0001564590-21-042834 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	FLGT
Entity Registrant Name	FULGENT GENETICS, INC.
Entity Central Index Key	0001674930
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,521,259
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4978 Santa Anita Avenue
Entity Address, City or Town	Temple City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91780
City Area Code	626
Local Phone Number	350-0537
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 100,461	$ 87,426
Marketable securities	283,328	211,941
Trade accounts receivable, net of allowance for credit losses of $6,044 and $1,898 as of June 30, 2021 and December 31, 2020, respectively	148,576	183,857
Other current assets	34,321	40,392
Total current assets	566,686	523,616
Marketable securities, long-term	393,250	132,502
Fixed assets, net	51,086	40,199
Acquisition-related intangible assets, net	6,829
Goodwill	23,107
Other long-term assets	8,897	4,144
Total assets	1,049,855	700,461
Current liabilities
Accounts payable	14,743	26,488
Income tax payable	26,399	53,319
Contract liabilities	6,915	26,576
Customer deposit	45,327	185
Investment margin loan	15,077	15,019
Other current liabilities	13,063	8,528
Total current liabilities	121,524	130,115
Notes payable	5,899
Unrecognized tax benefits	505	377
Other long-term liabilities	1,202	582
Total liabilities	129,130	131,074
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 29,513 and 28,178 shares issued and outstanding at June 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 June 30, 2021 and December 31, 2020
Additional paid-in capital	482,255	418,065
Accumulated other comprehensive income (loss)	(265)	438
Retained earnings	430,736	150,881
Total Fulgent stockholders' equity	912,729	569,387
Noncontrolling interest	7,996
Total stockholders’ equity	920,725	569,387
Total liabilities and stockholders’ equity	$ 1,049,855	$ 700,461

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 6,044	$ 1,898
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	29,513,000	28,178,000
Common stock, shares outstanding	29,513,000	28,178,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 153,616,000	$ 17,265,000	$ 513,045,000	$ 25,018,000
Cost of revenue	35,858,000	7,717,000	109,933,000	11,774,000
Gross profit	117,758,000	9,548,000	403,112,000	13,244,000
Operating expenses:
Research and development	5,312,000	1,849,000	10,734,000	3,827,000
Selling and marketing	5,219,000	3,260,000	10,227,000	4,857,000
General and administrative	8,329,000	1,799,000	16,331,000	3,834,000
Total operating expenses	18,860,000	6,908,000	37,292,000	12,518,000
Operating income	98,898,000	2,640,000	365,820,000	726,000
Interest and other income, net	604,000	275,000	886,000	516,000
Income before income taxes, gain on equity method investment and equity loss in investee	99,502,000	2,915,000	366,706,000	1,242,000
Provision for (benefit from) income taxes	23,589,000	(599,000)	90,102,000	(565,000)
Income before gain on equity method investment and equity loss in investee	75,913,000	3,514,000	276,604,000	1,807,000
Gain on equity method investment	3,734,000		3,734,000
Equity loss in investee		(193,000)		(442,000)
Net income from consolidated operations	79,647,000	3,321,000	280,338,000	1,365,000
Net loss attributable to noncontrolling interests	165,000		165,000
Net income attributable to Fulgent	$ 79,812,000	$ 3,321,000	$ 280,503,000	$ 1,365,000
Net income per common share attributable to Fulgent:
Basic	$ 2.74	$ 0.15	$ 9.68	$ 0.06
Diluted	$ 2.59	$ 0.14	$ 9.10	$ 0.06
Weighted-average common shares:
Basic	29,150	21,747	28,991	21,656
Diluted	30,830	22,920	30,809	22,824

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income from consolidated operations	$ 79,647	$ 3,321	$ 280,338	$ 1,365
Other comprehensive income (loss):
Foreign currency translation gain (loss)	36	2	36	(1)
Net unrealized gain (loss) on marketable securities, net of tax	(75)	1,240	(729)	904
Comprehensive income from consolidated operations	79,608	4,563	279,645	2,268
Net loss attributable to noncontrolling interests	165		165
Foreign currency translation gain attributable to noncontrolling interest	(10)		(10)
Comprehensive loss attributable to noncontrolling interest	155		155
Comprehensive income attributable to Fulgent	$ 79,763	$ 4,563	$ 279,800	$ 2,268

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Fulgent Stockholders' Equity	Fulgent Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest
Beginning Balance at Dec. 31, 2019	$ 82,777		$ 2	$ 146,058	$ 146	$ (63,429)
Beginning Balance, Shares at Dec. 31, 2019			21,483
Equity-based compensation	924			924
Exercise of common stock options	12			12
Exercise of common stock options, Shares			33
Restricted stock awards, Shares			159
Common stock withholding for employee tax obligations	(46)			(46)
Common stock withholding for employee tax obligations, Shares			(3)
Other comprehensive gain (loss)	(339)				(339)
Net income (loss)	(1,956)					(1,956)
Ending Balance at Mar. 31, 2020	81,372		$ 2	146,948	(193)	(65,385)
Ending Balance, Shares at Mar. 31, 2020			21,672
Beginning Balance at Dec. 31, 2019	82,777		$ 2	146,058	146	(63,429)
Beginning Balance, Shares at Dec. 31, 2019			21,483
Net income (loss)	1,365
Ending Balance at Jun. 30, 2020	87,043		$ 2	148,056	1,049	(62,064)
Ending Balance, Shares at Jun. 30, 2020			21,810
Beginning Balance at Mar. 31, 2020	81,372		$ 2	146,948	(193)	(65,385)
Beginning Balance, Shares at Mar. 31, 2020			21,672
Equity-based compensation	1,080			1,080
Exercise of common stock options	28			28
Exercise of common stock options, Shares			11
Restricted stock awards, Shares			127
Other comprehensive gain (loss)	1,242				1,242
Net income (loss)	3,321					3,321
Ending Balance at Jun. 30, 2020	87,043		$ 2	148,056	1,049	(62,064)
Ending Balance, Shares at Jun. 30, 2020			21,810
Beginning Balance at Dec. 31, 2020	$ 569,387	$ (887)	$ 3	418,065	438	150,881	$ (887)	$ 569,387	$ (887)
Beginning Balance, Shares at Dec. 31, 2020	28,178		28,178
Equity-based compensation	$ 2,962			2,962				2,962
Exercise of common stock options	44			44				44
Exercise of common stock options, Shares			45
Restricted stock awards, Shares			187
Common stock withholding for employee tax obligations	(513)			(513)				(513)
Common stock withholding for employee tax obligations, Shares			(4)
Issuance of common stock	30,297			30,297				30,297
Issuance of common stock, Shares			583
Other comprehensive gain (loss)	(654)				(654)			(654)
Cumulative tax effect of accounting change	239					239		239
Net income (loss)	200,691					200,691		200,691
Ending Balance at Mar. 31, 2021	801,566		$ 3	450,855	(216)	350,924		801,566
Ending Balance, Shares at Mar. 31, 2021			28,989
Beginning Balance at Dec. 31, 2020	$ 569,387	$ (887)	$ 3	418,065	438	150,881	$ (887)	569,387	$ (887)
Beginning Balance, Shares at Dec. 31, 2020	28,178		28,178
Net income (loss)	$ 280,338
Ending Balance at Jun. 30, 2021	$ 920,725		$ 3	482,255	(265)	430,736		912,729		$ 7,996
Ending Balance, Shares at Jun. 30, 2021	29,513		29,513
Beginning Balance at Mar. 31, 2021	$ 801,566		$ 3	450,855	(216)	350,924		801,566
Beginning Balance, Shares at Mar. 31, 2021			28,989
Equity-based compensation	3,526			3,526				3,526
Exercise of common stock options	24			24				24
Exercise of common stock options, Shares			4
Restricted stock awards, Shares			143
Common stock withholding for employee tax obligations	(39)			(39)				(39)
Common stock withholding for employee tax obligations, Shares			(1)
Issuance of common stock	27,889			27,889				27,889
Issuance of common stock, Shares			378
Noncontrolling interest assumed related to acquisitions	8,151									8,151
Other comprehensive gain (loss)	(39)				(49)			(49)		10
Net income (loss)	79,647					79,812		79,812		(165)
Ending Balance at Jun. 30, 2021	$ 920,725		$ 3	$ 482,255	$ (265)	$ 430,736		$ 912,729		$ 7,996
Ending Balance, Shares at Jun. 30, 2021	29,513		29,513

Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
November 2020 Equity Distribution Agreement
Selling price per share	$ 73.75	$ 52.00

