and are making progress becoming an in-network provider. As Ming mentioned, COVID-19 has also served as a springboard for our consumer-initiated platform, Picture Genetics. Switching gears, I'd like to briefly touch on the opening of our Houston lab, which we announced in August. As Ming mentioned, we delivered more than 1 million reports during the third quarter, an almost fiftyfold increase year over year, and an almost fivefold increase sequentially. We are a genetic testing laboratory built by engineers, founded in technology. Kevin DeGeeter -- Oppenheimer and Company -- Analyst. Great. These customers are not running at full speed. I'm excited to announce today we have won the opportunity. In addition to the momentum we had with our COVID test, our core genetic testing business, and sequencing-as-a-service business have remained strong. With a powerful leverage in our model, this translates into GAAP net income, and excluding stock-based compensation, we expect non-GAAP net income of approximately $100 million or approximately $4 per share for our shareholders in 2020. And as we think about continued menu expansion, you did call out some opportunities with regard to infectious disease side of the portfolio. Who knows? Definitely, we see the business opportunities. The vast majority of this volume was from our business related to COVID-19. We believe we'll have a material level of COVID business. The Picture Genetics platform currently offers multiple tests, providing medically actionable, clinical-level results with professional medical follow-up in one easy process. So COVID is not going to go away at the end of 2020. For early detection, screening, testing of asymptomatic and pre-symptomatic, RT-PCR is currently the only viable option. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events. Can you talk about your plans for using the money to invest in the business? So I think our longest one we signed so far has been 24 months. James Xie, a co-founder of Fulgent Genetics, Inc., is our Chief Operating Officer. And we have seen our commercial initiatives at home test offering, Picture Genetics. At the same time, our clients are confident using Fulgent [Audio gap] volume. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fulgent Genetics, Inc. Common Stock (FLGT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLGT. The Latest News and Updates in fulgent genetics brought to you by the team at KTLA: FULGENT GENETICS, INC. (Exact name of registrant as specified in its charter) Delaware 81-2621304 (State or other jurisdiction of incorporation or organization) (I.R.S. And I would say a majority of them do have some legs to them, to where they're going to stretch many months and deep into 2021. Rachel Vatnsdal -- Piper Sandler -- Analyst. No, that's super helpful. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. Before we get into our COVID-19 business, I would first like to highlight the strong quarter we had in our core genetic testing business. This growth and the profitability were made possible by the efficiencies we have created across our business from our lab operation and our information management and the reporting system, to have our own proprietary biochemistry and reagents, to our enhanced reimbursement capabilities and our system, who have covered a significant amount of the ground and signing a number of substantial agreements, securing large volume of tests in the quarter ahead. Let's conquer your financial goals together...faster. 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. [Operator instructions] Our first question is from the line of Rachel Vatnsdal from Piper Sandler. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different in what is described in or implied by these forward-looking statements. It would demonstrate several things: one, the viability, and the permanence of our business model; two, the efficiency, as well as the scalability of Fulgent Genetics. And as Ming indicated, the CMS reimbursement rate is $100, and starting January 1, it stays at $100 as long as you're able to meet the turnaround time. And the results we delivered today will continue to enhance our position in this area because of our technology, because of our biochemistry, and because of our pipelines. Miami-Dade joins a long list of counties to use Fulgent’s Community Testing Platform including, but not limited to Santa Clara County, San Bernardino County, Los Angeles County, City of Long Beach and Orange County. It's at consistent levels with what we posted in the third quarter of 2019, which was a high point before this quarter. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. We see these contracts going deep into 2021. And most of the labs could not meet the response time. The investment we made in our technology stretches back almost a decade and enable all the facets of our business, which produces notable efficiency and scalability. We believe the process is similar to buying coffee with a QR code on your cell phone; cars drive up, show their phone, scan the kit, self-administer the shallow nasal swab and drive off. Miami-Dade County has transitioned to using Fulgent Genetics’ FDA EUA-approved RT-PCR test. We need to make sure it is beneficial to our clients. We continue to win business. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. 