- Full Year 2021 Total Revenue grows 135% year-over-year to
$992.6 million; Q4 Revenue totals $251.7 million
- Full Year 2021 Core Revenue grows 236% year-over-year to $122.6
million; Q4 Core Revenue grows 234% year-over-year to $40.1
million
Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent Genetics,”
“Fulgent,” or the “Company”), a technology-based genetic testing
company focused on transforming patient care in oncology,
infectious and rare diseases, and reproductive health, today
announced financial results for its fourth quarter and full year
ended December 31, 2021.
Fourth Quarter 2021 Results:
- Revenue of $251.7 million
- Billable tests delivered approximately 2.5 million
- Core Revenue grew 234% year-over-year to $40.1 million
- GAAP income of $104.3 million, or $3.34 per share
- Non-GAAP income of $108.7 million, or $3.48 per share
- Adjusted EBITDA of $159.8 million
- Cash from operations of $77.1 million
- Cash, cash equivalents, and investments in marketable
securities of $935.5 million as of December 31, 2021
Full Year 2021 Results:
- Total Revenue grew 135% year-over year to $992.6 million
- Core Revenue grew 236% year-over-year to $122.6 million
- GAAP income of $507.4 million, or $16.38 per share
- Non-GAAP income of $516.5 million, or $16.67 per share
- Adjusted EBITDA of $703.6 million
- Cash from operations of $538.6 million
Non-GAAP income (loss) and adjusted EBITDA are described below
under “Note Regarding Non-GAAP Financial Measures” and are
reconciled to the most directly comparable GAAP financial measure,
GAAP income (loss), in the accompanying tables.
Ming Hsieh, Chairman of the Board and Chief Executive Officer,
said, “The fourth quarter capped a year of tremendous growth and
transformation for Fulgent Genetics. We once again exceeded our
guidance in the quarter as both our Core and COVID businesses
outperformed our expectations. We are pleased with the early
progress we are seeing from the strategic initiatives we pursued in
recent quarters, including the acquisition of CSI, partnership with
Helio Health, and incremental investment in FF Gene Biotech, which
are all contributing to growth of our Core business. We also just
announced a strategic investment in Spatial Genomics, which will
add Spatial Genomics’ multiomics platform and sequential
fluorescence in situ hybridization technology, or seqFISH, to our
growing suite of genomic testing solutions. As we look ahead, we
intend to continue investing in our Core business through both the
expansion of our existing genomic testing capabilities and through
new potential acquisitions and strategic partnerships. We are very
excited about the future growth prospects of Fulgent and our
strategic opportunities long term.”
Paul Kim, Chief Financial Officer, said, “We are pleased with
our fourth quarter results which were highlighted by Core revenue
growth of 234%, as well as an uptick in our COVID business amid the
recent Omicron surge. We continued to see strong cash flow
generation in the quarter and finished the year with $935.5 million
in cash, cash equivalents, and investments in marketable
securities, despite the $81.9 million in cash outlays this year for
our acquisitions and investments. We remain extremely well
positioned with a strong balance sheet to capitalize on additional
acquisition and strategic investment opportunities in the future.
We are proud of what we accomplished in 2021 to expand our Core
business, and we see a meaningful runway ahead to continue driving
growth. We will be providing a formal update during our investment
community conference call to shortly follow the issuance of this
press release.”
Outlook:
For the first quarter of 2022, Fulgent Genetics expects:
- Total Revenue of approximately $245 million
- Core Revenue including COVID-19 NGS of approximately $32
million, representing growth of 92% year-over-year
- Core Revenue excluding COVID-19 NGS of approximately $22
million1
For the full year 2022, Fulgent Genetics expects:
- Total Revenue of approximately $600 million
- Core Revenue excluding COVID-19 NGS of approximately $120
million1
- GAAP income of approximately $6.00 per share
- Non-GAAP income of approximately $7.00 per share
Note:
1) COVID-19 NGS testing was included in “Core Revenue” in 2021
and will be excluded from “Core Revenue,” and included in “COVID
Revenue,” beginning Q1 2022.
Conference Call Information
Fulgent Genetics will host a conference call for the investment
community today at 4:30 PM ET (1:30 PM PT) to discuss its fourth
quarter and full year 2021 results. Press and industry analysts are
invited to attend in listen-only mode.
The call can be accessed through a live audio webcast in the
Investor Relations section of the Company’s website,
http://ir.fulgentgenetics.com, and through a live conference call
by dialing (888) 394-8218 using the confirmation code 4130266. An
audio replay will be available in the Investor Relations section of
the Company’s website.
Note Regarding Non-GAAP Financial Measures
Certain information set forth in this press release, including
non-GAAP income (loss), non-GAAP income (loss) per share, and
adjusted EBITDA are non-GAAP financial measures. Fulgent Genetics
believes this information is useful to investors because it
provides a basis for measuring the performance of the Company’s
business excluding certain income or expense items that management
believes are not directly attributable to the Company’s core
operating results. Fulgent Genetics defines non-GAAP income (loss)
as income (loss) calculated in accordance with accounting
principles generally accepted in the United States of America, or
GAAP, plus amortization of intangible assets, plus equity-based
compensation expenses, plus or minus the non-GAAP tax effect, plus
or minus (loss) gain on equity-method investments, plus or minus
equity (loss) earnings in investee, and plus or minus other charges
or gains, as identified, that management believes are not
representative of the Company’s core operations. The non-GAAP tax
effect is calculated by applying the statutory corporate tax rate
on the amortization of intangible assets and equity-based
compensation expenses. Fulgent Genetics defines adjusted EBITDA as
GAAP income (loss) plus or minus interest (expense) income, plus or
minus provisions (benefits) for income taxes, plus depreciation and
amortization, plus equity-based compensation expenses, plus or
minus (loss) gain on equity-method investments, plus or minus
equity (loss) earnings in investee, and plus or minus other charges
or gains, as identified, that management believes are not
representative of the Company’s core operations. Fulgent Genetics
may continue to incur expenses similar to the items added to or
subtracted from GAAP income (loss) to calculate non-GAAP income
(loss) and adjusted EBITDA; accordingly, the exclusion of these
items in the presentation of these non-GAAP financial measures
should not be construed as an implication that these items are
unusual, infrequent or non-recurring. Management uses these
non-GAAP financial measures along with the most directly comparable
GAAP financial measure of income (loss) in evaluating the Company's
operating performance. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information presented in conformity with GAAP, and non-GAAP
financial measures as reported by Fulgent Genetics may not be
comparable to similarly titled metrics reported by other
companies.
About Fulgent Genetics
Fulgent Genetics is a technology-based genetic testing company
focused on transforming patient care in oncology, infectious and
rare diseases, and reproductive health. Fulgent Genetics’
proprietary technology platform has created a broad, flexible test
menu and the ability to continually expand and improve its
proprietary genetic reference library while maintaining accessible
pricing, high accuracy, and competitive turnaround times. Combining
next generation sequencing, or NGS, with its technology platform,
the Company performs full-gene sequencing with deletion/duplication
analysis in an array of panels that can be tailored to meet
specific customer needs. A cornerstone of the Company’s business is
its ability to provide expansive options and flexibility for all
clients’ unique testing needs through a comprehensive technology
offering including cloud computing, pipeline services, record
management, web portal services, clinical workflow, sequencing as a
service and automated laboratory services.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Examples of forward-looking statements in this press release
include statements about, among other things: guidance regarding
expected first quarter and annual financial results, including
revenues, core revenues, GAAP income, and non-GAAP income;
evaluations and judgments regarding market position, balance sheet,
runway, momentum, reinvestments, acquisition strategies, and the
performance of acquired businesses (including CSI Laboratories and
FF Gene Biotech), investments and partnerships (including Helio
Health and Spatial Genomics), relationships and the Company’s
testing services and technology; future growth and the Company’s
testing services and technologies; the Company’s identification and
evaluation of opportunities and its ability to capitalize on
opportunities, capture market share, or to expand its presence in
certain markets; and the Company’s ability to continue to grow its
business.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances or the Company’s
future performance, and they are based on management’s current
assumptions, expectations, and beliefs concerning future
developments and their potential effect on the Company’s business.
