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Fulgent Reports Fourth Quarter and Full Year 2023 Financial Results

Fulgent Reports Fourth Quarter and Full Year 2023 Financial Results

富尔金特公布2023年第四季度和全年财务业绩
Fulgent Genetics ·  02/28 00:00
  • Full Year 2023 Total Revenue of $289.2 million; Q4 2023 Total Revenue of $70.5 million
  • Full Year 2023 Core Revenue grows 44% year-over-year to $262.1 million; Q4 2023 Core Revenue grows 21% year-over-year to $66.5 million
  • Ended 2023 with $847.7 million of cash, cash equivalents, and investments in marketable securities, representing cash per share of $28
  • 2023 年全年总收入为 2.892 亿美元;2023 年第四季度总收入为 7,050 万美元
  • 2023 年全年核心收入同比增长 44% 至 2.621 亿美元;2023 年第四季度核心收入同比增长 21% 至 6,650 万美元
  • 截至2023年,拥有8.477亿澳元的现金、现金等价物和有价证券投资,相当于每股现金28美元

EL MONTE, Calif.--(BUSINESS WIRE)--Feb. 28, 2024-- Fulgent Genetics, Inc. (NASDAQ: FLGT) ("Fulgent," or the "Company"), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced financial results for its fourth quarter and full year ended December 31, 2023.

加利福尼亚州艾尔蒙特--(美国商业资讯)--2024年2月28日--Fulgent Genetics, Inc.(纳斯达克股票代码:FLGT)(“Fulgent” 或 “公司”)是一家拥有完善实验室服务业务和治疗开发业务的科技型公司,今天公布了截至2023年12月31日的第四季度和全年财务业绩。

Fourth Quarter 2023 Results:

2023 年第四季度业绩:

  • Total Revenue of $70.5 million
  • Core Revenue1 grew 21% year-over-year to $66.5 million
  • GAAP loss of $128.1 million, or $4.30 per share
  • Non-GAAP income of $8.3 million, or $0.28 per share
  • Adjusted EBITDA loss of $6.8 million
  • Cash from operations of $14.9 million
  • Repurchased approximately 873,000 shares of common stock at an aggregate cost of $22.9 million under the stock repurchase program announced in March 2022
  • 总收入为7,050万美元
  • 核心收入1 同比增长21%,达到6,650万美元
  • GAAP亏损1.281亿美元,合每股亏损4.30美元
  • 非公认会计准则收入为830万美元,合每股收益0.28美元
  • 调整后的息税折旧摊销前利润亏损680万美元
  • 来自运营的现金为1,490万美元
  • 根据2022年3月宣布的股票回购计划,回购了约87.3万股普通股,总成本为2,290万美元

Full Year 2023 Results:

2023 年全年业绩:

  • Total Revenue of $289.2 million
  • Core Revenue1 grew 44% year-over-year to $262.1 million
  • GAAP loss of $167.8 million, or $5.63 per share
  • Non-GAAP loss of $12.3 million, or $0.41 per share
  • Adjusted EBITDA of $1.5 million
  • Cash from operations of $27.0 million
  • Repurchased over 953,000 shares of common stock at an aggregate cost of $25.1 million under the stock repurchase program announced in March 2022
  • Cash, cash equivalents, and investments in marketable securities of $847.7 million as of December 31, 2023, representing cash per share of $28
  • 总收入为2.892亿美元
  • 核心收入1 同比增长44%,达到2.621亿美元
  • GAAP亏损1.678亿美元,合每股亏损5.63美元
  • 非公认会计准则亏损1,230万美元,合每股亏损0.41美元
  • 调整后的息税折旧摊销前利润为150万美元
  • 来自运营的现金为2700万美元
  • 根据2022年3月宣布的股票回购计划,回购了超过95.3万股普通股,总成本为2510万美元
  • 截至2023年12月31日,现金、现金等价物和有价证券投资为8.477亿美元,相当于每股现金28美元

Note:

1) Core Revenue excludes revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue.