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. At Fulgent, we took early action to leverage our technology platform to build out a comprehensive offering to meet the increased demand for reliable testing solutions. Many of these institutions have never heard of Fulgent Genetics before the pandemic, and now, we have proven our ability to deliver large volumes of high-quality tests in a quick and efficient manner. Thanks, guys. Our investment in terms of capacity, it is always the multiple-use. Like I said, some have exclusivity, some don't. This system also includes heat maps and contact tracing functionality. Today, we strive to create the most effective and wide ranging tests on the market. Search Bioinformatics jobs in Los Angeles, CA with company ratings & salaries. For example, what are the terms, and how long are they and do you have any exclusivity agreements? And I think the platforms we've built, the turnaround time, the systems, I think we're going to be a player for deep into 2021. At this time, between our headquarters in Temple City, California, and our new lab in Houston, Texas, we have a maximum daily capacity of 60,000 tests per day. Clients are choosing Fulgent COVID testing offerings for a variety of reasons, including our rapid turnaround time, supply chain availability, capacity, EUA approvals, our technology platforms, and user-friendly systems. A lot of our wins have been organic. All rights reserved. How long do you think that lasts thereon? So to add to Paul's points, we'll continue to invest carefully to enhance our position in terms of our technology and also our market positions. Fulgent Offers Coronavirus Testing We have seen increase of volume of our core genetic tests for a number of new customers. If we look at our largest customers in Q3, more than half of those were new this year. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. We also announced in the third quarter that we won a competitive bid for the entire state of Ohio prison system to provide testing to their 12,000 employees. Lastly, we have seen COVID-19 bring us many, many new clients. The third area I wanted to highlight as an avenue of durable growth is our consumer offering Picture Genetics. In sum, armed with our technology, the transformation of our overall business, and the expanded capability will allow us to make a notable footprint in the screening and the genetic testing market in the years ahead. In the third quarter of this year, greater than half of those customers were new, right? And then we have added a number of people to the organization, but not all of them are employees. We've been able to give these kits to our clients usually within one day of their request. As we walk into each opportunity, we need to make sure we have a sound business model. Fulgent Genetics, Inc. Common Stock (NASDAQ:FLGT)Q3 2020 Earnings CallNov 09, 2020, 4:30 p.m. We talked about the efficiencies that we have for COVID, but our core business, that's also gaining a lot of benefit from the automation and the efficiency. After Fulgent receives the sample, results are available within 24 to 48 hours. ET. Operator, now, you can open it up for questions. And I'll turn it over to Brandon, who can give more commentaries both in terms of the number of customers, the quality of their customers, as well as the size of programs that they're thinking about for our core business. Kevin, the last thing is on the cost side. In the third quarter, I think we have proven it in practice. So I'll reemphasize what I said. We think it's going to stretch well into 2021. Customers are using Fulgent for hereditary cancer, cardiovascular genetics, neurological genetics, reproductive health, and other newer tests that we've launched in the last 12 to 18 months. Thanks, everyone, for joining our call today. Great. The tests provided through this program are mouth swab tests that do not require assistance. This new solution allows Miami-Dade to set the number of testing lanes, number of available time slots and manage the collection process. 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. Page 1 of 24 jobs. Can you walk us through what you guys are thinking about for testing demand over the next year or two with an effective vaccine on the market following that news we saw this morning? And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. The EUAs of several antigen tests state that a negative result should be followed up by RT-PCR, and the CDC has been clear that RT-PCR is the gold standard to detect SARS-CoV-2. I would like to now turn the call over to Paul Kim, who will walk you through our third-quarter financial performance. As a final note, we appreciate the patient shareholders who had faith in our business over the past four-plus years and look forward to sharing updates to our business in future quarters. So on the core business, we were extremely pleased with how the core business performed during the quarter. As we continue seeing the increase for the demand, we increase our automation. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. Thank you for taking my questions. And the core business is performing better than we had hoped and that's because we've signed on many new customers. We'll continue to do our part at Fulgent to help to get testing solutions to individuals and organizations that need them so that business, school, sporting events, travel, and social engagements can resume safely. Moving on to our outlook. Company Quest Diagnostics jobs in Long Beach, CA. New at Fulgent Fulgent Supports At-Home COVID-19 Testing through Picture Genetics Picture Genetics, an at-home genetic testing service powered by Fulgent, will soon offer at-home COVID-19 tests with FDA Emergency Use Authorization. The Blueshirt Group Our record growth in the third quarter is a true testament to the scalability of our technology platform. In the future, we plan to add additional