0000950170-23-005178 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	FLGT
Entity Registrant Name	FULGENT GENETICS, INC.
Entity Central Index Key	0001674930
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,518,811
Entity Public Float			$ 977.9
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
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	true
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Los Angeles, California
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant’s definitive proxy statement for its 2023 annual meeting of stockholders are incorporated by reference in Part III of this report.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 79,506	$ 164,894
Marketable securities	446,729	285,605
Trade accounts receivable, net of allowance for credit losses of $41,205 and $11,217	52,749	138,912
Other current assets	48,889	22,549
Total current assets	627,873	611,960
Marketable securities, long-term	326,648	485,047
Redeemable preferred stock investment	12,385	21,965
Fixed assets, net	81,353	62,287
Intangible assets, net	150,643	35,914
Goodwill	143,027	50,897
Other long-term assets	44,124	10,650
Total assets	1,386,053	1,278,720
Current liabilities
Accounts payable	23,093	20,494
Accrued liabilities	24,981	17,689
Income tax payable		787
Contract liabilities	3,199	14,570
Customer deposit	10,895	19,806
Investment margin loan	14,999	15,137
Contingent consideration		10,000
Notes payable, current portion	5,639	6,147
Other current liabilities	5,301	680
Total current liabilities	88,107	105,310
Unrecognized tax benefits	9,836	725
Other long-term liabilities	18,235	6,805
Total liabilities	116,178	112,840
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 31,248 shares issued and 29,438 shares outstanding and 30,160 shares issued and outstanding	3	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	486,585	501,908
Accumulated other comprehensive loss	(20,903)	(759)
Retained earnings	801,000	657,597
Total Fulgent stockholders' equity	1,266,685	1,158,749
Noncontrolling interest	3,190	7,131
Total stockholders’ equity	1,269,875	1,165,880
Total liabilities and stockholders’ equity	$ 1,386,053	$ 1,278,720

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 41,205	$ 11,217
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	31,248,000	30,160,000
Common stock, shares outstanding	29,438,000	30,160,000
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

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 618,968	$ 992,584	$ 421,712
Cost of revenue	252,067	215,533	89,807
Gross profit	366,901	777,051	331,905
Operating expenses:
Research and development	28,910	24,219	11,580
Selling and marketing	38,918	24,439	14,952
General and administrative	111,074	50,732	15,215
Amortization of intangible assets	6,497	1,708
Restructuring costs	2,975
Total operating expenses	188,374	101,098	41,747
Operating (loss) income	178,527	675,953	290,158
Interest and other income, net	5,498	1,347	1,526
Income before income taxes and gain on equity method investment	184,025	677,300	291,684
Provision for income taxes	42,102	174,795	72,532
Income before gain on equity method investment	141,923	502,505	219,152
Equity loss in investee			(488)
Gain (loss) on equity-method investments		3,734	(4,354)
Net income from consolidated operations	141,923	506,239	214,310
Net loss attributable to noncontrolling interests	1,480	1,125
Net income attributable to Fulgent	$ 143,403	$ 507,364	$ 214,310
Net income per common share attributable to Fulgent:
Basic	$ 4.76	$ 17.25	$ 9.44
Diluted	$ 4.63	$ 16.38	$ 8.91
Weighted-average common shares:
Basic	30,097	29,408	22,694
Diluted	30,964	30,976	24,056

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income from consolidated operations	$ 141,923	$ 506,239	$ 214,310
Other comprehensive income (loss):
Foreign currency translation (loss) gain	(2,665)	456	20
Net (loss) gain on available-for-sale debt securities, net of tax	(19,940)	(1,548)	272
Comprehensive income from consolidated operations	119,318	505,147	214,602
Net loss attributable to noncontrolling interest	1,480	1,125
Foreign currency translation loss (gain) attributable to noncontrolling interest	2,461	(105)
Comprehensive loss attributable to noncontrolling interest	3,941	1,020
Comprehensive income attributable to Fulgent	$ 123,259	$ 506,167	$ 214,602

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	2019 Equity Distribution Agreement	September 2020 Equity Distribution Agreement	November 2020 Equity Distribution Agreement	Stockholders' Equity	Stockholders' Equity 2019 Equity Distribution Agreement	Stockholders' Equity September 2020 Equity Distribution Agreement	Stockholders' Equity November 2020 Equity Distribution Agreement	Additional Paid-In Capital	Additional Paid-In Capital 2019 Equity Distribution Agreement	Additional Paid-In Capital September 2020 Equity Distribution Agreement	Additional Paid-In Capital November 2020 Equity Distribution Agreement	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	Fulgent Stockholders' Equity 2019 Equity Distribution Agreement	Fulgent Stockholders' Equity September 2020 Equity Distribution Agreement	Fulgent Stockholders' Equity November 2020 Equity Distribution Agreement	Noncontrolling Interest
Beginning Balance at Dec. 31, 2019	$ 82,777					$ 2				$ 146,058				$ 146	$ (63,429)		$ 82,777
Beginning Balance, Shares at Dec. 31, 2019						21,483
Equity-based compensation	8,157									8,157							8,157
Exercise of common stock options	104									104							104
Exercise of common stock options, Shares						56
Restricted stock awards, Shares						655
Issuance of common stock			$ 42,655	$ 122,103	$ 99,051			$ 1			$ 42,655	$ 122,102	$ 99,051						$ 42,655	$ 122,103	$ 99,051
Issuance of common stock, Shares							1,108	2,846	2,034
Common stock withholding for employee tax obligations	(62)									(62)							(62)
Common stock withholding for employee tax obligations, Shares						(4)
Other comprehensive gain (loss), net	292													292			292
Net income (loss)	214,310														214,310		214,310
Ending Balance at Dec. 31, 2020	569,387	$ (887)				$ 3				418,065				438	150,881	$ (887)	569,387	$ (887)
Ending Balance, Shares at Dec. 31, 2020						28,178
Equity-based compensation	15,882									15,882							15,882
Exercise of common stock options	86									86							86
Exercise of common stock options, Shares						76
Restricted stock awards, Shares						836
Issuance of common stock					$ 72,030								$ 72,030								$ 72,030
Issuance of common stock, Shares									1,111
Common stock withholding for employee tax obligations	(4,155)									(4,155)							(4,155)
Common stock withholding for employee tax obligations, Shares						(41)
Cumulative tax effect of accounting change	239														239		239
Noncontrolling interest assumed related to acquisitions	8,151																					$ 8,151
Other comprehensive gain (loss), net	(1,092)													(1,197)			(1,197)					105
Net income (loss)	506,239														507,364		507,364					(1,125)
Ending Balance at Dec. 31, 2021	$ 1,165,880					$ 3				501,908				(759)	657,597		1,158,749					7,131
Ending Balance, Shares at Dec. 31, 2021	30,160					30,160
Equity-based compensation	$ 32,640									32,640							32,640
Exercise of common stock options	31									31							31
Exercise of common stock options, Shares						5
Restricted stock awards, Shares						699
Common stock withholding for employee tax obligations	(1,768)									(1,768)							(1,768)
Common stock withholding for employee tax obligations, Shares						(32)
Repurchase of common stock	$ (74,337)									(74,337)							(74,337)
Repurchase of common stock, Shares	(1,800)					(1,810)
Common stock issued in a business combination	$ 28,111									28,111							28,111
Common stock issued in a business combination, Shares						416
Other comprehensive gain (loss), net	(22,605)													(20,144)			(20,144)					(2,461)
Net income (loss)	141,923														143,403		143,403					(1,480)
Ending Balance at Dec. 31, 2022	$ 1,269,875					$ 3				$ 486,585				$ (20,903)	$ 801,000		$ 1,266,685					$ 3,190
Ending Balance, Shares at Dec. 31, 2022	31,248					29,438

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock shares not issued and holdback as partial security for indemnification obligations	371,006
2019 Equity Distribution Agreement
Selling price per share			$ 38.50
2021 Equity Distribution Agreement
Selling price per share		$ 64.83
September 2020 Equity Distribution Agreement
Selling price per share			42.90
November 2020 Equity Distribution Agreement
Selling price per share			$ 48.70

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net income from consolidated operations	$ 141,923	$ 506,239	$ 214,310
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	32,640	15,882	8,157
Depreciation and amortization	32,662	11,004	2,962
Provision for credit losses	32,596	8,931	1,170
Noncash lease expense	4,913	1,154	409
Loss on disposal of fixed asset	502	850	672
Amortization of premium of marketable securities	4,767	7,596	857
Deferred taxes	(8,280)	(8,188)	(1,775)
Unrecognized tax benefits	9,111	348	377
Net loss on marketable securities	692	1,186	90
Equity loss in investee			488
(Gain) loss on equity-method investments		(3,734)	4,354
Other	(11)	(15)	8
Changes in operating assets and liabilities:
Trade accounts receivable	68,638	42,300	(178,480)
Other current and long-term assets	(4,337)	7,804	(21,149)
Accounts payable	(25,339)	(12,206)	22,617
Accrued liabilities and other liabilities	(31,299)	13,081	32,655
Income tax payable	(827)	(52,532)	53,295
Operating and finance lease liabilities	(4,831)	(1,123)	(389)
Net cash provided by operating activities	253,520	538,577	140,628
Cash flow from investing activities:
Purchases of fixed assets	(18,775)	(23,812)	(35,130)
Purchases of intangible assets		(32)
Proceeds from sale of fixed assets	412	63	8
Purchase of marketable securities	(417,982)	(710,490)	(324,359)
Purchase of preferred stock of privately held company	(15,000)
Contingent consideration payout related to a business acquisition	(10,000)
Purchase of redeemable preferred stock		(20,000)
Maturities of marketable securities	232,534	83,842	19,919
Proceeds from sale of marketable securities	140,176	185,749	17,095
Acquisition of businesses, net of cash acquired	(172,679)	(61,868)
Investment in equity-method investees			(3,971)
Net cash used in investing activities	(261,314)	(546,548)	(326,438)
Cash flow from financing activities:
Repurchase of common stock	(74,337)
Common stock withholding for employee tax obligations	(1,768)	(4,155)	(62)
Proceeds from public offerings of common stock, net of issuance costs		89,475	246,190
Proceeds from noncontrolling interest		10
Proceeds from exercise of stock options	31	86	104
Principal paid for finance leases	(700)	(7)
Repayment of notes payable	(367)	(4)
Borrowing under margin account			15,019
Net cash (used in) provided by financing activities	(77,141)	85,405	261,251
Effect of exchange rate changes on cash and cash equivalents	(453)	34	20
Net (decrease) increase in cash and cash equivalents	(85,388)	77,468	75,461
Cash and cash equivalents at beginning of period	164,894	87,426	11,965
Cash and cash equivalents at end of period	79,506	164,894	87,426
Supplemental disclosures of cash flow information:
Income taxes paid	56,193	237,069	20,612
Supplemental disclosures of non-cash investing and financing activities:
Stock consideration in a business combination	28,111
Maturities of marketable securities in other current assets	19,120
Purchases of fixed assets in notes payable	3,833
Purchases of fixed assets in accounts payable	2,989	1,075	3,402
Finance lease right-of-use assets obtained in exchange for lease liabilities	573	1,693
Operating lease right-of-use assets reduced due to lease modification or termination	66	399	1,853
Operating lease right-of-use assets obtained in exchange for lease liabilities	$ 52	1,797	402
Contingent consideration for business acquisition included in current liabilities		10,000
Public offerings proceeds in other receivable included in other current assets			17,799
Public offerings costs included in accounts payable		$ 5	$ 359

Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

The accompanying 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 intercompany accounts and transactions are eliminated from the accompanying consolidated financial statements.

Nature of the Business

Fulgent Genetics, Inc., together with its subsidiaries and affiliated professional corporations, or PCs, collectively referred to as the Company, unless otherwise noted or the context otherwise requires, is a technology-based company with a well-established clinical diagnostic business and a therapeutic development business. Its clinical diagnostic business offers molecular diagnostic testing services, comprehensive genetic testing, and high-quality anatomic pathology laboratory services designed to provide physicians and patients with clinically actionable diagnostic information to improve the quality of patient care. Its therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of 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 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. 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) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of intangible assets and goodwill at time of acquisition and on a recurring basis, and (vi) valuation of investments.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and PC. All intercompany transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and money market accounts. Cash equivalents are stated at fair value. Cash and cash equivalent as of December 31, 2022 includes $5.0 million restricted cash related to a share transfer agreement entered by Fulgent Pharma Holdings, Inc., or Fulgent Pharma, pre-acquisition, see Note 15, Business Combinations.

Marketable Securities

All marketable debt securities, which consist of corporate debt securities, municipal bonds, U.S. government and agency debt securities, U.S. treasury bills, 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. Net 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 Consolidated Statements of Income. 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.

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 Consolidated Statements of Income. 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. The Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows to be collected is less than the amortized basis of the security, a credit loss exists, and an allowance for credit losses is recorded for the credit loss, limited by the amount of unrealized loss. Changes in the allowance are recorded in the period of changes as credit loss expense. 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.

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 Consolidated Statements of Income. 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 updates 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.

A roll-forward of the activity in the Company’s allowance for credit losses is as follows:


	December 31,
	2022			2021			2020
	(in thousands)
Allowance for credit losses at beginning of year	$	11,217		$	1,898		$	751
Impact of ASU 2016-13 adoption		—			887			—
Current period provision		32,596			8,931			1,170
Write-downs		(2,608	)		(499	)		(23	)
Allowance for credit losses at end of year	$	41,205		$	11,217		$	1,898

Redeemable Preferred Stock Investment

The redeemable preferred stock investment of $12.4 million of December 31, 2022 represents the fair value of redeemable preferred stock of a private company that the Company purchased in July 2021. The investment is classified as available-for-sale debt securities. The fair value of available-for-sale debt security is included in the Consolidated Statement of Balance Sheets. Unrealized losses of $9.6 million were excluded from earnings and reported in other comprehensive income (loss) for the year ended December 31, 2022. Unrealized gains of $2.0 million are excluded from earnings and reported in other comprehensive income (loss) for the year ended December 31, 2021. Since the Company intends on holding the preferred stock, and the preferred stock is not redeemable until July 2027, the investment is recorded as a long-term investment.

