flgt-10q_20210930.htm
false Q3 0001674930 --12-31 0.31 0.11 0.10 0.10 true http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member true true true true 37500000 0.11 0.31 0.10 0.10 2027-07-31 37500000 http://fasb.org/us-gaap/2021-01-31#ServiceOtherMember http://fasb.org/us-gaap/2021-01-31#ServiceOtherMember http://fasb.org/us-gaap/2021-01-31#ServiceOtherMember http://fasb.org/us-gaap/2021-01-31#ServiceOtherMember http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent 0001674930 2021-01-01 2021-09-30 xbrli:shares 0001674930 2021-11-01 iso4217:USD 0001674930 2021-09-30 0001674930 2020-12-31 iso4217:USD xbrli:shares 0001674930 2021-07-01 2021-09-30 0001674930 2020-07-01 2020-09-30 0001674930 2020-01-01 2020-09-30 0001674930 us-gaap:CommonStockMember 2020-12-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001674930 us-gaap:RetainedEarningsMember 2020-12-31 0001674930 us-gaap:ParentMember 2020-12-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001674930 us-gaap:ParentMember 2021-01-01 2021-03-31 0001674930 2021-01-01 2021-03-31 0001674930 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001674930 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2020-12-31 0001674930 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:ParentMember 2020-12-31 0001674930 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2020-12-31 0001674930 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001674930 us-gaap:CommonStockMember 2021-03-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001674930 us-gaap:RetainedEarningsMember 2021-03-31 0001674930 us-gaap:ParentMember 2021-03-31 0001674930 2021-03-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001674930 us-gaap:ParentMember 2021-04-01 2021-06-30 0001674930 2021-04-01 2021-06-30 0001674930 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001674930 us-gaap:NoncontrollingInterestMember 2021-04-01 2021-06-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001674930 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001674930 us-gaap:CommonStockMember 2021-06-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001674930 us-gaap:RetainedEarningsMember 2021-06-30 0001674930 us-gaap:ParentMember 2021-06-30 0001674930 us-gaap:NoncontrollingInterestMember 2021-06-30 0001674930 2021-06-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001674930 us-gaap:ParentMember 2021-07-01 2021-09-30 0001674930 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001674930 us-gaap:NoncontrollingInterestMember 2021-07-01 2021-09-30 0001674930 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001674930 us-gaap:CommonStockMember 2021-09-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001674930 us-gaap:RetainedEarningsMember 2021-09-30 0001674930 us-gaap:ParentMember 2021-09-30 0001674930 us-gaap:NoncontrollingInterestMember 2021-09-30 0001674930 flgt:NovemberTwoThousandTwentyEquityDistributionAgreementMember 2021-03-31 0001674930 flgt:NovemberTwoThousandTwentyEquityDistributionAgreementMember 2021-06-30 0001674930 us-gaap:CommonStockMember 2019-12-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001674930 us-gaap:RetainedEarningsMember 2019-12-31 0001674930 2019-12-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001674930 2020-01-01 2020-03-31 0001674930 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001674930 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001674930 us-gaap:CommonStockMember 2020-03-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001674930 us-gaap:RetainedEarningsMember 2020-03-31 0001674930 2020-03-31 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001674930 2020-04-01 2020-06-30 0001674930 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001674930 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001674930 us-gaap:CommonStockMember 2020-06-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001674930 us-gaap:RetainedEarningsMember 2020-06-30 0001674930 2020-06-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001674930 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001674930 us-gaap:CommonStockMember flgt:EquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 us-gaap:AdditionalPaidInCapitalMember flgt:EquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 flgt:EquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 us-gaap:CommonStockMember flgt:TwoThousandTwentyEquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 us-gaap:AdditionalPaidInCapitalMember flgt:TwoThousandTwentyEquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 flgt:TwoThousandTwentyEquityDistributionAgreementMember 2020-07-01 2020-09-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001674930 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001674930 us-gaap:CommonStockMember 2020-09-30 0001674930 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001674930 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001674930 us-gaap:RetainedEarningsMember 2020-09-30 0001674930 2020-09-30 0001674930 flgt:EquityDistributionAgreementMember 2020-09-30 0001674930 flgt:TwoThousandTwentyEquityDistributionAgreementMember 2020-09-30 0001674930 us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-09-30 0001674930 flgt:FFGeneBiotechMember 2021-01-01 2021-09-30 0001674930 flgt:CytometrySpecialistsIncMember 2021-01-01 2021-09-30 flgt:Customer 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2021-07-01 2021-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2021-01-01 