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f

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                              to                             

Commission File Number: 001-37894

 

FULGENT GENETICS, INC.

(exact name of registrant as specified in its charter)

 

 

Delaware

81-2621304

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

4978 Santa Anita Avenue

Temple City, CA

91780

(Address of principal executive offices)

(Zip Code)

 

(626) 350-0537

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

FLGT

 

The Nasdaq Stock Market 
(Nasdaq Global Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 1, 2021, there were 29,521,259 outstanding shares of the registrant’s common stock.

 

 

 


 

Table of Contents

 

 

Page

PART I—FINANCIAL INFORMATION

1

Item 1. Financial Statements (Unaudited)

1

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations

2

Condensed Consolidated Statements of Comprehensive Income (Loss)

3

Condensed Consolidated Statements of Stockholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

6

Notes to the Condensed Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk

32

Item 4. Controls and Procedures

32

PART II—OTHER INFORMATION

33

Item 1. Legal Proceedings

33

Item 1A. Risk Factors

33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 6. Exhibits

64

Exhibit Index

65

Signatures

66

 

 

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FULGENT GENETICS, INC.

Condensed Consolidated Balance Sheets

(in thousands, except par value data)

(unaudited)

 

 

June 30,

 

 

December 31,

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

100,461

 

 

$

87,426

 

Marketable securities

 

283,328

 

 

 

211,941

 

Trade accounts receivable, net of allowance for credit losses of $6,044 and $1,898

   as of June 30, 2021 and December 31, 2020, respectively

 

148,576

 

 

 

183,857

 

Other current assets

 

34,321

 

 

 

40,392

 

Total current assets

 

566,686

 

 

 

523,616

 

Marketable securities, long-term

 

393,250

 

 

 

132,502

 

Fixed assets, net

 

51,086

 

 

 

40,199

 

Acquisition-related intangible assets, net

 

6,829

 

 

 

 

Goodwill

 

23,107

 

 

 

 

Other long-term assets

 

8,897

 

 

 

4,144

 

Total assets

$

1,049,855

 

 

$

700,461

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

14,743

 

 

$

26,488

 

Income tax payable

 

26,399

 

 

 

53,319

 

Contract liabilities

 

6,915

 

 

 

26,576

 

Customer deposit

 

45,327

 

 

 

185

 

Investment margin loan

 

15,077

 

 

 

15,019

 

Other current liabilities

 

13,063

 

 

 

8,528

 

Total current liabilities

 

121,524

 

 

 

130,115

 

Notes payable

 

5,899

 

 

 

 

Unrecognized tax benefits

 

505

 

 

 

377

 

Other long-term liabilities

 

1,202

 

 

 

582

 

Total liabilities

 

129,130

 

 

 

131,074

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Common stock, $0.0001 par value per share, 50,000 shares authorized, 29,513 and

   28,178 shares issued and outstanding at June 30, 2021 and December 31, 2020,

   respectively

 

3

 

 

 

3

 

Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued

   or outstanding at June 30, 2021 and December 31, 2020

 

 

 

 

 

Additional paid-in capital

 

482,255

 

 

 

418,065

 

Accumulated other comprehensive income (loss)

 

(265

)

 

 

438

 

Retained earnings

 

430,736

 

 

 

150,881

 

Total Fulgent stockholders' equity

 

912,729

 

 

 

569,387

 

Noncontrolling interest

 

7,996

 

 

 

 

Total stockholders’ equity

 

920,725

 

 

 

569,387

 

Total liabilities and stockholders’ equity

$

1,049,855

 

 

$

700,461

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


FULGENT GENETICS, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

153,616

 

 

$

17,265

 

 

$

513,045

 

 

$

25,018

 

Cost of revenue

 

35,858

 

 

 

7,717

 

 

 

109,933

 

 

 

11,774

 

Gross profit

 

117,758

 

 

 

9,548

 

 

 

403,112

 

 

 

13,244

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

5,312

 

 

 

1,849

 

 

 

10,734

 

 

 

3,827

 

Selling and marketing

 

5,219

 

 

 

3,260

 

 

 

10,227

 

 

 

4,857

 

General and administrative

 

8,329

 

 

 

1,799

 

 

 

16,331

 

 

 

3,834

 

Total operating expenses

 

18,860

 

 

 

6,908

 

 

 

37,292

 

 

 

12,518

 

Operating income

 

98,898

 

 

 

2,640

 

 

 

365,820

 

 

 

726

 

Interest and other income, net

 

604

 

 

 

275

 

 

 

886

 

 

 

516

 

Income before income taxes, gain on

   equity method investment and equity loss in investee

 

99,502

 

 

 

2,915

 

 

 

366,706

 

 

 

1,242

 

Provision for (benefit from) income taxes

 

23,589

 

 

 

(599

)

 

 

90,102

 

 

 

(565

)

Income before gain on equity method investment

     and equity loss in investee

 

75,913

 

 

 

3,514

 

 

 

276,604

 