pathogens to our panel to provide comprehensive testing for patients with respiratory infections. It has been important when it comes to winning RFPs and government contracts. Thanks very much. And then a little more forward-thinking. We believe this combination of delivering the gold-standard RT-PCR test at scale, in timely fashion, combined with a management system that makes the process seamless for everyone, is key to a successful testing protocol,” Perthuis added. I mean, now, the test menu is over 19,000 tests. I will review the highlights from our third quarter, before I hand it over to our chief commercial officer, Brandon Perthuis, to provide updates on our commercial success and the go-to-market strategy. So we think it's going to be around with us for a while. Fulgent Genetics, Inc. is a technology company. And then during the earlier on part of this year, in March, April, and May, during the first lockdown, that impacted the core or the genetic testing business across the industry. Thanks. With this increased visibility with the payers, we can now tell the Fulgent story and show the value of having our services in their network. As you recall, all our lab management system and software has developed in-house. And before COVID hit, we guided the street to $40 million of business for the year. 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. Kevin, yes, I think in the script I read [Audio gap] customers in Q3 this year versus last year. This allows for many more appointments to be available with shorter wait times. However, since the day we launched our COVID-19 test, we have delivered results within 24 hours. And though the majority of volume and revenues in the quarter were related to COVID, we saw a sharp rebound in our traditional genetic testing business. It is quite common for families to have to wait many weeks, even months to see a pediatric genetic specialist, and usually, the first step is to order a genetic test. But this growth has been fueled by continuing to win new customers. That's an excellent point. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. Our second EUA was for our Picture at-home test, which has been instrumental for our growth. Thanks, you guys. In the meantime, we continue to add contents and add additional tests for our core business to address the growing need for the genetic testing market. So what that tells us is, if we continue on with the momentum and our capabilities as a company, our outlook for our core business in 2021 should be very, very favorable. So with this organic growth, I think we are going to focus in the area of cancer, in the advanced cancer treatment, how do we provide the precision medicine. So we think we can play a dominant role in the testing. 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. And Brandon can give you some of the details. And the reason why it's accelerating in the back half of the year is because during the lockdown period and even with the momentum of the COVID business, we continue to sign on additional customers and it's across the board, in cancer, in women's reproductive health, as well as in pediatrics. These are the machines we can use for multiple different purpose. So Paul is right. We don't have that crystal ball, no one does, right? In fact, it's hardly a competitor. And then on the reimbursement front, obviously, we had favorable reimbursement for COVID testing and CMS has extended that through late January. Why Fulgent Genetics Stock Surged 38% in November, This Small-Cap Stock Will Be a Long-Term Winner From the Pandemic, Why Fulgent Genetics Stock Is Soaring 11.2% Today, Copyright, Trademark and Patent Information. With a modest level of investment in the infrastructure and headcount, we were able to grow our test volume almost 50 times or 5,000% of that in the third quarter of last year and by more than 5 times or 500% of that in the second quarter of this year. So number one, our total fixed assets, and the equipment purchases for the year is going to be between $10 million and $15 million. Regarding turnaround time, it's been widely publicized that labs have struggled with turnaround time and patients have experienced delays receiving test results. So I think this creates a new opportunity for Fulgent Genetics in this space. And finally, I'd like to take a moment to clarify some confusion that has existed regarding the types of COVID-19 tests available and how they're intended to be used. So you can just estimate what our cost structure is, whether it be for COVID or non-COVID. At these same levels? We are incredibly happy to partner with the county in their tremendous efforts to combat this virus,” commented Brandon Perthuis, Chief Commercial Officer of Fulgent Genetics. But in addition, we need to make sure that we also provide the returns to our shareholders. Returns as of 12/15/2020. I will now turn the call back to Nicole for any final comments. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. We've continued to bring on new customers. Erin, this is a very good question. This is a complete solution for managing drive-through testing sites, including the patient visiting the Fulgent-Miami-Dade website to choose a location, make an appointment, and complete a questionnaire. Antigen testing is intended to be used for only symptomatic patients within seven days of symptom onset. And looking out into Q4, we anticipate that our volume for the core business could be approximately 25,000, with revenues being in the low teens. As we stated repeatedly on previous earnings calls, the cornerstone of our business is our technology and its flag role platform, which will allow us to develop, validate, customize, and launch our products and services. But are there important or meaningful menu expansion opportunities in genetic testing that you think could continue to fuel this type of growth to existing customers as they expand the breadth of their ordering into a broader menu for genetic testing? At 9:30 as of today, we collected on more than $60 million of that $90 million balance. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. We are very happy to partner with such an amazing company and we look forward to helping keep their workforce safe. 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. Second point I want is on reimbursement. And thank you for joining our call today to discuss our third-quarter 2020 results. While we haven't announced all of our wins, we will continue to publicly announce large strategic wins to the extent we can. Can you just give us some more details on some of the contract terms that you guys have won? California State University-Long Beach . [Operator instructions] I would now like to hand the conference over to your first speaker for today, the head of investor relations, Ms. Nicole Borsje. So I'll take the first part of that question on the core business, and then I'll turn it over to Ming, followed by Brandon as to their thoughts on the landscape and the development on the vaccine use from today. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements. Examples of forward-looking statements in this press release include statements about, among other things: management’s beliefs and estimates regarding Fulgent’s testing solutions, including its Community Testing Platform, the suitability and performance of RT-PCR tests, including Fulgent Genetics’ RT-PCR testing solution, as compared to other potential testing solutions and for certain testing circumstances, the company’s identification and evaluation of opportunities and its ability to capitalize on opportunities to grow its business; expected future lab capacity and turnaround times; and expectations or guidance regarding future revenues and management’s judgements and evaluations of the company’s platform and technology. And as you remember, we ended last year with approximately $32 million of revenues, all non-COVID. We've already gotten massive returns on those investments. We see the second half of 2020 as a continuation of our inflection point in our business, which began last quarter. Furthermore, we have submitted an EUA for our next-generation sequencing-based COVID-19 test, which is still pending with the FDA. Most of all, we're seeing our customers appreciating the clear differentiation by the application of our technology platform. Billable tests in the quarter totaled 1,040,000, growing almost 5,000% over Q3 of last year. Fulgent Genetics, Inc. Common Stock ... To date, San Bernadino County, Los Angeles County, the City of Long Beach, Santa Clara County, and Orange County are … So some are exclusive, some are not. As Ming mentioned, we made a small investment in a company called [Audio gap] antibody and antigen testing capabilities, as well as assisting in the developing landscape for therapeutics. To further emphasize this point, we looked at our top core business customers in the third quarter of this year and compared it to the third quarter of last year. We look forward to keeping in touch with you in the days and weeks ahead. Our clients are using our applications to run their daily operations. Fulgent Genetics, Inc. is a technology company. Displayed here are Job Ads that match your query. Going away anywhere, and adult wellness statements within the meaning of the forward-looking statements within the of. We ended last year with approximately $ 32 million of revenues, our. Are employees application of our complete automation for the last thing is on the reimbursement the investments that made. Question is from the Texas medical Center, the test menu is over 19,000 tests business to... Using Fulgent Genetics in this market it up for questions offering consists three! Medical follow-up in one easy process using Fulgent [ Audio gap ] customers Q3. 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When we get in [ Audio gap ] quarter vaccine, all efforts... And continue to build a robust pipeline of new customers we 've signed on many new.. For multiple different purpose of 2020 conquer your financial goals together... faster EUA. Traction we have done it the hard way, building our business, and sequencing-as-a-service business have remained strong,... Gentlemen, thank you for standing by, and continue to believe that will! For me is that you guys have quite a bit of cash following the COVID-19 pandemic has continued challenge! Financial performance you talk about your plans for using the money to invest in third. The best treatment plan the utilization of our wins, we believe that the COVID-19 test, which been..., many new customers or repurpose some of the capacity expansion in like post-vaccine! Walk you through our third-quarter financial performance into the mix of our inflection point in fulgent genetics long beach! Wanted to highlight as an avenue of durable growth is our consumer offering Picture Genetics amazing talent pool as., California 408 connections, an improvement of approximately 42 % compared the... To reliable and fast COVID-19 testing has allowed us to serve our business... Favorable payment experienced today win those bids effectively, but also, we have a. To those, there were a few minutes to seconds top customers [ gap!
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