$FLGT
Fulgent Genetics, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018028969 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $5.673M $5.625M $4.503M
YoY Change 32.52% 24.92% -10.14%
Cost Of Revenue $2.769M $2.612M $2.268M
YoY Change 8.8% 15.17% 5.83%
Gross Profit $2.904M $3.013M $2.235M
YoY Change 67.28% 34.81% -22.07%
Gross Profit Margin 51.19% 53.56% 49.63%
Selling, General & Admin $2.507M $2.421M $2.588M
YoY Change 1.01% -6.45% 26.86%
% of Gross Profit 86.33% 80.35% 115.79%
Research & Development $1.426M $1.438M $1.128M
YoY Change 7.7% 27.48% -25.94%
% of Gross Profit 49.1% 47.73% 50.47%
Depreciation & Amortization $600.0K $547.0K $438.0K
YoY Change 50.0% 24.89% 9.5%
% of Gross Profit 20.66% 18.15% 19.6%
Operating Expenses $3.933M $3.859M $3.716M
YoY Change 3.34% 3.85% 4.29%
Operating Profit -$1.029M -$846.0K -$1.481M
YoY Change -50.29% -42.88% 113.09%
Interest Expense $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$931.0K -$703.0K -$1.336M
YoY Change -52.81% -47.38% 93.62%
Income Tax $888.0K -$318.0K -$415.0K
% Of Pretax Income
Net Earnings -$2.053M -$595.0K -$1.093M
YoY Change 26.42% -45.56% -1.26%
Net Earnings / Revenue -36.19% -10.58% -24.27%
Basic Earnings Per Share -$0.11 -$0.03 -$0.06
Diluted Earnings Per Share -$0.11 -$0.03 -$0.06
COMMON SHARES
Basic Shares Outstanding 18.07M 18.01M 17.75M
Diluted Shares Outstanding 18.01M 17.75M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.03M $32.60M $26.00M
YoY Change 17.18% 25.4% 217.07%
Cash & Equivalents $6.736M $8.489M $9.500M
Short-Term Investments $24.30M $24.11M $16.60M
Other Short-Term Assets $2.561M $2.370M $1.100M
YoY Change 5.05% 115.45% -77.47%
Inventory
Prepaid Expenses $556.0K $810.0K
Receivables $5.948M $6.077M $3.600M
Other Receivables $70.00K $1.600M $63.00K
Total Short-Term Assets $39.54M $41.05M $32.00M
YoY Change 20.09% 28.28% 82.86%
LONG-TERM ASSETS
Property, Plant & Equipment $6.446M $6.900M $6.500M
YoY Change -11.36% 6.15% 25.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.512M $1.746M $2.184M
YoY Change -21.94% -20.05%
Other Assets $17.00K $18.00K $100.0K
YoY Change -56.41% -82.0% 0.0%
Total Long-Term Assets $14.36M $13.75M $26.67M
YoY Change -40.8% -48.44% 406.65%
TOTAL ASSETS
Total Short-Term Assets $39.54M $41.05M $32.00M
Total Long-Term Assets $14.36M $13.75M $26.67M
Total Assets $53.90M $54.80M $58.67M
YoY Change -5.74% -6.6% 157.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.313M $1.000M $2.370M
YoY Change -37.15% -57.81% -27.88%
Accrued Expenses $1.259M $1.200M $781.0K
YoY Change 38.2% 53.65% 65.82%
Deferred Revenue $166.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.738M $2.300M $3.151M
YoY Change -8.73% -27.01% -37.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.00K $11.00K $5.000K
YoY Change 133.33% 120.0%
Total Long-Term Liabilities $14.00K $11.00K $5.000K
YoY Change 133.33% 120.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.738M $2.300M $3.151M
Total Long-Term Liabilities $14.00K $11.00K $5.000K
Total Liabilities $2.752M $2.300M $3.399M
YoY Change -8.45% -32.33% -38.35%
SHAREHOLDERS EQUITY
Retained Earnings -$63.02M -$56.04M
YoY Change 9.28% 0.13%
Common Stock $114.2M $111.3M
YoY Change 2.07% 11130000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.15M $52.58M $55.27M
YoY Change
Total Liabilities & Shareholders Equity $53.90M $54.80M $58.67M
YoY Change -5.74% -6.6% 157.8%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.053M -$595.0K -$1.093M
YoY Change 26.42% -45.56% -1.26%
Depreciation, Depletion And Amortization $600.0K $547.0K $438.0K
YoY Change 50.0% 24.89% 9.5%
Cash From Operating Activities $800.0K -$200.0K $500.0K
YoY Change -161.54% -140.0% -37.5%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$1.000M -$300.0K
YoY Change -90.91% 233.33% -89.29%
Acquisitions
YoY Change
Other Investing Activities -$2.400M $6.000M -$2.300M
YoY Change 242.86% -360.87%
Cash From Investing Activities -$2.500M $5.000M -$2.600M
YoY Change 47.06% -292.31% -7.14%
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%
NET CHANGE
Cash From Operating Activities 800.0K -200.0K 500.0K
Cash From Investing Activities -2.500M 5.000M -2.600M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -1.700M 4.800M -2.100M
YoY Change -43.33% -328.57% -73.42%
FREE CASH FLOW
Cash From Operating Activities $800.0K -$200.0K $500.0K
Capital Expenditures -$100.0K -$1.000M -$300.0K
Free Cash Flow $900.0K $800.0K $800.0K
YoY Change -550.0% 0.0% -77.78%

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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 three and nine months ended September 30, 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 three months ended September 30, 2017, after <font style="Background-color:#FFFFFF;">aggregating customers that are under common control or are affiliates, one customer contributed 11% of our revenue, and another two customers represent one customer for concentration disclosure purposes as they are managed by the same customer in the PRC, which contributed 12% of our revenue collectively. </font>In the nine months ended September 30, 2017, after <font style="Background-color:#FFFFFF;">aggregating customers that are under common control or are affiliates, three customers each contributed 11% of our revenue, and one of the customers and another customer represent one customer for concentration disclosure purposes as they are managed by the same customer in the PRC and contributed 18% of our revenue collectively.</font> </p></div>
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PrepaidTaxes
1313000
CY2017Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
204000
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
66000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
185000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
27000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1538000
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
207000
CY2018Q3 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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