$FLGT
Fulgent Genetics, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018013377 Filed on May 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $4.653M $5.306M
YoY Change -12.31% 54.24%
Cost Of Revenue $2.772M $1.859M
YoY Change 49.11% 42.56%
Gross Profit $1.881M $3.447M
YoY Change -45.43% 61.38%
Gross Profit Margin 40.43% 64.96%
Selling, General & Admin $2.617M $2.377M
YoY Change 10.1% 8.54%
% of Gross Profit 139.13% 68.96%
Research & Development $1.458M $851.0K
YoY Change 71.33% 51.69%
% of Gross Profit 77.51% 24.69%
Depreciation & Amortization $516.0K $400.0K
YoY Change 29.0% 100.0%
% of Gross Profit 27.43% 11.6%
Operating Expenses $4.075M $3.228M
YoY Change 26.24% 17.34%
Operating Profit -$2.194M $219.0K
YoY Change -1101.83% -135.61%
Interest Expense $100.0K $100.0K
YoY Change 0.0%
% of Operating Profit 45.66%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.099M $338.0K
YoY Change -721.01% -156.15%
Income Tax -$434.0K $106.0K
% Of Pretax Income 31.36%
Net Earnings -$1.910M $232.0K
YoY Change -923.28% -138.54%
Net Earnings / Revenue -41.05% 4.37%
Basic Earnings Per Share -$0.11 $0.01
Diluted Earnings Per Share -$0.11 $0.01
COMMON SHARES
Basic Shares Outstanding 17.86M 17.68M
Diluted Shares Outstanding 17.86M 18.18M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.50M $27.40M
YoY Change 4.01% 2640.0%
Cash & Equivalents $5.300M $6.734M
Short-Term Investments $23.20M $20.60M
Other Short-Term Assets $1.000M $1.202M
YoY Change -16.81% 140.4%
Inventory
Prepaid Expenses $635.0K $463.0K
Receivables $5.000M $4.600M
Other Receivables $36.00K $200.0K
Total Short-Term Assets $36.10M $33.17M
YoY Change 8.83% 653.86%
LONG-TERM ASSETS
Property, Plant & Equipment $6.900M $5.894M
YoY Change 17.07% 126.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.00M $19.60M
YoY Change -38.78%
Other Assets $500.0K $69.00K
YoY Change 624.64% -82.75%
Total Long-Term Assets $19.30M $25.65M
YoY Change -24.76% 755.0%
TOTAL ASSETS
Total Short-Term Assets $36.10M $33.17M
Total Long-Term Assets $19.30M $25.65M
Total Assets $55.40M $58.82M
YoY Change -5.81% 694.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $2.306M
YoY Change -43.63% 188.25%
Accrued Expenses $1.100M $745.0K
YoY Change 47.65% 272.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.400M $3.281M
YoY Change -26.85% 198.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.400M $3.281M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.415M $3.524M
YoY Change -31.47% 220.36%
SHAREHOLDERS EQUITY
Retained Earnings -$59.32M -$54.92M
YoY Change 8.01%
Common Stock $112.4M $2.000K
YoY Change 5621550.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.03M $55.30M
YoY Change
Total Liabilities & Shareholders Equity $55.44M $58.82M
YoY Change -5.75% 694.86%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.910M $232.0K
YoY Change -923.28% -138.54%
Depreciation, Depletion And Amortization $516.0K $400.0K
YoY Change 29.0% 100.0%
Cash From Operating Activities -$1.291M $1.508M
YoY Change -185.61% 72.34%
INVESTING ACTIVITIES
Capital Expenditures $1.116M $90.00K
YoY Change 1140.0% -49.15%
Acquisitions
YoY Change
Other Investing Activities $1.200M -$1.800M
YoY Change -166.67%
Cash From Investing Activities $51.00K -$1.870M
YoY Change -102.73% 956.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000K -801.0K
YoY Change -100.25%
NET CHANGE
Cash From Operating Activities -1.291M 1.508M
Cash From Investing Activities 51.00K -1.870M
Cash From Financing Activities 2.000K -801.0K
Net Change In Cash -1.238M -1.163M
YoY Change 6.45% -266.62%
FREE CASH FLOW
Cash From Operating Activities -$1.291M $1.508M
Capital Expenditures $1.116M $90.00K
Free Cash Flow -$2.407M $1.418M
YoY Change -269.75% 103.15%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;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>
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<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;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:4.54%;">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 first quarter of 2018, after aggregating customers that are under common control or are affiliates, </font><font style="color:#000000;">one</font><font style="Background-color:#FFFFFF;"> customer contributed 13% of our revenue</font>. In the first quarter of 2017, after <font style="Background-color:#FFFFFF;">aggregating customers that are under common control or are affiliates, four customers contributed 15%, 14%, 11% and 10% of our total revenue, respectively, of which the first two customers represent one customer for concentration disclosure purposes as they are managed by the same foreign governmental body.</font></p></div>
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MarketableSecuritiesInterestReceivableCurrent
204000
CY2018Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
36000
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
66000
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
109000
CY2018Q1 flgt Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Unrepatriated Foreign Earnings
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalUnrepatriatedForeignEarnings
0
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.31
CY2018Q1 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.30
CY2017Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.30

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