And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. 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. This scenario is similar throughout California and across the United States. We now project test volumes for the year to be well over $2 million, which translates into over $235 million in revenues. 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. 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. I think we should evaluate the process before we blame our neighbors. We've continued to bring on new customers. God help us. Save my name, email, and website in this browser for the next time I comment. These samples are then sent to a laboratory to test for the virus that causes the COVID-19 illness (SARS CoV 2 virus). Testing is expected to begin January 2021 and will continue for at least 18 months. It's at consistent levels with what we posted in the third quarter of 2019, which was a high point before this quarter. Great. Erin, this is a very good question. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. At 9:30 as of today, we collected on more than $60 million of that $90 million balance. We look forward to keeping in touch with you in the days and weeks ahead. But we think we're extremely well-positioned to be a major player in this market. https://www.merriam-webster.com/dictionary/constitution, Auditor-Controller/Treasurer/Tax Collector, San Bernardino County Employees' Retirement Association, South Coast AIr Quality Management District. 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. Get e-mail updates when this information changes. Take local control? Nach Junior project manager-Jobs in Rancho Cucamonga, CA mit Bewertungen und Gehältern suchen. I think in terms of vaccine development, we welcome the news of the vaccine development because we do see the demand for the Fulgent Genetics to provide faster, quicker, and cheaper tests in terms of the COVID-19 test. All of the above, Rachel. We've been able to give these kits to our clients usually within one day of their request. In addition to the huge drive-through operation wins, we announced our partnership with New York City Health and Hospital and their Test & Trace program for K-through-12 testing, both on-site and at home. Operator, now, you can open it up for questions. Get the federal aid to help small businesses and families. That's an excellent point. Adjusted EBITDA for the third quarter was $67.4 million, compared to $3 million in the third quarter of 2019. Great. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. “Appalled and embarrassed” sums up my reaction as well. Initially, some labs were taking five to seven days and sometimes longer to return results to patients. Covid numbers started increasing before Halloween and Thanksgiving, I don’t believe people are doing anything different. We were happy to see what they did actually, to reward those laboratories that can actually deliver on turnaround time. Looking at sbcovid19.com website dashboard, our testing rate is 90% negative and 10% positive even after Thanksgiving. Suing the governor won’t help, but will have the opposite effect. 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. Yes. “Now that our testing capacity has expanded and stabilized, we hope that every […] So Paul is right. So whatever investments that we're making, we believe that we'll have immediate returns on that. Erin, from a numbers perspective -- this is Paul. Embarrassing and foolish. I agree completely, very well said! Great. Definitely, we see the business opportunities. While we haven't announced all of our wins, we will continue to publicly announce large strategic wins to the extent we can. 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. The breadth of our customer base was impressive during the quarter, with over a dozen companies contributing over $1 million of revenues. Sometimes it feels like I’m screaming into an echo chamber… I had to retire early because people I worked with took covid waaay too flippantly. This has allowed us to serve our existing business, win new accounts, and continue to build a robust pipeline of new opportunities. Our second EUA was for our Picture at-home test, which has been instrumental for our growth. Too many of our families are suffering and dying. We had a low in the springtime of the year, but we came back roaring in the back half of the year. In efforts to provide more testing opportunities for San Bernardino County residents, community testing events are being held throughout the county. I would like to now turn the call over to Paul Kim, who will walk you through our third-quarter financial performance. Yes, certainly. Posted 4 days ago. Total GAAP operating expenses were $11.9 million for the third quarter, up from $6.9 million in the second quarter. 2. Who is Corwin Porter? And finally, Paul will discuss our financial results and the outlook in detail. Third-quarter revenues totaled $101.7 million, an organic increase of 883% compared to the third quarter of 2019. Unlike working people who create the wealth those business owners/donors enjoy, with no other option but to venture outside and then have to worry about spreading disease to their patients, their parents, and their children. These are the machines we can use for multiple different purpose. We launched the platform in 2019 to make a clinical-grade genetic testing available to individuals in the comfort of their homes without need to visit a doctor office. 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