注意:

1) 核心收入不包括来自 COVID-19 测试产品和服务的收入,包括 COVID-19 NGS 测试收入。

Non-GAAP income (loss), non-GAAP income (loss) per share, and adjusted EBITDA income (loss) 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.

下文 “非公认会计准则财务指标附注” 中描述了非公认会计准则收益(亏损)、非公认会计准则每股收益(亏损)和调整后的息税折旧摊销前利润收益(亏损),并在附表中与最直接可比的GAAP财务指标GAAP收益(亏损)进行了对账。

Ming Hsieh, Chairperson of the Board of Directors and Chief Executive Officer, said, "We are pleased with our results in 2023, a year in which we raised guidance twice and showed year-over-year growth of 44% in our core business, driven by continued momentum in Precision Diagnostics with our Beacon787 Expanded Carrier screen. We have also made good progress with our therapeutic development business, showcasing data for our lead oncology drug candidate, FID-007, at prestigious medical meetings and moving toward Phase 2 clinical testing, while also advancing our preclinical pipeline. We expect to file an Investigational New Drug (IND) application for FID-022 by the end of 2024 and are exploring potential antibody drug conjugates using our nano-drug delivery platform. I'm optimistic that 2024 will bring further progress in these areas as we serve additional patients."

董事会主席兼首席执行官谢明表示:“我们对2023年的业绩感到满意,在这一年中,我们两次提高了预期,核心业务同比增长了44%,这得益于Beacon787扩展载体屏幕精密诊断的持续势头。我们的治疗开发业务也取得了良好的进展,在著名的医学会议上展示了我们的主要肿瘤候选药物 FID-007 的数据,并进入了二期临床测试,同时也推进了我们的临床前产品线。我们预计将在2024年底之前提交 FID-022 的研究性新药(IND)申请,并正在使用我们的纳米药物递送平台探索潜在的抗体药物偶联物。我乐观地认为,随着我们为更多患者提供服务,2024年将在这些领域取得进一步进展。”

Paul Kim, Chief Financial Officer, said, "In 2023, we demonstrated efficiency in our business and superb cash management while continuing to advance our pharma pipeline and repurchase shares under our authorized stock repurchase program. We begin 2024 in a strong financial position, with record core revenues, improving core gross margin, and an enviable cash position with which to execute."

首席财务官保罗·金表示:“2023年,我们在继续推进制药渠道和根据授权股票回购计划回购股票的同时,展现了业务效率和卓越的现金管理。2024年初,我们的财务状况良好,核心收入创历史新高,核心毛利率提高,现金状况令人羡慕。”

Outlook:

外表:

For the full year 2024, Fulgent expects:

富尔金特预计,2024年全年:

  • Core Revenue of approximately $280 million
  • GAAP loss of approximately $2.25 per share
  • Non-GAAP loss of approximately $1.05 per share
  • Cash, cash equivalents, and investments in marketable securities of approximately $800 million as of December 31, 2024*
  • 核心收入约为2.8亿美元
  • GAAP每股亏损约2.25美元
  • 非公认会计准则每股亏损约1.05美元
  • 截至2024年12月31日,现金、现金等价物和有价证券投资约8亿美元*

*Cash expenditures may be higher or lower than currently estimated due to a variety of facts and circumstances, including as a result of the Company's ongoing stock repurchase program or other expenditures outside of ordinary course.

*由于各种事实和情况,包括公司正在进行的股票回购计划或正常情况以外的其他支出,现金支出可能高于或低于目前的估计。

Conference Call Information

电话会议信息

Fulgent will host a conference call for the investment community today at 8:30 AM ET (5:30 AM PT) to discuss its fourth quarter and full year 2023 results. The call may be accessed through a live audio webcast in the Investor Relations section of the Company's website, http://ir.fulgentgenetics.com. An audio replay will be available at the same location.