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net income from consolidated operations	$ 280,338	$ 1,365
Adjustments to reconcile net income to net cash provided (used in) by operating activities:
Equity-based compensation	6,488	2,004
Depreciation and amortization	4,340	1,118
Noncash lease expense	298	220
Loss on disposal of fixed asset	598
Amortization of premium of marketable securities	3,171	218
Provision for credit losses	3,259	135
Deferred taxes	(3,055)
Unrecognized tax benefits	128
Holding loss on equity securities	360
Equity loss in investee		442
Gain on equity method investment	(3,734)
Other	(8)	(6)
Changes in operating assets and liabilities:
Trade accounts receivable	32,460	(7,437)
Other current and long-term assets	(6,025)	(3,827)
Accounts payable	(10,256)	2,284
Accrued liabilities and other liabilities	3,084	670
Income tax payable	(26,920)	(24)
Contract liabilities	(19,662)
Customer deposit	44,719
Operating lease liabilities	(293)	(205)
Net cash provided by (used in) operating activities	309,290	(3,043)
Cash flow from investing activities:
Purchases of fixed assets	(14,427)	(1,207)
Proceeds from sale of fixed assets	13
Purchase of marketable securities	(424,807)	(12,387)
Proceeds from sale of marketable securities	51,696
Maturities of marketable securities	34,538	7,327
Acquisition of businesses, net of cash acquired	(18,509)
Net cash used in investing activities	(371,496)	(6,267)
Cash flow from financing activities:
Proceeds from (payment for) public offerings of common stock, net of issuance costs	75,656	(217)
Proceeds from noncontrolling interest	10
Proceeds from exercise of stock options	68	40
Common stock withholding for employee tax obligations	(552)	(46)
Borrowing under margin account	58
Net cash provided by (used in) financing activities	75,240	(223)
Effect of exchange rate changes on cash and cash equivalents	1	(1)
Net increase (decrease) in cash and cash equivalents	13,035	(9,534)
Cash and cash equivalents at beginning of period	87,426	11,965
Cash and cash equivalents at end of period	100,461	2,431
Supplemental disclosures of cash flow information:
Income taxes paid	119,980	28
Supplemental disclosures of non-cash investing and financing activities:
Purchases of fixed assets in accounts payable	742	497
Operating lease right-of-use assets obtained in exchange for lease liabilities	765	393
Operating lease right-of-use assets reduced due to lease modification	185
Public offerings costs included in accounts payable	$ 30	$ 2

Overview and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. These financial statements include the assets, liabilities, revenues and expenses of all subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company uses the equity method to account for its investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. All significant intercompany accounts and transactions are eliminated from the accompanying condensed consolidated financial statements.

Nature of the Business

Fulgent Genetics, Inc., together with its subsidiaries, collectively referred to as the Company, unless otherwise noted or the context otherwise requires, is a technology company offering comprehensive genetic testing providing physicians with clinically actionable diagnostic information they can use to improve the quality of patient care. The Company has developed a proprietary technology platform that allows it to offer a broad and flexible test menu and 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 single-gene tests; pre-established, multi-gene, disease-specific panels; and customized panels that can be tailored to meet specific customer needs. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus, or COVID-19, including NGS and reverse transcription polymerase chain reaction – based, or RT-PCR-based, tests. The Company has received an Emergency Use Authorization, or EUA, from the United States, or U.S., Food and Drug Administration, or the FDA, for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. The Company’s at-home testing service for COVID-19 and RT-PCR-based test have been granted an EUA by the FDA only for the detection of nucleic acid from SARS-CoV-2, not for any other viruses or pathogens. The Company believes its test menu offers more genes for testing than its competitors in today’s market, which enables it to provide expansive options for test customization and clinically actionable results. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs.

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2020, which are included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2021, or 2020 Annual Report, and, in the opinion of management, include all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or any other period. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the 2020 Annual Report, including the notes thereto.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the 2020 Annual Report.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates.

On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) trade accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities, (v) the valuation of equity method investments, (vi) valuation of acquisition-related intangibles and goodwill, and (vii) useful lives of intangible assets and fixed assets.

Foreign Currency Translation and Foreign Currency Transactions

The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in accumulated other comprehensive income (loss) in the accompanying Condensed Consolidated Statements of Stockholders’ Equity. Gains from these translations were not significant in the three and six months ended June 30, 2021 and three months ended June 30, 2020, and loss from these translations for the six months ended June 30, 2020 was not significant. The Company and its subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Losses from these remeasurements in the three and six months ended June 30, 2021 and in the six months ended June 30, 2020 were not significant. Gains from these remeasurements were not significant in the three months ended June 30, 2020.

Leases

The Company determines if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease right-of-use, or ROU, asset, short-term lease liabilities, and long-term lease liabilities were included in other long-term assets, other current liabilities, and other long-term liabilities, respectively, in the accompanying Condensed Consolidated Balance Sheets.

Lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, including options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company uses its incremental borrowing rate based on the information available at the commencement date, including inquiries with its bank, in determining the present value of lease payments since its leases do not provide an implicit rate. The lease ROU asset includes any base rent payments made and excludes lease incentives and variable operating expenses. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company leases out space in buildings it owns in El Monte, California, to third-party tenants under noncancelable operating leases and has leased out such space since the Company purchased such buildings. The Company recognizes lease payments as income over the lease terms on a straight-line basis and recognizes variable lease payments as income in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. The net rental income is included in the interest and other income, net, in the accompanying Condensed Consolidated Statement of Operations.

Concentration of Customers

In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. After aggregating customers that are under common control or are affiliates, two customers contributed 20% and 16% of the Company’s revenue for the three months ended June 30, 2021, respectively, and two customers contributed 24% and 11% of the Company’s revenue for the six months ended June 30, 2021, respectively. One customer contributed 45% of the Company’s revenue for the three months ended June 30, 2020, and one customer contributed 31% of the Company’s revenue for the six months ended June 30, 2020. One customer comprised 13% of total accounts receivable as of June 30, 2021. No customer comprised 10% or more of total accounts receivable as of December 31, 2020. Revenue from the U.S. government was less than 10% of total revenue for the three and six months ended June 30, 2021 and 2020.

Revenue from Contracts with Customers

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Insurance, (ii) Institutional, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, or (iii) Patients who pay directly, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Testing Services by payor
Institutional	$	103,602	$	16,454	$	255,171	$	23,932
Insurance		49,520		691		257,078		825
Patient		494		120		796		261
Total Revenue	$	153,616	$	17,265	$	513,045	$	25,018

Contract Balances

Receivables from contracts with customers—As of June 30, 2021 and December 31, 2020, receivables from contracts with customers were approximately $148.6 million and $183.9 million, respectively, and are included within trade accounts receivable on the Condensed Consolidated Balance Sheets.

Contracts assets and liabilities —As of June 30, 2021 and December 31, 2020, contract assets from contracts with customers were $324,000 and $1.4 million, respectively, associated with contract execution and certain costs to fulfill a contract, and included in other current assets in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities are recorded when the Company receives payment or bills prior to completing its obligation to transfer goods or services to a customer. The Company had $6.9 million and $26.6 million of contract liabilities as of June 30, 2021 and December 31, 2020, respectively. Revenues of $1.7 million and $196,000 for the three months and $25.5 million and $246,000 for the six months were recognized for the periods ended June 30, 2021 and 2020, respectively, related to contract liabilities at the beginning of the respective periods.

Transaction Price Allocated to Future Performance Obligations

The Company does not have material future obligations associated with testing services that extend beyond one year.

Reagents and Supplies

The Company maintains reagents and other consumables primarily used in sample collections and testing which are valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis. The reagents and supplies were $25.4 million and $16.5 million as of June 30, 2021 and December 31, 2020, respectively, and was included in other current assets in the accompanying Condensed Consolidated Balance Sheets.

Customer Deposit

Customer deposit in the accompanying Condensed Consolidated Balance Sheets consists primarily of payments received from customers in excess of their outstanding trade accounts receivable balances, and the excess payments will be refunded to the customers or offset against future testing receivables.

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company assesses collectability by reviewing trade accounts receivable on a collective basis where similar risk characteristics exist and on an individual basis when it identifies specific customers that have deterioration in credit quality such that they may no longer share similar risk characteristics with the other receivables. In determining the amount of the allowance for credit losses, the Company uses a probability-of-default and loss given default model, which allows the ability to define a point of default and measure credit losses for receivables that have reached the point of default for purposes of calculating the allowance for credit losses. Loss given default represents the likelihood that a receivable that has reached the point of default will not be collected in full. The Company will update its probability-of-default and loss given default factors annually to incorporate the most recent historical data and adjusts the quantitative portion of the reserve through its qualitative reserve overlay. The Company looks at qualitative factors such as general economic conditions in determining expected credit losses. During the three and six months ended June 30, 2021, the Company recorded $2.2 million and $3.3 million of provision for credit losses for trade accounts receivable, respectively. The provision was not significant for the three and six months ended June 30, 2020.