2021-09-30 xbrli:pure 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember flgt:CustomerOneMember 2021-07-01 2021-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember flgt:CustomerOneMember 2021-01-01 2021-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember flgt:CustomerTwoMember 2021-07-01 2021-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2020-07-01 2020-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2020-01-01 2020-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember flgt:CustomerOneMember 2020-07-01 2020-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember flgt:CustomerOneMember 2020-01-01 2020-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember srt:MinimumMember 2020-01-01 2020-12-31 0001674930 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:AccountingStandardsUpdate201409Member 2021-07-01 2021-09-30 0001674930 us-gaap:AccountingStandardsUpdate201409Member 2020-07-01 2020-09-30 0001674930 us-gaap:AccountingStandardsUpdate201409Member 2020-01-01 2020-09-30 0001674930 flgt:ClinicalInsuranceContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-07-01 2021-09-30 0001674930 flgt:ClinicalInsuranceContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-07-01 2020-09-30 0001674930 flgt:ClinicalInsuranceContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-09-30 0001674930 flgt:ClinicalInsuranceContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-01-01 2020-09-30 0001674930 flgt:ClinicalInstitutionalContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-07-01 2021-09-30 0001674930 flgt:ClinicalInstitutionalContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-07-01 2020-09-30 0001674930 flgt:ClinicalInstitutionalContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-09-30 0001674930 flgt:ClinicalInstitutionalContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-01-01 2020-09-30 0001674930 flgt:ClinicalPatientContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-07-01 2021-09-30 0001674930 flgt:ClinicalPatientContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-07-01 2020-09-30 0001674930 flgt:ClinicalPatientContractsMember us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-09-30 0001674930 flgt:ClinicalPatientContractsMember us-gaap:AccountingStandardsUpdate201409Member 2020-01-01 2020-09-30 0001674930 us-gaap:OtherCurrentAssetsMember 2021-09-30 0001674930 us-gaap:OtherCurrentAssetsMember 2020-12-31 0001674930 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:AccountingStandardsUpdate201613Member us-gaap:RetainedEarningsMember 2021-09-30 0001674930 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:AccountingStandardsUpdate201613Member us-gaap:RetainedEarningsMember us-gaap:OtherNoncurrentAssetsMember 2021-01-01 2021-09-30 0001674930 us-gaap:AccountingStandardsUpdate201912Member 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember us-gaap:USGovernmentDebtSecuritiesMember 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember us-gaap:MunicipalBondsMember 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember flgt:YankeeDebtSecuritiesMember 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:CorporateDebtSecuritiesMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:USGovernmentDebtSecuritiesMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:AgencySecuritiesMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:MunicipalBondsMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember flgt:YankeeDebtSecuritiesMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterFiveYearsThroughTenYearsMember us-gaap:MunicipalBondsMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterFiveYearsThroughTenYearsMember flgt:RedeemablePreferredStockInvestmentMember 2021-09-30 0001674930 flgt:DebtSecuritiesDueAfterFiveYearsThroughTenYearsMember 2021-09-30 0001674930 us-gaap:DebtSecuritiesMember 2021-09-30 0001674930 flgt:ShortTermEquitySecuritiesMember us-gaap:MoneyMarketFundsMember 2021-09-30 0001674930 flgt:ShortTermEquitySecuritiesMember us-gaap:BondsMember 2021-09-30 0001674930 flgt:ShortTermEquitySecuritiesMember us-gaap:ExchangeTradedFundsMember 2021-09-30 0001674930 flgt:ShortTermEquitySecuritiesMember 2021-09-30 0001674930 flgt:ShortTermDebtSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2020-12-31 0001674930 flgt:ShortTermDebtSecuritiesMember 2020-12-31 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:CorporateDebtSecuritiesMember 2020-12-31 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember us-gaap:AgencySecuritiesMember 2020-12-31 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember flgt:YankeeDebtSecuritiesMember 2020-12-31 0001674930 flgt:DebtSecuritiesDueAfterOneYearThroughFiveYearsMember 2020-12-31 0001674930 us-gaap:DebtSecuritiesMember 2020-12-31 0001674930 flgt:ShortTermDebtSecuritiesMember us-gaap:MoneyMarketFundsMember 2020-12-31 0001674930 flgt:ShortTermEquitySecuritiesMember us-gaap:BondsMember 2020-12-31 0001674930 flgt:ShortTermEquitySecuritiesMember us-gaap:ExchangeTradedFundsMember 2020-12-31 0001674930 flgt:ShortTermEquitySecuritiesMember 2020-12-31 0001674930 2020-01-01 2020-12-31 0001674930 flgt:MarginAccountBorrowingMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:BondsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:BondsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:BondsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedFundsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:ExchangeTradedFundsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:ExchangeTradedFundsMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:ExchangeTradedFundsMember 