富尔金特将于今天美国东部时间上午8点30分(太平洋时间上午5点30分)为投资界举办电话会议,讨论其第四季度和2023年全年业绩。可以通过公司网站投资者关系部分的网络直播观看电话会议, http://ir.fulgentgenetics.com。音频重播将在同一地点播放。

Note Regarding Non-GAAP Financial Measures

关于非公认会计准则财务指标的说明

Certain information set forth in this press release and/or to be discussed on the Company's earnings call, including non-GAAP income (loss), non-GAAP income (loss) per share, non-GAAP operating margin and adjusted EBITDA income (loss) are non-GAAP financial measures. Fulgent 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 operating results. Fulgent defines non-GAAP income (loss) as net income (loss) calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP, plus amortization of intangible assets, plus goodwill impairment loss, plus restructuring costs, plus acquisition-related costs, including banking fees and legal fees associated with acquisitions, plus equity-based compensation expenses, plus or minus the non-GAAP tax effect, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company's operations. For the year 2022, the non-GAAP tax effect is calculated by applying the statutory corporate tax rate on the amortization of intangible assets, restructuring costs, acquisition-related costs, and equity-based compensation expenses. For the year 2023, the non-GAAP tax effect is calculated by excluding from the GAAP provision the impact of the amortization of intangible assets, restructuring costs, acquisition-related costs, goodwill impairment loss, and equity-based compensation expenses. Fulgent defines adjusted EBITDA income (loss) as GAAP income (loss) plus or minus interest (expense) income, plus or minus provisions (benefits) for income taxes, plus restructuring costs, plus acquisition-related costs, plus equity-based compensation expenses, plus depreciation and amortization, plus goodwill impairment loss, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company's operations. Fulgent defines non-GAAP gross profit as gross profit calculated in accordance with GAAP plus equity-based compensation included in cost of revenue as shown in the table below. Fulgent defines non-GAAP gross margin by taking non-GAAP gross profit and dividing it by GAAP revenue. Fulgent defines non-GAAP operating profit (loss) by taking GAAP operating profit (loss) and adding equity-based compensation, acquisition-related costs included in operating expenses, amortization of intangible assets, restructuring costs and goodwill impairment loss. Non-GAAP operating margin is calculated by taking non-GAAP operating profit (loss) and dividing by GAAP revenue. Fulgent 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 income (loss); 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 net 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 may not be comparable to similarly titled metrics reported by other companies.

本新闻稿中列出和/或将在公司财报电话会议上讨论的某些信息,包括非公认会计准则收益(亏损)、非公认会计准则每股收益(亏损)、非公认会计准则营业利润率和调整后的息税折旧摊销前利润收益(亏损)均为非公认会计准则财务指标。富尔金特认为,这些信息对投资者很有用,因为它为衡量公司业务表现提供了基础,但不包括管理层认为不能直接归因于公司经营业绩的某些收入或支出项目。Fulgent将非公认会计准则收益(亏损)定义为根据美利坚合众国普遍接受的会计原则(GAAP)计算的净收益(亏损),加上无形资产的摊销,加上商誉减值损失,加上重组成本,包括银行费用和与收购相关的律师费,加上或减去非公认会计准则税收影响,以及加上或减去其他已确定的费用或收益,管理层认为这不代表公司的运营。2022年,非公认会计准则税收影响是通过对无形资产摊销、重组成本、收购相关成本和股权薪酬支出适用法定公司税率来计算的。对于2023年,非公认会计准则税收影响的计算方法是将无形资产摊销、重组成本、收购相关成本、商誉减值损失和股权薪酬支出的影响排除在GAAP准备金之外。Fulgent将调整后的息税折旧摊销前利润(亏损)定义为GAAP收益(亏损)加上或减去利息(支出)收入,加上或减去所得税准备金(收益),加上重组成本,加上收购相关成本,再加上基于股票的薪酬支出,加上折旧和摊销,再加上或减去管理层认为不代表公司运营的其他费用或收益。Fulgent将非公认会计准则毛利定义为根据GAAP计算的毛利加上收入成本中包含的股权薪酬,如下表所示。Fulgent通过将非公认会计准则毛利率除以公认会计准则收入来定义非公认会计准则毛利率。Fulgent定义非公认会计准则的营业利润(亏损),方法是采用公认会计准则的营业利润(亏损),并加上股权薪酬、运营费用中包含的收购相关成本、无形资产摊销、重组成本和商誉减值损失。非公认会计准则营业利润率的计算方法是取非 GAAP 营业利润(亏损)除以 GAAP 收入。Fulgent可能会继续承担与GAAP收益(亏损)中增加或减去的项目类似的费用,以计算非公认会计准则收益(亏损)和调整后的息税折旧摊销前利润收益(亏损);因此,在列报这些非公认会计准则财务指标时将这些项目排除在外,不应被解释为暗示这些项目不寻常、不经常或非经常性。管理层使用这些非公认会计准则财务指标以及最直接可比的GAAP净收益(亏损)财务指标来评估公司的经营业绩。不应将非公认会计准则财务指标与根据公认会计原则提供的财务信息分开考虑,也不能将其作为其替代品,富尔根特报告的非公认会计准则财务指标可能无法与其他公司报告的类似标题的指标进行比较。

About Fulgent

关于 Fulgent

Fulgent is a technology-based company with a well-established laboratory services business and a therapeutic development business. Fulgent's laboratory services business—to which was formerly referred as the clinical diagnostic business, includes technical laboratory services and professional interpretation of laboratory results by licensed physicians. Fulgent's therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company.

Fulgent是一家以技术为基础的公司,拥有完善的实验室服务业务和治疗开发业务。Fulgent的实验室服务业务——以前被称为临床诊断业务,包括技术实验室服务和由持牌医生对实验室结果的专业解释。Fulgent的治疗开发业务专注于开发用于治疗各种癌症的候选药物,该平台采用新型的纳米胶囊和靶向治疗平台,该平台旨在改善新药和现有癌症药物的治疗窗口和药代动力学特征。该公司的目标是从基因组诊断业务转变为一家完全整合的精准医疗公司。

Forward-Looking Statements

前瞻性陈述

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: future performance; guidance regarding expected quarterly and annual financial results, core revenues, GAAP loss, non-GAAP loss, and cash, cash equivalents and investments in marketable securities; evaluations and judgments regarding the stability of certain revenue sources, the Company's cash position and sufficiency of its resources, momentum, trajectory, vision, future opportunities and future growth of the Company's testing services and technologies and expansion, including its Beacon Expanded Carrier screen; the Company's research and development efforts, including any implications that the results of earlier clinical trials will be representative or consistent with later clinical trials, the expected timing of enrollment for these trials and the availability of data or results of these trials, including any implication that interim or preliminary data will be representative of final data; the Company's identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share, or expand its presence in certain markets; and the Company's ability to continue to grow its business.

本新闻稿包含1995年《私人证券诉讼改革法》所指的前瞻性陈述。本新闻稿中的前瞻性陈述示例包括以下方面的陈述:未来业绩;关于预期的季度和年度财务业绩、核心收入、GAAP亏损、非公认会计准则亏损以及现金、现金等价物和有价证券投资的指导;对某些收入来源的稳定性、公司现金状况和资源充足性、动量、轨迹、愿景、未来机会和公司测试服务的未来增长的评估和判断;以及技术和扩张,包括其Beacon Expanded Carrier筛选;公司的研发工作,包括对早期临床试验结果具有代表性或与后期临床试验一致的任何影响、这些试验的预期注册时间以及这些试验的数据或结果的可用性,包括任何暗示中期或初步数据将代表最终数据的暗示;公司对机会的识别和评估及其利用机会、占领市场的能力分享或扩大其在某些市场的影响力;以及公司继续发展业务的能力。

