$FLGT
Fulgent Genetics, Inc.

2017 Q3 Form 10-Q Financial Statement

#000156459017023557 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $4.503M $5.854M $5.011M
YoY Change -10.14% 101.79% 72.5%
Cost Of Revenue $2.268M $1.863M $2.143M
YoY Change 5.83% -31.66% 133.44%
Gross Profit $2.235M $3.991M $2.868M
YoY Change -22.07% 2180.57% 44.34%
Gross Profit Margin 49.63% 68.18% 57.23%
Selling, General & Admin $2.588M $1.914M $2.040M
YoY Change 26.86% -50.53% 312.12%
% of Gross Profit 115.79% 47.96% 71.13%
Research & Development $1.128M $818.0K $1.523M
YoY Change -25.94% -77.59% 388.14%
% of Gross Profit 50.47% 20.5% 53.1%
Depreciation & Amortization $438.0K $400.0K $400.0K
YoY Change 9.5% 100.0% 100.0%
% of Gross Profit 19.6% 10.02% 13.95%
Operating Expenses $3.716M $2.732M $3.563M
YoY Change 4.29% -63.67% 341.51%
Operating Profit -$1.481M $1.259M -$695.0K
YoY Change 113.09% -117.14% -158.9%
Interest Expense $100.0K $100.0K $0.00
YoY Change
% of Operating Profit 7.94%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.336M $1.316M -$690.0K
YoY Change 93.62% -117.94% -158.47%
Income Tax -$415.0K $503.0K $417.0K
% Of Pretax Income 38.22%
Net Earnings -$1.093M $813.0K -$1.107M
YoY Change -1.26% -111.08% -193.81%
Net Earnings / Revenue -24.27% 13.89% -22.09%
Basic Earnings Per Share -$0.06 $0.05 -$0.44
Diluted Earnings Per Share -$0.06 $0.05 -$0.44
COMMON SHARES
Basic Shares Outstanding 17.75M 17.68M 12.85M
Diluted Shares Outstanding 17.75M 12.85M

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.00M $20.90M $8.200M
YoY Change 217.07% 4080.0%
Cash & Equivalents $9.500M $7.897M $8.200M
Short-Term Investments $16.60M $13.00M
Other Short-Term Assets $1.100M $906.0K $4.883M
YoY Change -77.47% 188.54%
Inventory
Prepaid Expenses $810.0K $375.0K $183.0K
Receivables $3.600M $4.364M $4.406M
Other Receivables $63.00K $0.00 $0.00
Total Short-Term Assets $32.00M $26.14M $17.50M
YoY Change 82.86% 792.08%
LONG-TERM ASSETS
Property, Plant & Equipment $6.500M $6.234M $5.178M
YoY Change 25.53% 152.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.184M $0.00
YoY Change
Other Assets $100.0K $17.00K $100.0K
YoY Change 0.0% -95.75%
Total Long-Term Assets $26.67M $31.90M $5.264M
YoY Change 406.65% 999.31%
TOTAL ASSETS
Total Short-Term Assets $32.00M $26.14M $17.50M
Total Long-Term Assets $26.67M $31.90M $5.264M
Total Assets $58.67M $58.04M $22.76M
YoY Change 157.8% 895.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.370M $2.756M $3.286M
YoY Change -27.88% 777.71%
Accrued Expenses $781.0K $436.0K $471.0K
YoY Change 65.82% 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 $3.151M $3.316M $5.010M
YoY Change -37.11% 383.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.000K $2.000K
YoY Change
Total Long-Term Liabilities $5.000K $2.000K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.151M $3.316M $5.010M
Total Long-Term Liabilities $5.000K $2.000K $0.00
Total Liabilities $3.399M $3.561M $5.513M
YoY Change -38.35% 419.1%
SHAREHOLDERS EQUITY
Retained Earnings -$56.04M -$55.15M -$55.97M
YoY Change 0.13% 3.75%
Common Stock $111.3M $109.7M $1.000K
YoY Change 11130000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.27M $54.48M $17.25M
YoY Change
Total Liabilities & Shareholders Equity $58.67M $58.04M $22.76M
YoY Change 157.8% 895.2%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.093M $813.0K -$1.107M
YoY Change -1.26% -111.08% -193.81%
Depreciation, Depletion And Amortization $438.0K $400.0K $400.0K
YoY Change 9.5% 100.0% 100.0%
Cash From Operating Activities $500.0K $1.200M $800.0K
YoY Change -37.5% -300.0% 300.0%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$400.0K -$2.800M
YoY Change -89.29% 100.0% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$2.300M -$39.00M
YoY Change
Cash From Investing Activities -$2.600M -$39.40M -$2.800M
YoY Change -7.14% 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 0.000 37.90M -5.900M
YoY Change -100.0% -395.0%
NET CHANGE
Cash From Operating Activities 500.0K 1.200M 800.0K
Cash From Investing Activities -2.600M -39.40M -2.800M
Cash From Financing Activities 0.000 37.90M -5.900M
Net Change In Cash -2.100M -300.0K -7.900M
YoY Change -73.42% -66.67% -890.0%
FREE CASH FLOW
Cash From Operating Activities $500.0K $1.200M $800.0K
Capital Expenditures -$300.0K -$400.0K -$2.800M
Free Cash Flow $800.0K $1.600M $3.600M
YoY Change -77.78% -500.0% 157.14%

Facts In Submission

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TaxDistributionToUnitholders
1253000
flgt Deferred Initial Public Offering Costs Included In Accounts Payable
DeferredInitialPublicOfferingCostsIncludedInAccountsPayable
1852000
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 nine months ended September 30, 2017, after aggregating customers that are under common control or are affiliates, one customer contributed 11% of our revenue</font> and three customers each contributed 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
flgt Disposal Group Including Discontinued Operation Research And Development
DisposalGroupIncludingDiscontinuedOperationResearchAndDevelopment
350000
us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
9000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
359000
us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
400000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
41000
CY2017Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
34519000
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
90000
CY2017Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
34430000
CY2017Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1127000
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
90000
CY2016 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
163000
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2017Q3 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9783000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8281000
CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3293000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2047000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
438000
CY2016Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
304000
CY2017Q3 flgt Reagents Current
ReagentsCurrent
260000
CY2016Q4 flgt Reagents Current
ReagentsCurrent
322000
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
810000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
375000
CY2017Q3 us-gaap Prepaid Taxes
PrepaidTaxes
1053000
CY2017Q3 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
210000
CY2016Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
209000
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
63000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
70000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2016Q3 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid
4600000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
549000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2493000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1538000
flgt Federal And State Tax Expense Benefit Prior To Reorganization
FederalAndStateTaxExpenseBenefitPriorToReorganization
0
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.31
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.60
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.41
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.07
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1093000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-886000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14479000
CY2017Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.30

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