 

 

1,807

 

Gain on equity method investment

 

3,734

 

 

 

 

 

 

3,734

 

 

 

 

Equity loss in investee

 

 

 

 

(193

)

 

 

 

 

 

(442

)

Net income from consolidated

     operations

 

79,647

 

 

 

3,321

 

 

 

280,338

 

 

 

1,365

 

Net loss attributable to noncontrolling

     interests

 

165

 

 

 

 

 

 

165

 

 

 

 

Net income attributable to Fulgent

$

79,812

 

 

$

3,321

 

 

$

280,503

 

 

$

1,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Fulgent:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.74

 

 

$

0.15

 

 

$

9.68

 

 

$

0.06

 

Diluted

$

2.59

 

 

$

0.14

 

 

$

9.10

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

29,150

 

 

 

21,747

 

 

 

28,991

 

 

 

21,656

 

Diluted

 

30,830

 

 

 

22,920

 

 

 

30,809

 

 

 

22,824

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


 

FULGENT GENETICS, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income from consolidated operations

$

79,647

 

 

$

3,321

 

 

$

280,338

 

 

$

1,365

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

36

 

 

 

2

 

 

 

36

 

 

 

(1

)

Net unrealized gain (loss) on marketable securities, net of tax

 

(75

)

 

 

1,240

 

 

 

(729

)

 

 

904

 

Comprehensive income from consolidated operations

 

79,608

 

 

 

4,563

 

 

 

279,645

 

 

 

2,268

 

Net loss attributable to noncontrolling interest

 

165

 

 

 

 

 

 

165

 

 

 

 

Foreign currency translation gain attributable

   to noncontrolling interest

 

(10

)

 

 

 

 

 

(10

)

 

 

 

Comprehensive loss attributable to noncontrolling interest

 

155

 

 

 

 

 

 

155

 

 

 

 

Comprehensive income attributable to Fulgent

$

79,763

 

 

$

4,563

 

 

$

279,800

 

 

$

2,268

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


FULGENT GENETICS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

 

Fulgent Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other Comprehensive

Income (Loss)

 

 

Retained Earnings

 

 

Fulgent Stockholders' Equity

 

 

Noncontrolling Interest

 

 

Total

Equity

 

Balance at December 31, 2020

 

 

28,178

 

 

$

3

 

 

$

418,065

 

 

$

438

 

 

$

150,881

 

 

$

569,387

 

 

$

 

 

$

569,387

 

Equity-based compensation

 

 

 

 

 

 

 

 

2,962

 

 

 

 

 

 

 

 

 

2,962

 

 

 

 

 

 

2,962

 

Exercise of common stock

   options

 

 

45

 

 

 

 

 

 

44

 

 

 

 

 

 

 

 

 

44

 

 

 

 

 

 

44

 

Restricted stock awards

 

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock withholding

   for employee tax

   obligations

 

 

(4

)

 

 

 

 

 

(513

)

 

 

 

 

 

 

 

 

(513

)

 

 

 

 

 

(513

)

Issuance of common stock

   at an average of $52.00 per

   share, net

 

 

583

 

 

 

 

 

 

30,297

 

 

 

 

 

 

 

 

 

30,297

 

 

 

 

 

 

30,297

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(654

)

 

 

 

 

 

(654

)

 

 

 

 

 

(654

)

Cumulative effect of

   accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(887

)

 

 

(887

)

 

 

 

 

 

(887

)

Cumulative tax effect of

   accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

239

 

 

 

239

 

 

 

 

 

 

239

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200,691

 

 

 

200,691

 

 

 

 

 

 

200,691

 

Balance at March 31, 2021

 

 

28,989

 

 

 

3

 

 

 

450,855

 

 

 

(216

)

 

 

350,924

 

 

 

801,566

 

 

 

 

 

 

801,566

 

Equity-based compensation

 

 

 

 

 

 

 

 

3,526

 

 

 

 

 

 

 

 

 

3,526

 

 

 

 

 

 

3,526

 

Exercise of common stock

   options

 

 

4

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

24

 

Restricted stock awards

 

 

143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock withholding

   for employee tax

   obligations

 

 

(1

)

 

 

 

 

 

(39

)

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

(39

)

Issuance of common stock

   at an average of $73.75 per

   share, net

 

 

378

 

 

 

 

 

 

27,889

 

 

 

 

 

 

 

 

 

27,889

 

 

 

 

 

 

27,889

 

Noncontrolling interest

   assumed related to

   acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,151

 

 

 

8,151

 

Other comprehensive

   gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

(49

)

 

 

10

 

 

 

(39

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,812

 

 

 

79,812

 

 

 

(165

)

 

 

79,647

 

Balance at June 30, 2021

 

 

29,513

 

 

$

3

 

 

$

482,255

 

 

$

(265

)

 

$

430,736

 

 

$

912,729

 

 

$

7,996

 

 

$

920,725

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

FULGENT GENETICS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

 

Fulgent Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional