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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 September 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 November 1, 2022, there were 29,438,052 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 (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

32

Item 4. Controls and Procedures

32

PART II—OTHER INFORMATION

34

Item 1. Legal Proceedings

34

Item 1A. Risk Factors

34

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

37

Item 5. Other Information

37

Item 6. Exhibits

38

Exhibit Index

39

Signatures

40

 

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,

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

$

168,770

 

 

$

164,894

 

Marketable securities

 

402,290

 

 

 

285,605

 

Trade accounts receivable, net of allowance for credit losses of $35,410 and $11,217

 

104,159

 

 

 

138,912

 

Other current assets

 

21,395

 

 

 

22,549

 

Total current assets

 

696,614

 

 

 

611,960

 

Marketable securities, long-term

 

346,946

 

 

 

485,047

 

Redeemable preferred stock investment

 

11,233

 

 

 

21,965

 

Fixed assets, net

 

81,807

 

 

 

62,287

 

Intangible assets, net

 

87,853

 

 

 

35,914

 

Goodwill

 

120,313

 

 

 

50,897

 

Other long-term assets

 

61,016

 

 

 

10,650

 

Total assets

$

1,405,782

 

 

$

1,278,720

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

$

14,481

 

 

$

20,494

 

Accrued liabilities

 

25,101

 

 

 

17,689

 

Income tax payable

 

426

 

 

 

787

 

Contract liabilities

 

2,603

 

 

 

14,570

 

Customer deposit

 

25,810

 

 

 

19,806

 

Investment margin loan

 

14,999

 

 

 

15,137

 

Contingent consideration

 

 

 

 

10,000

 

Notes payable, current portion

 

5,481

 

 

 

6,147

 

Other current liabilities

 

13,621

 

 

 

680

 

Total current liabilities

 

102,522

 

 

 

105,310

 

Unrecognized tax benefits

 

1,826

 

 

 

725

 

Other long-term liabilities

 

20,037

 

 

 

6,805

 

Total liabilities

 

124,385

 

 

 

112,840

 

Commitments and contingencies (Note 8)

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Common stock, $0.0001 par value per share, 50,000 shares authorized, 30,677 shares issued and 29,681 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

 

477,814

 

 

 

501,908

 

Accumulated other comprehensive loss

 

(25,602

)

 

 

(759

)

Retained earnings

 

824,832

 

 

 

657,597

 

Total Fulgent stockholders' equity

 

1,277,047

 

 

 

1,158,749

 

Noncontrolling interest

 

4,350

 

 

 

7,131

 

Total stockholders’ equity

 

1,281,397

 

 

 

1,165,880

 

Total liabilities and stockholders’ equity

$

1,405,782

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

105,655

 

 

$

227,868

 

 

$

551,264

 

 

$

740,913

 

Cost of revenue

 

59,560

 

 

 

43,466

 

 

 

197,350

 

 

 

153,399

 

Gross profit

 

46,095

 

 

 

184,402

 

 

 

353,914

 

 

 

587,514

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

7,507

 

 

 

6,021

 

 

 

20,401

 

 

 

16,755

 

Selling and marketing

 

9,859

 

 

 

6,012

 

 

 

28,665

 

 

 

16,239

 

General and administrative

 

26,266

 

 

 

12,299

 

 

 

82,281

 

 

 

28,630

 

Amortization of intangible assets

 

2,006

 

 

 

797

 

 

 

4,487

 

 

 

797

 

Restructuring costs

 

105

 

 

 

 

 

 

3,001

 

 

 

 

Total operating expenses

 

45,743

 

 

 

25,129

 

 

 

138,835

 

 

 

62,421

 

Operating income

 

352

 

 

 

159,273

 

 

 

215,079

 

 

 

525,093

 

Interest and other income, net

 

1,405

 

 

 

496

 

 

 

2,408

 

 

 

1,382

 

Income before income taxes and gain on equity method investment

 

1,757

 

 

 

159,769

 

 

 

217,487

 

 

 

526,475

 

Provision for income taxes

 

414

 

 

 

37,545

 

 

 

51,488

 

 

 

127,647

 

Income before gain on equity method investment

 

1,343

 

 

 

122,224

 

 

 

165,999

 

 

 

398,828

 

Gain on equity method investment

 

 

 

 

 

 

 

 

 

 

3,734

 

Net income from consolidated operations

 

1,343

 

 

 

122,224

 

 

 

165,999

 

 

 

402,562

 

Net loss attributable to noncontrolling interests

 

376

 

 

 

298

 

 

 

1,236

 

 

 

463

 

Net income attributable to Fulgent

$

1,719

 

 

$

122,522

 

 

$

167,235

 

 

$

403,025

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Fulgent:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.06

 

 

$

4.13

 

 

$

5.53

 

 

$

13.79

 

Diluted

$

0.06

 

 

$

3.93

 

 

$

5.38

 

 

$

13.04

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

30,174

 

 

 

29,673

 

 

 

30,256

 

 

 

29,221

 

Diluted

 

30,867

 

 

 

31,170

 

 

 

31,107

 

 

 

30,906

 

 

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,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income from consolidated operations

$

1,343

 

 

$

122,224

 

 

$

165,999

 

 

$

402,562

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

(1,925

)

 

 

(114

)

 

 

(3,680

)

 

 

(78

)

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

 

(2,502

)

 

 

142

 

 

 

(22,708

)

 

 

(587

)

Comprehensive (loss) income from consolidated operations

 

(3,084

)

 

 

122,252

 

 

 

139,611

 

 

 

401,897

 

Net loss attributable to noncontrolling interest

 

376

 

 

 

298

 

 

 

1,236

 

 

 

463

 

Foreign currency translation loss attributable to noncontrolling interest

 

1,242

 

 

 

25

 

 

 

1,545

 

 

 

15

 

Comprehensive loss attributable to noncontrolling interest

 

1,618

 

 

 

323

 

 

 

2,781

 

 

 

478

 

Comprehensive (loss) income attributable to Fulgent

$

(1,466

)

 

$

122,575

 

 

$

142,392

 

 

$

402,375

 

 

 

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