Fixed Assets

Fixed assets are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the shorter of their expected lives or the applicable lease term, including renewal options, if available. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred. See Note 5, Fixed Assets, for useful lives for each major class of fixed assets.

Intangible assets

Intangible assets, unless determined to be indefinite-lived, are amortized over their estimated useful lives. The Company amortizes intangible assets on a straight-line basis with definite lives generally over periods ranging from five to fourteen years. In-process research and development costs, or IPR&D, are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. During this period, the assets will not be amortized but will be tested for impairment on an annual basis and between annual tests if we become aware of any events occurring or changes in circumstances that would indicate a reduction in the fair value of the IPR&D projects below their respective carrying amounts. See Note 17, Goodwill and Intangible Assets, for details of intangible assets.

Business Combinations

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 compares the fair value of the reporting unit in which the goodwill resides to its carrying value. Goodwill is written down when it is determined to be impaired.

Impairment of Long-Lived Assets

The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount of the asset.

Reagents and Supplies

The Company maintains reagents and other consumables primarily used in 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 other consumables were included in other current assets in the accompanying Consolidated Balance Sheets.

Fair Value of Financial Instruments

The Company's financial instruments consist principally of cash and cash equivalents, marketable securities, trade accounts receivable, redeemable preferred stock investment, accounts payable, accrued liabilities, investment margin loan, and contingent consideration. The carrying amounts of certain of these financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, investment margin loan, and contingent consideration approximate fair value due to their short maturities. Fair value of marketable securities and redeemable preferred stock investment is disclosed in Note 4, Fair Value Measurements, to the accompanying consolidated financial statements.

Concentrations of Credit Risk, Customers and Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable and marketable securities, which consist of debt securities and equity securities. As of December 31, 2022, substantially all of the Company’s cash and cash equivalents were deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.

In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. Aggregating customers under common control, one customer comprised 19% and 26% of total revenue in the years ended December 31, 2022 and 2021, respectively, and two customers comprised 28% and 10% of total revenue in the year ended December 31, 2020. One customer comprised 17% of total accounts receivable, net, as of December 31, 2022, and no customer comprised at least 10% of total accounts receivable, net, as of December 31, 2021.

The Company relies on a limited number of suppliers for its test collection kits and certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The Company’s laboratory operations would be interrupted if it encountered delays or difficulties securing these test collection kits, reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company believes there are currently only a few other manufacturers that are capable of supplying and servicing some of the equipment and other materials necessary for its laboratory operations, including collection kits, sequencers and various associated reagents.

Equity Method Investments

The Company uses the equity method to account for investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. The Company’s 25% interest in BostonMolecules was accounted for using the equity method, and the carrying value was zero as of December 31, 2022 and 2021 due to the impairment loss recorded in 2020.

The Company's proportionate share of the net income or loss of these companies were included in consolidated net earnings. Judgments regarding the level of influence over each equity method investment include 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.

The Company evaluates any equity method investments for impairment whenever events or changes in circumstances would indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation would include, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry in which the investee operates and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated recovery of its carrying value. If the investments were determined to have a decline in value deemed to be other than temporary it is written down to estimated fair value.

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 and finance lease right-of-use assets, or ROU assets, short-term lease liabilities, and long-term lease liabilities are included in other long-term assets, accrued liabilities, and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.

Lease ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. 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 when its leases do not provide an implicit or explicit rate. Lease ROU assets consist of initial measurement of lease liabilities, any lease payments made to lessor on or before the lease commencement date, minus any lease incentive received, and any initial direct

costs incurred by the Company. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance lease, ROU assets are amortized on a straight-line basis from the commencement date to the earlier of the end of useful life of the ROU assets or the end of the lease term. Amortization of ROU assets and interest on the lease liability for finance leases are included as charges to the accompanying Consolidated Statements of Income.

Lease ROU assets and liabilities arising from business combinations are recognized and measured at the acquisition dates as if an acquired lease were a new lease at the date of acquisition using the Company’s incremental borrowing rate unless the discount rate is implicit in the lease. The Company elects to not to recognize assets or liabilities as of the acquisition dates for leases that, on the acquisition dates, have a remaining lease term of 12 months or less. The Company also retains the acquirees’ classification of the leases if there are no modifications as part of the business combinations.

The Company leases out space in buildings it owns to third-party tenants or subtenants under noncancelable operating leases. 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 Consolidated Statements of Income.

Software for Internal Use

The Company capitalizes certain costs incurred to purchase computer software for internal use. These costs include purchased software packages for Company use. Capitalized computer software costs are amortized over the estimated useful life of the computer software, which is generally one to five years. Internally developed software costs are capitalized after management has committed to funding the project, it is probable that the project will be completed and the software will be used for its intended function. Costs that do not meet that criteria and costs incurred on projects in the preliminary and post-implementation phases are expensed as incurred.

Reporting Segment and Geographic Information

Reporting segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company views its operations and manages its business in one reporting segment.

Revenue Recognition

The Company generates revenue from sales of its testing services. The Company currently receives payments from primarily three different customer types: insurance, institutional customers, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients who pay directly.

The Company recognizes revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to its customers. To determine revenue recognition for contracts with customers, the Company performs the following steps described in the Accounting Standards Codification, or ASC 606, Revenue from Contracts with Customers: (1) identifies the contract with the customer, or Step 1, (2) identifies the performance obligations in the contract, or Step 2, (3) determines the transaction price, or Step 3, (4) allocates the transaction price to the performance obligations in the contract, or Step 4, and (5) recognizes revenue when (or as) the entity satisfies a performance obligation, or Step 5.

The Company’s test results are primarily delivered electronically. The Company bills certain customers for shipping and handling fees incurred by the Company, and shipping and handling fees billed to customers are included in revenue, and shipping and handling fees incurred are included in cost of revenue in the accompanying Consolidated Statements of Income.

Performance Obligations

Institutional and Patient Direct Pay

The Company’s institutional contracts for its testing services typically have a single performance obligation to deliver testing services to the ordering facility or patient. Some arrangements involve the delivery of genetic testing services to research institutions, which the Company refers to as “sequencing as a service.” In arrangements with institutions, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients who pay directly, the transaction price is stated within the contract and is therefore fixed consideration. For most of the Company’s testing volume, the Company identified the institutions, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients as the customer in Step 1 and have determined a contract exists with those customers in Step 1. As these contracts

typically have a single performance obligation, no allocation of the transaction price is required in Step 4. Control over testing services is transferred to the Company’s ordering facility at a point in time. Specifically, the Company determined the customer obtains control of the promised service upon delivery of test results.

Insurance

The Company’s insurance contracts for testing services typically have a single performance obligation to deliver testing services to the ordering facility or patient. For most of the Company’s insurance volume, the Company identified the patient as the customer in Step 1 and determined a contract exists with the patient in Step 1. In arrangements with insurance patients, the transaction price is typically stated within the contract, however, the Company may accept payments from third-party payors that are less than the contractually stated price and is therefore variable consideration. In developing the estimate of variable consideration, the Company utilizes the expected value method under a portfolio approach. The Company’s estimate requires significant judgment and is developed using known reimbursement rates and historical reimbursement data from payors and patients. As these contracts typically have a single performance obligation, no allocation of the transaction price is required in Step 4. Control over testing services is transferred to the Company’s ordering parties at a point in time. Specifically, the Company determined the customer obtains control of the promised service upon delivery of the test results.

Certain incremental costs pertaining to both insurance and institutional, such as commissions, are incurred in obtaining contracts. Contract costs are capitalized if the Company expects to recover them, and amortization of contract costs is classified in the general and administrative expense in the Consolidated Statements of Income. Historically contract costs have not been significant to the financial statements.

Significant Judgments and Contract Estimates

Accounting for insurance contracts includes estimation of the transaction price, defined as the amount the Company expects to be entitled to receive in exchange for providing the services under the contract. Due to the Company’s out-of-network status with the majority of insurance payors for COVID-19 tests, estimation of the transaction price represents variable consideration.

Contract Liabilities

Contract liabilities are recorded when the Company receives payment or bills prior to completing its obligation to transfer goods or services to a customer, and the Company subsequently recognizes contract liabilities as revenue in the period in which the applicable revenue recognition criteria, as described above, are met.

Customer Deposit

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

Overhead Expenses

The Company allocates overhead expenses, such as rent and utilities, to cost of revenue and operating expense categories based on headcount. As a result, an overhead expense allocation is reflected in cost of revenue and each operating expense category.

Cost of Revenue

Cost of revenue reflects the aggregate costs incurred in delivering test results and consists of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; costs of laboratory supplies; depreciation of laboratory equipment; amortization of leasehold and building improvements and allocated overhead. Costs associated with performing tests are recorded as tests are processed.

Research and Development Expenses

Research and development expenses represent costs incurred to develop the Company’s technology and future tests. These costs consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; laboratory supplies; consulting costs and allocated overhead. The Company expenses all research and development costs in the periods in which they are incurred.

Selling and Marketing Expenses

Selling and marketing expenses consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; customer service expenses; direct marketing expenses; educational and promotional expenses; market research and analysis and allocated overhead. The Company expenses all selling and marketing costs as incurred.

General and Administrative Expenses

General and administrative expenses include executive, finance and accounting, legal and human resources functions. These expenses consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; audit and legal expenses; consulting costs and allocated overhead. The Company expenses all general and administrative expenses as incurred.

Restructuring Costs

Restructuring costs represent one-time employee termination benefits provided to employees associated with a newly acquired entity that were involuntarily terminated. A plan of termination was approved and authorized by management in the second quarter of 2022. The plan identified specific employees to be terminated and established terms of benefits those employees would receive upon termination. No additional costs are expected to be incurred under the plan of termination post 2022, and the payable balance is expected to be paid off by August 2023.

Income Taxes

Income taxes are accounted for under the asset and liability method. The Company provides for federal, state and foreign income taxes currently payable, as well as for taxes deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount with a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. For income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in its consolidated financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense.

Equity-Based Compensation

The Company grants various types of equity-based awards to its employees, consultants and non-employee directors. Equity-based compensation costs are reflected in the accompanying Consolidated Statements of Income based upon each award recipient’s role with the Company. The Company primarily grants to its employees restricted stock unit awards, or RSU awards, that generally vest over a specified period of time upon the satisfaction of service-based conditions. The Company measures compensation expense for equity-based awards granted to employees based on the fair value of the award on the grant date of the award. Compensation expense for employee RSU awards with a service-based vesting condition is recognized ratably over the vesting period of the award.

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 gain (loss) included in the accompanying Consolidated Statements of Comprehensive Income. 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. Gains and losses from these measurements are included in interest and other income, net, in the accompanying Consolidated Statements of Income. Losses from foreign currency exchange were not significant in 2022, 2021 and 2020.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of net unrealized gain or loss on available-for-sale debt securities, net of tax, and foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency. Reclassifications from other comprehensive income (loss) to net earnings were not significant in 2022 or 2021. The Company did not have reclassifications from other comprehensive income (loss) to net loss in 2020. The tax effects related to net unrealized loss on available-for-sale debt securities were $7.2 million and $437,000 in 2022 and 2021, respectively. The tax effects related to net unrealized gain on the available-for-sale debt securities were $147,000 in 2020.

Basic and Diluted Net Income or Loss per Share

Basic net income or loss per common share is computed by dividing the net income or loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income or loss per common share is computed by dividing the net income or loss attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period.

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Insurance, including claim reimbursement from HRSA for uninsured individuals, (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 years ended December 31, 2022, 2021 and 2020.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Testing Services by payor
Insurance	$	377,873	$	555,762	$	257,587
Institutional		239,961		435,688		163,083
Patient		1,134		1,134		1,042
Total Revenue	$	618,968	$	992,584	$	421,712

The insurance revenue category above includes $83.1 million and $310.4 million for the years ended December 31, 2022 and 2021, respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program.

There was no material variable consideration recognized in the current period that relates to performance obligations that were completed in the prior period.

Collection of the Company’s net revenues from insurers is normally a function of providing complete and correct billing information within the various filing deadlines. Provided the Company has billed insurers accurately with complete information prior to the established filing deadline. If there has been a delay in billing, the Company determines if the amounts in question will likely go past the filing deadline, and if so, the Company will reserve accordingly for the billing.

Contract Balances

Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Consolidated Balance Sheets. Receivable from Insurance and Institutional customers represented 14% and 86%, respectively, as of December 31, 2022 and 47% and 53%, respectively, as of December 31, 2021.

Contracts assets and liabilities - Contract assets from contracts with customers associated with contract execution and certain costs to fulfill a contract are included in other current assets in the accompanying Consolidated Balance Sheets. Contract liabilities are recorded when the Company receives payment prior to completing its obligation to transfer goods or services to a customer. Contract liabilities are included in the Consolidated Balance Sheets. Revenues of $14.4 million, $26.4 million and $257,000 for the years ended December 31, 2022, 2021, and 2020, respectively, related to contract liabilities at the beginning of the respective periods were recognized.

Transaction Price Allocated to Future Performance Obligations

ASC 606, Revenue from Contracts with Customers, issued by the Financial Accounting Standards Board, or FASB, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as December 31, 2022. ASC 606 provides certain practical expedients that limit the requirement to disclose the aggregate amount of transaction price allocated to unsatisfied performance obligations.