Marketable Securities

All marketable debt securities, which consist of corporate debt securities, municipal bonds, U.S. government agency debt securities, and Yankee debt securities issued by foreign governments or entities and denominated in U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Realized gains and losses on marketable debt securities are included in interest and other income, net, in the accompanying Condensed Consolidated Statements of Operations. The cost of any marketable debt securities sold is based on the specific-identification method. The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable debt securities is included in interest and other income, net. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the final maturity is tailored to the Company’s current liquidity needs with a maximum final maturity from the date of purchase of three years.

The Company’s investments in marketable equity securities are measured at fair value with the related gains and losses, realized and unrealized, recognized in interest and other income, net, in the accompanying Condensed Consolidated Statements of Operations. The cost of any marketable equity securities sold is based on the specific-identification method.

For available for sale debt securities, in an unrealized loss, the company determines whether a credit loss exists. The credit loss is estimated by considering available information relevant to the collectability of the security and information about past events, current conditions, and reasonable and supportable forecasts. Any credit loss is recorded as a charge to interest and other income, net, not to exceed the amount of the unrealized loss. If the Company has an intent to sell, or if it is more likely than not that the Company will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of interest and other income, net.

Business Combination

The Company uses the acquisition method of accounting and allocates the fair value of purchase consideration to the assets acquired and liabilities assumed from an acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Goodwill

Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, and goodwill is written down when it is determined to be impaired. The Company will perform an annual impairment review in the fourth quarter of each fiscal year and compare the fair value of the reporting unit in which the goodwill resides to its carrying value.

Recent Accounting Pronouncements

The Company evaluates all Accounting Standards Updates, or ASUs, issued by the Financial Accounting Standards Board, or FASB, for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements

ASU 2016-13

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those reporting periods for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application of the amendments is permitted. The Company adopted ASU 2016-13 using the modified retrospective approach as of January 1, 2021. The cumulative effect upon adoption was $887,000 to the retained earnings in the accompanying Condensed Consolidated Statements of Stockholders’ Equity and trade accounts receivable, net, in the accompanying Condensed Consolidated Balance Sheets. The cumulative tax effective was $239,000 to retained earnings and deferred tax assets included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. There was no impact related to available-for-sale debt securities.

ASU 2019-12

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), or ASU 2019-12, which is intended to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. The amendment in this ASU simplifies the accounting for income taxes by removing some exceptions including the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for equity method investments, the ability not to recognize a deferred tax liability for a foreign subsidiary, and the general methodology for calculating income taxes in an interim period. Other changes include requiring entities to recognize franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, evaluate tax basis step-up in goodwill obtained in a transaction that is not a business combination, and reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, making minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method, and specifying that an entity is not required to allocate the consolidated current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. For public business entities, this amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 with early adoption permitted. The Company adopted ASU 2019-12 in the first quarter of 2021, and the adoption had no material impact to the Company’s condensed consolidated financial statements.

Marketable Securities

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Marketable Securities

Note 3. Marketable Securities

The Company’s marketable securities consisted of the following:

	June 30, 2021
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	169,366		$	10	$	(451	)	$	168,925
Exchange traded funds		35,042			—		(8	)		35,034
Available-for-sale debt securities
Corporate debt securities		77,664			199		(9	)		77,854
Money market accounts		5,501			—		—			5,501
Municipal bonds		1,517			—		(1	)		1,516
Less: Cash equivalents		(5,501	)		—		—			(5,501	)
Total short-term marketable securities		283,589			209		(469	)		283,329
After 1 year through 5 years
Corporate debt securities		354,979			188		(678	)		354,489
Municipal bonds		13,376			15		(19	)		13,372
Yankee debt securities		14,856			3		(109	)		14,750
U.S. government agency debt securities		1,500			—		(4	)		1,496
Total marketable securities due after 1 year through 5 years		384,711			206		(810	)		384,107
After 5 years through 10 years
Municipal bonds		9,182			3		(43	)		9,142
Total marketable securities due after 5 years through 10 years		9,182			3		(43	)		9,142
Total marketable securities	$	677,482		$	418	$	(1,322	)	$	676,578

	December 31, 2020
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	153,269		$	67	$	(151	)	$	153,185
Exchange traded funds		17,614			—		(5	)		17,609
Available-for-sale debt securities
Money market accounts		47,461			—		—			47,461
Corporate debt securities		41,061			101		(15	)		41,147
Less: Cash equivalents		(47,461	)		—		—			(47,461	)
Total short-term marketable securities		211,944			168		(171	)		211,941
After 1 year through 5 years
Corporate debt securities		124,989			580		(117	)		125,452
U.S. government agency debt securities		1,000			2		—			1,002
Yankee debt securities		6,054			4		(10	)		6,048
Total marketable securities due after 1 year through 5 years		132,043			586		(127	)		132,502
Total marketable securities	$	343,987		$	754	$	(298	)	$	344,443

Gross unrealized losses on the Company’s marketable securities were $1.3 million as of June 30, 2021. Gross unrealized losses on the Company’s marketable securities were $298,000 as of December 31, 2020. The Company currently does not intend to sell these securities prior to maturity. During the three and six months ended June 30, 2021, the Company did not recognize credit losses.

The Company’s securities of $420.4 million are used as collateral for an outstanding margin account borrowing. As of June 30, 2021, the Company had an outstanding borrowing of $15.1 million under its margin account. Margin account borrowings were used for the purchase of real property located in El Monte, California in 2020.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

Level 1:	Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2:	Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Inputs are unobservable inputs for the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	June 30, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	168,925	$	168,925	$	—	$	—
Exchange traded funds		35,034		35,034		—		—
Corporate debt securities		432,343		—		432,343		—
Municipal bonds		24,030		—		24,030		—
Yankee debt securities		14,750		—		14,750		—
U.S. government agency debt securities		1,496		—		1,496		—
Money market accounts		5,501		5,501		—		—
Total marketable securities and cash equivalents	$	682,079	$	209,460	$	472,619	$	—

	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	153,185	$	153,185	$	—	$	—
Exchange traded funds		17,609		17,609		—		—
Corporate debt securities		166,599		—		166,599		—
U.S. government agency debt securities		1,002		—		1,002		—
Yankee debt securities		6,048		—		6,048		—
Money market accounts		47,461		47,461		—		—
Total marketable securities and cash equivalents	$	391,904	$	218,255	$	173,649	$	—

The Company’s Level 1 assets include marketable equity securities and money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government agency debt securities, municipal bonds, corporate debt securities and Yankee debt securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer

quotes, bids and offers. As of June 30, 2021, the Company had no investments that were measured using unobservable (Level 3) inputs.

There were no transfers between fair value measurement levels during the three and six months ended June 30, 2021.

Fixed Assets

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:

		June 30,			December 31,
	Useful Lives	2021			2020
		(in thousands)
Medical lab equipment	3 to 5 Years	$	30,108		$	20,849
Building	39 Years		6,731			6,731
Aircraft	7 Years		6,503			6,503
Computer hardware	3 Years		4,580			3,699
Leasehold improvements	Shorter of lease term or estimated useful life		1,941			1,580
Furniture and fixtures	2 to 5 Years		1,056			454
Automobile	2 to 5 Years		716			53
Building improvements	6 months to 5 Years		707			707
Computer software	3 to 5 Years		754			541
Land improvements	5 to 15 Years		403			403
General equipment	3 to 5 Years		44			44
Land			7,500			7,500
Assets not yet placed in service			4,783			2,055
Total			65,826			51,119
Less: Accumulated depreciation			(14,740	)		(10,920	)
Fixed assets, net		$	51,086		$	40,199

Depreciation expense on fixed assets totaled $2.3 million and $549,000 for the three months and $4.2 million and $1.1 million for the six months ended June 30, 2021 and 2020, respectively.

Other Significant Balance Sheet Accounts

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Significant Balance Sheet Accounts

Note 6. Other Significant Balance Sheet Accounts

Other current assets consisted of the following:

	June 30,		December 31,
	2021		2020
	(in thousands)
Reagents and supplies	$	25,373	$	16,491
Prepaid expenses		4,311		3,682
Marketable securities interest receivable		2,898		1,016
Other receivable		1,415		17,810
Contract assets		324		1,379
Prepaid income taxes		—		14
Total	$	34,321	$	40,392

Reagents and supplies include reagents and consumables used for COVID-19 testing and genetics testing and collection kits for COVID-19 testing. Other receivable as of December 31, 2020 primarily consists of proceeds to be received from public offerings of the Company’s common stock, which were all collected during the six months ended June 30, 2021.

