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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 June 30, 2022

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, 2022, there were 30,265,754 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 Income

2

Condensed Consolidated Statements of Comprehensive Income

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

30

Item 4. Controls and Procedures

30

PART II—OTHER INFORMATION

32

Item 1. Legal Proceedings

32

Item 1A. Risk Factors

32

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

33

Item 5. Other Information

33

Item 6. Exhibits

34

Exhibit Index

35

Signatures

36

 

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,

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

$

138,780

 

 

$

164,894

 

Marketable securities

 

376,622

 

 

 

285,605

 

Trade accounts receivable, net of allowance for credit losses of $30,335 and $11,217

 

133,303

 

 

 

138,912

 

Other current assets

 

26,480

 

 

 

22,549

 

Total current assets

 

675,185

 

 

 

611,960

 

Marketable securities, long-term

 

415,621

 

 

 

485,047

 

Redeemable preferred stock investment

 

11,981

 

 

 

21,965

 

Fixed assets, net

 

86,049

 

 

 

62,287

 

Intangible assets, net

 

89,695

 

 

 

35,914

 

Goodwill

 

121,354

 

 

 

50,897

 

Other long-term assets

 

61,777

 

 

 

10,650

 

Total assets

$

1,461,662

 

 

$

1,278,720

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

$

37,109

 

 

$

20,494

 

Accrued liabilities

 

27,100

 

 

 

17,689

 

Income tax payable

 

2,804

 

 

 

787

 

Contract liabilities

 

10,102

 

 

 

14,570

 

Customer deposit

 

28,959

 

 

 

19,806

 

Investment margin loan

 

14,999

 

 

 

15,137

 

Contingent consideration

 

 

 

 

10,000

 

Notes payable, current portion

 

5,793

 

 

 

6,147

 

Other current liabilities

 

661

 

 

 

680

 

Total current liabilities

 

127,527

 

 

 

105,310

 

Unrecognized tax benefits

 

1,730

 

 

 

725

 

Other long-term liabilities

 

21,672

 

 

 

6,805

 

Total liabilities

 

150,929

 

 

 

112,840

 

Commitments and contingencies (Note 8)

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Common stock, $0.0001 par value per share, 50,000 shares authorized, 30,481 shares issued and 30,266 shares outstanding and 30,160 shares issued and outstanding

 

3

 

 

 

3

 

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

 

 

 

 

 

Additional paid-in capital

 

504,066

 

 

 

501,908

 

Accumulated other comprehensive loss

 

(22,417

)

 

 

(759

)

Retained earnings

 

823,113

 

 

 

657,597

 

Total Fulgent stockholders' equity

 

1,304,765

 

 

 

1,158,749

 

Noncontrolling interest

 

5,968

 

 

 

7,131

 

Total stockholders’ equity

 

1,310,733

 

 

 

1,165,880

 

Total liabilities and stockholders’ equity

$

1,461,662

 

 

$

1,278,720

 

 

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

1


FULGENT GENETICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

125,341

 

 

$

153,616

 

 

$

445,609

 

 

$

513,045

 

Cost of revenue

 

60,065

 

 

 

35,858

 

 

 

137,790

 

 

 

109,933

 

Gross profit

 

65,276

 

 

 

117,758

 

 

 

307,819

 

 

 

403,112

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

6,905

 

 

 

5,312

 

 

 

12,894

 

 

 

10,734

 

Selling and marketing

 

10,866

 

 

 

5,219

 

 

 

18,806

 

 

 

10,227

 

General and administrative

 

30,240

 

 

 

8,329

 

 

 

56,015

 

 

 

16,331

 

Amortization of intangible assets

 

1,575

 

 

 

 

 

 

2,481

 

 

 

 

Restructuring costs

 

2,896

 

 

 

 

 

 

2,896

 

 

 

 

Total operating expenses

 

52,482

 

 

 

18,860

 

 

 

93,092

 

 

 

37,292

 

Operating income

 

12,794

 

 

 

98,898

 

 

 

214,727

 

 

 

365,820

 

Interest and other income, net

 

958

 

 

 

604

 

 

 

1,003

 

 

 

886

 

Income before income taxes and gain on equity method investment

 

13,752

 

 

 

99,502

 

 

 

215,730

 

 

 

366,706

 

Provision for income taxes

 

2,653

 

 

 

23,589

 

 

 

51,074

 

 

 

90,102

 

Income before gain on equity method investment

 