The Company applied the practical expedient to not disclose the amount of transaction price allocated to unsatisfied performance obligations when the performance obligation is part of a contract that has an original expected duration of one year or less. The Company does not have material future obligations associated with COVID 19, molecular diagnostic or genetic testing services that extend beyond one year.

Recent Accounting Pronouncements

The Company evaluates all ASUs issued by 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 consolidated financial statements or disclosures.

Equity and Debt Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Equity and Debt Securities

Note 3. Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:


	December 31, 2022
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		189,333			—		(3,373	)		185,960
Corporate debt securities		120,480			—		(2,222	)		118,258
U.S. treasury bills		69,991			—		(193	)		69,798
U.S. agency debt securities		68,411			—		(342	)		68,069
Money market accounts		27,455			—		—			27,455
Municipal bonds		7,371			—		(80	)		7,291
Yankee debt securities		2,347			—		(5	)		2,342
Less: Cash equivalents		(32,444	)		—		—			(32,444	)
Total debt securities due within 1 year		452,944			—		(6,215	)		446,729
After 1 year through 5 years
U.S. government debt securities		152,435			2		(6,349	)		146,088
U.S. agency debt securities		92,054			—		(3,435	)		88,619
Corporate debt securities		80,647			—		(4,756	)		75,891
Municipal bonds		12,065			—		(217	)		11,848
Yankee debt securities		753			—		(85	)		668
Redeemable preferred stock investment		20,000			—		(7,615	)		12,385
Total debt securities due after 1 year through 5 years		357,954			2		(22,457	)		335,499
After 5 years through 10 years
Municipal bonds		3,617			—		(83	)		3,534
Total debt securities due after 5 years through 10 years		3,617			—		(83	)		3,534
Total available-for-sale debt securities		814,515			2		(28,755	)		785,762
Total equity and debt securities	$	829,515		$	2	$	(28,755	)	$	800,762


	December 31, 2021
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Short-term
Bond funds	$	99,314		$	—	$	(515	)	$	98,799
Exchange traded funds		35,174			—		(174	)		35,000
Total equity securities		134,488			—		(689	)		133,799
Available-for-sale debt securities
Short-term
Corporate debt securities		92,116			24		(148	)		91,992
Money market accounts		77,067			—		—			77,067
U.S. government debt securities		51,318			—		(81	)		51,237
Municipal bonds		4,980			—		(12	)		4,968
Yankee debt securities		3,615			—		(6	)		3,609
Less: Cash equivalents		(77,067	)		—		—			(77,067	)
Total debt securities due within 1 year		152,029			24		(247	)		151,806
After 1 year through 5 years
Corporate debt securities		242,421			29		(1,913	)		240,537
U.S. government debt securities		147,699			7		(786	)		146,920
U.S. agency debt securities		70,069			—		(535	)		69,534
Municipal bonds		11,920			13		(11	)		11,922
Yankee debt securities		8,633			—		(89	)		8,544
Total debt securities due after 1 year through 5 years		480,742			49		(3,334	)		477,457
After 5 years through 10 years
Municipal bonds		7,633			—		(43	)		7,590
Redeemable preferred stock investment		20,000			1,965		—			21,965
Total debt securities due after 5 years through 10 years		27,633			1,965		(43	)		29,555
Total available-for-sale debt securities		660,404			2,038		(3,624	)		658,818
Total equity and debt securities	$	794,892		$	2,038	$	(4,313	)	$	792,617

Gross unrealized losses on the Company’s equity and debt securities were $28.8 million and $4.3 million as of December 31, 2022 and 2021, respectively. The Company did not recognize any credit losses for its available-for-sale debt securities in 2022 and 2021.

The Company’s marketable securities of $472.8 million, managed by the custodian of the Company’s marketable debt security investment account, of which the Company has an outstanding margin loan, is used as collateral for the margin account borrowing. See Note 8, Debt, Commitments and Contingencies, for more information on the margin loan.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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 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:


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	332,048	$	—	$	332,048	$	—
Corporate debt securities		194,149		—		194,149		—
U.S. agency debt securities		156,688		—		156,688		—
U.S. treasury bills		69,798		69,798		—		—
Money market accounts		27,455		27,455		—		—
Municipal bonds		22,673		—		22,673		—
Preferred stock of privately held company		15,000		—		—		15,000
Redeemable preferred stock investment		12,385		—		—		12,385
Yankee debt securities		3,010		—		3,010		—
Total equity securities, debt securities and cash equivalents	$	833,206	$	97,253	$	708,568	$	27,385


	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
Corporate debt securities	$	332,529	$	—	$	332,529	$	—
U.S. government debt securities		198,157		—		198,157		—
Bond funds		98,799		98,799		—		—
U.S. agency debt securities		69,534		—		69,534		—
Exchange traded funds		35,000		35,000		—		—
Municipal bonds		24,480		—		24,480		—
Yankee debt securities		12,153		—		12,153		—
Redeemable preferred stock investment		21,965		—		—		21,965
Money market accounts		77,067		77,067		—		—
Total equity securities, debt securities and cash equivalents	$	869,684	$	210,866	$	636,853	$	21,965

The Company’s Level 1 assets include U.S. treasury bills, money market instruments, bond funds, and exchange traded funds and are valued based upon observable market prices. Level 2 assets consist of U.S. government and U.S. 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 December 31, 2022, the Company had preferred stock of a privately held company, which was included in other long-term assets in the accompanying Consolidated Balance Sheets, and

redeemable preferred stock of a private company that were measured using unobservable (Level 3) inputs. The fair value of redeemable preferred stock as of December 31, 2022 and 2021 was based on valuation performed by a third-party valuation company utilizing the guideline public company method under market approach and the discounted cash flow method under income approach. For the value of the investment in private equity securities, the Company elected to measure it at cost minus impairment, as the preferred stock of the privately held company did not have a readily determinable fair value, and no impairment loss was recorded as of December 31, 2022.

There were no transfers between fair value measurement levels in 2022, 2021, and 2020.

Fixed Assets

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:


		December 31,
	Useful Lives	2022			2021
		(in thousands)
Medical lab equipment	5 months to 12 Years	$	53,503		$	35,930
Leasehold improvements	Shorter of lease term or estimated useful life		11,804			4,003
Computer software	1 to 5 Years		6,982			1,408
Computer hardware	1 to 5 Years		6,979			5,661
Building	39 Years		6,731			6,731
Aircraft	7 Years		6,400			6,503
Building improvements	6 months to 39 Years		5,865			3,936
Furniture and fixtures	1 to 5 Years		4,248			2,255
Land improvements	5 to 15 Years		904			403
Automobile	2 to 7 Years		797			825
General equipment	3 to 5 Years		44			44
Land			7,500			7,500
Assets not yet placed in service			12,877			6,718
Total			124,634			81,917
Less: Accumulated depreciation			(43,281	)		(19,630	)
Fixed assets, net		$	81,353		$	62,287

Depreciation expense on fixed assets totaled $25.5 million, $9.3 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Other Significant Balance Sheet Accounts

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Other Significant Balance Sheet Accounts

Note 6. Other Significant Balance Sheet Accounts

Other current assets consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Other receivable	$	19,836	$	1,403
Prepaid income taxes		15,434		1,716
Prepaid expenses		6,814		4,244
Reagents and supplies		4,280		12,206
Marketable securities interest receivable		2,525		2,743
Contract assets		—		237
Total	$	48,889	$	22,549

Other receivable as of December 31, 2022 includes $19.1 million of maturities of marketable securities that did not settle until after period-end.

Other current liabilities primarily includes $5.0 million payable pursuant to a share transfer agreement, see Note 15, Business Combinations.

Other long-term liabilities primarily includes operating and finance lease liabilities, long-term, see Note 9, Leases, and notes payable, long-term, See Note 8, Debt, Commitments and Contingencies.

Reporting Segment and Geographic Information

12 Months Ended

Dec. 31, 2022

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. All long-lived assets were located in the United States as of December 31, 2022 and 2021 with an insignificant amount located in China and Canada. Revenue by region for the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Revenue:
United States	$	603,148	$	978,978	$	415,334
Foreign		15,820		13,606		6,378
Total	$	618,968	$	992,584	$	421,712

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Debt, Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments and Contingencies

Debt

As of December 31, 2022, the Company had an outstanding borrowing of $15.0 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. The outstanding balance is included in the Consolidated Balance Sheets. 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. 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 December 31, 2022 was 4.59%. The related interest expenses in 2022, 2021 and 2020 were $346,000, $117,000 and $20,000, respectively.

Notes payable as of December 31, 2022, consisted of $3.8 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building and $5.2 million of notes payable to Xilong Scientific Co., or Xilong Scientific, by Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech. The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08%. The current portion and noncurrent portion are $461,000 and $3.4 million, respectively, and the noncurrent portion is included in the other long-term liabilities in the accompanying Consolidated Balance Sheets. The notes payable to Xilong Scientific is due on March 31, 2023, and the interest rate on the loan is 4.97%. The related interest expenses in 2022 and 2021 were $304,000 and $177,000, respectively. The Company did not have the installment sale contract in 2021.

Operating and Finance Leases

See Note 9, Leases, for further information.

Purchase Obligations

As of December 31, 2022, the Company had non-cancelable purchase obligations of $10.1 million, of which, $3.2 million for computer software and hardware, $2.5 million for reagents and other supplies, $1.1 million for services and $746,000 for medical lab equipment are payable within twelve months. $2.2 million for computer software and $381,000 for services are payable within the next thirty-six months.

Contingencies

From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. Management does not believe that the outcome of any of these matters will have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

The Company has received a CID issued by the U.S. Department of Justice pursuant to the False Claims Act related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law. This CID requests information and records relating to certain of the Company’s customers named in the CID, which represent a small portion of the Company’s revenues. The Company is fully cooperating with the U.S. Department of Justice to promptly respond to the requests for information in this CID, and does not presently expect this CID or resulting investigation to have a material adverse impact. However, the Company cannot predict when the

investigation will be resolved, the outcome of the investigation or its potential impact, which may ultimately be greater than the Company currently expects.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company is party as a lessee to various non-cancelable operating leases with varying terms through March 2028 primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expirations. 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 also has various finance leases for lab equipment with varying terms through December 2026, of which, some were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating 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. Other CLIA-certified laboratories are located in El Monte, California; Houston and Irving, Texas; Needham, Massachusetts; Phoenix, Arizona; Alpharetta, Georgia; and New York, New York.

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of December 31, 2022, and 2021 were as follows:


	December 31,
	2022		2021
	(in thousands)
Operating lease ROU asset, net	$	14,784	$	7,141
Operating lease liabilities, short term	$	6,132	$	1,842
Operating lease liabilities, long term	$	8,795	$	5,344
Finance lease ROU asset, net	$	2,784	$	1,735
Finance lease liabilities, short term	$	943	$	332
Finance lease liabilities, long term	$	1,818	$	1,398

The following was operating and finance lease expense:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	5,429	$	1,262	$	566
Finance lease cost:
Amortization of ROU assets		683		7		—
Interest on lease liabilities		95		1		—
Short-term lease cost		1,528		296		142
Total lease cost	$	7,735	$	1,566	$	708

Supplemental information related to leases was the following:


	December 31, 2022
Weighted average remaining lease term - operating leases	3.24 years
Weighted average discount rate - operating leases		3.81	%
Weighted average remaining lease term -finance leases	3.10 years
Weighted average discount rate - finance leases		3.98	%

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


	Operating Leases			Financing Leases
	(in thousands)
Year Ending December 31,
2023	$	6,590		$	986
2024		4,072			1,033
2025		2,118			547
2026		1,522			366
2027		1,360			—
Thereafter		217			—
Total lease payments		15,879			2,932
Less imputed interest		(952	)		(171	)
Total	$	14,927		$	2,761

Lessor

The Company leases out space in buildings it owns to third-party tenants under noncancelable operating leases. As of December 31, 2022, the remaining lease terms left range from 1 year to 2 years, 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 included in interest and other income, net, in the accompanying Consolidated Statements of Income. Total lease income was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Lease income	$	269	$	413	$	144
Variable lease income		12		7		1
Total lease income	$	281	$	420	$	145

Future fixed lease payments from tenants for all noncancelable operating leases as of December 31, 2022 are as follows:


	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2023	$	181
2024		94
Total	$	275

Equity-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [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 Consolidated Statements of Income as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of revenue	$	8,704	$	3,563	$	1,452
Research and development		10,449		6,326		2,693
Selling and marketing		4,373		2,513		2,092
General and administrative		9,114		3,480		1,920
Total	$	32,640	$	15,882	$	8,157

The actual tax benefit realized from windfall tax deductions related to awards vested or exercised were $2.1 million, $13.3 million, and $2.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Award Activity

Option Awards

The following table summarizes activity for options to acquire shares of the Company’s common stock in the years ended December 31, 2022, 2021 and 2020:


	Number of Shares Subject to Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands) (1)
Balance at December 31, 2019		341		$	1.27				6.4	$	3,960
Granted		10		$	15.82	$	11.45
Exercised		(56	)	$	1.86	$	5.04
Canceled		(8	)	$	4.18	$	4.68
Balance at December 31, 2020		287		$	1.59				5.5	$	14,484
Granted		5		$	73.64	$	56.34
Exercised		(76	)	$	1.13	$	8.40
Canceled		—		$	—	$	—
Balance at December 31, 2021		216		$	3.42				4.6	$	20,965
Granted		10		$	59.54	$	44.56
Exercised		(5	)	$	7.16	$	7.41
Canceled		(9	)	$	43.30	$	33.53
Balance at December 31, 2022		212		$	4.21				3.7	$	5,420
Exercisable as of December 31, 2022		196		$	1.22				3.3	$	5,608

(1)

Aggregate intrinsic value is calculated as the difference between (i) the exercise price of options and (ii) the market value of the Company’s common stock as of the applicable date.

