- Fulgent Genetics Inc (NASDAQ:HOTH) agreed to acquire Inform Diagnostics, an independent pathology laboratory based in Irving, Texas, and a portfolio company of Avista Capital Partners, for $170 million.
- The acquisition is expected to close during the second quarter of 2022.
- Fulgent held a cash balance of $935.5 million as of December 31.
- With the addition of Inform Diagnostics, Fulgent will further expand its test portfolio into breast pathology, gastrointestinal pathology, dermatopathology, urologic pathology, neuropathology, and hematopathology.
- Inform Diagnostics provides services to approximately 1,300 clients who represent over 2,700 physicians.
- The transaction can contribute meaningfully to Fulgent’s annual core revenue and is expected to impact pro forma EBITDA positively.
- Fulgent now expects core revenue for FY 2022 to be approximately $175 million, compared to previous guidance of $120 million.
- The Company anticipates Q1 FY22 total revenue of approximately $300 million compared to previous guidance of $245 million.
- Price Action: FLGT shares are up 7.78% at $59.56 during the market session on the last check Tuesday.
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