Fulgent Genetics Inc (Fulgent) is a technology company that offers various comprehensive genetic testing services to physicians. The company offers commercial genetic tests focused on cancers, cardiovascular diseases, neurological disorders, infectious diseases and pediatric diseases. Fulgent's technology platform includes proprietary gene probes, data suppression and comparison algorithms, adaptive learning software, and proprietary laboratory information management systems. The company classifies its operations into two reportable operational segments: Laboratory Services and Therapeutic Development. The company's primary activities include providing laboratory services and developing therapeutics. Fulgent's laboratory services include technical laboratory services and professional interpretation of laboratory results by licensed physicians. The company's therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform. Fulgent serves various industries, including anatomic pathology, oncology, infectious and rare diseases, and reproductive health. The company’s Laboratory Services segment is a technology-based business that provides technical laboratory services and professional interpretation of laboratory results by licensed physicians. The segment offers a broad range of testing capabilities, including comprehensive anatomic pathology tests, precision diagnostics testing services, and clinical testing services. The key brands associated include Fulgent Oncology, Beacon Carrier Screening, and Picture Genetics. The company’s Therapeutic Development segment focuses on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform. The first drug candidate being developed is FID-007, which is being investigated for various cancers, including pancreatic, head and neck, breast, and non-small cell lung cancer. The segment serves the healthcare industry, specifically the oncology sector. The company relies on a limited number of suppliers for certain laboratory substances used in the chemical reactions incorporated into its tests and testing services. Fulgent relies on Illumina, Inc, as the sole supplier of the next-generation sequencers and associated reagents it uses to perform its genetic tests. The company also relies on Roche Holdings AG, Beckman Coulter Diagnostics, and Abbott Laboratories for certain laboratory equipment, supplies, and services. The segment operates in the United States, with several Clinical Laboratory Improvement Amendments (CLIA) licensed laboratories.

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Fulgent’s R&D efforts focus on developing its technology and new genetic tests. The company is engaged in extensive research and development activities, including pharmaceutical research and development through its wholly owned subsidiary, Fulgent Pharma. The company's R&D initiatives involve the development of therapeutic products, which are subject to extensive regulation by the FDA and other regulatory agencies. The R&D unit of Fulgent Genetics is Fulgent Pharma. This unit is responsible for the company's pharmaceutical research and development activities, including the development of therapeutic products. The team also works on developing and curating the company's expansive library of genetic information and expanding its technology platform. Fulgent Genetics Inc operates seven labs across the US. As of December 31, 2024, the company owns or exclusively in-licenses over 30 issued or allowed patents and over 10 active patent applications. This includes 20 issued or allowed US patents. The company also has a major technology alliance with ANP Technologies, Inc, under which it has an exclusive license to certain rights in patents and patent applications for the development and commercialization of FID-007 and related formulations. In FY2024, the company spent US$48.8 million on its R&D activities, which as a percentage of revenue stood at 17.2% and grew 17.8% YoY.