The total fair value of options that vested during the years ended December 31, 2022, 2021 and 2020 was $126,000, $76,000 and $223,000, respectively. As of December 31, 2022, the remaining unrecognized compensation expense related to all outstanding option awards was $433,000 and is expected to be recognized over a weighted-average period of 3.4 years.

RSU Awards

RSUs are awards that entitle the holder to receive shares of the Company’s common stock upon satisfaction of vesting conditions. Each RSU represents the contingent right to receive one share of the Company’s common stock upon vesting and settlement.

The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the years ended December 31, 2022, 2021, and 2020:


	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2019		1,511		$	6.54
Granted		1,389		$	24.86
Vested and settled		(655	)	$	7.97
Forfeited		(160	)	$	11.17
Balance at December 31, 2020		2,085		$	17.93
Granted		477		$	95.33
Vested and settled		(836	)	$	15.43
Forfeited		(107	)	$	37.83
Balance at December 31, 2021		1,619		$	40.74
Granted		1,895		$	49.98
Vested and settled		(699	)	$	34.01
Forfeited		(184	)	$	61.11
Balance at December 31, 2022		2,631		$	47.76

The RSU awards granted in the years ended December 31, 2022, 2021 and 2020 will result in aggregate equity-based compensation expense of $94.8 million, $45.5 million and $34.5 million, respectively, to be recognized over the vesting periods from the grant date of each award granted in the period. The RSU awards granted in the year ended December 31, 2022 included 663,013 shares of RSU awards assumed as part of the Fulgent Pharma acquisition, see more details in Note 14, Related Party, and Note 15, Business Combinations. As of December 31, 2022, the remaining unrecognized compensation expense related to all outstanding RSU awards was $110.6 million and is expected to be recognized over a weighted-average period of 3.0 years.

Fair Value Assumptions for Option Awards

The Company uses the Black-Scholes option-pricing model to measure the fair value of option awards. The Black-Scholes option-pricing model requires the input of various assumptions, each of which is subjective and requires significant judgment. These assumptions include the following:

•

Expected Term. The expected term represents the period that the Company’s equity-based awards are expected to be outstanding. The Company determines the expected term assumption based on the vesting terms, exercise terms and contractual terms of the options.

•

Risk-Free Interest Rate. The Company determines the risk-free interest rate by using the equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant.

•

Dividend Yield. The assumed dividend yield is based on the Company’s expectation that it will not pay dividends in the foreseeable future, which is consistent with its history of not paying dividends.

•

Expected Volatility. The Company calculates expected volatility based on historical volatility data of its stock that is publicly traded.

•

Forfeiture Rate. The Company accounts for forfeitures as they occur.

Awards to Employees

The table below sets forth the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of options to acquire shares of the Company’s common stock granted to employees during the years ended December 31, 2022, 2021 and 2020.


	Year Ended December 31,
	2022			2021			2020
Expected term (in years)		6.1			6.1			6.1
Risk-free interest rates		2.6	%		1.1	%		0.4	%
Dividend yield		—			—			—
Expected volatility		88.7	%		94.6	%		87.5	%

Determination of Fair Value on Grant Dates

The fair value of the shares of the Company’s common stock underlying option and RSU awards is determined by the Company’s board of directors or the compensation committee thereof based on the closing sales price of the Company’s common stock on the date of grant as reported by the Nasdaq Global Market.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

Provision for income taxes consists of U.S. federal and state income taxes. A deferred tax liability is recognized for all taxable temporary differences, and a deferred tax asset is recognized for all deductible temporary differences, operating losses and tax credit carryforwards. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The following table summarizes income (loss) before income taxes, equity loss in investee and gain (loss) on equity-method investments:


	Year Ended December 31,
	2022			2021			2020
	(in thousands)
U.S. income before income taxes, equity loss in investee and gain (loss) on equity-method investments	$	189,406		$	681,403		$	291,739
Foreign loss before income taxes, equity loss in investee and gain (loss) on equity-method investments		(5,381	)		(4,103	)		(55	)
Income before income taxes, equity loss in investee and gain (loss) on equity-method investments	$	184,025		$	677,300		$	291,684

Income tax expense consisted of the following:


	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Current:
Federal	$	31,140		$	131,907		$	53,794
State		19,242			51,076			20,513
Total Current		50,382			182,983			74,307
Deferred:
Federal		(3,763	)		(7,471	)		(248	)
State		(4,517	)		(717	)		(14	)
Foreign		224			669			—
Change in valuation allowance		(224	)		(669	)		(1,513	)
Total Deferred		(8,280	)		(8,188	)		(1,775	)
Total income tax expense	$	42,102		$	174,795		$	72,532

Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate is as follows:


	Year Ended December 31,
	2022			2021			2020
Tax provision at federal statutory rate		21.00	%		21.00	%		21.00	%
State taxes		7.01	%		5.99	%		5.68	%
Uncertain tax positions		0.92	%		0.05	%		0.13	%
Stock based compensation		-1.12	%		-1.96	%		-0.92	%
Return to provision		-3.92	%		-0.17	%		-0.11	%
Other permanent differences		1.33	%		1.09	%		0.02	%
Research & development credit		-2.98	%		-0.33	%		-0.40	%
Other		0.34	%		0.19	%		-0.01	%
Change in valuation allowance		0.12	%		-0.10	%		-0.52	%
Effective tax rate		22.70	%		25.76	%		24.87	%

The following table summarizes the elements of the deferred tax assets (liabilities). Net deferred tax assets are included in other long-term assets in the Consolidated Balance Sheets.


	As of December 31,
	2022			2021
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	1,488		$	1,486
Provision for credit losses		10,255			2,755
Net operating losses		16,345			199
Stock based compensation		2,550			1,739
State income taxes		4,892			10,991
Excess tax basis in FF Gene Biotech net assets		2,032			—
Foreign		—			1,808
Lease liability		4,086			1,643
Unrealized gain/loss on available-for-sale debt securities		7,664			437
Section 174 research & experimental expenditures		6,573			—
Equity loss in investment		503			700
Other		199			162
Gross deferred tax assets		56,587			21,920
Less: Valuation allowance		(2,832	)		(2,609	)
Net deferred tax assets		53,755			19,311
Deferred tax liabilities
Intangible assets		39,199			8,083
Depreciation		5,500			7,371
Right of use asset		4,056			1,640
Other		1,496			1,458
Total deferred tax liabilities		50,251			18,552
Net deferred tax assets	$	3,504		$	759

As of December 31, 2022, the Company has $58.8 million estimated federal net operating loss, or NOL, carryforwards and estimated state NOL carryforwards of $66.0 million. The Company’s state NOLs are scheduled to begin expiring in 2037. The Company also has foreign NOL carryforwards of $13.8 million which are scheduled to expire from 2023 through 2027.

ASC 740-10-30-5 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred income tax assets will not be realized. The Company has evaluated the realizability of its deferred tax assets and has concluded that it is more likely than not that the Company may not realize the benefit of certain deferred tax assets. These deferred tax assets consist primarily of equity losses in joint ventures and foreign net operating loss carryforwards; accordingly, a valuation allowance of $2.8 million and $2.6 million has been recorded on these deferred tax assets as of December 31, 2022 and 2021. The increase in the valuation allowance of $224,000 for the years ended December 31, 2022 was primarily due to an increase in foreign deferred tax assets that are more likely than not to expire unrealized.

During 2020, the Company recorded a deferred tax asset related to the impairment of its investment in BostonMolecules, Inc. When realized, the asset will generate a capital loss which may only be used to offset capital gain income; therefore, the Company has recorded a full valuation allowance against this asset.

Uncertain Tax Positions

The Company is subject to income taxation by the United States government and certain states in which the Company's activities give rise to an income tax filing requirement. The Company does not have any significant income tax filing requirements in any foreign jurisdiction. As of December 31, 2022, there were no pending tax audits in any jurisdiction. The tax returns are subject to statutes of limitations that vary by jurisdiction. At December 31, 2022, the Company remains subject to income tax examinations in the U.S. and various states for tax years 2019 through 2022; certain other states remain subject to examination for tax years 2018 through 2022. However, due to the Company’s NOL carryforwards in various jurisdictions, tax authorities have the ability to adjust carryforwards related to closed years until the statute expires on the year(s) in which the NOL carryforwards are utilized.

A reconciliation of the Company’s gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Balance at beginning of year	$	710	$	377	$	—
Increases to prior year positions		2,843		—		141
Increases for current year positions		6,189		333		236
Balance at end of year	$	9,742	$	710	$	377

As of December 31, 2022, the Company has $9.7 million of gross unrecognized tax benefits, of which, $2.3 million of unrecognized tax benefits would affect the effective tax rate if recognized. The Company has accrued $94,000 and $15,000 for interest at December 31, 2022 and 2021, respectively, and has recognized interest expense of $94,000 and $15,000 for the years ended December 31, 2022 and 2021, respectively. Although it is possible that the amount of unrecognized benefits with respect to our uncertain tax positions will increase or decrease in the next twelve months, the Company does not expect material changes.

While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could differ from the Company's accrued positions. Accordingly, additional provisions on federal, state and foreign tax-related matters could be recorded in future periods as revised estimates are settled or otherwise resolved.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

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+ Details

Income per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Income per Share

Note 12. Income per Share

The following is a reconciliation of the basic and diluted income per share computations:


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Net income attributable to Fulgent	$	143,403	$	507,364	$	214,310
Weighted-average common shares - outstanding, basic		30,097		29,408		22,694
Weighted-average common shares - outstanding, diluted		30,964		30,976		24,056
Net income per common share, basic	$	4.76	$	17.25	$	9.44
Net income per common share, diluted	$	4.63	$	16.38	$	8.91

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Options		10		5		10
RSUs		728		182		347

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

Retirement Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Retirement Plans

Note 13. Retirement Plans

The Company offers a 401(k) retirement savings plan, or the 401 (k) Plan, for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 3% of an employee’s compensation that the employee contributes to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $2.5 million, $697,000 and $422,000 in the years ended December 31, 2022, 2021 and 2020, respectively.

Related Party

12 Months Ended

Dec. 31, 2022

Related Party

Note 14. Related Party

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 $1.5 million, $3.4 million and $3.1 million in revenue in the years ended December 31, 2022, 2021 and

2020. As of December 31, 2022 and 2021, $93,000 and $556,000 was owed to the Company by AHMC, respectively, which is included in trade accounts receivable, net, in the accompanying Consolidated Balance Sheets, in connection with this relationship.

On November 7, 2022, the Company acquired Fulgent Pharma. See Note 15, Business Combinations. Prior to the acquisition, the Company and Fulgent Pharma LLC were parties to shared services arrangements where research and development, administrative services and office space and equipment are provided between the companies, on an arms-length basis. Until April 2022, Ming Hsieh was the manager and a member of Fulgent Pharma LLC. In April 2022, Fulgent Pharma LLC became a wholly-owned subsidiary of Fulgent Pharma which was 100% owned by Ming Hsieh, the Chief Executive Officer and Chairman of the Company’s board of directors, and the Hsieh Family Dynasty Trust, dated January 27, 2010, or the Hsieh Trust, of which Mr. Hsieh is the grantor. Mr. Hsieh and Paul Kim, the Chief Financial Officer and Treasurer of Fulgent, also served as executive officers of Fulgent Pharma as its (i) President and Chief Executive Officer and (ii) Treasurer and Secretary, respectively. The cost of research and development services rendered by Fulgent Pharma LLC for the Company was not significant in 2022 prior to the acquisition. In the years ended December 31, 2021 and 2020, the research development service rendered by Fulgent Pharma LLC was $330,000 and $427,000, respectively. Costs allocated to Fulgent Pharma LLC were not significant in 2022 prior to the acquisition, 2021 and 2020. As of December 31, 2021, $679,000 was owed to Fulgent Pharma LLC by the Company, which is recorded in other current liabilities in the accompanying Consolidated Balance Sheet, in connection with these relationships. As part of the acquisition, RSUs to acquire shares of common stock of Fulgent Pharma held by Paul Kim, the Company’s Chief Financial Officer, Jian Xie, the Company’s President and Chief Operating Officer, Hanlin Gao, the Company’s Chief Scientific Officer and other employees of the Company and consultants of Fulgent Pharma LLC were assumed by the Company and became RSUs to acquire 77,585, 129,309, 51,723, 117,398, and 286,998 shares of common stock of the Company, respectively.

Ming Hsieh, is the owner of PTJ Associates Inc., or PTJ. PTJ provides flight services to the Company on an arms-length basis. In the years ended December 31, 2022, 2021 and 2020, the Company incurred $235,000, $142,000 and $343,000, respectively, in expenses for flights between California and Texas to transport employees and supplies. As of December 31, 2022 and 2021, no amount was owed to PTJ by the Company.

Ming Hsieh is also on the board of directors and a 20% owner of ANP Technologies, Inc., or ANP, from which the Company purchased COVID-19 antigen rapid test kits and entered into certain drug-related licensing and development service agreements. The President and Chief Scientific Officer of Fulgent Pharma, Ray Yin, is the Founder, President, and Chief Technology Officer of ANP. In the year ended December 31, 2022, the Company incurred $1.2 million related to the purchase of COVID-19 antigen rapid tests kits and licensing and development services. No costs were incurred in the years ended December 31, 2021 and 2020. As of December 31, 2022, $607,000 was owed to ANP by the Company in connection with these relationships, and no amount was owed to ANP as of December 31, 2021.

