Ming Hsieh — Fulgent Genetics Inc.

Chairman and Chief Executive

THE LATEST: Genetic testing company Fulgent Genetics Inc. quickly pivoted to Covid-19 testing last spring and has grown exponentially, with 2020 revenue surging 1,200% to $422 million and net income skyrocketing to $214 million from a loss of $411,000 in 2019. The company has picked up numerous major testing contracts from the Los Angeles County Department of Health and other public agencies across the nation. Demand was so high that Fulgent opened a new testing lab in Houston to supplement its lab near its Temple City headquarters. Shareholders reaped a bonanza, with the stock price surging to $146 in February from less than $9 a year earlier.
BACKGROUND: Hsieh founded Fulgent in 2011 with the goal of providing comprehensive yet affordable genetic testing via an in-house platform that incorporated next-generation gene sequencing. Prior to Fulgent, Hsieh co-founded biometric identification services and products company Cogent Inc. in 1990. Cogent was acquired by 3M in 2010 for $943 million. Hsieh, a USC graduate, has served as a trustee at USC since 2007.
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