Thank you for taking my questions. 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. Yes, we generated a lot of cash based on the momentum that we had in the business, and we believe in capping off this year. With a powerful leverage in our model, this translates into GAAP net income, and excluding stock-based compensation, we expect non-GAAP net income of approximately $100 million or approximately $4 per share for our shareholders in 2020. So if you take a look at the amount that we're spending for COVID versus what COVID has brought us just for this year, we're going to be generating approximately $200 million of COVID business on top of massive profits. This county’s Covid infections are out of control. We add at-home COVID-19 test service to the platform in late June, and since then, we have seen very strong demand for this at-home test. We see the second half of 2020 as a continuation of our inflection point in our business, which began last quarter. Gross margin improved almost 19% points sequentially. Yes, certainly. It’s the attitude of the BOS, zero enforcement and their cowering to nut jobs that has put us in the spot we are in. However, data presented in antigen EUAs show that at day 6 and 7 the sensitivity drops measurably, and positive cases are already being missed. And do you feel comfortable -- I assume you feel comfortable now based on sort of your prepared remarks in terms of your turnaround time to meet their two-day requirement. So we're also on the private side as well, not just the Medicare and Medicaid from the CMS perspective. 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. 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. And thank you for joining our call today to discuss our third-quarter 2020 results. Thank you! On the customer front, we have made a meaningful stride in signing large agreements with a range of commercial organizations, municipalities, and the medical institutions. I think the Fulgent Genetics when we get in [Audio gap] we are not highest, the provider. So Paul is right. I think we've been on a test launch craze for the last year, a year and a half. If our math is right, that suggests somewhere around $15 million for 4Q or another 40% sequential growth in that business on top of the 57% in the current quarter. To that end, during the third quarter, we engaged with one of the largest biotech companies in the United States in a competitive bid for their employee testing. Great. All of the above, Rachel. These wins included drive-through operations for the counties of Los Angeles, Alameda, Orange, Santa Clara, San Bernardino, Miami-Dade, the state of Utah, the city of Long Beach, and others. Fulgent was founded in 2011. This scenario is similar throughout California and across the United States. Great. For years, we described ourselves as a technology company providing clinical genetic testing, and we have continually emphasized the power of our technology platform. James Xie, a co-founder of Fulgent Genetics, Inc., is our Chief Operating Officer. Since obtaining the at-home EUA from the FDA and formally launching our Picture test for COVID-19 in mid-June, we have had significant demand. We want to be clear that antigen testing is not a replacement for RT-PCR. I guess sort of tactically speaking, a couple of weeks ago, we did launch a pharmacogenomics test, which we're pretty excited about. Prior to joining Fulgent, Mr. Xie served as the Senior Vice President of Cogent Inc., a publicly traded biometric identification service and product company from 1996 until 2011. July 31, 2020 San Bernardino County announced Fulgent Genetics would be the supplier of PCR tests used in Covid testing. [Audio gap] the third quarter was $104 million in cash, cash equivalents, with no debt. As a final note, we appreciate the patient shareholders who had faith in our business over the past four-plus years and look forward to sharing updates to our business in future quarters. Is it possible testing methods changed and the reason for increasing Covid numbers? And then last question for me is that you guys have quite a bit of cash following the COVID-19 tailwinds. We continued to make meaningful investments across all our departments in the quarter, but our top-line outperformance and increasing operating efficiencies are outstripping our investments into our business. Sure. But this growth has been fueled by continuing to win new customers. Historically, our customers have predominantly been cash-paying customers, with very little revenue coming through the reimbursement. 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. Your line is now open. Thank you for standing up for the rights of the countie’s citizens. October 30, 2020 Covid positive test results started increasing. So we think it's going to be around with us for a while. As I indicated, the core business grew 57% sequentially, which translates into approximately 20,000 tests and revenues of approximately $10 million to $11 million, which is at a record for the company. For early detection, screening, testing of asymptomatic and pre-symptomatic, RT-PCR is currently the only viable option. Please review the more detailed discussions related to these forward-looking statements, including discussions of some of the risk factors that may cause results to differ from those described in these forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-Q for the quarter ended June 30, 2020, which is available on the company's Investor Relations website. Many of them are consultants in the operational lab area. During the third quarter, we filed over 590,000 insurance claims, an increase of almost 9,000% over Q2. Clients are choosing Fulgent COVID testing offerings for a variety of reasons, including our rapid turnaround time, supply chain availability, capacity, EUA approvals, our technology platforms, and user-friendly systems. Thanks very much. We see a day where families can get the testing they need through Picture ahead of the visit and then spend the time with the specialist discussing results, prognosis, treatment plans, etc. Is it carrier? New testing supplier, Fulgent Genetics, provides easy nasal self-swabs at nearby locations In response to a recent statewide shortage in COVID-19 testing materials, San Bernardino County has contracted with a new supplier, Fulgent Genetics, to secure an adequate supply of test equipment and is now encouraging all County residents to get tested. We continue to win business. July 31, 2020 San Bernardino County announced Fulgent Genetics would be the supplier of PCR tests used in Covid testing. Fulgent Genetics is another positioned -- well positioned to meet the time challenges, but also, we'll be able to perform in this market at any price to compete in this market. Next, we have Kevin DeGeeter of Oppenheimer. As needed, we could quickly scale to handle 80,000 tests per day and more. In addition to those, there are approximately 500 million non-influenza respiratory infections occurring annually. Last but certainly not least, the technology platforms we have built to support COVID-19 testing have been critical to our success. SAN BERNARDINO, Calif. (VVNG.com) — San Bernardino County Health Officials are urging all residents, even those without any symptoms to get tested for COVID-19. And actually, I got a text that I cut out a little bit. Switching to our COVID-19 business. This has been in large part due to our ability to win new clients while maintaining relationships with existing clients, even as some of those clients experienced lower test volumes amid the pandemic. We think it's going to stretch well into 2021. The COVID-19 pandemic has continued to challenge both our health and our way of life this year. 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. We look forward to keeping in touch with you in the days and weeks ahead. Accessibility | Disclaimer | Privacy Policy, Copyright © 2013. But that includes our core genetic tests on top of COVID. And as Ming indicated, the CMS reimbursement rate is $100, and starting January 1, it stays at $100 as long as you're able to meet the turnaround time. November 11, 2020 Covid hospitalizations started increasing. And then on the reimbursement front, obviously, we had favorable reimbursement for COVID testing and CMS has extended that through late January. Is it hereditary cancer? I will now turn the call back to Nicole for any final comments. Please visit the Investor Relations section of the company's website to access the audio replay. And protect us. I think as Paul mentioned, we do have some additional leverage in our COGS there. Fulgent will continually invest in these areas. 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. Thanks. Can you just give us some more details on some of the contract terms that you guys have won? Our record growth in the third quarter is a true testament to the scalability of our technology platform. At the same time, we are taking market share from other people. Simply put, it's the best test. And we believe if things open up more and should people get more comfortable going to clinics, having the genetic -- but the confidence of returning to some kind of normalcy for the genetic tests, that that will just open up the doors for even more enhanced business for our core NGS testing. 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. 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. Our next question is from the line of Erin Wright of Credit Suisse. I'd like to spend a few minutes to discuss each of these in detail. Compared to Q2, our traditional genetic testing business grew by more than 57%. Of those top customers [Audio gap] were new. And then a little more forward-thinking. While many labs have seen shortages in critical supplies such as reagents, transportation media, and swabs, we've had no such issues. So with this organic growth, I think we are going to focus in the area of cancer, in the advanced cancer treatment, how do we provide the precision medicine. “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. Not only we win those bids effectively, but also, we are able to deliver the bottom line. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc, (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. Overall, I'm very pleased with the execution of our sales team in the quarter as we consistently won in competitive opportunities. We don't have that crystal ball, no one does, right? “The governor is not permitted to act as both the executive and legislative branch for nine months under the California Emergency Services Act,” said Board of Supervisors Chairman Curt Hagman. Thank you, Nicole. And even with the explosive growth we have seen, we have continued to improve. 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. As I mentioned, the COVID-19 is not going to be -- goes away completely. Returns as of 01/27/2021. These have made managing large volumes of tests much easier for our clients and have connected them to the Fulgent platform, creating deep relationships that go just beyond being an RT-PCR test provider. “If it is concluded that the act allows him to do so, the act is unconstitutional as it permits the delegation of the Legislature’s powers to the executive branch in violation of the California Constitution.”. How does that fit in into your longer-term plan from a capacity standpoint? “Now that our testing capacity has expanded and stabilized, we hope that every […] https://www.merriam-webster.com/dictionary/constitution. Rachel Vatnsdal -- Piper Sandler -- Analyst. So you can break out the investments that we made, as well as the spending in a couple of different buckets. An audio replay of this call will be available shortly after the call concludes. To further emphasize this point, we looked at our top core business customers in the third quarter of this year and compared it to the third quarter of last year. We were happy to see what they did actually, to reward those laboratories that can actually deliver on turnaround time. Had the residents and leadership if SB County taken simple, though “uncomfortable,” measures when we learned how covid spread, the dire need for current restrictions would be unnecessary. These forward-looking statements represent management's estimates based on current views and assumptions, which may prove to be incorrect. So we are on track with our original guidance, which is quite a feat, because a lot of the diagnostics companies, 2020 was essentially a throwaway year. Brandon will elaborate further on some of these customer dynamics. We're not only to use our test for the COVID-19, but we also put our other genetic tests. So a lot of these contracts are laboratory services agreements. God help us. Good afternoon, and welcome to the Fulgent Genetics third-quarter 2020 financial results conference call. The Houston lab [Audio gap] away from the Texas Medical Center, the largest medical center in the world. TEMPLE CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics” or the “company”), a technology company providing comprehensive testing solutions through its scalable technology platform, today announced a new partnership with Miami-Dade County in Florida for COVID-19 testing. Non-GAAP operating margin improved approximately 44 percentage points sequentially to 65.5%. [Operator instructions] And there are no further questions as of this time. Although COVID-19 conditions are continually evolving, locations in the High Desert, Chino, and more will be operational Tuesday through Thursday from 11 a.m. to 6 p.m. and Saturday from 9 a.m. to 4 p.m., with some variations for some locations. Great. With a modest level of investment in the infrastructure and headcount, we were able to grow our test volume almost 50 times or 5,000% of that in the third quarter of last year and by more than 5 times or 500% of that in the second quarter of this year. Thank you for all that color. 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Cash, cash equivalents, with over a dozen companies contributing over $ million.

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