$FLGT
Fulgent Genetics, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021025554 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $359.4M $7.753M $8.387M
YoY Change 4536.0% 44.38% 47.84%
Cost Of Revenue $74.08M $4.057M $3.634M
YoY Change 1725.86% 36.69% 31.24%
Gross Profit $285.4M $3.696M $4.753M
YoY Change 7620.62% 53.87% 63.67%
Gross Profit Margin 79.39% 47.67% 56.67%
Selling, General & Admin $13.01M $3.632M $3.367M
YoY Change 258.2% 29.67% 34.3%
% of Gross Profit 4.56% 98.27% 70.84%
Research & Development $5.422M $1.978M $1.795M
YoY Change 174.12% 38.9% 25.88%
% of Gross Profit 1.9% 53.52% 37.77%
Depreciation & Amortization $1.922M $569.0K $600.0K
YoY Change 237.79% 6.36% 0.0%
% of Gross Profit 0.67% 15.4% 12.62%
Operating Expenses $18.43M $5.610M $5.162M
YoY Change 228.56% 32.78% 31.25%
Operating Profit $266.9M -$1.914M -$409.0K
YoY Change -14045.77% 4.99% -60.25%
Interest Expense $29.00K $200.0K $200.0K
YoY Change -85.5% 0.0% 100.0%
% of Operating Profit 0.01%
Other Income/Expense, Net
YoY Change
Pretax Income $267.2M -$1.673M -$160.0K
YoY Change -16071.55% 3.53% -82.81%
Income Tax $66.50M $34.00K -$38.00K
% Of Pretax Income 24.89%
Net Earnings $200.7M -$1.956M -$296.0K
YoY Change -10360.28% 2.52% -85.58%
Net Earnings / Revenue 55.84% -25.23% -3.53%
Basic Earnings Per Share
Diluted Earnings Per Share $6.516M -$92.59K -$15.15K
COMMON SHARES
Basic Shares Outstanding 28.83M 21.57M
Diluted Shares Outstanding 30.77M 21.57M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $409.8M $27.30M $28.27M
YoY Change 1401.1% -7.14% -8.91%
Cash & Equivalents $151.5M $9.302M $11.97M
Short-Term Investments $258.3M $18.00M $16.30M
Other Short-Term Assets $30.20M $2.700M $2.255M
YoY Change 1018.52% 92.86% -11.95%
Inventory
Prepaid Expenses $4.515M $1.211M $1.288M
Receivables $217.0M $6.500M $6.555M
Other Receivables $1.000K $32.00K $16.00K
Total Short-Term Assets $659.1M $37.00M $37.08M
YoY Change 1681.35% 1.93% -6.23%
LONG-TERM ASSETS
Property, Plant & Equipment $47.90M $8.200M $5.974M
YoY Change 484.15% -7.87% -7.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $287.6M $43.90M $872.0K
YoY Change 555.13% 330.39% -42.33%
Other Assets $5.330M $200.0K $251.0K
YoY Change 2565.0% -13.42% 1376.47%
Total Long-Term Assets $340.0M $52.30M $51.68M
YoY Change 550.06% 170.26% 259.84%
TOTAL ASSETS
Total Short-Term Assets $659.1M $37.00M $37.08M
Total Long-Term Assets $340.0M $52.30M $51.68M
Total Assets $999.1M $89.30M $88.76M
YoY Change 1018.79% 60.46% 64.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.44M $2.900M $1.581M
YoY Change 501.38% 99.18% 20.41%
Accrued Expenses $400.0K $2.500M $1.333M
YoY Change -84.0% 84.64% 5.88%
Deferred Revenue $13.96M $444.0K $365.0K
YoY Change 3044.14% 119.88%
Short-Term Debt $15.00M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $196.5M $5.800M $3.723M
YoY Change 3288.45% 81.25% 35.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $513.0K $2.100M $2.300M
YoY Change -75.57% -16.0% 16328.57%
Total Long-Term Liabilities $513.0K $2.100M $2.300M
YoY Change -75.57% -16.0% 16328.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $196.5M $5.800M $3.723M
Total Long-Term Liabilities $513.0K $2.100M $2.300M
Total Liabilities $197.0M $8.000M $5.979M
YoY Change 2363.04% 40.35% 117.26%
SHAREHOLDERS EQUITY
Retained Earnings -$63.43M
YoY Change 0.65%
Common Stock $146.1M
YoY Change 27.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $801.6M $81.37M $82.78M
YoY Change
Total Liabilities & Shareholders Equity $999.1M $89.30M $88.76M
YoY Change 1018.81% 60.32% 64.66%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $200.7M -$1.956M -$296.0K
YoY Change -10360.28% 2.52% -85.58%
Depreciation, Depletion And Amortization $1.922M $569.0K $600.0K
YoY Change 237.79% 6.36% 0.0%
Cash From Operating Activities $233.2M $1.366M -$100.0K
YoY Change 16970.2% 29.48% -112.5%
INVESTING ACTIVITIES
Capital Expenditures $11.49M $796.0K -$500.0K
YoY Change 1343.72% 494.03% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$205.0M -$3.100M -$35.70M
YoY Change 6512.9% 29.17% 1387.5%
Cash From Investing Activities -$216.5M -$3.862M -$36.00M
YoY Change 5505.67% 54.48% 1340.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$47.27M $176.0K
YoY Change -26960.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.35M -164.0K 27.70M
YoY Change -28970.12% -4200.0%
NET CHANGE
Cash From Operating Activities 233.2M 1.366M -100.0K
Cash From Investing Activities -216.5M -3.862M -36.00M
Cash From Financing Activities 47.35M -164.0K 27.70M
Net Change In Cash 64.04M -2.663M -8.400M
YoY Change -2504.62% 83.91% 394.12%
FREE CASH FLOW
Cash From Operating Activities $233.2M $1.366M -$100.0K
Capital Expenditures $11.49M $796.0K -$500.0K
Free Cash Flow $221.7M $570.0K $400.0K
YoY Change 38792.46% -38.11% -55.56%

