$FLGT
Fulgent Genetics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052530 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $101.7M $10.35M $8.424M
YoY Change 883.05% 83.95% 56.0%
Cost Of Revenue $26.26M $3.885M $3.620M
YoY Change 575.96% 48.74% 42.3%
Gross Profit $75.46M $6.462M $4.804M
YoY Change 1067.67% 114.47% 68.21%
Gross Profit Margin 74.18% 62.45% 57.03%
Selling, General & Admin $8.755M $3.209M $2.935M
YoY Change 172.83% 32.55% 10.96%
% of Gross Profit 11.6% 49.66% 61.09%
Research & Development $3.177M $1.744M $1.574M
YoY Change 82.17% 21.28% 29.87%
% of Gross Profit 4.21% 26.99% 32.76%
Depreciation & Amortization $722.0K $503.0K $511.0K
YoY Change 43.54% -8.04% -9.07%
% of Gross Profit 0.96% 7.78% 10.64%
Operating Expenses $11.93M $4.953M $4.509M
YoY Change 140.9% 28.35% 16.9%
Operating Profit $63.52M $1.509M $295.0K
YoY Change 4109.61% -278.37% -129.47%
Interest Expense $0.00 $200.0K $200.0K
YoY Change -100.0% 100.0% 100.0%
% of Operating Profit 0.0% 13.25% 67.8%
Other Income/Expense, Net
YoY Change
Pretax Income $63.94M $1.698M $487.0K
YoY Change 3665.84% -341.54% -153.93%
Income Tax $14.53M $61.00K $7.000K
% Of Pretax Income 22.72% 3.59% 1.44%
Net Earnings $46.64M $1.462M $331.0K
YoY Change 3090.01% -345.71% -131.55%
Net Earnings / Revenue 45.85% 14.13% 3.93%
Basic Earnings Per Share
Diluted Earnings Per Share $1.983M $76.92K $15.79K
COMMON SHARES
Basic Shares Outstanding 22.06M 18.50M 18.34M
Diluted Shares Outstanding 23.54M 19.46M 19.02M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.90M $32.10M $26.99M
YoY Change 133.33% -1.54% -11.81%
Cash & Equivalents $53.03M $20.52M $9.165M
Short-Term Investments $21.90M $11.60M $17.82M
Other Short-Term Assets $19.80M $1.400M $2.267M
YoY Change 1314.29% -40.93% 126.7%
Inventory
Prepaid Expenses $2.055M $1.160M $1.024M
Receivables $92.20M $5.400M $5.543M
Other Receivables $8.414M $27.00K $33.00K
Total Short-Term Assets $195.6M $39.20M $34.80M
YoY Change 398.98% -4.51% -8.91%
LONG-TERM ASSETS
Property, Plant & Equipment $20.10M $9.100M $5.937M
YoY Change 120.88% 31.88% -18.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.70M $12.40M $1.084M
YoY Change 147.58% 610.19% -88.47%
Other Assets $1.000M $400.0K $167.0K
YoY Change 150.0% 2122.22% -72.17%
Total Long-Term Assets $51.70M $21.90M $21.64M
YoY Change 136.07% 59.27% 25.09%
TOTAL ASSETS
Total Short-Term Assets $195.6M $39.20M $34.80M
Total Long-Term Assets $51.70M $21.90M $21.64M
Total Assets $247.3M $61.10M $56.44M
YoY Change 304.75% 11.5% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.70M $2.200M $1.175M
YoY Change 750.0% 120.0% -34.72%
Accrued Expenses $6.000M $2.000M $1.333M
YoY Change 200.0% 66.67% 11.08%
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 $57.70M $4.253M $2.909M
YoY Change 1256.69% 84.91% -3.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $2.400M $2.400M
YoY Change -8.33% 21718.18%
Total Long-Term Liabilities $2.200M $2.400M $2.400M
YoY Change -8.33% 21718.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.70M $4.253M $2.909M
Total Long-Term Liabilities $2.200M $2.400M $2.400M
Total Liabilities $60.40M $6.619M $5.294M
YoY Change 812.52% 187.78% 76.47%
SHAREHOLDERS EQUITY
Retained Earnings -$63.13M -$64.60M
YoY Change
Common Stock $117.5M $115.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.0M $54.53M $51.14M
YoY Change
Total Liabilities & Shareholders Equity $247.3M $61.15M $56.44M
YoY Change 304.45% 11.58% 1.69%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $46.64M $1.462M $331.0K
YoY Change 3090.01% -345.71% -131.55%
Depreciation, Depletion And Amortization $722.0K $503.0K $511.0K
YoY Change 43.54% -8.04% -9.07%
Cash From Operating Activities $9.400M $3.900M $600.0K
YoY Change 141.03% -2050.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.10M -$100.0K -$500.0K
YoY Change 10000.0% -90.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities $8.800M $6.500M $3.700M
YoY Change 35.38% 8.33% -346.67%
Cash From Investing Activities -$1.400M $6.300M $3.200M
YoY Change -122.22% 26.0% -300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.50M 1.100M 0.000
YoY Change 3763.64%
NET CHANGE
Cash From Operating Activities 9.400M 3.900M 600.0K
Cash From Investing Activities -1.400M 6.300M 3.200M
Cash From Financing Activities 42.50M 1.100M 0.000
Net Change In Cash 50.50M 11.30M 3.800M
YoY Change 346.9% 135.42% -337.5%
FREE CASH FLOW
Cash From Operating Activities $9.400M $3.900M $600.0K
Capital Expenditures -$10.10M -$100.0K -$500.0K
Free Cash Flow $19.50M $4.000M $1.100M
YoY Change 387.5% 400.0% 1000.0%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<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;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;">The preparation of condensed 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, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Company&#8217;s estimates and assumptions may evolve as conditions change. Actual results could differ significantly 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) valuation of equity method investments.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;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. After aggregating customers that are under common control or are affiliates, one customer contributed 37% and 35% of the Company&#8217;s revenue for the three and nine months ended September 30, 2020, respectively. One customer contributed 40% and 33% of the Company&#8217;s revenue for the three and nine months ended September 30, 2019, respectively. Two customers comprised 29% and 26%, respectively, of total accounts receivable as of September 30, 2020. No customer comprised 10% or more of total accounts receivable as of December<font style="color:#000000;"> 31, 2019. </font>Revenue from the U.S. government was less than 10% of total revenue for the three and nine months ended September 30, 2020 and 2019.</p>