Business Combinations

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Business Combinations

Note 15. Business Combinations

Inform Diagnostics

On April 26, 2022, the Company completed the acquisition of 100% of the outstanding equity of Symphony Buyer, Inc., or Inform Diagnostics, a leading national independent pathology laboratory based in Irving, Texas. Under the terms of the Agreement and Plan of Merger, dated April 16, 2022, or the Inform Merger Agreement, the total purchase price payable to the securityholders of Symphony Buyer, Inc. was approximately $170 million, as adjusted for closing cash, closing indebtedness, closing working capital, closing transaction expenses and other transaction matters. With the addition of Inform Diagnostics, the Company will further expand the Company’s genomic testing footprint and extend its test menu into breast pathology, gastrointestinal pathology, dermatopathology, urologic pathology, neuropathology, and hematopathology.

The financial results of Inform Diagnostics are included in the consolidated financial statements from the date of acquisition. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Consideration
Cash, net of cash received	$	137,755


Recognized amounts of identifiable assets acquired and liabilities assumed
Net working capital	$	(15,024	)
Fixed assets		20,242
ROU assets - operating		12,653
ROU assets - finance		1,183
Deferred tax assets		3,410
Other long-term assets		4,711
Identifiable intangible assets		57,060
Operating lease liabilities		(12,653	)
Finance lease liabilities		(1,183	)
Income tax payable		(40	)
Other long-term liabilities		(4,449	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		65,910
Goodwill		71,845
Total	$	137,755

The goodwill of $71.8 million arising from the acquisition is attributed to the expected synergies, assembled workforce, other benefits that will be potentially generated from the combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identified intangible assets acquired consisted of $54.0 million customer relationships with an estimated amortization life of 14 years, $2.7 million trade name with an estimated amortization life of 7 years, and $360,000 in-place lease intangible asset to be amortized over the remaining lease term of 5 years.

The fair value of the customer relationship was estimated using the Multiperiod Excess Earnings Method, or MPEEM, of the income approach. Under the MPEEM, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows attributable only to the subject intangible asset after deducting contributory asset charges. The incremental after-tax cash flows attributable to the customer relationships are then discounted to their present value at a risk-adjusted rate of return. The fair value of the trade name was estimated using the relief from royalty, or RFR, method. The RFR method estimates the portion of the Company's earnings attributable to an intangible asset based on the royalty rate the Company would have paid for the use of the asset if it did not own it. The fair value of in-place lease intangible asset was estimated using the discounted cash flow under the income approach. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic and other factors that may limit the useful life. The customer relationships and trade name are amortized on a straight-line basis over their estimated useful lives.

Revenue and operating loss from the Inform Diagnostics acquisition since the acquisition date are $83.6 million and $17.0 million, respectively, which are included in the accompanying Consolidated Statements of Income.

The transaction costs associated with the acquisition of Inform Diagnostics consisted primarily of legal, regulatory and financial advisory fees of approximately $6.6 million for the year ended December 31, 2022, respectively. These transaction costs were expensed as incurred as general and administrative expense in the respective period.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information summarizes the combined results of operations of Fulgent and Inform Diagnostics as if the companies had been combined as of the beginning of 2021. The pro forma financial information has been adjusted for the following:

Acquisition-related costs - Acquisition-related costs incurred by both Fulgent and Inform Diagnostics were excluded from the net income attributable to Fulgent, and total costs were $9.6 million for the year ended December 31, 2022.

Other adjustments to the net income attributable to Fulgent were $772,000 and $2.3 million for the year ended December 31, 2022 and 2021, respectively. Other adjustments to revenue were $962,000 and $3.9 million for or the year ended December 31, 2022 and 2021, respectively.


	Year Ended December 31,
	2022		2021
	(in thousands)
Revenue	$	659,386	$	1,140,184
Net income attributable to Fulgent	$	140,288	$	493,313
Basic earnings per common share attributable to Fulgent	$	4.66	$	16.77
Diluted earnings per common share attributable to Fulgent	$	4.53	$	15.93

Fulgent Pharma Holdings, Inc

On November 7, 2022, the Company completed the acquisition of 100% of the outstanding equity of Fulgent Pharma, a clinical-stage, therapeutics development company focused on perfecting drug candidates for treating a broad range of cancers. Under the terms of the Agreement and Plan of Merger, dated November 7, 2022, or the Pharma Merger Agreement, the total merger consideration was paid in a combination of cash, the Company's common stock, or the Stock Consideration, and assumed restricted stock units, or RSUs, subject to customary adjustments for closing cash, closing indebtedness, transaction expenses and other transaction matters. A portion of the Stock Consideration was held back for a duration of time after the closing of the transaction to satisfy certain indemnification obligations of the Pharma Stockholders as described in the Pharma Merger Agreement. The RSUs are subject to vesting over the four-year period immediately following the date of their original grant, subject to the holder’s continuing service. The integrated companies plan to offer a vertically integrated solution to combat cancer with the potential to unlock significant long-term upsides for both the therapeutic and diagnostic businesses, while effectively managing risk.

The financial results of Pharma are included in the consolidated financial statements from the date of acquisition. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Considerations
Cash, net of cash received	$	39,924
Stock		28,111
Total considerations	$	68,035

Recognized amounts of identifiable assets acquired and liabilities assumed
Debt-free net working capital	$	(3,679	)
Restricted cash		5,000
Fixed assets		1,310
Identifiable intangible assets		64,590
Deferred tax liabilities		(16,172	)
Long-term or non-operating liabilities		(5,069	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		45,980
Goodwill		22,055
Total	$	68,035

The goodwill of $22.1 million arising from the acquisition is attributed to Fulgent Pharma's rights to intellectual property, expected synergies, assembled workforce, and other benefits that will potentially be generated from the combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identified intangible assets acquired consisted of $64.6 million in IPR&D. Fulgent Pharma has developed a novel nanoencapsulation and targeted therapy platform, which is designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The lead drug candidate, FID-007, has achieved proof-of-concept in preliminary human clinical trials for the treatment of various cancer types, including head and neck, ampullary, pancreatic, non-small cell lung cancer, and breast. The fair value of the IPR&D was estimated using MPEEM. The method involves forecasting after-tax operating income from existing clients, subtracting the portions attributable to a contributory asset, and discounting the remaining earnings to present value. The useful life of IPR&D is indefinite.

Revenue and operating loss from the Fulgent Pharma acquisition since the acquisition date are zero and $816,000, respectively, which are included in the accompanying Consolidated Statements of Income.

The transaction costs associated with the acquisition of Pharma consisted primarily of legal, regulatory and financial advisory fees of approximately $1.4 million for the year ended December 31, 2022. These transaction costs were expensed as incurred as general and administrative expense in the respective period.

The $5.0 million restricted cash received represents cash consideration payable pursuant to the share transfer agreement Fulgent Pharma entered prior to Fulgent Pharma acquisition date. The cash consideration was not paid as of Fulgent Pharma acquisition date and was included in noncurrent or non-operating liabilities in above table.

Stock Repurchase Program

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stock Repurchase Program

Note 16. Stock Repurchase Program

In March 2022, the Company's Board authorized a $250.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program has no expiration from the date of authorization. During the year ended December 31, 2022, the Company repurchased 1.8 million shares of its common stock at an aggregate cost of $74.3 million under the stock repurchase program. As of December 31, 2022, a total of approximately $175.7 million remained available for future repurchases of its common stock under the stock repurchase program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-Related Intangibles

Note 17. Goodwill and Intangible Assets

Summaries of goodwill and intangible assets balances as of December 31, 2022 and 2021 were as follows:


		December 31,
	Weighted-Average Amortization Period	2022			2021
		(in thousands)
Goodwill		$	143,027		$	50,897

In-process research & development	n/a	$	64,590		$	—

Royalty-free technology	10 Years		5,364			5,803
Less: accumulated amortization			(894	)		(387	)
Royalty-free technology, net			4,470			5,416

Customer relationships	13 Years		82,750			28,845
Less: accumulated amortization			(6,215	)		(1,125	)
Customer relationships, net			76,535			27,720

Trade name	8 Years		3,790			1,090
Less: accumulated amortization			(412	)		(45	)
Trade name, net			3,378			1,045

In-place lease intangible assets	5 Years		360			—
Less: accumulated amortization			(46	)		—
In-place lease intangible assets, net			314			—

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(527	)		(155	)
Laboratory information system platform, net			1,333			1,705

Purchased patent	10 Years		29			31
Less: accumulated amortization			(6	)		(3	)
Purchased patent, net			23			28
Total intangible assets, net		$	150,643		$	35,914

Acquisition-related intangibles included in the above tables are generally finite-lived and are carried at cost less accumulated amortization, except for IPR&D, which is related to our 2022 acquisition of Fulgent Pharma and has an indefinite life until research

and development efforts are completed or abandoned. All other finite-lived acquisition-related intangibles related to the business combinations in 2022 and 2021 are amortized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

Changes in the carrying amount of goodwill for the year ended December 31, 2022 and 2021 are as follows:


	2022			2021
	(in thousands)
Balance as of January 1,
Goodwill	$	50,897		$	—
Accumulated impairment losses		—			—
		50,897			—
Goodwill acquired during year
Inform Diagnostics		71,845			—
Fulgent Pharma		22,055			—
CSI		—			27,484
FF Gene Biotech		—			23,082
		93,900			50,566

Net exchange differences
FF Gene Biotech		(1,770	)		331

Balance as of December 31,
Goodwill		143,027			50,897
Accumulated impairment losses		—			—
	$	143,027		$	50,897

Based on the carrying value of intangible assets recorded as of December 31, 2022, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:


	Amounts
	(in thousands)
2023	$	7,864
2024		7,864
2025		7,864
2026		7,554
2027		7,225
Thereafter		47,682
Total	$	86,053

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

Note 18. Selected Quarterly Financial Data (Unaudited)

The tables below set forth the Company’s quarterly Consolidated Statements of Income data for the eight quarters ended December 31, 2022. In the opinion of management, this quarterly data has been prepared on the same basis as the accompanying consolidated financial statements and includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the report in which these consolidated financial statements are included for descriptions of the effects of any extraordinary, unusual or infrequently occurring items recognized in any of the periods covered by this data. The results for any one quarter are not indicative of the results to be expected in the current period or any future period.


	Three Months Ended
	Dec. 31, 2022			Sept. 30, 2022		June 30, 2022		Mar. 31, 2022		Dec. 31, 2021			Sept. 30, 2021		June 30, 2021		Mar. 31, 2021
	(dollars in thousands, except per share data)
Statement of Operations Data:
Revenue	$	67,704		$	105,655	$	125,341	$	320,268	$	251,671		$	227,868	$	153,616	$	359,429
Cost of revenue		54,717			59,560		60,065		77,725		62,134			43,466		35,858		74,075
Gross profit		12,987			46,095		65,276		242,543		189,537			184,402		117,758		285,354
Operating expenses:
Research and development		8,509			7,507		6,905		5,989		7,464			6,021		5,312		5,422
Selling and marketing		10,253			9,859		10,866		7,940		8,200			6,012		5,219		5,008
General and administrative		28,793			26,266		30,240		25,775		22,102			12,299		8,329		8,002
Amortization of intangible assets		2,010			2,006		1,575		906		911			797		—		—
Restructuring costs		(26	)		105		2,896		—		—			—		—		—
Total operating expenses		49,539			45,743		52,482		40,610		38,677			25,129		18,860		18,432
Operating (loss) income		(36,552	)		352		12,794		201,933		150,860			159,273		98,898		266,922
Interest and other income (expense), net		3,090			1,405		958		45		(35	)		496		604		282
(Loss) income before income taxes and gain on equity method investment		(33,462	)		1,757		13,752		201,978		150,825			159,769		99,502		267,204
(Benefit from) provision for income taxes		(9,386	)		414		2,653		48,421		47,148			37,545		23,589		66,513
(Loss) income before gain on equity method investment		(24,076	)		1,343		11,099		153,557		103,677			122,224		75,913		200,691
Gain on equity method investment		—			—		—		—		—			—		3,734		—
Net (loss) income from consolidated operations		(24,076	)		1,343		11,099		153,557		103,677			122,224		79,647		200,691
Net loss attributable to noncontrolling interests		244			376		438		422		662			298		165		—
Net (loss) income attributable to Fulgent	$	(23,832	)	$	1,719	$	11,537	$	153,979	$	104,339		$	122,522	$	79,812	$	200,691

Net (loss) income per common share attributable to Fulgent:
Basic	$	(0.80	)	$	0.06	$	0.38	$	5.09	$	3.48		$	4.13	$	2.74	$	6.96
Diluted	$	(0.80	)	$	0.06	$	0.37	$	4.93	$	3.34		$	3.93	$	2.59	$	6.52

Subsequent Event

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Event

Note 19. Subsequent Event

As of February 27, 2023, no subsequent events are being reported.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and PC. All intercompany transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents

Marketable Securities

Trade Accounts Receivable and Allowance for Credit Losses

A roll-forward of the activity in the Company’s allowance for credit losses is as follows:


	December 31,
	2022			2021			2020
	(in thousands)
Allowance for credit losses at beginning of year	$	11,217		$	1,898		$	751
Impact of ASU 2016-13 adoption		—			887			—
Current period provision		32,596			8,931			1,170
Write-downs		(2,608	)		(499	)		(23	)
Allowance for credit losses at end of year	$	41,205		$	11,217		$	1,898

Redeemable Preferred Stock Investment

Fixed Assets

Intangible Assets

Intangible assets

Business Combinations

Goodwill

Impairment of Long-Lived Assets

Reagents and Supplies

Fair Value of Financial Instruments

Concentrations of Credit Risk, Customers and Suppliers

Equity Method Investments

Leases

Software for Internal Use

Reporting Segment and Geographic Information

Revenue Recognition

Performance Obligations

Institutional and Patient Direct Pay

Insurance

Significant Judgments and Contract Estimates

Disaggregation of Revenue


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Testing Services by payor
Insurance	$	377,873	$	555,762	$	257,587
Institutional		239,961		435,688		163,083
Patient		1,134		1,134		1,042
Total Revenue	$	618,968	$	992,584	$	421,712

There was no material variable consideration recognized in the current period that relates to performance obligations that were completed in the prior period.

