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Inform Diagnostics, Inc., and the case number is 19-cv-10091. Wallace, a former pathologist at Inform, filed suit against the laboratory in January 2019, alleging violations of the False Claims Act, a law that allows whistleblowers to bring a case on behalf of the United States that alleges fraud on the government. Inform is a clinical laboratory, headquartered in Irving, Texas, that provides clinical pathology laboratory services to physicians and medical practices nationwide.ĭr. Christopher Wallace, the law firm of Morgan Verkamp, LLC (with attorneys in Cincinnati, Ohio, Boston, Massachusetts, and Tampa, Florida) is pleased to announce that the United States has resolved allegations of medically unnecessary pathology testing with Inform Diagnostics, Inc., formerly known as Miraca Life Sciences, Inc. Piper Sandler acted as exclusive financial adviser for the acquisition, while Mintz Levin, Cohn, Ferris, Glovsky, and Popeo served as legal counsel to Fulgent Genetics, and Kirkland & Ellis served as legal counsel to Inform Diagnostics.BOSTON and CINCINNATI, J/PRNewswire/ - On behalf of its client, Dr. Specifically, Fulgent expects core revenue for fiscal year 2022 to be approximately $175 million, compared to previous guidance of $120 million, which the firm said includes potential revenue contribution from the proposed acquisition. "We expect to see an immediate contribution from Inform Diagnostics' mature pathology business, while in the longer term we also believe there are numerous synergies across our organizations that will drive sustained momentum across Fulgent's core testing business," Hsieh said. Fulgent also expects to offer NGS-based oncology services to Inform Diagnostics' hematology clients. It also extends Fulgent's in-network managed care relationships to over 300 million covered lives as well as adds CLIA-, CAP-, and New York State-certified laboratories in Irving, Boston, New York City, and Phoenix.įulgent said it can now leverage Inform's "nationwide client base, established commercial organization, and managed care relationships" to expand the reach of its existing services, including a menu of customizable genomic tests for more than 18,400 genes.įulgent highlighted cross-selling opportunities with Inform Diagnostics' national gastrointestinal and genitourinary specialist client base, including for Fulgent's newly launched liquid biopsy test for hepatocellular carcinoma, HelioLiver, as well as for an upcoming molecular test for urology. The acquisition expands Fulgent's test menu into breast pathology, gastrointestinal pathology, dermatopathology, urologic pathology, neuropathology, and hematopathology, the firm said. "We have been impressed with the Inform Diagnostics team's commitment to quality, turnaround time, and customer service, which we believe fits well with our priorities, culture, and focus at Fulgent," Ming Hsieh, chairman and CEO of Fulgent, said in a statement. It is a portfolio company of Avista Capital Partners based in Irving, Texas. Inform Diagnostics currently provides pathology services to approximately 1,300 clients who represent over 2,700 physicians. On average, analysts are estimating first quarter revenues of $244.7 million.
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This exceeds prior guidance of $245 million and includes $22 million of core revenues excluding next-generation sequencing (NGS)-based COVID-19 testing. The firm also announced that it will acquire pathology laboratory Inform Diagnostics for $170 million in cash.įulgent's revenues for the quarter ended March 31 are expected to be approximately $300 million. NEW YORK – Fulgent Genetics reported on Monday estimated preliminary first quarter revenues above prior guidance.
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Advances in Clinical Genomics Profiling.
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