Fulgent Genetics

Fulgent Genetics

Fulgent Genetics was founded by Ming Hsieh, who previously sold his fingerprinting company Cogent Systems to 3M for $1.7 billion. The firm operates as a clinical diagnostic testing laboratory, initially specializing in next-generation sequencing for genetic disorders and later expanding into COVID-19 PCR testing during the pandemic. The company's strategy focuses on leveraging its proprietary NGS platform to offer large-scale panel testing. It has pursued vertical integration through acquisitions, including FDA-cleared liquid biopsy assets and genetic testing company Lucence Diagnostics. Fulgent's geographic footprint is primarily within the United States, with its lab facility in Temple City, California. Fulgent Genetics reported $595 million in revenue in 2022, down from a peak of $1 billion in 2021 due to declining COVID-19 testing demand. The firm has a team of approximately 400 employees. As a public company (NASDAQ: FLGT), its principal shareholders include Ming Hsieh and his family members, who control around 25% of equity. Fulgent operates as a publicly held diagnostic company rather than a traditional family office. The Hsieh family's ownership stake provides a vehicle for wealth management and capital allocation, while the operating business generates cash flows that fund further expansion or shareholder returns.