HIGHOutside partySupplier
Illumina
“10-K Item 1: 'we rely on Illumina Inc., or Illumina, as the sole supplier of the next generation sequencers and associated reagents we use to perform our genetic tests'”
FLGT · Concentration risk · 10-K extracted
Fulgent Genetics (FLGT) concentration risks
Updated
The most significant concentration Fulgent Genetics discloses is Illumina, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Fulgent Genetics’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyCustomer
22%
one large customer
“10-K Item 1: 'one of our customers contributed $70.8 million or 22% of our total revenue in 2025, and $62.6 million or 22% of our total revenue in 2024'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Fulgent Genetics carries two concentration exposures of different character. On the supply side, the company relies on Illumina as the sole supplier of the next-generation sequencers and associated reagents used to perform its genetic tests — a structural, single-source dependency disclosed at a high share of the relevant supply relationship, meaning any disruption there could directly constrain testing capacity. On the customer side, one large customer contributed $70.8 million, or 22%, of total revenue in 2025, and $62.6 million, also 22%, of total revenue in 2024 — a low-share but persistent dependency that has held steady across both years. Netting these together, the supplier exposure is the more structurally important of the two: it touches the operational core of the business — the ability to run tests at all — while the customer concentration, though recurring, remains a minority share of revenue and would be a manageable, not existential, loss if the relationship ended. Both exposures are disclosed in the most recent 10-K.
For the engine’s reasoning on FLGT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Diagnostics & Research
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADPT | Adaptive Biotechnologies Corpor | 2 | 0 | 0 | 2 |
| CDNA | CareDx, Inc. | 1 | 1 | 0 | 2 |
| CRL | Charles River Laboratories Inte | 1 | 1 | 0 | 2 |
| FLGT● | Fulgent Genetics, Inc. | 1 | 0 | 1 | 2 |
| BLLN | BillionToOne, Inc. | 1 | 0 | 0 | 1 |
| A | Agilent Technologies, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.