$FLGT
Fulgent Genetics, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016029248 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $5.854M $5.011M $2.901M
YoY Change 101.79% 72.5%
Cost Of Revenue $1.863M $2.143M $2.726M
YoY Change -31.66% 133.44%
Gross Profit $3.991M $2.868M $175.0K
YoY Change 2180.57% 44.34%
Gross Profit Margin 68.18% 57.23% 6.03%
Selling, General & Admin $1.914M $2.040M $3.869M
YoY Change -50.53% 312.12%
% of Gross Profit 47.96% 71.13% 2210.86%
Research & Development $818.0K $1.523M $3.650M
YoY Change -77.59% 388.14%
% of Gross Profit 20.5% 53.1% 2085.71%
Depreciation & Amortization $400.0K $400.0K $200.0K
YoY Change 100.0% 100.0%
% of Gross Profit 10.02% 13.95% 114.29%
Operating Expenses $2.732M $3.563M $7.519M
YoY Change -63.67% 341.51%
Operating Profit $1.259M -$695.0K -$7.344M
YoY Change -117.14% -158.9%
Interest Expense $100.0K $0.00
YoY Change
% of Operating Profit 7.94%
Other Income/Expense, Net
YoY Change
Pretax Income $1.316M -$690.0K -$7.337M
YoY Change -117.94% -158.47%
Income Tax $503.0K $417.0K
% Of Pretax Income 38.22%
Net Earnings $813.0K -$1.107M -$7.337M
YoY Change -111.08% -193.81%
Net Earnings / Revenue 13.89% -22.09% -252.91%
Basic Earnings Per Share $0.05 -$0.44 -$0.61
Diluted Earnings Per Share $0.05 -$0.44 -$0.61
COMMON SHARES
Basic Shares Outstanding 17.68M 12.85M
Diluted Shares Outstanding 12.85M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.90M $8.200M $500.0K
YoY Change 4080.0%
Cash & Equivalents $7.897M $8.200M $489.0K
Short-Term Investments $13.00M
Other Short-Term Assets $906.0K $4.883M $314.0K
YoY Change 188.54%
Inventory
Prepaid Expenses $375.0K $183.0K $65.00K
Receivables $4.364M $4.406M $2.118M
Other Receivables $0.00 $0.00 $100.0K
Total Short-Term Assets $26.14M $17.50M $2.930M
YoY Change 792.08%
LONG-TERM ASSETS
Property, Plant & Equipment $6.234M $5.178M $2.469M
YoY Change 152.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $17.00K $100.0K $400.0K
YoY Change -95.75%
Total Long-Term Assets $31.90M $5.264M $2.902M
YoY Change 999.31%
TOTAL ASSETS
Total Short-Term Assets $26.14M $17.50M $2.930M
Total Long-Term Assets $31.90M $5.264M $2.902M
Total Assets $58.04M $22.76M $5.832M
YoY Change 895.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.756M $3.286M $314.0K
YoY Change 777.71%
Accrued Expenses $436.0K $471.0K $199.0K
YoY Change 119.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.316M $5.010M $686.0K
YoY Change 383.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.000K
YoY Change
Total Long-Term Liabilities $2.000K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.316M $5.010M $686.0K
Total Long-Term Liabilities $2.000K $0.00 $0.00
Total Liabilities $3.561M $5.513M $686.0K
YoY Change 419.1%
SHAREHOLDERS EQUITY
Retained Earnings -$55.15M -$55.97M -$53.16M
YoY Change 3.75%
Common Stock $109.7M $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.48M $17.25M $5.146M
YoY Change
Total Liabilities & Shareholders Equity $58.04M $22.76M $5.832M
YoY Change 895.2%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $813.0K -$1.107M -$7.337M
YoY Change -111.08% -193.81%
Depreciation, Depletion And Amortization $400.0K $400.0K $200.0K
YoY Change 100.0% 100.0%
Cash From Operating Activities $1.200M $800.0K -$600.0K
YoY Change -300.0% 300.0%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$2.800M -$200.0K
YoY Change 100.0% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$39.00M $0.00
YoY Change
Cash From Investing Activities -$39.40M -$2.800M -$300.0K
YoY Change 13033.33% 133.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.90M -5.900M 0.000
YoY Change -395.0%
NET CHANGE
Cash From Operating Activities 1.200M 800.0K -600.0K
Cash From Investing Activities -39.40M -2.800M -300.0K
Cash From Financing Activities 37.90M -5.900M 0.000
Net Change In Cash -300.0K -7.900M -900.0K
YoY Change -66.67% -890.0%
FREE CASH FLOW
Cash From Operating Activities $1.200M $800.0K -$600.0K
Capital Expenditures -$400.0K -$2.800M -$200.0K
Free Cash Flow $1.600M $3.600M -$400.0K
YoY Change -500.0% 157.14%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported 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 that management believes to be reasonable under the circumstances. Actual results could differ from these estimates.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant items subject to such estimates and assumptions include revenue recognition criteria, the fair value of equity-based awards, accounts receivable and allowances for doubtful accounts, the useful lives of fixed assets and estimates of tax liabilities.</p></div>
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ReagentsCurrent
525000
CY2015Q4 flgt Reagents Current
ReagentsCurrent
212000
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
183000
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
65000
CY2016Q3 flgt Payroll Tax Refund Current
PayrollTaxRefundCurrent
6000
CY2015Q4 flgt Payroll Tax Refund Current
PayrollTaxRefundCurrent
37000
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
47000
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
55000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
179000
CY2015Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-821000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-359000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-2120000
flgt Disposal Group Including Discontinued Operation Interest Income And Other Income Expense
DisposalGroupIncludingDiscontinuedOperationInterestIncomeAndOtherIncomeExpense
400000
flgt Disposal Group Including Discontinued Operation Interest Income And Other Income Expense
DisposalGroupIncludingDiscontinuedOperationInterestIncomeAndOtherIncomeExpense
-1000
CY2015Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-821000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
41000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2121000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
flgt Federal And State Tax Expense Benefit Prior To Reorganization
FederalAndStateTaxExpenseBenefitPriorToReorganization
0
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5699000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14479000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6806000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3369000
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1628000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
900000
CY2016Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
304000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
115000
flgt Members Interest Shares Cancelled In Exchange For Common Shares
MembersInterestSharesCancelledInExchangeForCommonShares
97632
CY2016Q3 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Declared
DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared
4600000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2493000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4119000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
324000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
7000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
591000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
80000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.38
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.82
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0.38
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y3M18D
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
645000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5034000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
708000
us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P10Y
us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
0.016
us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
0.00
us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
0.969
CY2016Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
86000
CY2016Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
503000

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