Other current liabilities consisted of the following:

	June 30,		December 31,
	2021		2020
	(in thousands)
Payroll liabilities	$	6,687	$	5,314
Sales tax payable and other		4,801		2,538
Operating lease liabilities		1,001		267
Due to related parties		574		409
Total	$	13,063	$	8,528

Reporting Segment and Geographic Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

Note 7. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. Long-lived assets were primarily located in the United States as of June 30, 2021 and December 31, 2020 with an insignificant amount located in China and Canada. Revenue by region during the three and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Revenue:
United States	$	149,862	$	16,138	$	507,399	$	21,777
Foreign		3,754		1,127		5,646		3,241
Total	$	153,616	$	17,265	$	513,045	$	25,018

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Debt, Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments and Contingencies

Debt

As of June 30, 2021, the Company had an outstanding borrowing of $15.1 million under its margin account with the custodian of the Company’s marketable debt security investment account, Pershing Advisor Solutions, LLC, a BNY Mellon Company. Margin account borrowings were used for the purchase of real property located in El Monte, California in 2020. The securities in the brokerage account were used as collateral for the margin loan. The custodian can issue a margin call at any time. The interest rate on the margin loan was the effective federal funds rate, or EFFR, plus a spread, and the EFFR and/or the spread can be changed by BNY Mellon at any time. The interest was 1% at the time of withdrawal of $15.0 million from the margin account, and the interest rate at June 30, 2021 was less than 1.0%. The Company did not make any other withdrawals from the margin account, and the outstanding balance of $15.1 million is included in the accompanying Condensed Consolidated Balance Sheets. The related interest expenses for the three and six months ended June 30, 2021 were $29,000 and $58,000, respectively. The related interest expenses were none for the three and six months ended June 30, 2020.

Notes payable as of June 30, 2021 consisted of $5.9 million of notes payable to Xilong Scientific Co., Ltd., or Xilong Scientific, by Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech, as defined in Note 14, Business Combination. The loan is payable on December 31, 2022 and interest rate on the loan is 4.97%.

Operating Leases

See Note 9, Leases, for further information.

Purchase Obligations

As of June 30, 2021, the Company had non-cancelable purchase obligations of $7.6 million, of which, $4.9 million for reagents and other supplies, $2.3 million for medical lab equipment, and $372,000 for medical lab furniture are payable within twelve months.

Contingencies

From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. In the opinion of management, the outcome of these matters would not have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company is party as a lessee to various non-cancelable operating leases with varying terms through February 2026 primarily for laboratory and office space and equipment. The Company has an option to renew one of these leases for one year after its expiration. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company does not have any finance leases or leases with variable lease payments. The Company’s lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options or asset retirement obligations.

The Company’s headquarters are located in Temple City, California, which is comprised of various corporate offices and a laboratory certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, accredited by the College of American Pathologists, or CAP, and licensed by the State of California Department of Public Health. Another CLIA-certified laboratory is located in Houston, Texas. Additional offices are located in Atlanta, Georgia and are used for certain report generation functions.

In February 2021, the Company extended the lease for its headquarters located in Temple City, California, to January 31, 2023. In March 2021, the Company entered into a new lease for its 12,000 square foot CLIA-certified laboratory in Houston, Texas, and the lease will expire in November 2023.

The operating lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of June 30, 2021 and December 31, 2020 were as follows:

	June 30,		December 31,
	2021		2020
	(in thousands)
Operating lease right-of-use asset	$	2,176	$	828
Operating lease liabilities, short term	$	1,001	$	267
Operating lease liabilities, long term	$	1,188	$	568

The following was operating lease expense:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Operating lease cost	$	232	$	152	$	301	$	301
Short-term lease cost		61		3		192		3
Total lease cost	$	293	$	155	$	493	$	304

Supplemental information related to leases was the following:

	June 30, 2021
Weighted average remaining lease term - operating leases	2.9 years
Weighted average discount rate - operating leases		3.26	%

The following is a maturity analysis of operating lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:

	Operating Leases
	(in thousands)
Year Ending December 31,
2021 (remaining 6 months)	$	538
2022		881
2023		412
2024		216
2025		215
2026		37
Thereafter		—
Total lease payments		2,299
Less imputed interest		(110	)
Total	$	2,189

Lessor

The Company leases out space in buildings it owns to third-party tenants under noncancelable operating leases and has leased out such space since the Company purchased such buildings in October 2020. As of June 30, 2021, the remaining lease terms left range from 17 months to 42 months including renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments from tenants recognized on a straight-line basis over the application lease term. Variable lease income represents tenant payments for real estate taxes, insurance and maintenance.

The lease income was $85,000 and $242,000 for the three and six months ended June 30, 2021, respectively, which was included in interest and other income, net, in the accompanying Condensed Consolidated Statements of Operations. Total lease income was as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Lease income	$	81	$	—	$	237	$	—
Variable lease income		4		—		5		—
Total lease income	$	85	$	—	$	242	$	—

Future fixed lease payments from tenants for all noncancelable operating leases as of June 30, 2021 are as follows:

	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2021 (remaining 6 months)	$	94
2022		190
2023		95
2024		61
Total	$	440

Equity-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

Note 10. Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue	$	692	$	270	$	1,366	$	501
Research and development		1,481		364		2,704		676
Selling and marketing		620		222		1,046		393
General and administrative		733		224		1,372		434
Total	$	3,526	$	1,080	$	6,488	$	2,004

Provision for (Benefit from) Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Provision for (Benefit from) Income Taxes

Note 11. Provision for (Benefit from) Income Taxes

The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

The Company recorded consolidated provision for (benefit from) income taxes of $23.6 million and $90.1 million for the three and six months ended June 30, 2021, respectively, compared with $(599,000) and $(565,000) for the three and six months ended June 30, 2020, respectively. The Company’s effective tax rates were 24% and 25% for the three and six months ended June 30, 2021, respectively, compared with -21% and -45% or the three and six months ended June 30, 2020, respectively. The change in the effective tax rate for the three-month and six-month periods of 2021, relative to 2020, was primarily attributable to a significant increase in income for the first quarter of 2021, and, to a lesser extent, an increase in income for the second quarter of 2021, partially offset by increased windfall tax deductions related to stock-based compensation.

The Company is not currently under examination by any major income tax jurisdiction. During 2021, the statutes of limitations will lapse on the Company's 2017 federal tax year and certain 2016 and 2017 state tax years. The Company does not believe the federal or state statute lapses or any other event will significantly impact the balance of unrecognized tax benefits in the next twelve months. The net balance of unrecognized tax benefits was not material to the interim financial statements for the three and six months ended June 30, 2021 and 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Income per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Income per Share

Note 12. Income per Share

The following table presents the calculation of basic and diluted income per share for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands, except per share data)
Net income attributable to Fulgent	$	79,812	$	3,321	$	280,503	$	1,365
Weighted-average common shares—outstanding, basic		29,150		21,747		28,991		21,656
Weighted-average common shares—outstanding, diluted		30,830		22,920		30,809		22,824
Net income per common share, basic	$	2.74	$	0.15	$	9.68	$	0.06
Net income per common share, diluted	$	2.59	$	0.14	$	9.10	$	0.06

The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Options		2		4		5		10
Restricted Stock Units		107		42		71		21

The anti-dilutive shares described above were calculated using the treasury stock method.

Related Parties

6 Months Ended

Jun. 30, 2021

Related Parties

Note 13. Related Parties

Linda Marsh, who is a member of the Company’s board of directors, is currently the Senior Executive Vice President of AHMC Healthcare Inc., or AHMC. The Company performs genetic testing and other testing services, on an arms-length basis, for AHMC, and the Company recognized $738,000 and $1.9 million in revenue in the three and six months ended June 30, 2021, respectively. The Company did not perform any services for AHMC and did not recognize any revenue in the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, $793,000 and $1.8 million was owed to the Company by AHMC, which is included in trade accounts receivable, net, in the accompanying Condensed Consolidated Balance Sheets, in connection with this relationship.

The Company and Fulgent Pharma LLC, the Company’s former subsidiary, are party to shared services arrangements where research and development and administrative services and office space and equipment are provided between the companies, on an arms-length basis. Ming Hsieh is the Manager and a member of Fulgent Pharma LLC. During the three and six months ended June 30, 2021, the cost of research development services rendered by Fulgent Pharma LLC for the Company was $97,000 and $205,000, respectively. The cost of research development services rendered by Fulgent Pharma LLC for the Company was not significant during the three and six months ended June 30, 2020. Amounts for services performed by the Company for Fulgent Pharma LLC were not significant during the three and six months ended June 31, 2021 and 2020. As of June 30, 2021, and December 31, 2020, $574,000 and $409,000, respectively, were owed to Fulgent Pharma LLC by the Company, which are included in due to related parties as a component in other current liabilities in the accompanying Condensed Consolidated Balance Sheets, in connection with these relationships.