These forward-looking statements are subject to a number of risks
and uncertainties, which may cause the forward-looking events and
circumstances described in this press release to not occur, and
actual results to differ materially and adversely from those
described in or implied by the forward-looking statements. These
risks and uncertainties include, among others: the ongoing impacts
of the COVID-19 pandemic, including the preventive public health
measures that may continue to impact demand for its tests and the
pandemic’s effects on the global supply chain; the market potential
for, and the rate and degree of market adoption of, the Company’s
tests, including its newly developed tests for COVID-19 and genetic
testing generally; the Company’s ability to capture a sizable share
of the developing market for genetic and COVID-19 testing and to
compete successfully in these markets, including its ability to
continue to develop new tests that are attractive to its various
customer markets, its ability to maintain turnaround times and
otherwise keep pace with rapidly changing technology; the Company’s
ability to maintain the low internal costs of its business model,
particularly as the Company makes investments across its business;
the Company’s ability to maintain an acceptable margin on sales of
its tests, particularly in light of increasing competitive
pressures and other factors that may continue to reduce the
Company’s sale prices for and margins on its tests; risks related
to volatility in the Company’s results, which can fluctuate
significantly from period to period; risks associated with the
composition of the Company’s customer base, which can fluctuate
from period to period and can be comprised of a small number of
customers that account for a significant portion of the Company’s
revenue; the Company’s ability to grow and diversify its customer
base and increase demand from existing and new customers; the
Company’s investments in its infrastructure, including its sales
organization and operational capabilities, and the extent to which
these investments impact the Company’s business and performance and
enable it to manage any growth it may experience in future periods;
the Company’s level of success in obtaining coverage and adequate
reimbursement and collectability levels from third-party payors for
its tests; the Company’s level of success in establishing and
obtaining the intended benefits from partnerships, strategic
investments, joint ventures, acquisitions, or other relationships;
the Company’s compliance with the various evolving and complex laws
and regulations applicable to its business and its industry; risks
associated with the Company’s international operations; the
Company’s ability to protect its proprietary technology platform;
and general industry, economic, political and market conditions. As
a result of these risks and uncertainties, forward-looking
statements should not be relied on or viewed as predictions of
future events.
The forward-looking statements made in this press release speak
only as of the date of this press release, and the Company assumes
no obligation to update publicly any such forward-looking
statements to reflect actual results or to changes in expectations,
except as otherwise required by law.
The Company’s reports filed with the U.S. Securities and
Exchange Commission, or the SEC, including its annual report on
Form 10-K for the year ended December 31, 2020 filed with the SEC
on March 8, 2021 and the other reports it files from time to time,
including subsequently filed annual, quarterly and current reports,
are made available on the Company’s website upon their filing with
the SEC. These reports contain more information about the Company,
its business and the risks affecting its business, as well as its
results of operations for the periods covered by the financial
results included in this press release.
