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Nearly all of Fulgent Genetics’ revenue comes from laboratory services, led by precision diagnostics and anatomic pathology. It performs tests and provides licensed physicians’ interpretations to help assess genetic conditions, cancer and other diseases. Insurers, hospitals, other laboratories and patients pay for this work. Institutional customers generally pay Fulgent directly, then bill patients or seek insurance reimbursement themselves.
Much of the revenue ultimately depends on insurers covering tests and paying claims. Orders are generally placed test by test, rather than under long-term purchasing commitments. One laboratory customer supplies a substantial share of revenue and has begun bringing some testing in-house, reducing orders to Fulgent.
The laboratories must maintain CLIA certification, accreditation and required licenses to perform tests and retain access to healthcare-program and insurer payments. Genetic testing also depends on Illumina, its sole supplier of next-generation sequencers, their associated reagents and maintenance services.
Separately, Fulgent Pharma develops cancer drug candidates using a platform designed to help deliver poorly soluble drugs. These candidates remain in development, and none has marketing approval. The therapeutic-development business earns a small amount of revenue through ANP Technologies’ technology licensing to pharmaceutical and biotechnology companies and contract research organizations.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond competition from Ambry Genetics and Baylor Genetics, Fulgent Genetics’ near-term results hinge on reimbursement and replacing revenue from its largest customer as that customer brings testing in-house.
Myriad Genetics competes with Fulgent Genetics for physician-ordered reproductive-health and hereditary-cancer tests. Watch Myriad’s prenatal and carrier-testing business, where it overlaps the reproductive-health services driving Fulgent’s precision diagnostics growth.
Natera competes directly with Fulgent Genetics’ growing reproductive-health business in prenatal testing and carrier screening, selling tests directly and through laboratory and distribution partners. Its news in these two testing areas is more relevant to Fulgent than its cancer or transplant-testing business.
GeneDx Holdings competes with Fulgent Genetics for physician-ordered genetic diagnostics, concentrating on reading protein-coding genes or whole genomes to diagnose rare diseases. Insurers, patients and healthcare clients pay for its diagnostic reports, making its rare-disease testing business the relevant comparison.
BillionToOne competes with Fulgent Genetics for carrier-screening orders in reproductive health. Watch its UNITY prenatal-testing business and prenatal salesforce expansion, rather than its Northstar cancer tests, for developments in this overlapping market.
NeoGenomics competes with Fulgent Genetics to provide cancer laboratory testing and expert interpretation to pathology and oncology practices and hospitals. Its services let these clients use outside laboratory technology and staff rather than invest in their own, making this customer group the overlap to watch.
Labcorp competes with Fulgent Genetics for healthcare-provider orders for specialty tests, including reproductive-health and cancer testing. Watch its diagnostic-testing business, paid by clients, patients and public and private payers, rather than its drug-development laboratory business.
Quest Diagnostics competes with Fulgent Genetics to supply specialty diagnostics and pathology services to clinicians and hospitals. Watch Quest’s Advanced Diagnostics revenue: certain tests across five clinical areas generated more than $1 billion in 2025 with double-digit growth, showing the scale of this specialty-testing rival.
Tempus AI competes with Fulgent Genetics in hereditary and cancer molecular testing, tissue-based pathology and diagnostic services for life-sciences customers. Its Diagnostics business serves healthcare providers and drug developers; that is the direct overlap to watch, rather than its separate data-licensing and software offerings.
Fulgent Genetics depends on Illumina as its sole supplier of machines that read DNA, the reagents they use, and their maintenance and repair. Watch Illumina’s supply and service availability: replacing this equipment can take time, require test revalidation and interrupt Fulgent’s laboratory work.
Caris Life Sciences competes with Fulgent Genetics for physicians’ cancer molecular-testing orders and drug developers’ testing projects. Watch its biopharma testing and research work as a comparison for Fulgent’s BioPharma services, whose revenue varies with long sales cycles and project timing.
Guardant Health competes with Fulgent Genetics in cancer testing for clinical customers and testing services for biopharmaceutical companies, collecting through eligible insurance claims and biopharma service agreements. Watch its oncology and biopharma-and-data revenue separately, since those lines overlap Fulgent’s cancer testing and BioPharma services rather than its reproductive-health business.
Quest Diagnostics Inc. earningsDGX
Quest Diagnostics’ report will show whether clinicians and hospitals are ordering more specialist tests from outside labs, the market where Fulgent Genetics also competes.
Compare Quest’s Advanced Diagnostics revenue trend with its broader diagnostic-testing business. Faster growth in Advanced Diagnostics would point to stronger demand for specialist tests and a more active market for Fulgent Genetics’ orders. If specialist testing slows while broader diagnostics grow, Quest’s overall growth would not show that demand in Fulgent’s overlapping market is improving.
NeoGenomics, Inc. earningsNEO
NeoGenomics’ report will show whether pathology and oncology practices are sending more cancer tests to outside labs, the customer orders it competes for with Fulgent Genetics.
See whether NeoGenomics’ cancer-testing revenue moves with testing volume. Growth in both would show that oncology and pathology practices are sending more work to outside labs, supporting the customer market Fulgent Genetics also serves. If volume weakens while revenue rises, price or test mix may be carrying sales, so the report would not show that more orders are available to win. If both fall, the market offers less support.
Illumina Inc earningsILMN
Illumina’s report will show whether Fulgent Genetics’ sole supplier of sequencing machines and related reagents can maintain supply and service.
Read Illumina’s comments on sequencing-machine and reagent supply and maintenance alongside any signs of production or delivery constraints. Stable supply and service would support the availability of inputs essential to Fulgent Genetics’ labs. Delays or shortages would raise the risk of interrupted testing; switching equipment or reagents can take time and require test revalidation. Illumina’s overall report cannot establish how much Fulgent actually receives, but it can show whether this single-supplier risk appears to be easing or worsening.
Caris Life Sciences, Inc. earningsCAI
Caris Life Sciences’ report will show how demand from drug and biotech companies for testing and research projects is changing, a customer market Fulgent Genetics also serves through BioPharma services.
Read changes in Caris’ testing and research work for drug and biotech companies alongside project activity or recognized revenue. Growth in both would point to stronger demand from customers who also buy Fulgent Genetics’ BioPharma services. If projects remain active but revenue is weak, long sales cycles or the timing of revenue recognition may be delaying the result rather than showing demand has disappeared. If both weaken, the customer market offers less support.
Fulgent Genetics, Inc. earningsThis company
Fulgent Genetics’ report will show whether other orders can replace work lost as its largest customer brings some tests in-house, without eroding laboratory-services margins.
Read laboratory-services revenue alongside gross margin, then check how revenue from precision diagnostics and anatomic pathology changes. If revenue holds up and margin stays steady or rises as the largest customer brings some tests in-house, other orders are replacing the work without worse test economics. If both revenue and margin weaken, Fulgent is not replacing the volume while preserving its economics. Growth in just one line does not settle whether the overall gap is filled.
Natera, Inc. earningsNTRA
Natera’s report will show how demand for prenatal testing and carrier screening is changing in the reproductive-health market where it directly competes with Fulgent Genetics.
Read Natera’s prenatal-testing and carrier-screening trends alongside whether testing volume and revenue move together. Growth in both measures would indicate expanding customer demand in a market that overlaps with Fulgent Genetics. If volume falls while revenue rises, price or test mix may be supporting sales, so the report would not show that the order market is expanding. If both weaken, this market offers Fulgent less support.
