$FLGT
Fulgent Genetics, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017017670 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2
Revenue $4.640M
YoY Change 16.85%
Cost Of Revenue $1.879M
YoY Change 33.17%
Gross Profit $2.761M
YoY Change 7.85%
Gross Profit Margin 59.5%
Selling, General & Admin $1.991M
YoY Change 113.17%
% of Gross Profit 72.11%
Research & Development $920.0K
YoY Change 40.24%
% of Gross Profit 33.32%
Depreciation & Amortization $405.0K
YoY Change 102.5%
% of Gross Profit 14.67%
Operating Expenses $2.911M
YoY Change 83.08%
Operating Profit -$150.0K
YoY Change -115.46%
Interest Expense $100.0K
YoY Change -101.82%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$30.00K
YoY Change -99.33%
Income Tax -$110.0K
% Of Pretax Income
Net Earnings -$25.00K
YoY Change -99.44%
Net Earnings / Revenue -0.54%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 17.71M
Diluted Shares Outstanding 17.71M

Balance Sheet

Concept 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.90M
YoY Change 79.5%
Cash & Equivalents $11.50M
Short-Term Investments $17.40M
Other Short-Term Assets $900.0K
YoY Change -68.97%
Inventory
Prepaid Expenses $558.0K
Receivables $4.200M
Other Receivables $800.0K
Total Short-Term Assets $34.70M
YoY Change 59.17%
LONG-TERM ASSETS
Property, Plant & Equipment $6.700M
YoY Change 34.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments -$105.0K
YoY Change
Other Assets $100.0K
YoY Change
Total Long-Term Assets $24.11M
YoY Change 382.1%
TOTAL ASSETS
Total Short-Term Assets $34.70M
Total Long-Term Assets $24.11M
Total Assets $58.81M
YoY Change 119.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.820M
YoY Change -60.43%
Accrued Expenses $902.0K
YoY Change 125.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.800M
YoY Change -45.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.800M
Total Long-Term Liabilities $0.00
Total Liabilities $3.100M
YoY Change -39.22%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.70M
YoY Change
Total Liabilities & Shareholders Equity $58.80M
YoY Change 119.4%

Cashflow Statement

Concept 2017 Q2
OPERATING ACTIVITIES
Net Income -$25.00K
YoY Change -99.44%
Depreciation, Depletion And Amortization $405.0K
YoY Change 102.5%
Cash From Operating Activities $600.0K
YoY Change -60.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M
YoY Change 250.0%
Acquisitions
YoY Change
Other Investing Activities $5.600M
YoY Change
Cash From Investing Activities $4.200M
YoY Change -1150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 600.0K
Cash From Investing Activities 4.200M
Cash From Financing Activities 0.000
Net Change In Cash 4.800M
YoY Change -67.79%
FREE CASH FLOW
Cash From Operating Activities $600.0K
Capital Expenditures -$1.400M
Free Cash Flow $2.000M
YoY Change 5.26%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q2 us-gaap Assets
Assets
58805000
CY2017Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1820000
CY2017Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
902000
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
124000
CY2017Q2 flgt Accumulated Losses Of Unconsolidated Companies In Excess Of Investment Current
AccumulatedLossesOfUnconsolidatedCompaniesInExcessOfInvestmentCurrent
105000
CY2017Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
110746000
CY2017Q2 flgt Income Loss Before Equity In Net Income Loss Of Affiliate
IncomeLossBeforeEquityInNetIncomeLossOfAffiliate
80000
CY2016Q2 flgt Income Loss Before Equity In Net Income Loss Of Affiliate
IncomeLossBeforeEquityInNetIncomeLossOfAffiliate
-4492000
flgt Income Loss Before Equity In Net Income Loss Of Affiliate
IncomeLossBeforeEquityInNetIncomeLossOfAffiliate
312000
flgt Income Loss Before Equity In Net Income Loss Of Affiliate
IncomeLossBeforeEquityInNetIncomeLossOfAffiliate
-5094000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
35000
us-gaap Share Based Compensation
ShareBasedCompensation
1625000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
447000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-5000
flgt Fair Value Adjustment Recorded Upon Issuance Of Units
FairValueAdjustmentRecordedUponIssuanceOfUnits
5472000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-178000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
649000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
202000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-555000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
568000
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-123000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
825000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1078000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
243000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2072000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2384000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-31000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
23000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-778000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2072000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2353000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1517000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
563000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
3781000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
3582000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13772000
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
3576000
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
15562000
CY2016Q4 us-gaap Cash Including Discontinued Operations
CashIncludingDiscontinuedOperations
7897000
CY2015Q4 us-gaap Cash Including Discontinued Operations
CashIncludingDiscontinuedOperations
498000
CY2017Q2 us-gaap Cash Including Discontinued Operations
CashIncludingDiscontinuedOperations
11473000
CY2016Q2 us-gaap Cash Including Discontinued Operations
CashIncludingDiscontinuedOperations
16060000
us-gaap Income Taxes Paid
IncomeTaxesPaid
756000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3600000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2282000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-563000
flgt Payments Of Cash Distributions
PaymentsOfCashDistributions
159000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
801000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1072000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
27165000
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
11977000
flgt Payments For Issuance Costs Of Preferred Units
PaymentsForIssuanceCostsOfPreferredUnits
185000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
943000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2409000
flgt Deferred Initial Public Offering Costs Included In Accounts Payable
DeferredInitialPublicOfferingCostsIncludedInAccountsPayable
1359000
CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Cash
DisposalGroupIncludingDiscontinuedOperationCash
0
CY2015Q4 us-gaap Disposal Group Including Discontinued Operation Cash
DisposalGroupIncludingDiscontinuedOperationCash
9000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom: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, (iv) estimates of tax liabilities and (v) equity method investments.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;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 the Company&#8217;s revenue. <font style="Background-color:#FFFFFF;">In the three and six months ended June 30, 2017, after aggregating customers that are under common control or are affiliates, two customers contributed 13% and 12% of our revenue</font> and three customers contributed 12%, 11% and 11% of our total revenue in the respective periods.</p></div>
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-05-13
flgt Date Of Corporate Name Change
DateOfCorporateNameChange
2016-08-02
CY2016Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
18000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
359000
CY2016Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-18000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-359000
us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
400000
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-18000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
41000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
34752000
CY2017Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
110000
CY2017Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
34643000
CY2017Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
803000
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
us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
109000
CY2016 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
163000
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2017Q2 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2017Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9590000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8281000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2853000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2047000
CY2017Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
405000
CY2016Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
248000
CY2017Q2 flgt Reagents Current
ReagentsCurrent
279000
CY2016Q4 flgt Reagents Current
ReagentsCurrent
322000
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
558000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
375000
CY2017Q2 us-gaap Prepaid Taxes
PrepaidTaxes
636000
CY2017Q2 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
195000
CY2016Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
209000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
424000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
989000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1625000
flgt Federal And State Tax Expense Benefit Prior To Reorganization
FederalAndStateTaxExpenseBenefitPriorToReorganization
0
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8237000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
207000
CY2017Q2 us-gaap Equity Method Investments
EquityMethodInvestments
-105000
CY2017Q2 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.30

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