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-62000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
252000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
48000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
254000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37000
us-gaap Revenue Practical Expedient Remaining Performance Obligation
RevenuePracticalExpedientRemainingPerformanceObligation
true
CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
50161000
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
778000
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
50939000
CY2020Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
38101000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
58124000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
159000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
32000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58251000
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
6399000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
0
CY2019 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
32000
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2020Q3 flgt Fair Value Assets Transfers Between Levels Amount
FairValueAssetsTransfersBetweenLevelsAmount
0
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27200000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13964000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9815000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7990000
CY2020Q3 us-gaap Depreciation
Depreciation
722000
CY2019Q3 us-gaap Depreciation
Depreciation
503000
CY2020Q3 flgt Reagents And Supplies Current
ReagentsAndSuppliesCurrent
17747000
CY2019Q4 flgt Reagents And Supplies Current
ReagentsAndSuppliesCurrent
277000
CY2020Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
8414000
CY2019Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
16000
CY2020Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2055000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1288000
CY2020Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1476000
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
150000
CY2020Q3 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
294000
CY2019Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
478000
CY2020Q3 us-gaap Prepaid Taxes
PrepaidTaxes
14000
CY2019Q4 us-gaap Prepaid Taxes
PrepaidTaxes
46000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
flgt Operating Leases Term Of Expiration
OperatingLeasesTermOfExpiration
2023-08
CY2020Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3000000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
384000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2600000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
167000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
146000
us-gaap Operating Lease Cost
OperatingLeaseCost
468000
us-gaap Operating Lease Cost
OperatingLeaseCost
438000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
56000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
59000
CY2020Q3 us-gaap Lease Cost
LeaseCost
223000
CY2019Q3 us-gaap Lease Cost
LeaseCost
146000
us-gaap Lease Cost
LeaseCost
527000
us-gaap Lease Cost
LeaseCost
438000
CY2020Q3 flgt Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
336000
CY2019Q3 flgt Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
140000
flgt Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
647000
flgt Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
391000
CY2020Q3 flgt Noncash Lease Expense
NoncashLeaseExpense
125000
CY2019Q3 flgt Noncash Lease Expense
NoncashLeaseExpense
105000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
110000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0587
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
164000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
662000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
668000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
637000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
400000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
387000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
262000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3180000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
437000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2743000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3150000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
951000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5154000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2271000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.04
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.14

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