Fulgent Genetics‘ (NASDAQ:FLGT) sales soared thanks to its COVID-19 tests. Its stock more than quadrupled in 2020 and is up over 50% so far this year. In this Motley Fool Live video recorded on Sept. 29, 2021, Motley Fool contributors Keith Speights and Brian Orelli discuss what’s going on now with Fulgent.
Keith Speights: Your thoughts on Fulgent Genetics, ticker is FLGT?
Brian Orelli: The company is still developing genetic tests, which was what they were doing before the pandemic. They’re still doing COVID-19 testing, which is what they pivoted or added during the pandemic. Then they are using all that cash that they’re getting from the COVID-19 to expand fairly quickly.
They bought a company that does more other types of tests for cancers, looking at imaging the tumors and that thing and looking at the chromosomes. I think that they are using that to expand their offerings, so now that they will be able to do genetic testing on the tumors, but also offer other services. That should make them a one-stop-shop for tumors.
They also did a deal with another company that has a predictive test, I believe, for cancer. They’re partnering with that company. The other one was an acquisition where they just bought the whole testing facility to expand their offerings in cancer.
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