Fulgent Genetics is a specialty laboratory services company with a separate, early-stage cancer drug development business. The core lab business performs genetic and diagnostic testing for physicians, hospitals, and healthcare institutions across three areas: Precision Diagnostics, Anatomic Pathology (AP), and BioPharma Services. Precision Diagnostics — about 60% of lab revenue — covers reproductive health (notably its Beacon expanded carrier screening panel), rare disease exome and genome sequencing, and hereditary cancer testing. AP accounts for roughly 34% of lab revenue and involves tissue-based pathology testing sent in by physician practices and clinics. BioPharma Services provides testing for pharma and biotech companies supporting clinical trials, and is smaller and variable. Fulgent bills insurers, institutional clients, or patients directly, with revenue driven by test volume and reimbursement rates per test. Fulgent argues it is differentiated by fast turnaround times and a wide test menu — its Beacon panel covers 1,000 genes — and has been expanding managed care contracts to improve in-network status. The company is also investing in AI-assisted digital pathology tools to cut per-test costs and improve throughput. The drug development arm, Fulgent Pharma, uses a nanoencapsulation platform to develop cancer therapies; its lead candidate, FID-007 (nanoencapsulated paclitaxel), is in Phase 2 trials for head and neck cancer, with a Phase 3 trial targeted for H1 2027.