11,099

 

 

 

75,913

 

 

 

164,656

 

 

 

276,604

 

Gain on equity method investment

 

 

 

 

3,734

 

 

 

 

 

 

3,734

 

Net income from consolidated operations

 

11,099

 

 

 

79,647

 

 

 

164,656

 

 

 

280,338

 

Net loss attributable to noncontrolling interests

 

438

 

 

 

165

 

 

 

860

 

 

 

165

 

Net income attributable to Fulgent

$

11,537

 

 

$

79,812

 

 

$

165,516

 

 

$

280,503

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Fulgent:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

2.74

 

 

$

5.46

 

 

$

9.68

 

Diluted

$

0.37

 

 

$

2.59

 

 

$

5.30

 

 

$

9.10

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

30,362

 

 

 

29,150

 

 

 

30,298

 

 

 

28,991

 

Diluted

 

31,189

 

 

 

30,830

 

 

 

31,225

 

 

 

30,809

 

 

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

 

2


FULGENT GENETICS, INC.

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income from consolidated operations

$

11,099

 

 

$

79,647

 

 

$

164,656

 

 

$

280,338

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

(1,878

)

 

 

36

 

 

 

(1,755

)

 

 

36

 

Net loss on available-for-sale debt securities, net of tax

 

(8,468

)

 

 

(75

)

 

 

(20,206

)

 

 

(729

)

Comprehensive income from consolidated operations

 

753

 

 

 

79,608

 

 

 

142,695

 

 

 

279,645

 

Net loss attributable to noncontrolling interest

 

438

 

 

 

165

 

 

 

860

 

 

 

165

 

Foreign currency translation loss (gain) attributable to noncontrolling interest

 

422

 

 

 

(10

)

 

 

303

 

 

 

(10

)

Comprehensive loss attributable to noncontrolling interest

 

860

 

 

 

155

 

 

 

1,163

 

 

 

155

 

Comprehensive income attributable to Fulgent

$

1,613

 

 

$

79,763

 

 

$

143,858

 

 

$

279,800

 

 

 

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
Loss

 

 

Retained Earnings

 

 

Fulgent Stockholders' Equity

 

 

Noncontrolling Interest

 

 

Total
Equity

 

Balance at December 31, 2021

 

 

30,160

 

 

$

3

 

 

$

501,908

 

 

$

(759

)

 

$

657,597

 

 

$

1,158,749

 

 

$

7,131

 

 

$

1,165,880

 

Equity-based compensation

 

 

 

 

 

 

 

 

5,616

 

 

 

 

 

 

 

 

 

5,616

 

 

 

 

 

 

5,616

 

Exercise of common stock options

 

 

3

 

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

Restricted stock awards

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock withholding for employee tax obligations

 

 

(8

)

 

 

 

 

 

(494

)

 

 

 

 

 

 

 

 

(494

)

 

 

 

 

 

(494

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(11,734

)

 

 

 

 

 

(11,734

)

 

 

119

 

 

 

(11,615

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

153,979

 

 

 

153,979

 

 

 

(422

)

 

 

153,557

 

Balance at March 31, 2022

 

 

30,327

 

 

 

3

 

 

 

507,046

 

 

 

(12,493

)

 

 

811,576

 

 

 

1,306,132

 

 

 

6,828

 

 

 

1,312,960

 

Equity-based compensation

 

 

 

 

 

 

 

 

8,030

 

 

 

 

 

 

 

 

 

8,030

 

 

 

 

 

 

8,030

 

Exercise of common stock options

 

 

1

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Restricted stock awards

 

 

161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock withholding for employee tax obligations

 

 

(8

)

 

 

 

 

 

(436

)

 

 

 

 

 

 

 

 

(436

)

 

 

 

 

 

(436

)

Repurchase of common stock

 

 

(215

)

 

 

 

 

 

(10,577

)

 

 

 

 

 

 

 

 

(10,577

)

 

 

 

 

 

(10,577

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(9,924

)

 

 

 

 

 

(9,924

)

 

 

(422

)

 

 

(10,346

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,537

 

 

 

11,537

 

 

 

(438

)

 

 

11,099

 

Balance at June 30, 2022

 

 

30,266

 

 

$

3

 

 

$

504,066

 

 

$

(22,417

)

 

$

823,113

 

 

$

1,304,765

 

 

$

5,968

 

 

$

1,310,733

 

 

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
 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