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. While we projected a slight decline in our core business due to the pandemic, it has rebounded much faster than we thought and grew 57% sequentially from a revenue standpoint. Third, our capacity. I want to visit genetic testing, and Paul, some of your comments with regard to how to think about that portion of the business for the year. In addition, as the vaccine developments will come in, adding additional requirement for the test, faster and cheaper and quicker and more accurate test for the antibody test, neutralizes those antigen test. For years, we described ourselves as a technology company providing clinical genetic testing, and we have continually emphasized the power of our technology platform. This puts our new lab in close proximity to an amazing talent pool, as well as world-renowned cancer centers and pediatric hospitals. The CMS gave two rates: $100 for the 24-hour response -- 48 hours response time or the $75 if we could not meet the 48 hours response time. These restrictions should be based on factual data that has been collected and studied specifically in our demographic area. That's it for me. 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. Second point I want is on reimbursement. Definitely, we see the business opportunities. These samples are then sent to a laboratory to test for the virus that causes the COVID-19 illness (SARS CoV 2 virus). 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. We if look at the contracts, they range from month to month to 24 months. So that's an excellent question. With the momentum in our business [Audio gap] revenues of $17.8 million from a customer who wanted to secure their position in delivering our services in the future. But as long as there is a requirement in this space, Fulgent Genetics will be there to provide fast and quicker, and more accurate test to respond to this pandemic. [Audio gap] the third quarter was $104 million in cash, cash equivalents, with no debt. They have not taken enough steps to protect us from the medical emergency threat of covid 19. Thank you. Is it possible testing methods changed and the reason for increasing Covid numbers? The increase is attributable to the vast majority of our tests now going through reimbursement and our favorable payment experienced today. [Operator instructions] Please be advised that today's conference call is being recorded the 9th of November 2020. Small businesses spent a lot of money to meet the Covid safety protocols before opening up. Adjusted EBITDA for the third quarter was $67.4 million, compared to $3 million in the third quarter of 2019. No, that's super helpful. I mean, now, the test menu is over 19,000 tests. While we have come a long way together in our efforts to combat this pandemic, we still have a long road ahead of us as we look to return to normalcy. Thanks. Fulgent Genetics, Inc. Common Stock (NASDAQ:FLGT)Q3 2020 Earnings CallNov 09, 2020, 4:30 p.m. This is Rachel on for Steve. 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. How long do you think that lasts thereon? The traction we have [Audio gap] insurance provider on reimbursement. Erin, just to give you a point of reference on the reimbursement. 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. Covid numbers started increasing before Halloween and Thanksgiving, I don’t believe people are doing anything different. Stock Advisor launched in February of 2002. More specifically, we anticipate Q4 revenues to be at least $110 million. Regarding turnaround time, it's been widely publicized that labs have struggled with turnaround time and patients have experienced delays receiving test results. 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. However, data presented in antigen EUAs show that at day 6 and 7 the sensitivity drops measurably, and positive cases are already being missed. But this growth has been fueled by continuing to win new customers. And Brandon can give you some of the details. At the same time, our clients are confident using Fulgent [Audio gap] volume. The company's press release discussing its financial results is available in the Investor Relations section of the company's website, fulgentgenetics.com. 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. We continue to believe that the COVID-19 testing is quite durable, right? During the third quarter, we filed over 590,000 insurance claims, an increase of almost 9,000% over Q2. FULGENT GENETICS AKTIE und aktueller Aktienkurs. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. These contracts have been with government agencies, municipalities, big companies, you name it, colleges, sports conferences [Audio gap], Rachel. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing … Clinicians can now directly order our FDA EUA-authorized molecular test, NGS test, or antibody test through a safe, straightforward, and streamlined process. You need Science and Data? Grow up and stay home, and wear a mask when you need to go out. Most San Bernardino County libraries have begun opening their doors with limited library services and modified hours. This county’s Covid infections are out of control. This is unconscionable, an abdication of their basic responsibilities to serve everyone (not just businesses who are hostile to unemployment insurance and who want to shirk off responsibility for keeping their workplaces safe and landlords and people with extra property they want to charge exorbitant short term rent for), and a performative exercise in grandstanding. Our original offering consists of three tests: carrier screening, newborn screening, and adult wellness. But with our technology, our capture set, our pipelines, we were able to develop that pretty quickly. We believe that having this reimbursement agreement in place will continue to drive business from the customers in a way that we haven't seen prior to the pandemic. Simply put, it's the best test. Thank you for all that color. And as you remember, we ended last year with approximately $32 million of revenues, all non-COVID. One other point of differentiation on our COVID-19 test offering, which we announced in September, is that we will give our clients an option to add influenza A and B. So Paul is right. 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. San Bernardino County has worked tirelessly on behalf of county residents and businesses urging the state to recognize that the county’s size and geographic diversity should allow for fewer restrictions in communities with lower COVID-19 metrics than the county as a whole. So COVID is not going to go away at the end of 2020. This program went live in October and we are now collecting thousands of samples per week throughout New York City. 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. Brandon Perthuis -- Chief Commercial Officer. Get the federal aid to help small businesses and families. Of those top customers [Audio gap] were new. Meaning that our COGS per test during Q3 on a full GAAP basis was $25. This facility is a great example of the power and portability of the Fulgent technology platform. Returns as of 01/27/2021. This rate releases our valuation allowance on our deferred-tax assets and incorporates our projected annual tax rate for the year. Billable tests in the quarter totaled 1,040,000, growing almost 5,000% over Q3 of last year. We see the second half of 2020 as a continuation of our inflection point in our business, which began last quarter. California State University-San Bernardino. Yes, certainly. This demonstrates how our core business has continued to strengthen with new customers we've been winning. But oddly enough, it seems like we're on track to meet the original guidance even before COVID has hit. Testing is expected to begin January 2021 and will continue for at least 18 months. Death rates have been dropping since July and new cases are on the decline this past week. Fourth, our two EUA approvals. [Operator instructions] Our first question is from the line of Rachel Vatnsdal from Piper Sandler. As we walk into each opportunity, we need to make sure we have a sound business model. God help us. We're not only to use our test for the COVID-19, but we also put our other genetic tests. Most labs could not survive with that price, so CMS increased the rate. Operator, now, you can open it up for questions. All Rights Reserved. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. We think it's quite durable. So you can just estimate what our cost structure is, whether it be for COVID or non-COVID. 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. For early detection, screening, testing of asymptomatic and pre-symptomatic, RT-PCR is currently the only viable option. And finally, Paul will discuss our financial results and the outlook in detail. 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. Your line is now open. We think it will. So, yes, we continue to develop new tests. 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. But I guess how can you repurpose some of the capacity expansion in like a post-vaccine, kind of post-COVID sort of world? But because of the additional capabilities that we made in terms of reimbursement, the great traction that we've seen in reimbursement because we've signed on so many more core customers and we've proven ourselves for the capabilities and the efficiencies that we've had in the lab, we've seen a tremendous uptick in our core business in the back half of this year. 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. And then from an operational sense, we can quickly deviate the resources into other areas that we believe will be fruitful for the company. And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. So I think our longest one we signed so far has been 24 months. 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 DeGeeter -- Oppenheimer and Company -- Analyst. A comprehensive panel of pathogens can help provide an accurate diagnosis, therefore, allowing for a more personalized treatment plan. Thanks, you guys. 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. San Bernardino County has filed an action directly in the California Supreme Court asking the court to find that the governor’s stay-at-home orders exceed the authority found in the California Emergency Services Act. “The governor declared that the state’s approach would be based on science and data, but the state has not produced science or data that suggest the restrictions he has imposed would address the current trajectory of the pandemic in San Bernardino County,” said former Supervisor Josie Gonzales, who joined the county in the Supreme Court filing as a private citizen. To 24 months test during Q3 on a full GAAP basis was $ 104 million in,! Of reference on the reimbursement and new cases are on the reimbursement ] volume protocols before opening up the safety. 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