2021-09-30 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentDebtSecuritiesMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentDebtSecuritiesMember 2021-09-30 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:RedeemablePreferredStockMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:RedeemablePreferredStockMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:RedeemablePreferredStockMember 2021-09-30 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:BondsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:BondsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:BondsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedFundsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:ExchangeTradedFundsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:ExchangeTradedFundsMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:ExchangeTradedFundsMember 2020-12-31 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001674930 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001674930 flgt:YankeeDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001674930 flgt:USAgencyDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001674930 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001674930 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001674930 us-gaap:RedeemablePreferredStockMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0001674930 flgt:MedicalLabEquipmentMember 2021-09-30 0001674930 flgt:MedicalLabEquipmentMember 2020-12-31 0001674930 us-gaap:BuildingMember 2021-09-30 0001674930 us-gaap:BuildingMember 2020-12-31 0001674930 flgt:AircraftMember 2021-09-30 0001674930 flgt:AircraftMember 2020-12-31 0001674930 us-gaap:ComputerEquipmentMember 2021-09-30 0001674930 us-gaap:ComputerEquipmentMember 2020-12-31 0001674930 us-gaap:LeaseholdImprovementsMember 2021-09-30 0001674930 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001674930 us-gaap:SoftwareDevelopmentMember 2021-09-30 0001674930 us-gaap:SoftwareDevelopmentMember 2020-12-31 0001674930 us-gaap:FurnitureAndFixturesMember 2021-09-30 0001674930 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001674930 flgt:AutomobileMember 2021-09-30 0001674930 flgt:AutomobileMember 2020-12-31 0001674930 us-gaap:BuildingImprovementsMember 2021-09-30 0001674930 us-gaap:BuildingImprovementsMember 2020-12-31 0001674930 us-gaap:LandImprovementsMember 2021-09-30 0001674930 us-gaap:LandImprovementsMember 2020-12-31 0001674930 flgt:GeneralEquipmentMember 2021-09-30 0001674930 flgt:GeneralEquipmentMember 2020-12-31 0001674930 us-gaap:LandMember 2021-09-30 0001674930 us-gaap:LandMember 2020-12-31 0001674930 flgt:AssetsNotYetPlacedInServiceMember 2021-09-30 0001674930 flgt:AssetsNotYetPlacedInServiceMember 2020-12-31 0001674930 flgt:MedicalLabEquipmentMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 flgt:MedicalLabEquipmentMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:BuildingMember 2021-01-01 2021-09-30 0001674930 flgt:AircraftMember 2021-01-01 2021-09-30 0001674930 us-gaap:ComputerEquipmentMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:ComputerEquipmentMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:LeaseholdImprovementsMember 2021-01-01 2021-09-30 0001674930 us-gaap:SoftwareDevelopmentMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:SoftwareDevelopmentMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 flgt:AutomobileMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 flgt:AutomobileMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:BuildingImprovementsMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:BuildingImprovementsMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:LandImprovementsMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:LandImprovementsMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 flgt:GeneralEquipmentMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 flgt:GeneralEquipmentMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 flgt:CytometrySpecialistsIncMember 2021-09-30 flgt:Segment 0001674930 country:US 2021-07-01 2021-09-30 0001674930 country:US 2020-07-01 2020-09-30 0001674930 country:US 2021-01-01 2021-09-30 0001674930 country:US 2020-01-01 2020-09-30 0001674930 us-gaap:NonUsMember 2021-07-01 2021-09-30 0001674930 us-gaap:NonUsMember 2020-07-01 2020-09-30 0001674930 us-gaap:NonUsMember 2021-01-01 2021-09-30 0001674930 us-gaap:NonUsMember 2020-01-01 2020-09-30 0001674930 srt:MaximumMember 2021-01-01 2021-09-30 0001674930 flgt:XilongScientificMember flgt:FFGeneBiotechMember 2021-09-30 0001674930 flgt:XilongScientificMember flgt:FFGeneBiotechMember 2021-01-01 2021-09-30 0001674930 flgt:XilongScientificMember flgt:FFGeneBiotechMember 2021-07-01 2021-09-30 0001674930 flgt:ReagentsAndOtherSuppliesMember 2021-09-30 0001674930 flgt:MedicalLabEquipmentMember 2021-09-30 0001674930 flgt:MedicalLabFurnitureMember 2021-09-30 0001674930 2021-02-01 2021-02-28 utr:sqft 0001674930 stpr:TX 2021-03-31 0001674930 stpr:TX 2021-03-01 2021-03-31 0001674930 us-gaap:BuildingMember srt:MinimumMember 2021-01-01 2021-09-30 0001674930 us-gaap:BuildingMember srt:MaximumMember 2021-01-01 2021-09-30 0001674930 us-gaap:CostOfSalesMember 2021-07-01 2021-09-30 0001674930 us-gaap:CostOfSalesMember 2020-07-01 2020-09-30 0001674930 us-gaap:CostOfSalesMember 2021-01-01 