Business Combination

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Business Combination

Note 14. Business Combination

FF Gene Biotech

In April 2017, the Company acquired a 30% equity interest in FF Gene Biotech, a newly formed a joint venture with Xilong Scientific, and Fuzhou Jinqiang Investment Partnership (LP), or FJIP. The joint venture was formed under the laws of China to offer genetic testing services to customers in China.

In May 2021, the Company entered into a restructuring agreement with Xilong Scientific and FJIP, resulting in the Company indirectly acquiring a 72% controlling financial interest in FF Gene Biotech. As a result of the acquisition of FF Gene Biotech, or the FF Gene Biotech Acquisition, the Company will be more strategically aligned with it geographic expansion strategy. It also expects to reduce costs through economies of scale.

The goodwill of $23.1 million arising from the FF Gene Biotech Acquisition is attributed to the expected synergies and other benefits that will be potentially generated from the combination of the Company and FF Gene Biotech. The goodwill recognized is not deductible for tax purposes.

The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. As additional information becomes available, such as the finalization of the estimated fair value of tax-related items, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the FF Gene Biotech Acquisition date). The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the FF Gene Biotech Acquisition date, as well as the fair value of the noncontrolling interest at the FF Gene Biotech Acquisition date.

	Amounts
	(in thousands)
Considerations
Cash	$	18,974
Fair value of the Company’s 30% equity interest held before the business combination		3,734
	$	22,708
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	3,181
Reagents and supplies		1,288
Fixed assets		3,874
Other tangible assets		944
Identifiable intangible assets		6,958
Other current liabilities		(2,585	)
Notes payable		(5,893	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		7,767
Noncontrolling interest		(8,141	)
Goodwill		23,082
Total	$	22,708

The Company incurred $329,000 acquisition related costs, which was recorded as general and administrative expenses in its condensed consolidated statements of operations.

The fair value of the noncontrolling interest, or NCI, in FF Gene Biotech, a private entity, $8.1 million, was estimated by applying the income approach and market approach. The fair value measurement was based on significant inputs that are not observable in the market and thus represents a fair value categorized within Level 3 of the three-tier fair value hierarchy. The NCI represents a minority interest of 28% in the post-restructuring FF Gene Biotech. Since the NCI is the result of the restructuring, the implied value was utilized to value the NCI based on the 42% effective investment. After determining the implied value, a discount for lack of marketability was applied to the 28% interest representing lack of marketability related to the holding period to monetize the NCI in a future initial public offering, or IPO, or sale, and marketability related to market participant acquisition premiums implied in the value of the $19.0 million purchase price for a 42% interest. The resultant total discount applied was 35%, which is supported both by the put option analyses related to the potential holding period, and a 10% discount owed to a market participant acquisition premium.

The Company recognized a gain of $3.7 million as a result of remeasuring to fair value its 30% equity interest held before the FF Gene Biotech Acquisition. The fair value of the preexisting equity interest was determined based on the characteristics before consummating the FF Gene Biotech Acquisition and estimated by applying income approach and utilized the discounted cash flow method. The Company did not apply the market approach based on its characteristics before consummating the restructuring. The gain on the equity method investment is included in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021.

The amounts of FF Gene Biotech’s revenue and net losses included in the Company’s Condensed Consolidated Statements of Operations for the periods ended June 30, 2021 and the revenue and net losses of the combined entity had the acquisition date been January 1, 2021 are not material to the Company.

The identified intangible assets acquired in the FF Gene Biotech Acquisition consisted of a $5.7 million royalty-free technology with an estimated amortization life of 10 years and a $1.2 million customer relationships with an estimated amortization life of 5 years. The value of these assets were based upon the preliminary fair values as of the closing date of the FF Gene Biotech Acquisition.

The Company concluded FF Gene Biotech is a variable interest entity as FF Gene Biotech lacks sufficient capital to operate independently. The Company concluded that it alone has the power to direct the most significant activities of FF Gene Biotech and therefore is the primary beneficiary of the entity post the FF Gene Biotech Acquisition. Judgment regarding the level of influence over FF Gene Biotech includes consideration of key factors such as the Company's ownership interest, representation on the board of directors or other management body and participation in policy-making decisions. Post the FF Gene Biotech Acquisition, the financial results for FF Gene Biotech are included in the Company’s condensed financial statements. Prior to the FF Gene Biotech Acquisition, the financial results for FF Gene Biotech were not significant for pro forma financial information.

Equity Distribution Agreement

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity Distribution Agreement

Note 15. Equity Distribution Agreement

In November 2020, the Company entered into an Equity Distribution Agreement, or the November 2020 Equity Distribution Agreement, with Piper Sandler & Co. (f/k/a Piper Jaffray & Co.), Oppenheimer & Co. Inc., and BTIG LLC, as sales agents, pursuant to which the Company may offer and sell, from time to time through Piper, shares of its common stock having an aggregate offering price of up to $175.0 million. Piper may receive a commission of up to 3% of the gross proceeds received by the Company for sales pursuant to the November 2020 Equity Distribution Agreement. During the three months ended June 30, 2021, the Company sold approximately 378,000 shares of its common stock pursuant to the November 2020 Equity Distribution Agreement at a weighted-average net selling price of $73.75. During the six months ended June 30, 2021, the Company sold approximately 961,000 shares of its common stock pursuant to the November 2020 Equity Distribution Agreement at a weighted-average net selling price of $60.56.

Goodwill and Acquisition-Related Intangibles

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-Related Intangibles

Note 16. Goodwill and Acquisition-Related Intangibles

Summaries of goodwill and acquisitions-related intangibles balances as of June 30, 2021 and December 30, 2020 were as follows:

		June 30,			December 31,
	Weighted-Average Amortization Period	2021			2020
		(in thousands)
Goodwill		$	23,107		$	—

Royalty-free technology	10 Years	$	5,727		$	—
Less: accumulated amortization			(95	)		—
Royalty-free technology, net			5,632			—

Customer relationships	5 Years		1,238			—
Less: accumulated amortization			(41	)		—
Customer relationships, net			1,197			—
Total acquisition-related intangibles, net		$	6,829		$	—

During the three months ended June 30, 2021, the Company recorded $23.1 million of goodwill and $7.0 million of intangibles attributable to the FF Gene Biotech Acquisition. See Note 14, Business Combination, to the Company's condensed consolidated financial statements.

Based on the carrying value of acquisition-related intangibles recorded as of June 30, 2021, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows:

	Amounts
	(in thousands)
2021 (remaining 6 months)	$	410
2022		821
2023		821
2024		821
2025		821
2026		656
Thereafter		2,479
Total	$	6,829

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

In July 2021, the Company invested $20.0 million in Laboratory for Advanced Medicine, Inc., or Helio Health, incorporated in Cayman Islands, and, in connection with the investment in Helio Health, the Company obtained a minority shareholder interest. Helio Heath is an AI-driven healthcare company developing early testing capabilities for cancer. Through this partnership, the Company seeks to have access to an emerging liquid biopsy testing technology in the U.S. and China and exclusive commercial rights to Helio Health’s liquid biopsy tests in the U.S. and Canada.

In August 2021, the Company completed an acquisition of Cytometry Specialists, Inc., or CSI, a Georgia corporation, through the acquisition of all of the issued and outstanding common stock of CSI in exchange for $50.0 million in cash and up to $10.0 million in potential future milestone payments. Through the acquisition of CSI, the Company seeks to expand the Company’s presence and capabilities in somatic molecular diagnostics and cancer testing. The Company plans to leverage its established technology platform, NGS expertise, lab operations, and sales infrastructure in conjunction with CSI’s extensive cancer testing menu to establish a differentiated foothold in oncologic testing in the United States.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Use of Estimates

Foreign Currency Translation and Foreign Currency Transactions

Leases

Concentration of Customers

Revenue from Contracts with Customers

Disaggregation of Revenue

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Testing Services by payor
Institutional	$	103,602	$	16,454	$	255,171	$	23,932
Insurance		49,520		691		257,078		825
Patient		494		120		796		261
Total Revenue	$	153,616	$	17,265	$	513,045	$	25,018

Contract Balances

Transaction Price Allocated to Future Performance Obligations

The Company does not have material future obligations associated with testing services that extend beyond one year.

