$FLGT
Fulgent Genetics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024052485 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $71.03M $64.49M
YoY Change 4.68% -2.54%
Cost Of Revenue $44.54M $42.38M
YoY Change -5.8% -10.51%
Gross Profit $26.49M $22.10M
YoY Change 28.77% 17.51%
Gross Profit Margin 37.3% 34.28%
Selling, General & Admin $29.92M $30.48M
YoY Change 4.2% -4.41%
% of Gross Profit 112.95% 137.88%
Research & Development $13.49M $11.43M
YoY Change 39.15% 16.89%
% of Gross Profit 50.91% 51.73%
Depreciation & Amortization $6.153M $6.663M
YoY Change 50.07% -3.14%
% of Gross Profit 23.23% 30.14%
Operating Expenses $45.40M $43.90M
YoY Change 12.45% 0.61%
Operating Profit -$18.91M -$21.80M
YoY Change -4.51% -12.19%
Interest Expense $7.692M $7.625M
YoY Change 5555.88% 3712.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.21M -$14.17M
YoY Change -23.71% -32.67%
Income Tax -$2.100M -$327.0K
% Of Pretax Income
Net Earnings -$8.710M -$13.46M
YoY Change -22.43% -12.24%
Net Earnings / Revenue -12.26% -20.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.29 -$0.45
COMMON SHARES
Basic Shares Outstanding 29.92M 29.78M
Diluted Shares Outstanding 30.10M 29.77M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.7M $305.7M
YoY Change -32.01% -39.4%
Cash & Equivalents $65.11M $54.68M
Short-Term Investments $246.6M $251.0M
Other Short-Term Assets $30.83M $28.75M
YoY Change -12.05% -12.04%
Inventory
Prepaid Expenses $7.294M $7.359M
Receivables $56.57M $52.06M
Other Receivables $1.225M $1.065M
Total Short-Term Assets $399.1M $386.5M
YoY Change -24.45% -33.44%
LONG-TERM ASSETS
Property, Plant & Equipment $93.37M $86.72M
YoY Change 6.64% 9.66%
Goodwill $22.06M $22.06M
YoY Change -84.47% -84.59%
Intangibles $139.0M $141.0M
YoY Change -5.12% -5.18%
Long-Term Investments $526.2M $540.5M
YoY Change 35.48% 47.34%
Other Assets $32.14M $32.68M
YoY Change -34.5% -27.91%
Total Long-Term Assets $833.1M $843.4M
YoY Change 0.83% 5.95%
TOTAL ASSETS
Total Short-Term Assets $399.1M $386.5M
Total Long-Term Assets $833.1M $843.4M
Total Assets $1.232B $1.230B
YoY Change -9.03% -10.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.87M $19.62M
YoY Change -3.56% -11.16%
Accrued Expenses $26.43M $25.92M
YoY Change 18.88% 22.9%
Deferred Revenue $2.744M $2.762M
YoY Change 5.5% 1.06%
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $904.0K $956.0K
YoY Change 68.97% 0.21%
Total Short-Term Liabilities $75.75M $75.95M
YoY Change 16.87% -7.31%
LONG-TERM LIABILITIES
Long-Term Debt $535.0K $622.0K
YoY Change -48.06% -60.51%
Other Long-Term Liabilities $14.40M $13.91M
YoY Change -13.25% -13.48%
Total Long-Term Liabilities $14.40M $13.91M
YoY Change -13.25% -13.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.75M $75.95M
Total Long-Term Liabilities $14.40M $13.91M
Total Liabilities $103.4M $103.2M
YoY Change 13.3% -4.27%
SHAREHOLDERS EQUITY
Retained Earnings $611.0M $619.7M
YoY Change -21.1% -21.12%
Common Stock $522.4M $511.3M
YoY Change 3.23% 3.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.133B $1.130B
YoY Change
Total Liabilities & Shareholders Equity $1.232B $1.230B
YoY Change -9.03% -10.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$8.710M -$13.46M
YoY Change -22.43% -12.24%
Depreciation, Depletion And Amortization $6.153M $6.663M
YoY Change 50.07% -3.14%
Cash From Operating Activities $4.285M $7.266M
YoY Change -55.99% -191.89%
INVESTING ACTIVITIES
Capital Expenditures $12.94M $4.056M
YoY Change 6.59% 99.41%
Acquisitions
YoY Change
Other Investing Activities $20.25M -$43.13M
YoY Change 83.27% 1759.05%
Cash From Investing Activities $7.304M -$47.19M
YoY Change -766.42% 983.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.146M -2.807M
YoY Change -92.95% 154.95%
NET CHANGE
Cash From Operating Activities 4.285M 7.266M
Cash From Investing Activities 7.304M -47.19M
Cash From Financing Activities -1.146M -2.807M
Net Change In Cash 10.44M -42.80M
YoY Change -237.08% 220.95%
FREE CASH FLOW
Cash From Operating Activities $4.285M $7.266M
Capital Expenditures $12.94M $4.056M
Free Cash Flow -$8.659M $3.210M
YoY Change 259.74% -132.29%

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CY2024Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-482000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1281000
CY2024Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15769000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11633000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1133286000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11518000
CY2024Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1682000
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
225000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2405000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-13846000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1126646000
CY2024Q1 flgt Common Stock Shares Not Issued And Holdback As Partial Security For Indemnification Obligations
CommonStockSharesNotIssuedAndHoldbackAsPartialSecurityForIndemnificationObligations
185503
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1269875000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10265000
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
869000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5497000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-15849000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1268919000
CY2023Q1 flgt Common Stock Shares Not Issued And Holdback As Partial Security For Indemnification Obligations
CommonStockSharesNotIssuedAndHoldbackAsPartialSecurityForIndemnificationObligations
371006
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-13846000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-15849000
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11518000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
10265000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6663000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6879000
