Chair, Chief Executive
Fulgent Genetics Inc.
Ming Hsieh founded Fulgent Genetics in 2011 to provide comprehensive yet affordable genetic testing. When the Covid-19 pandemic hit, Fulgent quickly added Covid testing capabilities and won major testing contracts with public agencies in Los Angeles and across the nation. The company supplied approximately 19.3 million such tests through 2022, generating more than $1.7 billion in revenue. But just as quickly as Covid-testing revenue ramped up, it plummeted. Last year, the company lost about $55 million in revenue as its largest customer took genetic testing in-house. The company hopes two recent purchases will offset that revenue loss. Fulgent has used some of its testing revenue to relaunch a drug development division. It is in clinical trials for a drug to treat certain types of squamous cell carcinoma.
YEARS ON LA500: 6 Years on the LA500