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 market potential for, and the rate and degree of market adoption of, the Company's tests, including its Beacon787 panel; 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; the Company's ability to maintain an acceptable margin; 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 level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests and testing services; the Company's level of success in establishing and obtaining the intended benefits from partnerships, strategic investments, joint ventures, acquisitions, or other relationships; the success of the Company's development efforts, including the Company's ability to progress its candidates through clinical trials on the timelines expected; the Company's compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and the Company's ability to protect its proprietary technology and intellectual property. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

前瞻性陈述是历史事实以外的陈述,与未来事件或情况或公司的未来业绩有关,它们基于管理层当前对未来发展及其对公司业务的潜在影响的假设、预期和信念。这些前瞻性陈述存在许多风险和不确定性,这些风险和不确定性可能导致本新闻稿中描述的前瞻性事件和情况不发生,实际结果与前瞻性陈述中描述或暗示的前瞻性事件和情况存在重大和不利的差异。这些风险和不确定性包括:公司测试(包括其Beacon787面板)的市场潜力以及市场采用率和程度;其保持周转时间并以其他方式跟上快速变化的技术步伐的能力;公司维持其业务模式较低内部成本的能力;公司维持可接受利润率的能力;与公司业绩波动相关的风险,该波动可能在一段时期内大幅波动 to perional;与组成相关的风险公司的客户群,可能在不同时期内波动,可以包括占公司收入很大一部分的少数客户;公司在为其测试和测试服务从第三方付款人那里获得保险以及足够的报销和可收取性方面的成功程度;公司在建立和从合作伙伴关系、战略投资、合资企业、收购或其他关系中获得预期收益方面的成功程度;公司的成功公司的发展努力,包括公司在预期的时间表上推动候选人完成临床试验的能力;公司遵守适用于其业务和行业的各种不断变化和复杂的法律和法规的情况;以及公司保护其专有技术和知识产权的能力。由于这些风险和不确定性,不应依赖前瞻性陈述或将其视为对未来事件的预测。

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.

本新闻稿中的前瞻性陈述仅代表截至本新闻稿发布之日,除非法律另有要求,否则公司没有义务公开更新任何此类前瞻性陈述以反映实际业绩或预期变化。

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 fiscal year ended December 31, 2022, filed with the SEC on February 28, 2023, 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.

公司向美国证券交易委员会(SEC)提交的报告,包括其于2023年2月28日向美国证券交易委员会提交的截至2022年12月31日财政年度的10-K表年度报告,以及其不时提交的其他报告,包括随后提交的年度、季度和当前报告,在向美国证券交易委员会提交后将在公司网站上公布。这些报告包含有关公司、其业务和影响其业务的风险的更多信息,以及本新闻稿中包含的财务业绩所涵盖期间的经营业绩。

FULGENT GENETICS, INC.

Condensed Consolidated Balance Sheet Data

December 31, 2023 and 2022

(in thousands)

December 31,

2023

2022

ASSETS:

Cash and cash equivalents

$

97,473

$

79,506

Investments in marketable securities

750,252

773,377

Accounts receivable, net

51,132

52,749

Property, plant, and equipment, net

83,464

81,353

Other assets

253,007

399,068

Total assets

$

1,235,328

$

1,386,053

LIABILITIES & EQUITY:

Accounts payable, accrued liabilities and other liabilities

$

102,042

$

116,178

Total stockholders' equity

1,133,286

1,269,875

Total liabilities & equity

$

1,235,328

$

1,386,053

富尔根特遗传学有限公司

简明的合并资产负债表数据

2023年12月31日和2022年12月31日

(以千计)

十二月三十一日

2023

2022

资产:

现金和现金等价物

$

97,473

$

79,506

投资有价证券

750,252

773,377

应收账款,净额

51,132

52,749

财产、厂房和设备,净额

83,464

81,353

其他资产

253,007

399,068

总资产

$

1,235,328

$

1,386,053

负债和权益:

应付账款、应计负债和其他负债

$

102,042

$

116,178

股东权益总额

1,133,286

1,269,875

负债和权益总额

$

1,235,328

$

1,386,053

FULGENT GENETICS, INC.

Condensed Consolidated Statement of Operations Data

Three and Twelve Months Ended December 31, 2023 and 2022

(in thousands, except per share data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

Revenue

$

70,505

$

67,704

$

289,213

$

618,968

Cost of revenue (1)

45,276

54,717

184,757

252,067

Gross profit

25,229

12,987

104,456

366,901

Operating expenses:

Research and development (1)

11,952

8,509

41,440

28,910

Selling and marketing (1)

10,500

10,253

41,467

38,918

General and administrative (1)

31,706

28,793

88,999

111,074

Amortization of intangible assets

1,958

2,010

7,845

6,497

Goodwill impairment loss

120,234

120,234

Restructuring costs

(26)

2,975

Total operating expenses

176,350

49,539

299,985

188,374

Operating (loss) income

(151,121)

(36,552)

(195,529)

178,527

Interest and other income, net

5,925

3,090

21,444

5,498

(Loss) income before income taxes

(145,196)

(33,462)

(174,085)

184,025

(Benefit from) provision for income taxes

(10,862)

(9,386)

1,154

42,102

Net (loss) income from consolidated operations

(134,334)

(24,076)

(175,239)

141,923

Net loss attributable to noncontrolling interests

6,185

244

7,414

1,480

Net (loss) income attributable to Fulgent

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

Net (loss) income per common share attributable to Fulgent:

Basic

$

(4.30)

$

(0.80)

$

(5.63)

$

4.76

Diluted

$

(4.30)

$

(0.80)

$

(5.63)

$

4.63

Weighted average common shares:

Basic

29,771

29,625

29,784

30,097

Diluted

29,771

29,625

29,784

30,964

(1) Equity-based compensation expense was allocated as follows:

Cost of revenue

$

2,375

$

2,521

$

9,749

$

8,704

Research and development

3,973

3,339

14,873

10,449

Selling and marketing

1,320

1,225

4,964

4,373

General and administrative

3,764

2,937

13,336

9,114

Total equity-based compensation expense

$

11,432

$

10,022

$

42,922

$

32,640

富尔根特遗传学有限公司

简明合并运营报表数据

截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的三个月和十二个月

(以千计,每股数据除外)

(未经审计)

截至12月31日的三个月

截至12月31日的十二个月

2023

2022

2023

2022

收入

$

70,505

$

67,704

$

289,213

$

618,968

收入成本 (1)

45,276

54,717

184,757

252,067

毛利润

25,229

12,987

104,456

366,901

运营费用:

研究与开发 (1)

11,952

8,509

41,440

28,910

销售和营销 (1)

10,500

10,253

41,467

38,918

一般和行政 (1)

31,706

28,793

88,999

111,074

无形资产的摊销

1,958

2,010

7,845

6,497

商誉减值损失

120,234

120,234

重组成本

(26)

2,975

运营费用总额

176,350

49,539

299,985

188,374

经营(亏损)收入

(151,121)

(36,552)

(195,529)

178,527

利息和其他收入,净额

5,925

3,090

21,444

5,498

所得税前(亏损)收入

(145,196)

(33,462)

(174,085)

184,025

(受益于)所得税准备金

(10,862)

(9,386)

1,154

42,102

合并业务的净(亏损)收入

(134,334)

(24,076)

(175,239)

141,923

归属于非控股权益的净亏损

6,185

244

7,414

1,480

归属于富尔金特的净(亏损)收入

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

归属于富尔根特的每股普通股净(亏损)收益:

基本

$

(4.30)

$

(0.80)

$

(5.63)

$

4.76

稀释

$

(4.30)

$

(0.80)

$

(5.63)

$

4.63

加权平均普通股:

基本

29,771

29,625

29,784

30,097

稀释

29,771

29,625

29,784

30,964

(1) 基于权益的薪酬费用分配如下:

收入成本

$

2,375

$

2,521

$

9,749

$

8,704

研究和开发

3,973

3,339

14,873

10,449

销售和营销

1,320

1,225

4,964

4,373

一般和行政

3,764

2,937

13,336

9,114

基于权益的薪酬支出总额

$

11,432

$

10,022

$

42,922

$

32,640

FULGENT GENETICS, INC.