2021-09-30 0001674930 us-gaap:CostOfSalesMember 2020-01-01 2020-09-30 0001674930 us-gaap:ResearchAndDevelopmentExpenseMember 2021-07-01 2021-09-30 0001674930 us-gaap:ResearchAndDevelopmentExpenseMember 2020-07-01 2020-09-30 0001674930 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-09-30 0001674930 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-09-30 0001674930 us-gaap:SellingAndMarketingExpenseMember 2021-07-01 2021-09-30 0001674930 us-gaap:SellingAndMarketingExpenseMember 2020-07-01 2020-09-30 0001674930 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-09-30 0001674930 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-09-30 0001674930 us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0001674930 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001674930 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0001674930 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001674930 us-gaap:EmployeeStockOptionMember 2021-07-01 2021-09-30 0001674930 us-gaap:RestrictedStockUnitsRSUMember 2021-07-01 2021-09-30 0001674930 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0001674930 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-09-30 0001674930 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001674930 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001674930 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2021-07-01 2021-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2021-01-01 2021-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2020-07-01 2020-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2020-01-01 2020-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2021-09-30 0001674930 flgt:AHMCHealthcareIncMember flgt:GeneticSequencingServiceMember 2020-12-31 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember flgt:ResearchDevelopmentServiceMember 2021-07-01 2021-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember flgt:ResearchDevelopmentServiceMember 2021-01-01 2021-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember flgt:ResearchDevelopmentServiceMember 2020-07-01 2020-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember flgt:ResearchDevelopmentServiceMember 2020-01-01 2020-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2021-07-01 2021-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2021-01-01 2021-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2020-07-01 2020-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2020-01-01 2020-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2021-09-30 0001674930 flgt:FulgentPharmaLimitedLiabilityCompanyMember 2020-12-31 0001674930 flgt:PTJAssociatesIncMember 2021-07-01 2021-09-30 0001674930 flgt:PTJAssociatesIncMember 2021-01-01 2021-09-30 0001674930 flgt:PTJAssociatesIncMember 2020-12-31 0001674930 flgt:FFGeneBiotechMember 2017-04-30 0001674930 flgt:XilongScientificMember 2021-05-31 0001674930 flgt:FFGeneBiotechMember 2017-04-01 2017-04-30 0001674930 flgt:FFGeneBiotechMember 2017-04-30 0001674930 flgt:FFGeneBiotechMember 2017-04-30 0001674930 us-gaap:MeasurementInputDiscountForLackOfMarketabilityMember flgt:FFGeneBiotechMember 2017-04-30 0001674930 us-gaap:MeasurementInputDiscountRateMember flgt:FFGeneBiotechMember 2017-04-30 0001674930 flgt:MeasurementInputDiscountOwedToMarketParticipantAcquisitionPremiumMember flgt:FFGeneBiotechMember 2017-04-30 0001674930 flgt:FFGeneBiotechMember 2021-09-30 0001674930 flgt:FFGeneBiotechMember 2021-07-01 2021-09-30 0001674930 flgt:FFGeneBiotechMember us-gaap:TechnologyBasedIntangibleAssetsMember 2017-04-30 0001674930 flgt:FFGeneBiotechMember us-gaap:TechnologyBasedIntangibleAssetsMember 2017-04-01 2017-04-30 0001674930 flgt:FFGeneBiotechMember us-gaap:CustomerRelationshipsMember 2017-04-30 0001674930 flgt:FFGeneBiotechMember us-gaap:CustomerRelationshipsMember 2017-04-01 2017-04-30 0001674930 flgt:CytometrySpecialistsIncMember 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember 2021-08-01 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember us-gaap:CustomerRelationshipsMember 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember flgt:LaboratoryInformationSystemPlatformMember 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember us-gaap:TradeNamesMember 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember us-gaap:CustomerRelationshipsMember 2021-08-01 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember flgt:LaboratoryInformationSystemPlatformMember 2021-08-01 2021-08-31 0001674930 flgt:CytometrySpecialistsIncMember us-gaap:TradeNamesMember 2021-08-01 2021-08-31 0001674930 flgt:NovemberTwoThousandTwentyEquityDistributionAgreementMember us-gaap:CommonStockMember srt:MaximumMember 2020-11-01 2020-11-30 0001674930 flgt:NovemberTwoThousandTwentyEquityDistributionAgreementMember us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001674930 flgt:NovemberTwoThousandTwentyEquityDistributionAgreementMember us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001674930 flgt:RoyaltyFreeTechnologyMember 2021-09-30 0001674930 us-gaap:CustomerRelationshipsMember 2021-09-30 0001674930 us-gaap:TradeNamesMember 2021-09-30 0001674930 flgt:LaboratoryInformationSystemPlatformMember 2021-09-30 0001674930 flgt:RoyaltyFreeTechnologyMember 2021-01-01 2021-09-30 0001674930 us-gaap:CustomerRelationshipsMember 2021-01-01 2021-09-30 0001674930 us-gaap:TradeNamesMember 2021-01-01 2021-09-30 0001674930 flgt:LaboratoryInformationSystemPlatformMember 2021-01-01 2021-09-30