Reagents and Supplies

Customer Deposit

Trade Accounts Receivable And Allowance For Credit Losses

Trade Accounts Receivable and Allowance for Credit Losses

Marketable Securities

Business Combination

Goodwill

Recent Accounting and Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2016-13

ASU 2019-12

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Standards Update 2014-09

Summary of Revenue from Contracts with Customers by Payor Type

The following table summarizes revenue from contracts with customers by payor type for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Testing Services by payor
Institutional	$	103,602	$	16,454	$	255,171	$	23,932
Insurance		49,520		691		257,078		825
Patient		494		120		796		261
Total Revenue	$	153,616	$	17,265	$	513,045	$	25,018

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Marketable Securities

The Company’s marketable securities consisted of the following:

	June 30, 2021
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	169,366		$	10	$	(451	)	$	168,925
Exchange traded funds		35,042			—		(8	)		35,034
Available-for-sale debt securities
Corporate debt securities		77,664			199		(9	)		77,854
Money market accounts		5,501			—		—			5,501
Municipal bonds		1,517			—		(1	)		1,516
Less: Cash equivalents		(5,501	)		—		—			(5,501	)
Total short-term marketable securities		283,589			209		(469	)		283,329
After 1 year through 5 years
Corporate debt securities		354,979			188		(678	)		354,489
Municipal bonds		13,376			15		(19	)		13,372
Yankee debt securities		14,856			3		(109	)		14,750
U.S. government agency debt securities		1,500			—		(4	)		1,496
Total marketable securities due after 1 year through 5 years		384,711			206		(810	)		384,107
After 5 years through 10 years
Municipal bonds		9,182			3		(43	)		9,142
Total marketable securities due after 5 years through 10 years		9,182			3		(43	)		9,142
Total marketable securities	$	677,482		$	418	$	(1,322	)	$	676,578

	December 31, 2020
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	153,269		$	67	$	(151	)	$	153,185
Exchange traded funds		17,614			—		(5	)		17,609
Available-for-sale debt securities
Money market accounts		47,461			—		—			47,461
Corporate debt securities		41,061			101		(15	)		41,147
Less: Cash equivalents		(47,461	)		—		—			(47,461	)
Total short-term marketable securities		211,944			168		(171	)		211,941
After 1 year through 5 years
Corporate debt securities		124,989			580		(117	)		125,452
U.S. government agency debt securities		1,000			2		—			1,002
Yankee debt securities		6,054			4		(10	)		6,048
Total marketable securities due after 1 year through 5 years		132,043			586		(127	)		132,502
Total marketable securities	$	343,987		$	754	$	(298	)	$	344,443

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	June 30, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	168,925	$	168,925	$	—	$	—
Exchange traded funds		35,034		35,034		—		—
Corporate debt securities		432,343		—		432,343		—
Municipal bonds		24,030		—		24,030		—
Yankee debt securities		14,750		—		14,750		—
U.S. government agency debt securities		1,496		—		1,496		—
Money market accounts		5,501		5,501		—		—
Total marketable securities and cash equivalents	$	682,079	$	209,460	$	472,619	$	—

	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	153,185	$	153,185	$	—	$	—
Exchange traded funds		17,609		17,609		—		—
Corporate debt securities		166,599		—		166,599		—
U.S. government agency debt securities		1,002		—		1,002		—
Yankee debt securities		6,048		—		6,048		—
Money market accounts		47,461		47,461		—		—
Total marketable securities and cash equivalents	$	391,904	$	218,255	$	173,649	$	—

Fixed Assets (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:

		June 30,			December 31,
	Useful Lives	2021			2020
		(in thousands)
Medical lab equipment	3 to 5 Years	$	30,108		$	20,849
Building	39 Years		6,731			6,731
Aircraft	7 Years		6,503			6,503
Computer hardware	3 Years		4,580			3,699
Leasehold improvements	Shorter of lease term or estimated useful life		1,941			1,580
Furniture and fixtures	2 to 5 Years		1,056			454
Automobile	2 to 5 Years		716			53
Building improvements	6 months to 5 Years		707			707
Computer software	3 to 5 Years		754			541
Land improvements	5 to 15 Years		403			403
General equipment	3 to 5 Years		44			44
Land			7,500			7,500
Assets not yet placed in service			4,783			2,055
Total			65,826			51,119
Less: Accumulated depreciation			(14,740	)		(10,920	)
Fixed assets, net		$	51,086		$	40,199

Other Significant Balance Sheet Accounts (Tables)

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:

	June 30,		December 31,
	2021		2020
	(in thousands)
Reagents and supplies	$	25,373	$	16,491
Prepaid expenses		4,311		3,682
Marketable securities interest receivable		2,898		1,016
Other receivable		1,415		17,810
Contract assets		324		1,379
Prepaid income taxes		—		14
Total	$	34,321	$	40,392

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:

	June 30,		December 31,
	2021		2020
	(in thousands)
Payroll liabilities	$	6,687	$	5,314
Sales tax payable and other		4,801		2,538
Operating lease liabilities		1,001		267
Due to related parties		574		409
Total	$	13,063	$	8,528

Reporting Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summary of Revenue by Geographic Region

Revenue by region during the three and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Revenue:
United States	$	149,862	$	16,138	$	507,399	$	21,777
Foreign		3,754		1,127		5,646		3,241
Total	$	153,616	$	17,265	$	513,045	$	25,018

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities

The operating lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of June 30, 2021 and December 31, 2020 were as follows:

	June 30,		December 31,
	2021		2020
	(in thousands)
Operating lease right-of-use asset	$	2,176	$	828
Operating lease liabilities, short term	$	1,001	$	267
Operating lease liabilities, long term	$	1,188	$	568

Schedule of Operating Lease Expense

The following was operating lease expense:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Operating lease cost	$	232	$	152	$	301	$	301
Short-term lease cost		61		3		192		3
Total lease cost	$	293	$	155	$	493	$	304

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was the following:

	June 30, 2021
Weighted average remaining lease term - operating leases	2.9 years
Weighted average discount rate - operating leases		3.26	%

Schedule of Maturity Analysis of Operating Lease Liabilities using Undiscounted Cash Flows on an Annual Basis

The following is a maturity analysis of operating lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:

	Operating Leases
	(in thousands)
Year Ending December 31,
2021 (remaining 6 months)	$	538
2022		881
2023		412
2024		216
2025		215
2026		37
Thereafter		—
Total lease payments		2,299
Less imputed interest		(110	)
Total	$	2,189

Schedule of Lease Income

Total lease income was as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Lease income	$	81	$	—	$	237	$	—
Variable lease income		4		—		5		—
Total lease income	$	85	$	—	$	242	$	—

Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases

Future fixed lease payments from tenants for all noncancelable operating leases as of June 30, 2021 are as follows:

	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2021 (remaining 6 months)	$	94
2022		190
2023		95
2024		61
Total	$	440

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue	$	692	$	270	$	1,366	$	501
Research and development		1,481		364		2,704		676
Selling and marketing		620		222		1,046		393
General and administrative		733		224		1,372		434
Total	$	3,526	$	1,080	$	6,488	$	2,004

Income per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of the Basic and Diluted Income Per Share Computations

The following table presents the calculation of basic and diluted income per share for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands, except per share data)
Net income attributable to Fulgent	$	79,812	$	3,321	$	280,503	$	1,365
Weighted-average common shares—outstanding, basic		29,150		21,747		28,991		21,656
Weighted-average common shares—outstanding, diluted		30,830		22,920		30,809		22,824
Net income per common share, basic	$	2.74	$	0.15	$	9.68	$	0.06
Net income per common share, diluted	$	2.59	$	0.14	$	9.10	$	0.06

Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share

The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Options		2		4		5		10
Restricted Stock Units		107		42		71		21

Business Combination (Tables)

6 Months Ended

Jun. 30, 2021

FF Gene Biotech

Business Acquisition [Line Items]

Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the FF Gene Biotech Acquisition date, as well as the fair value of the noncontrolling interest at the FF Gene Biotech Acquisition date.

	Amounts
	(in thousands)
Considerations
Cash	$	18,974
Fair value of the Company’s 30% equity interest held before the business combination		3,734
	$	22,708
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	3,181
Reagents and supplies		1,288
Fixed assets		3,874
Other tangible assets		944
Identifiable intangible assets		6,958
Other current liabilities		(2,585	)
Notes payable		(5,893	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		7,767
Noncontrolling interest		(8,141	)
Goodwill		23,082
Total	$	22,708

Goodwill and Acquisition-Related Intangibles (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summaries of Goodwill and Acquisitions-Related Intangibles Balances

Summaries of goodwill and acquisitions-related intangibles balances as of June 30, 2021 and December 30, 2020 were as follows:

		June 30,			December 31,
	Weighted-Average Amortization Period	2021			2020
		(in thousands)
Goodwill		$	23,107		$	—

Royalty-free technology	10 Years	$	5,727		$	—
Less: accumulated amortization			(95	)		—
Royalty-free technology, net			5,632			—

Customer relationships	5 Years		1,238			—
Less: accumulated amortization			(41	)		—
Customer relationships, net			1,197			—
Total acquisition-related intangibles, net		$	6,829		$	—

Summary of Annual Amortization Expense For Acquisition-Related Intangibles

	Amounts
	(in thousands)
2021 (remaining 6 months)	$	410
2022		821
2023		821
2024		821
2025		821
2026		656
Thereafter		2,479
Total	$	6,829

