Fulgent Genetics Acquires CSI Laboratories For $50+ Million
Fulgent Genetics Inc. (Temple City, CA) has acquired Cytometry Specialists Inc. (Alpharetta, GA), which does business as CSI Laboratories, for $50 million in cash plus up to $10 million more in potential future milestone payments.
CSI Labs was founded by its Chairman Ron Ghafary in 1997. The company operates a main CAP-accredited lab in Alpharetta, Georgia, and a smaller lab in Jupiter, Florida. CSI Labs has 180 employees, including 10 pathologists. It performs more than 400 types of cancer tests, with its highest volumes in flow cytometry. Laboratory Economics estimates that CSI Labs annual revenue is in the range of $30-$60 million.
Synergy Capital Investments (Atlanta, GA) obtained an equity stake and a board seat at CSI Labs in 2019.
Fulgent Genetics is a publicly traded company that operates genetic testing labs in Temple City, California, and Houston, Texas. The company reported net income of $280.5 million in the six months ended June 30, 2021, versus $1.4 million in the same period a year earlier; revenue skyrocketed to $513 million from $25 million. Billable test volume jumped to 5.3 million tests from 194,000 tests. Fulgent’s incredible growth was primarily fueled by Covid-19 PCR testing. Its largest clients include the County of Los Angeles and San Bernardino County.