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-2497000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-113000
CY2024Q1 flgt Noncash Lease Expense
NoncashLeaseExpense
1510000
CY2023Q1 flgt Noncash Lease Expense
NoncashLeaseExpense
1561000
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-183000
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
179000
CY2024Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
1184000
CY2023Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
478000
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-557000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5200000
CY2024Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-580000
CY2024Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
12000
CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1484000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9331000
CY2024Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-5130000
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1629000
CY2024Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-245000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1855000
CY2024Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
51000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-9114000
CY2024Q1 flgt Increase Decrease In Operating And Finance Lease Liabilities
IncreaseDecreaseInOperatingAndFinanceLeaseLiabilities
-1512000
CY2023Q1 flgt Increase Decrease In Operating And Finance Lease Liabilities
IncreaseDecreaseInOperatingAndFinanceLeaseLiabilities
-1526000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7266000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7907000
CY2024Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
195741000
CY2023Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
143926000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4056000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2034000
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
258000
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
198000
CY2024Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
95450000
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
141408000
CY2024Q1 flgt Proceeds From Sale Of Marketable Securities
ProceedsFromSaleOfMarketableSecurities
56903000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-47186000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4354000
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1682000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
869000
CY2024Q1 flgt Repayment Of Notes Payable
RepaymentOfNotesPayable
765000
CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
225000
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
135000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
232000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2807000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1101000
CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-69000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-42796000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13334000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97473000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
79506000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54677000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66172000
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1307000
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1680000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
439000
CY2023Q1 flgt Non Cash Or Part Non Cash Investment In Marketable Securities
NonCashOrPartNonCashInvestmentInMarketableSecurities
3519000
CY2024Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
4739000
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
2537000
CY2024Q1 flgt Noncash Or Part Noncash Sale Of Fixed Asset In Other Receivables
NoncashOrPartNoncashSaleOfFixedAssetInOtherReceivables
11000
CY2024Q1 flgt Operating Lease Right Of Use Assets Reduced Due To Lease Termination
OperatingLeaseRightOfUseAssetsReducedDueToLeaseTermination
57000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of intangible assets and goodwill at time of acquisition and on a recurring basis, and (vi) valuation of investments.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25226000
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-2497000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1336000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
4438000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25831000
CY2024Q1 flgt Redeemable Preferred Stock Investment Noncurrent
RedeemablePreferredStockInvestmentNoncurrent
20400000
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
597000000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
0
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk, Customers, and Suppliers</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and marketable securities, which consist of debt securities and equity securities. As of March 31, 2024, substantially all of the Company’s cash and cash equivalents were deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. For the laboratory services business, aggregating customers under common control, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer comprised of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> or </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total revenue in the three months ended as of March 31, 2024. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">No</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer contributed </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% or more of the Company's revenue in the three months ended March 31, 2023. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">One</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer comprised </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total accounts receivable, net, as of March 31, 2024, and comprised </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total accounts receivable, net, as of December 31, 2023. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the therapeutic development business, as of March 31, 2024 and December 31, 2023, there is no concentration risk, as there are no customers or revenue, as it does not have any commercialized or approved product candidates.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on a limited number of suppliers for certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The operations of the laboratory services business would be interrupted if it encountered delays or difficulties securing these reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company's development efforts could also be delayed or interrupted if is unable to procure items needed for its therapeutic development activities. The Company’s therapeutic development business also relies on ANP Technologies, Inc., or ANP, for certain laboratory services, equipment, tools, and drug intermediates in connection with research and development efforts. The Company believes there are currently only a few other manufacturers that are capable of supplying and servicing some of the equipment and other materials necessary for its laboratory operations, including collection kits, sequencers and various associated reagents.</span></p>
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q1 flgt Tax Effects Related To Unrealized Holding Loss On Available For Sale Debt Securities
TaxEffectsRelatedToUnrealizedHoldingLossOnAvailableForSaleDebtSecurities
1900000
CY2024Q1 flgt Variable Consideration
VariableConsideration
1200000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
860000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1300000
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
21718000
CY2024Q1 flgt Cash Equivalents
CashEquivalents
21718000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
32559000
CY2024Q1 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Amortized Cost Basis
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesAmortizedCostBasis
833058000
CY2024Q1 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Gain Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedGainBeforeTax
729000
CY2024Q1 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Loss Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedLossBeforeTax
6836000
CY2024Q1 flgt Available For Sale Securities Debt Equity Securities And Trading Securities
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecurities
826951000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
38291000
CY2023Q4 flgt Cash Equivalents
CashEquivalents
38291000
CY2023Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Amortized Cost Basis
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesAmortizedCostBasis
789726000
CY2023Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Gain Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedGainBeforeTax
1909000
CY2023Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Loss Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedLossBeforeTax
5945000
CY2023Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecurities
785690000
CY2024Q1 flgt Available For Sale Debt Securities And Equity Trading Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesAndEquityTradingSecuritiesGrossUnrealizedLoss
6800000
CY2023 flgt Available For Sale Debt Securities And Equity Trading Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesAndEquityTradingSecuritiesGrossUnrealizedLoss
5900000
CY2023Q1 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2024Q1 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133509000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
135097000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
46786000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
51633000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
86723000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83464000
CY2024Q1 us-gaap Depreciation
Depreciation
4600000
CY2023Q1 us-gaap Depreciation
Depreciation
4700000
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
7521000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
12675000
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7359000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7744000
CY2024Q1 flgt Reagents And Supplies Current
ReagentsAndSuppliesCurrent
6528000
CY2023Q4 flgt Reagents And Supplies Current
ReagentsAndSuppliesCurrent
5827000
CY2024Q1 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
6281000
CY2023Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
4994000
CY2024Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1065000
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1319000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
28754000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7026000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7026000
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
4756000
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
5741000
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4067000
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
6255000
CY2024Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
3765000
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
3543000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3394000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4215000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2910000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3957000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
25918000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30737000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6579000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7147000
CY2024Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
4835000
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