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) Customer	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($) Customer	Jun. 30, 2021 USD ($) Customer	Jun. 30, 2020 USD ($) Customer	Dec. 31, 2020 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Receivables from contract with customers	$ 148,576,000			$ 148,576,000		$ 183,857,000
Contract liability	6,915,000			6,915,000		26,576,000
Contract with customer liability, revenue recognized	1,700,000		$ 196,000	$ 25,500,000	$ 246,000
Practical expedient not to disclose amount of transaction price allocated to unsatisfied performance obligations				true
Reagents and supplies	25,373,000			$ 25,373,000		16,491,000
Provision for credit losses for accounts receivable	2,200,000			$ 3,259,000	$ 135,000
Securities maturity period from date of purchase				3 years
Stockholders' equity	$ 912,729,000			$ 912,729,000		569,387,000
Cumulative tax effect		$ 239,000
Accounting Standards Update [Extensible List]				ASU 2016-13
Accounting standards update, adopted	true			true
Accounting standards update, immaterial effect	true			true
Retained Earnings (Accumulated Deficit)
Summary Of Significant Accounting Policies [Line Items]
Cumulative tax effect		$ 239,000
2019-12
Summary Of Significant Accounting Policies [Line Items]
Accounting standards update, adopted	true			true
Accounting standards update, immaterial effect	true			true
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13 \| Retained Earnings (Accumulated Deficit)
Summary Of Significant Accounting Policies [Line Items]
Stockholders' equity	$ 887,000			$ 887,000
Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Contract assets from contract with customers	$ 324,000			324,000		$ 1,400,000
Other Long-Term Assets \| Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13 \| Retained Earnings (Accumulated Deficit)
Summary Of Significant Accounting Policies [Line Items]
Cumulative tax effect				$ 239,000
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	2		1	2	1
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	20.00%		45.00%	24.00%	31.00%
Customer Concentration Risk \| Revenue \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.00%			11.00%
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer				1		0
Concentration risk, percentage				13.00%
Customer Concentration Risk \| Accounts Receivable \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 153,616	$ 17,265	$ 513,045	$ 25,018
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Type of Revenue [Extensible List]	flgt:TestingServicesMember	flgt:TestingServicesMember	flgt:TestingServicesMember	flgt:TestingServicesMember
Revenue from contracts with customers by payor type	$ 153,616	$ 17,265	$ 513,045	$ 25,018
Clinical Institutional Contracts \| Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	103,602	16,454	255,171	23,932
Clinical Patient Contracts \| Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	494	120	796	261
Clinical Insurance Contracts \| Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 49,520	$ 691	$ 257,078	$ 825

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	$ 100,461	$ 87,426
Less: Cash equivalents	(5,501)	(47,461)
Marketable securities, Amortized Cost Basis	677,482	343,987
Marketable securities, Unrealized Gains	418	754
Marketable securities, Unrealized Losses	(1,322)	(298)
Marketable securities, Aggregate Fair Value	676,578	344,443
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	283,589	211,944
Marketable securities, Unrealized Gains	209	168
Marketable securities, Unrealized Losses	(469)	(171)
Marketable securities, Aggregate Fair Value	283,329	211,941
Short-Term Marketable Securities \| Bond Fund
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	169,366	153,269
Marketable securities, Unrealized Gains	10	67
Marketable securities, Unrealized Losses	(451)	(151)
Marketable securities, Aggregate Fair Value	168,925	153,185
Short-Term Marketable Securities \| Exchange Traded Funds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	35,042	17,614
Marketable securities, Unrealized Losses	(8)	(5)
Marketable securities, Aggregate Fair Value	35,034	17,609
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	5,501	47,461
Cash and cash equivalents fair value disclosure	5,501	47,461
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	77,664	41,061
Marketable securities, Unrealized Gains	199	101
Marketable securities, Unrealized Losses	(9)	(15)
Marketable securities, Aggregate Fair Value	77,854	41,147
Short-Term Marketable Securities \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	1,517
Marketable securities, Unrealized Losses	(1)
Marketable securities, Aggregate Fair Value	1,516
Marketable Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	384,711	132,043
Marketable securities, Unrealized Gains	206	586
Marketable securities, Unrealized Losses	(810)	(127)
Marketable securities, Aggregate Fair Value	384,107	132,502
Marketable Securities due After 1 Year through 5 Years \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	354,979	124,989
Marketable securities, Unrealized Gains	188	580
Marketable securities, Unrealized Losses	(678)	(117)
Marketable securities, Aggregate Fair Value	354,489	125,452
Marketable Securities due After 1 Year through 5 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	13,376
Marketable securities, Unrealized Gains	15
Marketable securities, Unrealized Losses	(19)
Marketable securities, Aggregate Fair Value	13,372
Marketable Securities due After 1 Year through 5 Years \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	14,856	6,054
Marketable securities, Unrealized Gains	3	4
Marketable securities, Unrealized Losses	(109)	(10)
Marketable securities, Aggregate Fair Value	14,750	6,048
Marketable Securities due After 1 Year through 5 Years \| U.S. Government Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	1,500	1,000
Marketable securities, Unrealized Gains		2
Marketable securities, Unrealized Losses	(4)
Marketable securities, Aggregate Fair Value	1,496	$ 1,002
Marketable Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	9,182
Marketable securities, Unrealized Gains	3
Marketable securities, Unrealized Losses	(43)
Marketable securities, Aggregate Fair Value	9,142
Marketable Securities due After 5 Year through 10 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	9,182
Marketable securities, Unrealized Gains	3
Marketable securities, Unrealized Losses	(43)
Marketable securities, Aggregate Fair Value	$ 9,142

Marketable Securities - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 1,300,000	$ 298,000
Outstanding borrowing amount	15,077,000	$ 15,019,000
Credit losses	0
Margin Account Borrowing
Schedule Of Available For Sale And Trading Securities [Line Items]
Cash equivalent and available for sale debt securities	$ 420,400,000

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	$ 682,079	$ 391,904
Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	168,925	153,185
Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	35,034	17,609
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	209,460	218,255
Level 1 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	168,925	153,185
Level 1 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	35,034	17,609
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	472,619	173,649
Level 2 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0	0
Level 2 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	0	0
Level 3 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0	0
Level 3 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	432,343	166,599
Corporate Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	432,343	166,599
Corporate Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	5,501	47,461
Money Market Accounts \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	5,501	47,461
Money Market Accounts \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Money Market Accounts \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	24,030
Municipal Bonds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0
Municipal Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	24,030
Municipal Bonds \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	14,750	6,048
Yankee Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Yankee Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	14,750	6,048
Yankee Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
U.S. Government Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	1,496	1,002
U.S. Government Agency Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
U.S. Government Agency Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	1,496	1,002
U.S. Government Agency Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	$ 0	$ 0

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Fair value asset, investments measured using unobservable inputs	$ 0
Fair value assets, transfers between levels, amount	$ 0

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 65,826	$ 51,119
Less: Accumulated depreciation	(14,740)	(10,920)
Fixed assets, net	51,086	40,199
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 30,108	20,849
Medical Lab Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Medical Lab Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,731	6,731
Useful life in years	39 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,580	3,699
Useful life in years	3 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,503	6,503
Useful life in years	7 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 1,056	454
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	2 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 754	541
Computer Software \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Computer Software \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 44	44
General Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
General Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 716	53
Automobile \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	2 years
Automobile \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 1,941	1,580
Useful life in years	Shorter of lease term or estimated useful life
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 707	707
Building Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	6 months
Building Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,783	2,055
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 403	403
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	15 years
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,500	$ 7,500

Fixed Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense on fixed assets	$ 2,300,000	$ 549,000	$ 4,200,000	$ 1,100,000

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Reagents and supplies	$ 25,373	$ 16,491
Prepaid expenses	4,311	3,682
Marketable securities interest receivable	2,898	1,016
Other receivable	1,415	17,810
Contract assets	324	1,379
Prepaid income taxes		14
Total	$ 34,321	$ 40,392

Other Significant Balance Sheet Accounts - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Payroll liabilities	$ 6,687	$ 5,314
Sales tax payable and other	4,801	2,538
Operating lease liabilities	1,001	267
Due to related parties	574	409
Total	$ 13,063	$ 8,528

Reporting Segment and Geographical Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reporting segments	1

Reporting Segment and Geographical Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 153,616	$ 17,265	$ 513,045	$ 25,018
United States
Segment Reporting Information [Line Items]
Revenue	149,862	16,138	507,399	21,777
Foreign
Segment Reporting Information [Line Items]
Revenue	$ 3,754	$ 1,127	$ 5,646	$ 3,241