Non-GAAP Income (Loss) Reconciliation

Three and Twelve Months Ended December 31, 2023 and 2022

(in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

Net (loss) income attributable to Fulgent

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

Amortization of intangible assets

1,958

2,010

7,845

6,497

Goodwill impairment loss

120,234

120,234

Restructuring costs

(26)

2,975

Acquisition-related costs

1,359

7,934

Equity-based compensation expense

11,432

10,022

42,922

32,640

Non-GAAP tax effect (1)

2,794

(3,742)

(15,473)

(14,013)

Non-GAAP (loss) income attributable to Fulgent

$

8,269

$

(14,209)

$

(12,297)

$

179,436

Net (loss) income per common share attributable to Fulgent:

Basic

$

(4.30)

$

(0.80)

$

(5.63)

$

4.76

Diluted

$

(4.30)

$

(0.80)

$

(5.63)

$

4.63

Non-GAAP (loss) income per common share attributable to Fulgent:

Basic

$

0.28

$

(0.48)

$

(0.41)

$

5.96

Diluted

$

0.28

$

(0.48)

$

(0.41)

$

5.79

Weighted average common shares:

Basic

29,771

29,625

29,784

30,097

Diluted

29,771

29,625

29,784

30,964

(1) Tax rates as follows:

Corporate tax rate of 28% for the three and twelve months ended December 31, 2022. During the three and twelve months ended December 31, 2023, the Company maintained a valuation allowance for deferred tax assets.

富尔根特遗传学有限公司

非公认会计准则收益(亏损)对账

截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的三个月和十二个月

(以千计,每股数据除外)

截至12月31日的三个月

截至12月31日的十二个月

2023

2022

2023

2022

归属于富尔金特的净(亏损)收入

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

无形资产的摊销

1,958

2,010

7,845

6,497

商誉减值损失

120,234

120,234

重组成本

(26)

2,975

收购相关成本

1,359

7,934

基于权益的薪酬费用

11,432

10,022

42,922

32,640

非公认会计准则税收影响 (1)

2,794

(3,742)

(15,473)

(14,013)

归属于富尔金特的非公认会计准则(亏损)收益

$

8,269

$

(14,209)

$

(12,297)

$

179,436

归属于富尔根特的每股普通股净(亏损)收益:

基本

$

(4.30)

$

(0.80)

$

(5.63)

$

4.76

稀释

$

(4.30)

$

(0.80)

$

(5.63)

$

4.63

归属于富尔根特的每股普通股非公认会计准则(亏损)收益:

基本

$

0.28

$

(0.48)

$

(0.41)

$

5.96

稀释

$

0.28

$

(0.48)

$

(0.41)

$

5.79

加权平均普通股:

基本

29,771

29,625

29,784

30,097

稀释

29,771

29,625

29,784

30,964

(1) 税率如下:

截至2022年12月31日的三个月和十二个月中,公司税率为28%。在截至2023年12月31日的三个月和十二个月中,公司维持了递延所得税资产的估值补贴。

FULGENT GENETICS, INC.

