Fulgent Genetics Launches Picture Genetics, a Consumer-Initiated Genetic Testing Offering
September 16 2019 - 8:00AM
Fulgent Genetics (NASDAQ: FLGT) (“Fulgent Genetics” or the
“company”), a provider of comprehensive genetic testing and Next
Generation Sequencing (NGS) solutions, today announced the launch
of Picture Genetics, a new line of at-home genetic testing
offerings for the everyday consumer. Picture Genetics will offer
three separate consumer-initiated screening tests, which will
enable individuals to access Fulgent’s advanced genetic testing and
analytics capabilities from the ease and comfort of home at an
affordable price point. Picture Genetics offers a holistic approach
to at-home genetic screening by including oversight from
independent physicians as well as genetic counseling options to
complement Fulgent’s comprehensive genetic testing analysis.
The launch of Picture Genetics combines the capabilities and
experienced genetic scientists from Fulgent Genetics’ accredited
clinical laboratory with the ease and convenience of at-home
genetic tests. Customers order test kits online, complete a sample
collection at home and return the kits for processing and analysis
by Fulgent. Customers receive results that have been reviewed by an
independent external physician, as well as genetic counseling
support to help them better understand their screening results.
Fulgent has partnered with PWNHealth, an independent provider
network, for physician review and genetic counseling.
Picture Genetics will offer three distinct at-home test options:
Picture Parenting, Picture Newborn, and Picture Wellness. Available
today, Picture Parenting is a carrier screening test that gives
prospective parents better insight into their status as carriers of
variants in 30 different genes which could affect their children.
Picture Newborn and Picture Wellness will be available in the
coming months and will offer insight into health risks based on
genetic markers. All three tests are completed at home without the
need for a doctor visit or insurance.
Every year, millions of consumers seek access to their genetic
data to gain insight into their health and family history, and for
more educated family planning. While consumers have numerous
options when considering at-home screening, Picture Genetics is a
unique at-home test because each test includes a complete next
generation sequencing analysis of DNA, a more comprehensive method
than other providers who perform genotyping to look at a small
snapshot of genes. Picture Genetics provides medically actionable,
clinical-level results with professional medical follow-up in one
easy process.
"We are very excited about the launch of Picture Genetics, our
consumer-initiated test offering which enables us to deliver our
advanced genetic testing capabilities to a much broader audience in
an accessible manner," said Ming Hsieh, Chairman and Chief
Executive Officer of Fulgent Genetics. "We believe our line of
tests offers one of the most comprehensive at-home screening
options available in the market, given the inclusion of genetic
counseling as well as involvement from independent physicians. With
our Picture Parenting screening test, we will enable couples
everywhere to make more informed choices in family planning with
support from experienced genetic counselors. We also look forward
to the launch of our Newborn and Wellness tests in the coming
months, which will enable customers to understand and take control
of potential future health risks.”
For more information on genetic test offerings from Picture
Genetics, please visit www.picturegenetics.com
About Fulgent Genetics
Fulgent Genetics is a technology company with a focus on
offering comprehensive genetic testing to provide physicians with
clinically actionable diagnostic information they can use to
improve the quality of patient care. The company has developed a
proprietary technology platform that allows it to offer a broad and
flexible test menu and to continually expand and improve its
proprietary genetic reference library, while maintaining accessible
pricing, high accuracy and competitive turnaround times. The
company believes its test menu offers more genes for testing than
its competitors in today’s market, which enables it to provide
expansive options for test customization and clinically actionable
results.
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: the uniqueness and
comprehensiveness of the company’s at-home genetic testing
products, the ability of the company’s at-home genetic testing
products to provide medically actionable, clinical-level results
with professional medical follow-up, the company’s ability to
deliver its at-home genetic testing products to a broad audience,
and the company’s ability to enable couples to make informed
choices in family planning through the use of the company’s at-home
genetic testing products.
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 market potential
for, and the rate and degree of market adoption of, the company’s
tests and genetic testing generally; the company’s ability to
capture a sizable share of the developing market for genetic
testing and compete successfully in this market, including its
ability to continue to develop new tests that are attractive to its
various customer markets 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 Securities and Exchange
Commission, including its quarterly report on Form 10-Q for the
quarter ended June 30, 2019 filed with the Securities and Exchange
Commission on August 12, 2019 and the other reports it files from
time to time, including subsequently filed, annual quarterly and
current reports, are made available on the company’s website upon
their filing with the Securities and Exchange Commission. These
reports contain more information about the company, its business
and the risks affecting its business, as well as its results of
operations for the periods covered by the financial results
included in this press release.
Investor Relations Contact:The Blueshirt GroupNicole
Borsje415-217-2633nborsje@blueshirtgroup.com
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