$FLGT
Fulgent Genetics, Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017009872 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $5.306M $5.854M $3.440M
YoY Change 54.24% 101.79% 116.62%
Cost Of Revenue $1.859M $1.863M $1.304M
YoY Change 42.56% -31.66% 99.69%
Gross Profit $3.447M $3.991M $2.136M
YoY Change 61.38% 2180.57% 128.45%
Gross Profit Margin 64.96% 68.18% 62.09%
Selling, General & Admin $2.377M $1.914M $2.190M
YoY Change 8.54% -50.53% 599.68%
% of Gross Profit 68.96% 47.96% 102.53%
Research & Development $851.0K $818.0K $561.0K
YoY Change 51.69% -77.59% 158.53%
% of Gross Profit 24.69% 20.5% 26.26%
Depreciation & Amortization $400.0K $400.0K $200.0K
YoY Change 100.0% 100.0% 100.0%
% of Gross Profit 11.6% 10.02% 9.36%
Operating Expenses $3.228M $2.732M $2.751M
YoY Change 17.34% -63.67% 419.06%
Operating Profit $219.0K $1.259M -$615.0K
YoY Change -135.61% -117.14% -251.85%
Interest Expense $100.0K $100.0K $0.00
YoY Change
% of Operating Profit 45.66% 7.94%
Other Income/Expense, Net
YoY Change
Pretax Income $338.0K $1.316M -$602.0K
YoY Change -156.15% -117.94% -241.65%
Income Tax $106.0K $503.0K $0.00
% Of Pretax Income 31.36% 38.22%
Net Earnings $232.0K $813.0K -$602.0K
YoY Change -138.54% -111.08% -241.65%
Net Earnings / Revenue 4.37% 13.89% -17.5%
Basic Earnings Per Share $0.01 $0.05 -$0.02
Diluted Earnings Per Share $0.01 $0.05 -$0.02
COMMON SHARES
Basic Shares Outstanding 17.68M 17.68M 12.08M
Diluted Shares Outstanding 18.18M 12.08M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.40M $20.90M $1.000M
YoY Change 2640.0% 4080.0%
Cash & Equivalents $6.734M $7.897M $1.000M
Short-Term Investments $20.60M $13.00M
Other Short-Term Assets $1.202M $906.0K $500.0K
YoY Change 140.4% 188.54%
Inventory
Prepaid Expenses $463.0K $375.0K
Receivables $4.600M $4.364M $2.800M
Other Receivables $200.0K $0.00 $0.00
Total Short-Term Assets $33.17M $26.14M $4.400M
YoY Change 653.86% 792.08%
LONG-TERM ASSETS
Property, Plant & Equipment $5.894M $6.234M $2.600M
YoY Change 126.69% 152.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.60M $0.00
YoY Change
Other Assets $69.00K $17.00K $400.0K
YoY Change -82.75% -95.75%
Total Long-Term Assets $25.65M $31.90M $3.000M
YoY Change 755.0% 999.31%
TOTAL ASSETS
Total Short-Term Assets $33.17M $26.14M $4.400M
Total Long-Term Assets $25.65M $31.90M $3.000M
Total Assets $58.82M $58.04M $7.400M
YoY Change 694.86% 895.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.306M $2.756M $800.0K
YoY Change 188.25% 777.71%
Accrued Expenses $745.0K $436.0K $200.0K
YoY Change 272.5% 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 $3.281M $3.316M $1.100M
YoY Change 198.27% 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 $0.00 $2.000K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.281M $3.316M $1.100M
Total Long-Term Liabilities $0.00 $2.000K $0.00
Total Liabilities $3.524M $3.561M $1.100M
YoY Change 220.36% 419.1%
SHAREHOLDERS EQUITY
Retained Earnings -$54.92M -$55.15M
YoY Change 3.75%
Common Stock $2.000K $109.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.30M $54.48M $6.200M
YoY Change
Total Liabilities & Shareholders Equity $58.82M $58.04M $7.400M
YoY Change 694.86% 895.2%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $232.0K $813.0K -$602.0K
YoY Change -138.54% -111.08% -241.65%
Depreciation, Depletion And Amortization $400.0K $400.0K $200.0K
YoY Change 100.0% 100.0% 100.0%
Cash From Operating Activities $1.508M $1.200M $875.0K
YoY Change 72.34% -300.0%
INVESTING ACTIVITIES
Capital Expenditures $90.00K -$400.0K $177.0K
YoY Change -49.15% 100.0% -144.25%
Acquisitions
YoY Change
Other Investing Activities -$1.800M -$39.00M $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.870M -$39.40M -$177.0K
YoY Change 956.5% 13033.33% -55.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -801.0K 37.90M
YoY Change
NET CHANGE
Cash From Operating Activities 1.508M 1.200M 875.0K
Cash From Investing Activities -1.870M -39.40M -177.0K
Cash From Financing Activities -801.0K 37.90M
Net Change In Cash -1.163M -300.0K 698.0K
YoY Change -266.62% -66.67% 598.0%
FREE CASH FLOW
Cash From Operating Activities $1.508M $1.200M $875.0K
Capital Expenditures $90.00K -$400.0K $177.0K
Free Cash Flow $1.418M $1.600M $698.0K
YoY Change 103.15% -500.0% 74.5%

Facts In Submission

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CY2017Q1 us-gaap Use Of Estimates
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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 U.S. 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 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. 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;">On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for doubtful accounts, (iii) the useful lives of fixed assets, and (iv) estimates of tax liabilities.</p></div>
CY2017Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Customers</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.06%;">In certain periods, a small number of customers has accounted for a significant portion of&nbsp;&nbsp;the Company&#8217;s revenue. In the three months ended March 31, 2017, and aggregating customers that are under common control or are affiliates, four customers contributed 15%, 14%, 11%, and 10% of our total revenue, respectively.</p></div>
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CY2017Q1 dei Entity Incorporation Date Of Incorporation
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341000
CY2016Q1 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-341000
CY2016Q1 us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
400000
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
59000
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
40407000
CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
132000
CY2017Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
40275000
CY2017Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
6000
CY2016Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
38728000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
163000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
38568000
CY2016Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1580000
CY2017Q1 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
132000
CY2016 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
163000
CY2017Q1 flgt Federal And State Tax Expense Benefit Prior To Reorganization
FederalAndStateTaxExpenseBenefitPriorToReorganization
0
CY2017Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2017Q1 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2017Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8355000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8281000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2461000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2047000
CY2017Q1 flgt Reagents Current
ReagentsCurrent
493000
CY2016Q4 flgt Reagents Current
ReagentsCurrent
322000
CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
463000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
375000
CY2017Q1 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
223000
CY2016Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
209000
CY2017Q1 flgt Payroll Tax Refund Current
PayrollTaxRefundCurrent
23000
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
53000
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
66000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
48000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
565000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1625000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
232000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-543000

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