- Definition

+ References

+ Details

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt, Commitments and Contingencies [Line Items]
Debt security investment outstanding borrowing amount			$ 15,100,000
Interest on loan withdrawn from margin account			1.00%
Payments for closing of escrow, financed under margin loan			$ 15,000,000.0
Investment margin loan	$ 15,077,000		15,077,000		$ 15,019,000
Interest expense	29,000	$ 0	58,000	$ 0
Non-cancelable purchase obligations	7,600,000		7,600,000
Reagents and Other Supplies
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	4,900,000		4,900,000
Medical Lab Equipment
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	2,300,000		2,300,000
Medical Lab Furniture
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	372,000		372,000
Xilong Scientific \| FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Notes payable	$ 5,900,000		$ 5,900,000
Debt instrument, interest rate terms			The loan is payable on December 31, 2022 and interest rate on the loan is 4.97%.
Debt instrument, interest rate	4.97%		4.97%
Maximum
Debt, Commitments and Contingencies [Line Items]
Interest rate			1.00%

Leases - Additional Information (Details)	1 Months Ended		3 Months Ended	6 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2021 ft²	Feb. 28, 2021	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating leases term of expiration				2026-02
Operating leases, renewal term			1 year	1 year
Lessee operating lease extended lease term expiration date		Jan. 31, 2023
Lease income \| $			$ 85,000	$ 242,000
Building \| Minimum
Lessee Lease Description [Line Items]
Remaining terms including renewal options				17 months
Building \| Maximum
Lessee Lease Description [Line Items]
Remaining terms including renewal options				42 months
Houston, Texas
Lessee Lease Description [Line Items]
Area of lease \| ft²	12,000
Lease, expiration month and year	2023-11

Leases - Schedule of Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 2,176	$ 828
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease liabilities	$ 1,001	$ 267
Operating lease, liability, current, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities
Operating lease liabilities, long term	$ 1,188	$ 568
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other long-term liabilities	Other long-term liabilities

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 232	$ 152	$ 301	$ 301
Short-term lease cost	61	3	192	3
Total lease cost	$ 293	$ 155	$ 493	$ 304

Leases - Schedule of Supplemental Information Related to Leases (Details)	Jun. 30, 2021
Leases [Abstract]
Weighted average remaining lease term - operating leases	2 years 10 months 24 days
Weighted average discount rate - operating leases	3.26%

Leases - Schedule of Maturity Analysis of Operating Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
2021 (remaining 6 months)	$ 538
2022	881
2023	412
2024	216
2025	215
2026	37
Total lease payments	2,299
Less imputed interest	(110)
Total	$ 2,189

Leases - Schedule of Lease Income (Details) - USD ($)	3 Months Ended	6 Months Ended
Leases - Schedule of Lease Income (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2021
Leases [Abstract]
Lease income	$ 81,000	$ 237,000
Variable lease income	4,000	5,000
Total lease income	$ 85,000	$ 242,000

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
2021 (remaining 6 months)	$ 94
2022	190
2023	95
2024	61
Total	$ 440

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 3,526	$ 1,080	$ 6,488	$ 2,004
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	692	270	1,366	501
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	1,481	364	2,704	676
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	620	222	1,046	393
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 733	$ 224	$ 1,372	$ 434

Provision for (Benefit from) Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	24.00%	(21.00%)	25.00%	(45.00%)
Provision for (benefit from) income taxes	$ 23,589,000	$ (599,000)	$ 90,102,000	$ (565,000)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income per Share - Reconciliation of Basic and Diluted Income Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income attributable to Fulgent	$ 79,812	$ 3,321	$ 280,503	$ 1,365
Weighted-average common shares—outstanding, basic	29,150	21,747	28,991	21,656
Weighted-average common shares—outstanding, diluted	30,830	22,920	30,809	22,824
Net income per common share, basic	$ 2.74	$ 0.15	$ 9.68	$ 0.06
Net income per common share, diluted	$ 2.59	$ 0.14	$ 9.10	$ 0.06

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	2	4	5	10
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	107	42	71	21

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties	$ 574,000		$ 574,000		$ 409,000
AHMC Healthcare Inc. \| Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties	738,000	$ 0	1,900,000	$ 0
Trade accounts receivable, net from related parties	793,000		793,000		1,800,000
Fulgent Pharma LLC
Related Party Transaction [Line Items]
Related party costs	0	0	0	0
Due to related parties	574,000		574,000		$ 409,000
Fulgent Pharma LLC \| Research Development Service
Related Party Transaction [Line Items]
Expenses to transport employees and supplies	$ 97,000	$ 0	$ 205,000	$ 0

Business Combination - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2017	Jun. 30, 2021	Jun. 30, 2021	May 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 23,107	$ 23,107
FF Gene Biotech
Business Acquisition [Line Items]
Minority interest ownership percentage	28.00%
General and Administrative
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs	$ 329,000
FF Gene Biotech
Business Acquisition [Line Items]
Goodwill	23,082	$ 23,107	$ 23,107
Business Combination,Fair value of noncontrolling interest	$ 8,141
Percentage of effective investment	42.00%
Purchase price for effective investment	$ 19,000
Identified intangible assets assumed	6,958
FF Gene Biotech \| Royalty-Free Technology
Business Acquisition [Line Items]
Identified intangible assets assumed	$ 5,700
Estimated amortization life of identified intangible assets assumed	10 years
FF Gene Biotech \| Customer Relationships
Business Acquisition [Line Items]
Identified intangible assets assumed	$ 1,200
Estimated amortization life of identified intangible assets assumed	5 years		5 years
FF Gene Biotech \| Discount for Lack of Marketability
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input	28
FF Gene Biotech \| Discount
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input	35
FF Gene Biotech \| Discount Owed to Market Participant Acquisition Premium
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input	10
Xilong Scientific
Business Acquisition [Line Items]
Equity interest to be made in joint venture				72.00%
FF Gene Biotech
Business Acquisition [Line Items]
Equity interest to be made in joint venture	30.00%
Percentage of preexisting equity interest		30.00%	30.00%
Gain recognized on preexisting investment		$ 3,700	$ 3,700

Business Combination - Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2017	Jun. 30, 2021
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		$ 23,107
FF Gene Biotech
Considerations
Cash	$ 18,974
Fair value of the Company’s 30% equity interest held before the business combination	3,734
Total Consideration and fair value of equity interest held before business combination	22,708
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	3,181
Reagents and supplies	1,288
Fixed assets	3,874
Other tangible assets	944
Identifiable intangible assets	6,958
Other current liabilities	(2,585)
Notes payable	(5,893)
Recognized amounts of identifiable assets acquired and liabilities assumed, net	7,767
Noncontrolling interest	(8,141)
Goodwill	23,082	$ 23,107
Total	$ 22,708

Equity Distribution Agreement - Additional Information (Details) - November 2020 Equity Distribution Agreement - Stockholders' Equity - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Equity Distribution Agreements [Line Items]
Number of shares purchased		378,000	961,000
Sale of stock, weighted average net selling price per share		$ 73.75	$ 60.56
Maximum
Equity Distribution Agreements [Line Items]
Aggregate offering price	$ 175,000,000.0
Percentage of commission to be paid from gross proceeds	3.00%

Goodwill and Acquisition-Related Intangibles - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2017	Jun. 30, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill		$ 23,107
Acquisitions-related intangibles, net		6,829
FF Gene Biotech
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 23,082	23,107
Acquisitions-related intangibles, gross		7,000
Acquisitions-related intangibles, net		6,829
FF Gene Biotech \| Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross		5,727
Less: accumulated amortization		(95)
Acquisitions-related intangibles, net		$ 5,632
Weighted-Average Amortization Period		10 years
FF Gene Biotech \| Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross		$ 1,238
Less: accumulated amortization		(41)
Acquisitions-related intangibles, net		$ 1,197
Weighted-Average Amortization Period	5 years	5 years

Goodwill and Acquisition-Related Intangibles - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 30, 2017
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 23,107
FF Gene Biotech
Goodwill And Intangible Assets [Line Items]
Goodwill	23,107	$ 23,082
Intangibles	$ 7,000

Goodwill and Acquisition-Related Intangibles - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Finite Lived Intangible Assets [Line Items]
Acquisitions-related intangibles, net	$ 6,829
FF Gene Biotech
Finite Lived Intangible Assets [Line Items]
2021 (remaining 6 months)	410
2022	821
2023	821
2024	821
2025	821
2026	656
Thereafter	2,479
Acquisitions-related intangibles, net	$ 6,829

Subsequent Events - Additional Information (Details) - Subsequent Events [Member] - USD ($)	Aug. 06, 2021	Jul. 31, 2021
Subsequent Event [Line Items]
Investment		$ 20,000,000.0
Cytometry Specialists, Inc
Subsequent Event [Line Items]
Acquisition of issued and outstanding common stock value	$ 50,000,000.0
Cytometry Specialists, Inc \| Maximum
Subsequent Event [Line Items]
Potential future milestone payments	$ 10,000,000.0