Facts In Submission

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CY2021Q1 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 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) trade accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities and (v) the valuation of equity method investments.</p>
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CY2021Q1 us-gaap Concentration Risk Credit Risk
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<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;">Concentration of Customers</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;">In certain periods, a small number of customers have accounted for a significant portion of the Company&#8217;s revenue. <font style="Background-color:#FFFFFF;">In the </font><font style="color:#000000;">first quarter of 2021</font><font style="Background-color:#FFFFFF;">, 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 25% of the Company&#8217;s revenue.</font> In the <font style="color:#000000;">first quarter of 2020</font>, after <font style="Background-color:#FFFFFF;">aggregating customers that are under common control or are affiliates, no customer contributed 10% or more of the Company&#8217;s revenue.</font> No customer comprised 10% or more of total trade accounts receivable as of March 31, 2021 and December 31, 2020. <font style="color:#000000;">Revenue from the U.S. government was less than 10% of total revenue in the first quarters of 2021 and 2020.</font> </p>
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AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecurities
545943000
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
47461000
CY2020Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Amortized Cost Basis
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesAmortizedCostBasis
343987000
CY2020Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Gain Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedGainBeforeTax
754000
CY2020Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities Unrealized Loss Before Tax
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecuritiesUnrealizedLossBeforeTax
298000
CY2020Q4 flgt Available For Sale Securities Debt Equity Securities And Trading Securities
AvailableForSaleSecuritiesDebtEquitySecuritiesAndTradingSecurities
344443000
CY2021Q1 flgt Available For Sale Debt Securities And Equity Trading Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesAndEquityTradingSecuritiesGrossUnrealizedLoss
1300000
CY2020 flgt Available For Sale Debt Securities And Equity Trading Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesAndEquityTradingSecuritiesGrossUnrealizedLoss
298000
CY2021Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2021Q1 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
2133000
CY2020Q4 flgt Marketable Securities Interest Receivable Current
MarketableSecuritiesInterestReceivableCurrent
1016000
CY2021Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
506000
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1379000
CY2021Q1 us-gaap Prepaid Taxes
PrepaidTaxes
14000
CY2020Q4 us-gaap Prepaid Taxes
PrepaidTaxes
14000
CY2021Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1000
CY2020Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
17810000
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q1 flgt Debt Security Investment Outstanding Borrowing Amount
DebtSecurityInvestmentOutstandingBorrowingAmount
15000000
CY2021Q1 flgt Debt Instrument Interest Rate At Beginning Of Period
DebtInstrumentInterestRateAtBeginningOfPeriod
0.01
CY2021Q1 flgt Payments For Closing Of Escrow Financed Under Margin Loan
PaymentsForClosingOfEscrowFinancedUnderMarginLoan
15000000
CY2021Q1 us-gaap Interest Expense
InterestExpense
29000
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
25400000
CY2021Q1 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesCurrent
CY2020Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesCurrent
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
499000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
568000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesNoncurrent
CY2020Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesNoncurrent
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
69000
CY2021Q1 flgt Operating Leases Term Of Expiration
OperatingLeasesTermOfExpiration
2025-10
CY2021Q1 flgt Number Of Operating Leases Entered
NumberOfOperatingLeasesEntered
1
CY2021Q1 flgt Lessee Operating Lease Extended Lease Term
LesseeOperatingLeaseExtendedLeaseTerm
P2Y
CY2021Q1 flgt Lessee Operating Lease Extended Lease Term Expiration Date
LesseeOperatingLeaseExtendedLeaseTermExpirationDate
2023-01-31
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
928000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
828000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsNoncurrent
CY2020Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsNoncurrent
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
437000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
267000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
149000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
131000
CY2021Q1 us-gaap Lease Cost
LeaseCost
200000
CY2020Q1 us-gaap Lease Cost
LeaseCost
149000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0341
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
345000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
463000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
159000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
157000
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
156000
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
174000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
190000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
95000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
61000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
520000

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