Non-GAAP Adjusted EBITDA Reconciliation

Three and Twelve Months Ended December 31, 2023 and 2022

(in thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

Net (loss) income attributable to Fulgent

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

Interest income, net

(5,947)

(3,023)

(21,124)

(4,610)

(Benefit from) provision for income taxes

(10,862)

(9,386)

1,154

42,102

Goodwill impairment loss

120,234

120,234

Restructuring costs

(26)

2,975

Acquisition-related costs

1,359

7,934

Equity-based compensation expense

11,432

10,022

42,922

32,640

Depreciation and amortization

6,533

9,802

26,143

32,662

Adjusted EBITDA

$

(6,759)

$

(15,084)

$

1,504

$

257,106

富尔根特遗传学有限公司

非公认会计准则调整后的息税折旧摊销前利润对账

截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的三个月和十二个月

(以千计)

截至12月31日的三个月

截至12月31日的十二个月

2023

2022

2023

2022

归属于富尔金特的净(亏损)收入

$

(128,149)

$

(23,832)

$

(167,825)

$

143,403

利息收入,净额

(5,947)

(3,023)

(21,124)

(4,610)

(受益于)所得税准备金

(10,862)

(9,386)

1,154

42,102

商誉减值损失

120,234

120,234

重组成本

(26)

2,975

收购相关成本

1,359

7,934

基于权益的薪酬费用

11,432

10,022

42,922

32,640

折旧和摊销

6,533

9,802

26,143

32,662

调整后的息税折旧摊销前

$

(6,759)

$

(15,084)

$

1,504

$

257,106

FULGENT GENETICS, INC.

Non-GAAP Operating Margin

Three and Twelve Months Ended December 31, 2023 and 2022

(in thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

Revenue

$

70,505

$

67,704

$

289,213

$

618,968

Cost of revenue

45,276

54,717

184,757

252,067

Gross profit

25,229

12,987

104,456

366,901

Gross margin

35.8%

19.2%

36.1%

59.3%

Equity-based compensation included in cost of revenue

2,375

2,521

9,749

8,704

Non-GAAP gross profit

27,604

15,508

114,205

375,605

Non-GAAP gross margin

39.2%

22.9%

39.5%

60.7%

Operating expenses

176,350

49,539

299,985

188,374

Equity-based compensation included in operating expenses

9,057

7,501

33,173

23,936

Acquisition-related costs included in operating expenses

1,359

7,934

Amortization of intangible assets

1,958

2,010

7,845

6,497

Restructuring costs

(26)

2,975

Goodwill impairment loss

120,234

120,234

Non-GAAP operating expenses

45,101

38,695

138,733

147,032

Non-GAAP operating (loss) profit

$

(17,497)

$

(23,187)

$

(24,528)

$

228,573

Non-GAAP operating margin

-24.8%

-34.2%

-8.5%

36.9%

富尔根特遗传学有限公司

非公认会计准则营业利润率

截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的三个月和十二个月

(以千计)

截至12月31日的三个月

截至12月31日的十二个月

2023

2022

2023

2022

收入

$

70,505

$

67,704

$

289,213

$

618,968

收入成本

45,276

54,717

184,757

252,067

毛利润

25,229

12,987

104,456

366,901

毛利率

35.8%

19.2%

36.1%

59.3%

基于股权的薪酬包含在收入成本中

2,375

2,521

9,749

8,704

非公认会计准则毛利

27,604

15,508

114,205

375,605

非公认会计准则毛利率

39.2%

22.9%

39.5%

60.7%

运营费用

176,350

49,539

299,985

188,374

基于股权的薪酬包含在运营费用中

9,057

7,501

33,173

23,936

与收购相关的成本包含在运营费用中

1,359

7,934

无形资产的摊销

1,958

2,010

7,845

6,497

重组成本

(26)

2,975

商誉减值损失

120,234

120,234

非公认会计准则运营费用

45,101

38,695

138,733

147,032

非公认会计准则经营(亏损)利润

$

(17,497)

$

(23,187)

$

(24,528)

$

228,573

非公认会计准则营业利润率

-24.8%

-34.2%

-8.5%

36.9%

Investor Relations Contact:
The Blueshirt Group
Melanie Solomon, melanie@blueshirtgroup.com

投资者关系联系人:
Blueshirt 集团
梅兰妮·所罗门, melanie@blueshirtgroup.com

Source: Fulgent Genetics, Inc.

来源:Fulgent Genetics, Inc.

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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