$FLGT
Fulgent Genetics, Inc.

2017 Q4 Form 10-K Financial Statement

#000156459018006239 Filed on March 20, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $4.281M $4.503M $4.640M
YoY Change -26.87% -10.14% 16.85%
Cost Of Revenue $2.545M $2.268M $1.879M
YoY Change 36.61% 5.83% 33.17%
Gross Profit $1.736M $2.235M $2.761M
YoY Change -56.5% -22.07% 7.85%
Gross Profit Margin 40.55% 49.63% 59.5%
Selling, General & Admin $2.482M $2.588M $1.991M
YoY Change 29.68% 26.86% 113.17%
% of Gross Profit 142.97% 115.79% 72.11%
Research & Development $1.324M $1.128M $920.0K
YoY Change 61.86% -25.94% 40.24%
% of Gross Profit 76.27% 50.47% 33.32%
Depreciation & Amortization $400.0K $438.0K $405.0K
YoY Change 0.0% 9.5% 102.5%
% of Gross Profit 23.04% 19.6% 14.67%
Operating Expenses $3.806M $3.716M $2.911M
YoY Change 39.31% 4.29% 83.08%
Operating Profit -$2.070M -$1.481M -$150.0K
YoY Change -264.42% 113.09% -115.46%
Interest Expense $100.0K $100.0K $100.0K
YoY Change 0.0% -101.82%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.973M -$1.336M -$30.00K
YoY Change -249.92% 93.62% -99.33%
Income Tax -$596.0K -$415.0K -$110.0K
% Of Pretax Income
Net Earnings -$1.624M -$1.093M -$25.00K
YoY Change -299.75% -1.26% -99.44%
Net Earnings / Revenue -37.94% -24.27% -0.54%
Basic Earnings Per Share -$0.09 -$0.06 $0.00
Diluted Earnings Per Share -$0.09 -$0.06 $0.00
COMMON SHARES
Basic Shares Outstanding 17.75M 17.71M
Diluted Shares Outstanding 17.75M 17.71M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.48M $26.00M $28.90M
YoY Change 26.72% 217.07% 79.5%
Cash & Equivalents $6.490M $9.500M $11.50M
Short-Term Investments $19.99M $16.60M $17.40M
Other Short-Term Assets $2.438M $1.100M $900.0K
YoY Change 169.09% -77.47% -68.97%
Inventory
Prepaid Expenses $624.0K $810.0K $558.0K
Receivables $4.005M $3.600M $4.200M
Other Receivables $66.00K $63.00K $800.0K
Total Short-Term Assets $32.93M $32.00M $34.70M
YoY Change 25.97% 82.86% 59.17%
LONG-TERM ASSETS
Property, Plant & Equipment $7.272M $6.500M $6.700M
YoY Change 16.65% 25.53% 34.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.937M $2.184M -$105.0K
YoY Change
Other Assets $39.00K $100.0K $100.0K
YoY Change 129.41% 0.0%
Total Long-Term Assets $24.26M $26.67M $24.11M
YoY Change -23.96% 406.65% 382.1%
TOTAL ASSETS
Total Short-Term Assets $32.93M $32.00M $34.70M
Total Long-Term Assets $24.26M $26.67M $24.11M
Total Assets $57.18M $58.67M $58.81M
YoY Change -1.47% 157.8% 119.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.089M $2.370M $1.820M
YoY Change -24.2% -27.88% -60.43%
Accrued Expenses $911.0K $781.0K $902.0K
YoY Change 108.94% 65.82% 125.5%
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 $3.000M $3.151M $2.800M
YoY Change -9.53% -37.11% -45.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000K $5.000K $0.00
YoY Change 200.0%
Total Long-Term Liabilities $6.000K $5.000K $0.00
YoY Change 200.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.000M $3.151M $2.800M
Total Long-Term Liabilities $6.000K $5.000K $0.00
Total Liabilities $3.006M $3.399M $3.100M
YoY Change -15.59% -38.35% -39.22%
SHAREHOLDERS EQUITY
Retained Earnings -$57.66M -$56.04M
YoY Change 4.55% 0.13%
Common Stock $111.9M $111.3M
YoY Change 1.96% 11130000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.18M $55.27M $55.70M
YoY Change
Total Liabilities & Shareholders Equity $57.18M $58.67M $58.80M
YoY Change -1.47% 157.8% 119.4%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.624M -$1.093M -$25.00K
YoY Change -299.75% -1.26% -99.44%
Depreciation, Depletion And Amortization $400.0K $438.0K $405.0K
YoY Change 0.0% 9.5% 102.5%
Cash From Operating Activities -$1.300M $500.0K $600.0K
YoY Change -208.33% -37.5% -60.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$300.0K -$1.400M
YoY Change 175.0% -89.29% 250.0%
Acquisitions
YoY Change
Other Investing Activities -$700.0K -$2.300M $5.600M
YoY Change -98.21%
Cash From Investing Activities -$1.700M -$2.600M $4.200M
YoY Change -95.69% -7.14% -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 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.300M 500.0K 600.0K
Cash From Investing Activities -1.700M -2.600M 4.200M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -3.000M -2.100M 4.800M
YoY Change 900.0% -73.42% -67.79%
FREE CASH FLOW
Cash From Operating Activities -$1.300M $500.0K $600.0K
Capital Expenditures -$1.100M -$300.0K -$1.400M
Free Cash Flow -$200.0K $800.0K $2.000M
YoY Change -112.5% -77.78% 5.26%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk, Customers and Suppliers</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, accounts receivable and marketable securities, which consist of debt securities, and cash equivalents. As of December&#160;31, 2017, substantially all of the Company&#8217;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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In certain periods, a small number of customers has accounted for a significant portion of the Company&#8217;s revenue. Three customers comprised 14%, 12% and 10%, respectively, of total revenue in the year ended December 31, 2017, and one such customer comprised 15% of total revenue in the year ended December 31, 2016. One customer comprised 13% of total accounts receivable in the year ended December 31, 2017, and four customers comprised 12%, 11%, 12% and 11%, respectively, of total accounts receivable in the year ended December 31, 2016, of which the latter two customers represent one customer for concentration disclosure purposes as they are managed by the same foreign governmental body.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from the U.S. government was less than 10% of total revenue in each of the years ended December 31, 2017 and 2016.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 Company&#8217;s laboratory operations would be interrupted if it encounters 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 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 sequencers and various associated reagents.&nbsp;&nbsp;</p></div>
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