FULGENT GENETICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
DATA
December 31, 2021 and 2020
(in thousands)
December 31,
ASSETS:
2021
2020
Cash and cash equivalents
$
164,894
$
87,426
Investments in marketable securities
770,652
344,443
Accounts receivable, net
138,912
183,857
Property, plant, and equipment, net
62,287
40,199
Other assets
141,975
44,536
Total assets
$
1,278,720
$
700,461
LIABILITIES & EQUITY:
Accounts payable, accrued liabilities and
other liabilities
$
112,840
$
131,074
Total stockholders' equity
1,165,880
569,387
Total liabilities & equity
$
1,278,720
$
700,461
FULGENT GENETICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS DATA
Three and Twelve Months Ended December
31, 2021 and 2020
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2020
2021
2020
Revenue
$
251,671
$
294,978
$
992,584
$
421,712
Cost of revenue (1)
62,134
51,772
215,533
89,807
Gross profit
189,537
243,206
777,051
331,905
Operating expenses:
Research and development (1)
7,464
4,576
24,219
11,580
Selling and marketing (1)
8,200
5,081
24,439
14,952
General and administrative (1)
22,102
7,640
50,732
15,215
Amortization of intangible assets
911
—
1,708
—
Total operating expenses
38,677
17,297
101,098
41,747
Operating income
150,860
225,909
675,953
290,158
Interest and other income (loss), net
(35
)
589
1,347
1,526
Income before income taxes, gain (loss) on
equity-method investments and equity earnings (loss) in
investee
150,825
226,498
677,300
291,684
Provisions for income taxes
47,148
58,571
174,795
72,532
Income before gain (loss) on equity-method
investments and equity earnings (loss) in investee
103,677
167,927
502,505
219,152
Gain (loss) on equity-method
investments
—
(1,763
)
3,734
(4,354
)
Equity earnings (loss) in investee
—
143
—
(488
)
Net income from consolidated
operations
103,677
166,307
506,239
214,310
Net loss attributable to noncontrolling
interests
662
—
1,125
—
Net income attributable to Fulgent
$
104,339
$
166,307
$
507,364
$
214,310
Net income per common share attributable
to Fulgent:
Basic
$
3.48
$
6.55
$
17.25
$
9.44
Diluted
$
3.34
$
6.16
$
16.38
$
8.91
Weighted average common shares:
Basic
29,964
25,399
29,408
22,694
Diluted
31,202
27,015
30,976
24,056
(1) Equity-based compensation expense was
allocated as follows:
Cost of revenue
$
1,235
$
523
$
3,563
$
1,452
Research and development
1,865
1,130
6,326
2,693
Selling and marketing
774
515
2,513
2,092
General and administrative
1,146
835
3,480
1,920
Total equity-based compensation
expense
$
5,020
$
3,003
$
15,882
$
8,157
FULGENT GENETICS, INC.
Non-GAAP Income Reconciliation
Three and Twelve Months Ended December
31, 2021 and 2020
(in thousands, except per share
data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2020
2021
2020
Net income attributable to Fulgent
$
104,339
$
166,307
$
507,364
$
214,310
Amortization of intangible assets
911
—
1,708
—
Equity-based compensation expense
5,020
3,003
15,882
8,157
Non-GAAP tax effect (1)
(1,601
)
(811
)
(4,749
)
(2,202
)
(Gain) loss on equity-method
investments
—
1,763
(3,734
)
4,354
Equity (earnings) loss in investee
—
(143
)
—
488
Non-GAAP income attributable to
Fulgent
$
108,669
$
170,119
$
516,471
$
225,107
Net income per common share attributable
to Fulgent:
Basic
$
3.48
$
6.55
$
17.25
$
9.44
Diluted
$
3.34
$
6.16
$
16.38
$
8.91
Non-GAAP income per common share
attributable to Fulgent:
Basic
$
3.63
$
6.70
$
17.56
$
9.92
Diluted
$
3.48
$
6.30
$
16.67
$
9.36
Weighted average common shares:
Basic
29,964
25,399
29,408
22,694
Diluted
31,202
27,015
30,976
24,056
(1) Tax rates as follows:
Corporate tax rate of 27% for the three
and twelve months ended December 31, 2021 and 2020.
FULGENT GENETICS, INC.
Non-GAAP Adjusted EBITDA
Reconciliation
Three and Twelve Months Ended December
31, 2021 and 2020
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2020
2021
2020
Net income attributable to Fulgent
$
104,339
$
166,307
$
507,364
$
214,310
Interest income, net
(224
)
(540
)
(1,737
)
(1,539
)
Provisions for income taxes
47,148
58,571
174,795
72,532
Equity-based compensation expense
5,020
3,003
15,882
8,157
Depreciation and amortization
3,491
1,122
11,004
2,962
(Gain) loss on equity-method
investments
—
1,763
(3,734
)
4,354
Equity (earnings) loss in investee
—
(143
)
—
488
Adjusted EBITDA
$
159,774
$
230,083
$
703,574
$
301,264
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220223005905/en/
Investor Relations Contact: The Blueshirt Group Nicole Borsje,
415-217-2633, nicole@blueshirtgroup.com
Fulgent Genetics (NASDAQ:FLGT)
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