ff

 

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 September 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 November 1, 2021, there were 29,831,451 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

25

Item 3. Quantitative and Qualitative Disclosures About Market Risk

35

Item 4. Controls and Procedures

35

PART II—OTHER INFORMATION

36

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

36

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

66

Item 6. Exhibits

67

Exhibit Index

68

Signatures

69

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FULGENT GENETICS, INC.

Condensed Consolidated Balance Sheets

(in thousands, except par value data)

(unaudited)

 

 

September 30,

 

 

December 31,

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

214,877

 

 

$

87,426

 

Marketable securities

 

255,102

 

 

 

211,941

 

Trade accounts receivable, net of allowance for credit losses of $6,893 and $1,898

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

 

120,822

 

 

 

183,857

 

Other current assets

 

32,035

 

 

 

40,392

 

Total current assets

 

622,836

 

 

 

523,616

 

Marketable securities, long-term

 

407,284

 

 

 

132,502

 

Redeemable preferred stock investment

 

20,000

 

 

 

 

Fixed assets, net

 

60,166

 

 

 

40,199

 

Acquisition-related intangible assets, net

 

36,684

 

 

 

 

Goodwill

 

48,749

 

 

 

 

Other long-term assets

 

8,949

 

 

 

4,144

 

Total assets

$

1,204,668

 

 

$

700,461

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

24,868

 

 

$

26,488

 

Income tax payable

 

17,875

 

 

 

53,319

 

Contract liabilities

 

7,879

 

 

 

26,576

 

Customer deposit

 

41,510

 

 

 

185

 

Investment margin loan

 

15,107

 

 

 

15,019

 

Other current liabilities

 

39,919

 

 

 

8,528

 

Total current liabilities

 

147,158

 

 

 

130,115

 

Notes payable

 

5,947

 

 

 

 

Unrecognized tax benefits

 

534

 

 

 

377

 

Other long-term liabilities

 

6,576

 

 

 

582

 

Total liabilities

 

160,215

 

 

 

131,074

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Common stock, $0.0001 par value per share, 50,000 shares authorized, 29,829 and

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

 

 

 

 

 

Additional paid-in capital

 

483,731

 

 

 

418,065

 

Accumulated other comprehensive income (loss)

 

(212

)

 

 

438

 

Retained earnings

 

553,258

 

 

 

150,881

 

Total Fulgent stockholders' equity

 

1,036,780

 

 

 

569,387

 

Noncontrolling interest

 

7,673

 

 

 

 

Total stockholders’ equity

 

1,044,453

 

 

 

569,387

 

Total liabilities and stockholders’ equity

$

1,204,668

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

227,868

 

 

$

101,716

 

 

$

740,913

 

 

$

126,734

 

Cost of revenue

 

43,466

 

 

 

26,261

 

 

 

153,399

 

 

 

38,035

 

Gross profit

 

184,402

 

 

 

75,455

 

 

 

587,514

 

 

 

88,699

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

6,021

 

 

 

3,177

 

 

 

16,755

 

 

 

7,004

 

Selling and marketing

 

6,012

 

 

 

5,014

 

 

 

16,239

 

 

 

9,871

 

General and administrative

 

12,299

 

 

 

3,741

 

 

 

28,630

 

 

 

7,575

 

Amortization of acquisition-related intangible assets

 

797

 

 

 

 

 

 

797

 

 

 

 

Total operating expenses

 

25,129

 

 

 

11,932

 

 

 

62,421

 

 

 

24,450

 

Operating income

 

159,273

 

 

 

63,523

 

 

 

525,093

 

 

 

64,249

 

Interest and other income, net

 

496

 

 

 

421

 

 

 

1,382

 

 

 

937

 

Income before income taxes, gain (loss) on

   equity method investments and equity loss in investee

 

159,769

 

 

 

63,944

 

 

 

526,475

 

 

 

65,186

 

Provision for income taxes

 

37,545

 

 

 

14,526

 

 

 

127,647

 

 

 

13,961

 

Income before gain (loss) on equity method investments

     and equity loss in investee

 

122,224

 

 

 

49,418

 

 

 

398,828

 

 

 

51,225

 

Gain (loss) on equity-method investments

 

 

 

 

(2,591

)

 

 

3,734

 

 

 

(2,591

)

Equity loss in investee

 

 

 

 

(189

)

 

 

 

 

 

(631

)

Net income from consolidated operations

 

122,224

 

 

 

46,638

 

 

 

402,562

 

 

 

48,003

 

Net loss attributable to noncontrolling

     interests

 

298

 

 

 

 

 

 

463

 

 

 

 

Net income attributable to Fulgent

$

122,522

 

 

$

46,638

 

 

$

403,025

 

 

$

48,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Fulgent:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

4.13

 

 

$

2.11

 

 

$

13.79

 

 

$

2.20

 

Diluted

$

3.93

 

 

$

1.98

 

 

$

13.04

 

 

$

2.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

29,673

 

 

 

22,062

 

 

 

29,221

 

 

 

21,793

 

Diluted

 

31,170

 

 

 

23,539

 

 

 

30,906

 

 

 

23,135

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income from consolidated operations

$

122,224

 

 

$

46,638

 

 

$

402,562

 

 

$

48,003

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

(114

)

 

 

18

 

 

 

(78

)

 

 

17

 

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

 

142

 

 

 

(460

)

 

 

(587

)

 

 

444

 

Comprehensive income from consolidated operations

 

122,252

 

 

 

46,196

 

 

 

401,897

 

 

 

48,464

 

Net loss attributable to noncontrolling interest

 

298

 

 

 

 

 

 

463

 

 

 

 

Foreign currency translation loss attributable

   to noncontrolling interest

 

25

 

 

 

 

 

 

15

 

 

 

 

Comprehensive loss attributable to noncontrolling interest

 

323

 

 

 

 

 

 

478

 

 

 

 

Comprehensive income attributable to Fulgent

$

122,575

 

 

$

46,196

 

 

$

402,375

 

 

$

48,464

 

 

 

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