Contract Balances

Transaction Price Allocated to Future Performance Obligations

Research and Development Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Restructuring Costs

Income Taxes

Equity-Based Compensation

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Income (Loss)

Basic and Diluted Net Income or Loss per Share

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Roll-Forward of Activity in Allowance for Credit Losses

A roll-forward of the activity in the Company’s allowance for credit losses is as follows:


	December 31,
	2022			2021			2020
	(in thousands)
Allowance for credit losses at beginning of year	$	11,217		$	1,898		$	751
Impact of ASU 2016-13 adoption		—			887			—
Current period provision		32,596			8,931			1,170
Write-downs		(2,608	)		(499	)		(23	)
Allowance for credit losses at end of year	$	41,205		$	11,217		$	1,898

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 years ended December 31, 2022, 2021 and 2020.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Testing Services by payor
Insurance	$	377,873	$	555,762	$	257,587
Institutional		239,961		435,688		163,083
Patient		1,134		1,134		1,042
Total Revenue	$	618,968	$	992,584	$	421,712

Equity and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:


	December 31, 2022
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		189,333			—		(3,373	)		185,960
Corporate debt securities		120,480			—		(2,222	)		118,258
U.S. treasury bills		69,991			—		(193	)		69,798
U.S. agency debt securities		68,411			—		(342	)		68,069
Money market accounts		27,455			—		—			27,455
Municipal bonds		7,371			—		(80	)		7,291
Yankee debt securities		2,347			—		(5	)		2,342
Less: Cash equivalents		(32,444	)		—		—			(32,444	)
Total debt securities due within 1 year		452,944			—		(6,215	)		446,729
After 1 year through 5 years
U.S. government debt securities		152,435			2		(6,349	)		146,088
U.S. agency debt securities		92,054			—		(3,435	)		88,619
Corporate debt securities		80,647			—		(4,756	)		75,891
Municipal bonds		12,065			—		(217	)		11,848
Yankee debt securities		753			—		(85	)		668
Redeemable preferred stock investment		20,000			—		(7,615	)		12,385
Total debt securities due after 1 year through 5 years		357,954			2		(22,457	)		335,499
After 5 years through 10 years
Municipal bonds		3,617			—		(83	)		3,534
Total debt securities due after 5 years through 10 years		3,617			—		(83	)		3,534
Total available-for-sale debt securities		814,515			2		(28,755	)		785,762
Total equity and debt securities	$	829,515		$	2	$	(28,755	)	$	800,762


	December 31, 2021
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Short-term
Bond funds	$	99,314		$	—	$	(515	)	$	98,799
Exchange traded funds		35,174			—		(174	)		35,000
Total equity securities		134,488			—		(689	)		133,799
Available-for-sale debt securities
Short-term
Corporate debt securities		92,116			24		(148	)		91,992
Money market accounts		77,067			—		—			77,067
U.S. government debt securities		51,318			—		(81	)		51,237
Municipal bonds		4,980			—		(12	)		4,968
Yankee debt securities		3,615			—		(6	)		3,609
Less: Cash equivalents		(77,067	)		—		—			(77,067	)
Total debt securities due within 1 year		152,029			24		(247	)		151,806
After 1 year through 5 years
Corporate debt securities		242,421			29		(1,913	)		240,537
U.S. government debt securities		147,699			7		(786	)		146,920
U.S. agency debt securities		70,069			—		(535	)		69,534
Municipal bonds		11,920			13		(11	)		11,922
Yankee debt securities		8,633			—		(89	)		8,544
Total debt securities due after 1 year through 5 years		480,742			49		(3,334	)		477,457
After 5 years through 10 years
Municipal bonds		7,633			—		(43	)		7,590
Redeemable preferred stock investment		20,000			1,965		—			21,965
Total debt securities due after 5 years through 10 years		27,633			1,965		(43	)		29,555
Total available-for-sale debt securities		660,404			2,038		(3,624	)		658,818
Total equity and debt securities	$	794,892		$	2,038	$	(4,313	)	$	792,617

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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:


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	332,048	$	—	$	332,048	$	—
Corporate debt securities		194,149		—		194,149		—
U.S. agency debt securities		156,688		—		156,688		—
U.S. treasury bills		69,798		69,798		—		—
Money market accounts		27,455		27,455		—		—
Municipal bonds		22,673		—		22,673		—
Preferred stock of privately held company		15,000		—		—		15,000
Redeemable preferred stock investment		12,385		—		—		12,385
Yankee debt securities		3,010		—		3,010		—
Total equity securities, debt securities and cash equivalents	$	833,206	$	97,253	$	708,568	$	27,385


	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
Corporate debt securities	$	332,529	$	—	$	332,529	$	—
U.S. government debt securities		198,157		—		198,157		—
Bond funds		98,799		98,799		—		—
U.S. agency debt securities		69,534		—		69,534		—
Exchange traded funds		35,000		35,000		—		—
Municipal bonds		24,480		—		24,480		—
Yankee debt securities		12,153		—		12,153		—
Redeemable preferred stock investment		21,965		—		—		21,965
Money market accounts		77,067		77,067		—		—
Total equity securities, debt securities and cash equivalents	$	869,684	$	210,866	$	636,853	$	21,965

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:


		December 31,
	Useful Lives	2022			2021
		(in thousands)
Medical lab equipment	5 months to 12 Years	$	53,503		$	35,930
Leasehold improvements	Shorter of lease term or estimated useful life		11,804			4,003
Computer software	1 to 5 Years		6,982			1,408
Computer hardware	1 to 5 Years		6,979			5,661
Building	39 Years		6,731			6,731
Aircraft	7 Years		6,400			6,503
Building improvements	6 months to 39 Years		5,865			3,936
Furniture and fixtures	1 to 5 Years		4,248			2,255
Land improvements	5 to 15 Years		904			403
Automobile	2 to 7 Years		797			825
General equipment	3 to 5 Years		44			44
Land			7,500			7,500
Assets not yet placed in service			12,877			6,718
Total			124,634			81,917
Less: Accumulated depreciation			(43,281	)		(19,630	)
Fixed assets, net		$	81,353		$	62,287

Other Significant Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Other receivable	$	19,836	$	1,403
Prepaid income taxes		15,434		1,716
Prepaid expenses		6,814		4,244
Reagents and supplies		4,280		12,206
Marketable securities interest receivable		2,525		2,743
Contract assets		—		237
Total	$	48,889	$	22,549

Reporting Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Revenue by Geographic Region

Revenue by region for the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Revenue:
United States	$	603,148	$	978,978	$	415,334
Foreign		15,820		13,606		6,378
Total	$	618,968	$	992,584	$	421,712

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

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

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of December 31, 2022, and 2021 were as follows:


	December 31,
	2022		2021
	(in thousands)
Operating lease ROU asset, net	$	14,784	$	7,141
Operating lease liabilities, short term	$	6,132	$	1,842
Operating lease liabilities, long term	$	8,795	$	5,344
Finance lease ROU asset, net	$	2,784	$	1,735
Finance lease liabilities, short term	$	943	$	332
Finance lease liabilities, long term	$	1,818	$	1,398

Schedule of Operating and Finance Lease Expense

The following was operating and finance lease expense:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	5,429	$	1,262	$	566
Finance lease cost:
Amortization of ROU assets		683		7		—
Interest on lease liabilities		95		1		—
Short-term lease cost		1,528		296		142
Total lease cost	$	7,735	$	1,566	$	708

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was the following:


	December 31, 2022
Weighted average remaining lease term - operating leases	3.24 years
Weighted average discount rate - operating leases		3.81	%
Weighted average remaining lease term -finance leases	3.10 years
Weighted average discount rate - finance leases		3.98	%

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

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


	Operating Leases			Financing Leases
	(in thousands)
Year Ending December 31,
2023	$	6,590		$	986
2024		4,072			1,033
2025		2,118			547
2026		1,522			366
2027		1,360			—
Thereafter		217			—
Total lease payments		15,879			2,932
Less imputed interest		(952	)		(171	)
Total	$	14,927		$	2,761

Schedule of Lease Income

Total lease income was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Lease income	$	269	$	413	$	144
Variable lease income		12		7		1
Total lease income	$	281	$	420	$	145

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 December 31, 2022 are as follows:


	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2023	$	181
2024		94
Total	$	275

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [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 Consolidated Statements of Income as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of revenue	$	8,704	$	3,563	$	1,452
Research and development		10,449		6,326		2,693
Selling and marketing		4,373		2,513		2,092
General and administrative		9,114		3,480		1,920
Total	$	32,640	$	15,882	$	8,157

Summary of Activity for Options to Acquire Common Shares

The following table summarizes activity for options to acquire shares of the Company’s common stock in the years ended December 31, 2022, 2021 and 2020:


	Number of Shares Subject to Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands) (1)
Balance at December 31, 2019		341		$	1.27				6.4	$	3,960
Granted		10		$	15.82	$	11.45
Exercised		(56	)	$	1.86	$	5.04
Canceled		(8	)	$	4.18	$	4.68
Balance at December 31, 2020		287		$	1.59				5.5	$	14,484
Granted		5		$	73.64	$	56.34
Exercised		(76	)	$	1.13	$	8.40
Canceled		—		$	—	$	—
Balance at December 31, 2021		216		$	3.42				4.6	$	20,965
Granted		10		$	59.54	$	44.56
Exercised		(5	)	$	7.16	$	7.41
Canceled		(9	)	$	43.30	$	33.53
Balance at December 31, 2022		212		$	4.21				3.7	$	5,420
Exercisable as of December 31, 2022		196		$	1.22				3.3	$	5,608

(1)

Aggregate intrinsic value is calculated as the difference between (i) the exercise price of options and (ii) the market value of the Company’s common stock as of the applicable date.

Summary of Activity for RSUs Relating to Shares of Company's Common Stock

The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the years ended December 31, 2022, 2021, and 2020:


	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2019		1,511		$	6.54
Granted		1,389		$	24.86
Vested and settled		(655	)	$	7.97
Forfeited		(160	)	$	11.17
Balance at December 31, 2020		2,085		$	17.93
Granted		477		$	95.33
Vested and settled		(836	)	$	15.43
Forfeited		(107	)	$	37.83
Balance at December 31, 2021		1,619		$	40.74
Granted		1,895		$	49.98
Vested and settled		(699	)	$	34.01
Forfeited		(184	)	$	61.11
Balance at December 31, 2022		2,631		$	47.76

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options to Acquire Shares of Company's Common Stock


	Year Ended December 31,
	2022			2021			2020
Expected term (in years)		6.1			6.1			6.1
Risk-free interest rates		2.6	%		1.1	%		0.4	%
Dividend yield		—			—			—
Expected volatility		88.7	%		94.6	%		87.5	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Income Taxes and Equity Loss in Investee and Gain (Loss) on Equity-Method Investments

The following table summarizes income (loss) before income taxes, equity loss in investee and gain (loss) on equity-method investments:


	Year Ended December 31,
	2022			2021			2020
	(in thousands)
U.S. income before income taxes, equity loss in investee and gain (loss) on equity-method investments	$	189,406		$	681,403		$	291,739
Foreign loss before income taxes, equity loss in investee and gain (loss) on equity-method investments		(5,381	)		(4,103	)		(55	)
Income before income taxes, equity loss in investee and gain (loss) on equity-method investments	$	184,025		$	677,300		$	291,684

Income Tax Expense (Benefit)

Income tax expense consisted of the following:


	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Current:
Federal	$	31,140		$	131,907		$	53,794
State		19,242			51,076			20,513
Total Current		50,382			182,983			74,307
Deferred:
Federal		(3,763	)		(7,471	)		(248	)
State		(4,517	)		(717	)		(14	)
Foreign		224			669			—
Change in valuation allowance		(224	)		(669	)		(1,513	)
Total Deferred		(8,280	)		(8,188	)		(1,775	)
Total income tax expense	$	42,102		$	174,795		$	72,532

Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate

Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate is as follows:


	Year Ended December 31,
	2022			2021			2020
Tax provision at federal statutory rate		21.00	%		21.00	%		21.00	%
State taxes		7.01	%		5.99	%		5.68	%
Uncertain tax positions		0.92	%		0.05	%		0.13	%
Stock based compensation		-1.12	%		-1.96	%		-0.92	%
Return to provision		-3.92	%		-0.17	%		-0.11	%
Other permanent differences		1.33	%		1.09	%		0.02	%
Research & development credit		-2.98	%		-0.33	%		-0.40	%
Other		0.34	%		0.19	%		-0.01	%
Change in valuation allowance		0.12	%		-0.10	%		-0.52	%
Effective tax rate		22.70	%		25.76	%		24.87	%

Summary of Elements of Deferred Tax Assets (Liabilities)

The following table summarizes the elements of the deferred tax assets (liabilities). Net deferred tax assets are included in other long-term assets in the Consolidated Balance Sheets.


	As of December 31,
	2022			2021
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	1,488		$	1,486
Provision for credit losses		10,255			2,755
Net operating losses		16,345			199
Stock based compensation		2,550			1,739
State income taxes		4,892			10,991
Excess tax basis in FF Gene Biotech net assets		2,032			—
Foreign		—			1,808
Lease liability		4,086			1,643
Unrealized gain/loss on available-for-sale debt securities		7,664			437
Section 174 research & experimental expenditures		6,573			—
Equity loss in investment		503			700
Other		199			162
Gross deferred tax assets		56,587			21,920
Less: Valuation allowance		(2,832	)		(2,609	)
Net deferred tax assets		53,755			19,311
Deferred tax liabilities
Intangible assets		39,199			8,083
Depreciation		5,500			7,371
Right of use asset		4,056			1,640
Other		1,496			1,458
Total deferred tax liabilities		50,251			18,552
Net deferred tax assets	$	3,504		$	759

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the Company’s gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Balance at beginning of year	$	710	$	377	$	—
Increases to prior year positions		2,843		—		141
Increases for current year positions		6,189		333		236
Balance at end of year	$	9,742	$	710	$	377

Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Reconciliation of the Basic and Diluted Income Per Share Computations

The following is a reconciliation of the basic and diluted income per share computations:


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Net income attributable to Fulgent	$	143,403	$	507,364	$	214,310
Weighted-average common shares - outstanding, basic		30,097		29,408		22,694
Weighted-average common shares - outstanding, diluted		30,964		30,976		24,056
Net income per common share, basic	$	4.76	$	17.25	$	9.44
Net income per common share, diluted	$	4.63	$	16.38	$	8.91

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:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Options		10		5		10
RSUs		728		182		347

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Business Acquisition [Line Items]

Summary of Unaudited Pro Forma Financial Information


	Year Ended December 31,
	2022		2021
	(in thousands)
Revenue	$	659,386	$	1,140,184
Net income attributable to Fulgent	$	140,288	$	493,313
Basic earnings per common share attributable to Fulgent	$	4.66	$	16.77
Diluted earnings per common share attributable to Fulgent	$	4.53	$	15.93

Inform Diagnostics

Business Acquisition [Line Items]

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

The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Consideration
Cash, net of cash received	$	137,755


Recognized amounts of identifiable assets acquired and liabilities assumed
Net working capital	$	(15,024	)
Fixed assets		20,242
ROU assets - operating		12,653
ROU assets - finance		1,183
Deferred tax assets		3,410
Other long-term assets		4,711
Identifiable intangible assets		57,060
Operating lease liabilities		(12,653	)
Finance lease liabilities		(1,183	)
Income tax payable		(40	)
Other long-term liabilities		(4,449	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		65,910
Goodwill		71,845
Total	$	137,755

Fulgent Pharma Holdings, Inc

Business Acquisition [Line Items]

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

The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Considerations
Cash, net of cash received	$	39,924
Stock		28,111
Total considerations	$	68,035

Recognized amounts of identifiable assets acquired and liabilities assumed
Debt-free net working capital	$	(3,679	)
Restricted cash		5,000
Fixed assets		1,310
Identifiable intangible assets		64,590
Deferred tax liabilities		(16,172	)
Long-term or non-operating liabilities		(5,069	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		45,980
Goodwill		22,055
Total	$	68,035

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summaries of Goodwill and Acquisitions-Related Intangibles Balances

Summaries of goodwill and intangible assets balances as of December 31, 2022 and 2021 were as follows:


		December 31,
	Weighted-Average Amortization Period	2022			2021
		(in thousands)
Goodwill		$	143,027		$	50,897

In-process research & development	n/a	$	64,590		$	—

Royalty-free technology	10 Years		5,364			5,803
Less: accumulated amortization			(894	)		(387	)
Royalty-free technology, net			4,470			5,416

Customer relationships	13 Years		82,750			28,845
Less: accumulated amortization			(6,215	)		(1,125	)
Customer relationships, net			76,535			27,720

Trade name	8 Years		3,790			1,090
Less: accumulated amortization			(412	)		(45	)
Trade name, net			3,378			1,045

In-place lease intangible assets	5 Years		360			—
Less: accumulated amortization			(46	)		—
In-place lease intangible assets, net			314			—

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(527	)		(155	)
Laboratory information system platform, net			1,333			1,705

Purchased patent	10 Years		29			31
Less: accumulated amortization			(6	)		(3	)
Purchased patent, net			23			28
Total intangible assets, net		$	150,643		$	35,914

Summary of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the year ended December 31, 2022 and 2021 are as follows:


	2022			2021
	(in thousands)
Balance as of January 1,
Goodwill	$	50,897		$	—
Accumulated impairment losses		—			—
		50,897			—
Goodwill acquired during year
Inform Diagnostics		71,845			—
Fulgent Pharma		22,055			—
CSI		—			27,484
FF Gene Biotech		—			23,082
		93,900			50,566

Net exchange differences
FF Gene Biotech		(1,770	)		331

Balance as of December 31,
Goodwill		143,027			50,897
Accumulated impairment losses		—			—
	$	143,027		$	50,897

Summary of Annual Amortization Expense For Acquisition-Related Intangibles


	Amounts
	(in thousands)
2023	$	7,864
2024		7,864
2025		7,864
2026		7,554
2027		7,225
Thereafter		47,682
Total	$	86,053

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Data

The tables below set forth the Company’s quarterly Consolidated Statements of Income data for the eight quarters ended December 31, 2022.


	Three Months Ended
	Dec. 31, 2022			Sept. 30, 2022		June 30, 2022		Mar. 31, 2022		Dec. 31, 2021			Sept. 30, 2021		June 30, 2021		Mar. 31, 2021
	(dollars in thousands, except per share data)
Statement of Operations Data:
Revenue	$	67,704		$	105,655	$	125,341	$	320,268	$	251,671		$	227,868	$	153,616	$	359,429
Cost of revenue		54,717			59,560		60,065		77,725		62,134			43,466		35,858		74,075
Gross profit		12,987			46,095		65,276		242,543		189,537			184,402		117,758		285,354
Operating expenses:
Research and development		8,509			7,507		6,905		5,989		7,464			6,021		5,312		5,422
Selling and marketing		10,253			9,859		10,866		7,940		8,200			6,012		5,219		5,008
General and administrative		28,793			26,266		30,240		25,775		22,102			12,299		8,329		8,002
Amortization of intangible assets		2,010			2,006		1,575		906		911			797		—		—
Restructuring costs		(26	)		105		2,896		—		—			—		—		—
Total operating expenses		49,539			45,743		52,482		40,610		38,677			25,129		18,860		18,432
Operating (loss) income		(36,552	)		352		12,794		201,933		150,860			159,273		98,898		266,922
Interest and other income (expense), net		3,090			1,405		958		45		(35	)		496		604		282
(Loss) income before income taxes and gain on equity method investment		(33,462	)		1,757		13,752		201,978		150,825			159,769		99,502		267,204
(Benefit from) provision for income taxes		(9,386	)		414		2,653		48,421		47,148			37,545		23,589		66,513
(Loss) income before gain on equity method investment		(24,076	)		1,343		11,099		153,557		103,677			122,224		75,913		200,691
Gain on equity method investment		—			—		—		—		—			—		3,734		—
Net (loss) income from consolidated operations		(24,076	)		1,343		11,099		153,557		103,677			122,224		79,647		200,691
Net loss attributable to noncontrolling interests		244			376		438		422		662			298		165		—
Net (loss) income attributable to Fulgent	$	(23,832	)	$	1,719	$	11,537	$	153,979	$	104,339		$	122,522	$	79,812	$	200,691

Net (loss) income per common share attributable to Fulgent:
Basic	$	(0.80	)	$	0.06	$	0.38	$	5.09	$	3.48		$	4.13	$	2.74	$	6.96
Diluted	$	(0.80	)	$	0.06	$	0.37	$	4.93	$	3.34		$	3.93	$	2.59	$	6.52

Summary of Significant Accounting Policies - Roll-Forward of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of year	$ 11,217	$ 1,898	$ 751
Retained earnings	801,000	657,597
Provision for credit losses	32,596	8,931	1,170
Write-downs	(2,608)	(499)	(23)
Allowance for credit losses at end of year	$ 41,205	11,217	$ 1,898
ASU 2016-13
Accounts Receivable Allowance For Credit Losses [Line Items]
Retained earnings		$ 887

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended								12 Months Ended
	Nov. 07, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Customer Segment	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 5,000,000.0								$ 5,000,000.0
Preferred stock, redemption date										Jul. 31, 2027
Redeemable preferred stock investment		12,385,000				$ 21,965,000				$ 12,385,000	$ 21,965,000
Unrealized gains or losses										$ 9,600,000	2,000,000.0
Number of reporting segments \| Segment										1
Number of customer types \| Customer										3
Gain from translations										$ (2,665,000)	456,000	$ 20,000
Tax effects related to unrealized holding loss on available-for-sale debt securities										7,200,000	437,000
Tax effects related to unrealized holding gains on available-for-sale debt securities												147,000
Revenue		67,704,000	$ 105,655,000	$ 125,341,000	$ 320,268,000	251,671,000	$ 227,868,000	$ 153,616,000	$ 359,429,000	618,968,000	992,584,000	421,712,000
Contract with customer liability, revenue recognized										$ 14,400,000	26,400,000	$ 257,000
Practical expedient not to disclose amount of transaction price allocated to unsatisfied performance obligations										true
Additional costs expected to be incurred		0								$ 0
Payable balance, expected paid off date										2023-08
Stockholders Equity		$ 1,266,685,000				1,158,749,000				$ 1,266,685,000	1,158,749,000
Cumulative tax effect of accounting change											239,000
Retained Earnings (Accumulated Deficit)
Summary Of Significant Accounting Policies [Line Items]
Cumulative tax effect of accounting change											239,000
Boston Molecules, Inc.
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage		25.00%								25.00%
Carrying value of equity		$ 0				$ 0				$ 0	0
Clinical Insurance Contracts \| HSRA COVID-19 Uninsured Program
Summary Of Significant Accounting Policies [Line Items]
Revenue										$ 83,100,000	$ 310,400,000
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract		14.00%				47.00%				14.00%	47.00%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract		86.00%				53.00%				86.00%	53.00%
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer										1	1	2
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage										19.00%	26.00%	28.00%
Customer Concentration Risk \| Revenue \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage												10.00%
Customer Concentration Risk \| Accounts Receivable, Net \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer										1
Concentration risk, percentage										17.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life										14 years
Maximum [Member] \| Computer Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets										5 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life										5 years
Minimum \| Computer Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets										1 year
Minimum \| Customer Concentration Risk \| Accounts Receivable, Net
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer											0
Concentration risk, percentage											10.00%
Fulgent Pharma Holdings
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 5,000,000
Revenue	$ 0

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 67,704	$ 105,655	$ 125,341	$ 320,268	$ 251,671	$ 227,868	$ 153,616	$ 359,429	$ 618,968	$ 992,584	$ 421,712
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									618,968	992,584	421,712
Accounting Standards Update 2014-09 \| Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									377,873	555,762	257,587
Accounting Standards Update 2014-09 \| Clinical Institutional Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									239,961	435,688	163,083
Accounting Standards Update 2014-09 \| Clinical Patient Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									$ 1,134	$ 1,134	$ 1,042

- 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
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-Paragraph 30
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

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+ Details

Equity and Debt Securities - Summary of Equity and Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	$ 79,506	$ 164,894
Less: Cash equivalents, Carrying Value	(32,444)	(77,067)
Less: Cash equivalents, Fair Value	(32,444)	(77,067)
Equity and debt securities, Amortized Cost Basis	829,515	794,892
Equity and debt securities, Unrealized Gains	2	2,038
Equity and debt securities, Unrealized Losses	(28,755)	(4,313)
Equity and debt securities, Aggregate Fair Value	800,762	792,617
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	814,515	660,404
Debt securities, Unrealized Gains	2	2,038
Debt securities, Unrealized Losses	(28,755)	(3,624)
Debt securities, Aggregate Fair Value	785,762	658,818
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		152,029
Debt securities, Unrealized Gains		24
Debt securities, Unrealized Losses		(247)
Debt securities, Aggregate Fair Value		151,806
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		92,116
Debt securities, Unrealized Gains		24
Debt securities, Unrealized Losses		(148)
Debt securities, Aggregate Fair Value		91,992
Short-Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis		134,488
Marketable and non-marketable securities, Unrealized Losses		(689)
Marketable and non-marketable securities, Aggregate Fair Value		133,799
Short-Term Equity Securities \| Bond Funds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis		99,314
Marketable and non-marketable securities, Unrealized Losses		(515)
Marketable and non-marketable securities, Aggregate Fair Value		98,799
Short-Term Equity Securities \| Exchange Traded Funds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis		35,174
Marketable and non-marketable securities, Unrealized Losses		(174)
Marketable and non-marketable securities, Aggregate Fair Value		35,000
Short-Term Equity Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents		77,067
Cash and cash equivalents fair value disclosure		77,067
Long Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000
Long Term Equity Securities \| Preferred Stock Of Privately Held Company
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000
Equity Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	357,954	480,742
Debt securities, Unrealized Gains	2	49
Debt securities, Unrealized Losses	(22,457)	(3,334)
Debt securities, Aggregate Fair Value	335,499	477,457
Equity Securities due After 1 Year through 5 Years \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	80,647	242,421
Debt securities, Unrealized Gains		29
Debt securities, Unrealized Losses	(4,756)	(1,913)
Debt securities, Aggregate Fair Value	75,891	240,537
Equity Securities due After 1 Year through 5 Years \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	152,435	147,699
Debt securities, Unrealized Gains	2	7
Debt securities, Unrealized Losses	(6,349)	(786)
Debt securities, Aggregate Fair Value	146,088	146,920
Equity Securities due After 1 Year through 5 Years \| U.S. agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	92,054	70,069
Debt securities, Unrealized Losses	(3,435)	(535)
Debt securities, Aggregate Fair Value	88,619	69,534
Equity Securities due After 1 Year through 5 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	12,065	11,920
Debt securities, Unrealized Gains		13
Debt securities, Unrealized Losses	(217)	(11)
Debt securities, Aggregate Fair Value	11,848	11,922
Equity Securities due After 1 Year through 5 Years \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	753	8,633
Debt securities, Unrealized Losses	(85)	(89)
Debt securities, Aggregate Fair Value	668	8,544
Equity Securities due After 1 Year through 5 Years \| Redeemable Preferred Stock Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	20,000
Debt securities, Unrealized Losses	(7,615)
Debt securities, Aggregate Fair Value	12,385
Equity Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	3,617	27,633
Debt securities, Unrealized Gains		1,965
Debt securities, Unrealized Losses	(83)	(43)
Debt securities, Aggregate Fair Value	3,534	29,555
Equity Securities due After 5 Year through 10 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	3,617	7,633
Debt securities, Unrealized Losses	(83)	(43)
Debt securities, Aggregate Fair Value	3,534	7,590
Equity Securities due After 5 Year through 10 Years \| Redeemable Preferred Stock Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		20,000
Debt securities, Unrealized Gains		1,965
Debt securities, Aggregate Fair Value		21,965
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	452,944
Debt securities, Unrealized Losses	(6,215)
Debt securities, Aggregate Fair Value	446,729
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	120,480
Debt securities, Unrealized Losses	(2,222)
Debt securities, Aggregate Fair Value	118,258
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	27,455
Cash and cash equivalents fair value disclosure	27,455
Short-Term Marketable Securities \| U.S. Treasury Bills
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	69,991
Debt securities, Unrealized Losses	(193)
Debt securities, Aggregate Fair Value	69,798
Short-Term Marketable Securities \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	189,333	51,318
Debt securities, Unrealized Losses	(3,373)	(81)
Debt securities, Aggregate Fair Value	185,960	51,237
Short-Term Marketable Securities \| U.S. agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	68,411
Debt securities, Unrealized Losses	(342)
Debt securities, Aggregate Fair Value	68,069
Short-Term Marketable Securities \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	7,371	4,980
Debt securities, Unrealized Losses	(80)	(12)
Debt securities, Aggregate Fair Value	7,291	4,968
Short-Term Marketable Securities \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	2,347	3,615
Debt securities, Unrealized Losses	(5)	(6)
Debt securities, Aggregate Fair Value	$ 2,342	$ 3,609

Equity and Debt Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 28.8	$ 4.3
Margin Account Borrowing
Schedule Of Available For Sale And Trading Securities [Line Items]
Marketable securities	$ 472.8

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	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	$ 833,206	$ 869,684
U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	332,048	198,157
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	194,149	332,529
U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	156,688	69,534
U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	69,798
Bond Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		98,799
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	27,455	77,067
Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		35,000
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	22,673	24,480
Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000
Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	12,385	21,965
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	3,010	12,153
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	97,253	210,866
Level 1 \| U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	69,798
Level 1 \| Bond Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		98,799
Level 1 \| Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	27,455	77,067
Level 1 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		35,000
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	708,568	636,853
Level 2 \| U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	332,048	198,157
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	194,149	332,529
Level 2 \| U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	156,688	69,534
Level 2 \| Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	22,673	24,480
Level 2 \| Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	3,010	12,153
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	27,385	21,965
Level 3 \| Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000
Level 3 \| Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 12,385	$ 21,965

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between levels, amount	$ 0	$ 0	$ 0

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 124,634	$ 81,917
Less: Accumulated depreciation	(43,281)	(19,630)
Fixed assets, net	81,353	62,287
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 53,503	35,930
Medical Lab Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 months
Medical Lab Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	12 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 11,804	4,003
Useful life in years	Shorter of lease term or estimated useful life
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,982	1,408
Computer Software \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Software \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,979	5,661
Computer Hardware \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Hardware \| 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
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,400	6,503
Useful life in years	7 years
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 5,865	3,936
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	39 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,248	2,255
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 904	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
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 797	825
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	7 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
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,500	7,500
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 12,877	$ 6,718

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense on fixed assets	$ 25.5	$ 9.3	$ 3.0

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Other receivable	$ 19,836	$ 1,403
Prepaid income taxes	15,434	1,716
Prepaid expenses	6,814	4,244
Reagents and supplies	4,280	12,206
Marketable securities interest receivable	2,525	2,743
Contract assets		237
Total	$ 48,889	$ 22,549

Other Significant Balance Sheet Accounts - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Balance Sheet Related Disclosures [Abstract]
Maturities of marketable securities	$ 19.1
Payable to share transfer agreement	$ 5.0

Reporting Segment and Geographical Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 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								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 67,704	$ 105,655	$ 125,341	$ 320,268	$ 251,671	$ 227,868	$ 153,616	$ 359,429	$ 618,968	$ 992,584	$ 421,712
United States
Segment Reporting Information [Line Items]
Revenue									603,148	978,978	415,334
Foreign
Segment Reporting Information [Line Items]
Revenue									$ 15,820	$ 13,606	$ 6,378

- Definition

+ References

+ Details

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt, Commitments and Contingencies [Line Items]
Debt security investment outstanding borrowing amount	$ 15,000,000.0
Interest on loan withdrawn from margin account	1.00%
Payments for closing of escrow, financed under margin loan	$ 15,000,000.0
Interest rate	4.59%
Interest expense	$ 346,000	$ 117,000	$ 20,000
Notes payable, current portion	5,639,000	6,147,000
Non-cancelable purchase obligations	10,100,000
Contingent consideration		10,000,000
Software
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations	3,200,000
Non-cancelable purchase obligations, payable within next thirty-six months	2,200,000
Reagents and Other Supplies
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations	2,500,000
Services
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations	1,100,000
Non-cancelable purchase obligations, payable within next thirty-six months	381,000
Medical Lab Equipment
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	746,000
Xilong Scientific
Debt, Commitments and Contingencies [Line Items]
Notes payable	5,200,000
Xilong Scientific \| FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Interest expense	$ 304,000	177,000
Debt instrument, interest rate terms	The notes payable to Xilong Scientific is due on March 31, 2023, and the interest rate on the loan is 4.97%.
Debt instrument, interest rate	4.97%
Installment Sale Contract
Debt, Commitments and Contingencies [Line Items]
Notes payable	$ 3,800,000	$ 0
Notes payable, current portion	$ 461,000
Debt instrument, interest rate terms	The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08%.
Debt instrument, interest rate	1.08%
Installment Sale Contract \| Other Long-Term Liabilities
Debt, Commitments and Contingencies [Line Items]
Notes payable, noncurrent portion	$ 3,400,000

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating leases term of expiration	2028-03
Finance leases term of expiration	2026-12
Minimum \| Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	1 year
Maximum \| Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	2 years

Leases - Schedule of Operating and Finance Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease ROU asset, net	$ 14,784	$ 7,141
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating lease liabilities, short term	$ 6,132	$ 1,842
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 8,795	$ 5,344
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease ROU asset, net	$ 2,784	$ 1,735
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance lease liabilities, short term	$ 943	$ 332
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, long term	$ 1,818	$ 1,398
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Leases - Schedule of Operating and Financing Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 5,429	$ 1,262	$ 566
Finance lease cost:
Amortization of ROU assets	683	7
Interest on lease liabilities	95	1
Short-term lease cost	1,528	296	142
Total lease cost	$ 7,735	$ 1,566	$ 708

Leases - Schedule of Supplemental Information Related to Leases (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	3 years 2 months 26 days
Weighted average discount rate - operating leases	3.81%
Weighted average remaining lease term -finance leases	3 years 1 month 6 days
Weighted average discount rate - finance leases	3.98%

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 6,590
2024	4,072
2025	2,118
2026	1,522
2027	1,360
Thereafter	217
Total lease payments	15,879
Less imputed interest	(952)
Total	14,927
Finance Lease
2023	986
2024	1,033
2025	547
2026	366
Total lease payments	2,932
Less imputed interest	(171)
Total	$ 2,761

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease income	$ 269	$ 413	$ 144
Variable lease income	12	7	1
Total lease income	$ 281	$ 420	$ 145
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Other Income	Interest and Other Income	Interest and Other Income

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 181
2024	94
Total	$ 275

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 32,640	$ 15,882	$ 8,157
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	8,704	3,563	1,452
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	10,449	6,326	2,693
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	4,373	2,513	2,092
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 9,114	$ 3,480	$ 1,920

Equity-Based Compensation - Summary of Activity for Options to Acquire Common Shares (Details) - Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units/Shares Subject to Options, Beginning Balance	216	287	341
Number of Units/Shares Subject to Options, Granted	10	5	10
Number of Units/Shares Subject to Options, Exercised	(5)	(76)	(56)
Number of Units/Shares Subject to Options, Canceled	(9)		(8)
Number of Units/Shares Subject to Options, Ending Balance	212	216	287	341
Number of Units/Shares Subject to Options, Exercisable	196
Weighted-Average Exercise Price Per Shares, Beginning Balance	$ 3.42	$ 1.59	$ 1.27
Weighted-Average Exercise Price Per Shares, Granted	59.54	73.64	15.82
Weighted-Average Exercise Price Per Shares, Exercised	7.16	1.13	1.86
Weighted-Average Exercise Price Per Shares, Canceled	43.30		4.18
Weighted-Average Exercise Price Per Shares, Ending Balance	4.21	3.42	1.59	$ 1.27
Weighted-Average Exercise Price Per Shares, Exercisable	1.22
Weighted-Average Grant Date Fair Value, Granted	44.56	56.34	11.45
Weighted-Average Grant Date Fair Value, Exercised	7.41	$ 8.40	5.04
Weighted-Average Grant Date Fair Value, Canceled	$ 33.53		$ 4.68
Weighted-Average Remaining Contractual Life (in years)	3 years 8 months 12 days	4 years 7 months 6 days	5 years 6 months	6 years 4 months 24 days
Weighted-Average Remaining Contractual Life (in years), Exercisable	3 years 3 months 18 days
Aggregate Intrinsic Value, Balance	$ 5,420	$ 20,965	$ 14,484	$ 3,960
Aggregate Intrinsic Value, Exercisable	$ 5,608

Equity-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax benefit realized from deductions to awards vested or exercised	$ 2,100,000	$ 13,300,000	$ 2,700,000
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of options vested	126,000	76,000	223,000
Unrecognized compensation expense	$ 433,000
Expected to be recognized, weighted-average period	3 years 4 months 24 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized, weighted-average period	3 years
Total compensation cost not yet recognized on grant date	$ 94,800,000	$ 45,500,000	$ 34,500,000
Unrecognized compensation expense	$ 110,600,000
Restricted Stock Units (RSUs) \| Fulgent Pharma Holdings
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	663,013

Equity-Based Compensation - Summary of Activity for RSUs Relating to Shares of Company's Common Stock (Details) - Restricted Stock Units (RSUs) - 2016 Omnibus Incentive Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Number of Shares, Beginning Balance	1,619	2,085	1,511
Number of Shares, Granted	1,895	477	1,389
Number of Shares, Vested and settled	(699)	(836)	(655)
Number of Shares, Forfeited	(184)	(107)	(160)
Number of Shares, Ending Balance	2,631	1,619	2,085
Weighted-Average Grant-Date Fair Value, Balance	$ 40.74	$ 17.93	$ 6.54
Weighted-Average Grant-Date Fair Value, Granted	49.98	95.33	24.86
Weighted-Average Grant-Date Fair Value, Vested and settled	34.01	15.43	7.97
Weighted-Average Grant-Date Fair Value, Forfeited	61.11	37.83	11.17
Weighted-Average Grant-Date Fair Value, Balance	$ 47.76	$ 40.74	$ 17.93

Equity-Based Compensation - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options to Acquire Shares of Company's Common Stock (Details) - Options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rates	2.60%	1.10%	0.40%
Expected volatility	88.70%	94.60%	87.50%

Income Taxes - Summary of Income (Loss) Before Income Taxes and Equity Loss in Investee and Gain (Loss) on Equity-Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. income before income taxes, equity loss in investee and gain (loss) on equity-method investments									$ 189,406	$ 681,403	$ 291,739
Foreign loss before income taxes, equity loss in investee and gain (loss) on equity-method investments									(5,381)	(4,103)	(55)
(Loss) Income before income taxes, equity loss in investee and gain (loss) on equity-method investments	$ (33,462)	$ 1,757	$ 13,752	$ 201,978	$ 150,825	$ 159,769	$ 99,502	$ 267,204	$ 184,025	$ 677,300	$ 291,684

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal									$ 31,140	$ 131,907	$ 53,794
State									19,242	51,076	20,513
Total Current									50,382	182,983	74,307
Deferred:
Federal									(3,763)	(7,471)	(248)
State									(4,517)	(717)	(14)
Foreign									224	669
Change in valuation allowance									(224)	(669)	(1,513)
Total Deferred									(8,280)	(8,188)	(1,775)
Total income tax expense	$ (9,386)	$ 414	$ 2,653	$ 48,421	$ 47,148	$ 37,545	$ 23,589	$ 66,513	$ 42,102	$ 174,795	$ 72,532

Income Taxes - Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax provision at federal statutory rate	21.00%	21.00%	21.00%
State taxes	7.01%	5.99%	5.68%
Uncertain tax positions	0.92%	0.05%	0.13%
Stock based compensation	(1.12%)	(1.96%)	(0.92%)
Return to provision	(3.92%)	(0.17%)	(0.11%)
Other permanent differences	1.33%	1.09%	0.02%
Research & development credit	(2.98%)	(0.33%)	(0.40%)
Other	0.34%	0.19%	(0.01%)
Change in valuation allowance	0.12%	(0.10%)	(0.52%)
Effective tax rate	22.70%	25.76%	24.87%

Income Taxes - Summary of Elements of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Accrued vacation and other accrued expenses	$ 1,488	$ 1,486
Provision for credit losses	10,255	2,755
Net operating losses	16,345	199
Stock based compensation	2,550	1,739
State income taxes	4,892	10,991
Excess tax basis in FF Gene Biotech net assets	2,032
Foreign		1,808
Lease liability	4,086	1,643
Unrealized gain/loss on available-for-sale debt securities	7,664	437
Section 174 research & experimental expenditures	6,573
Equity loss in investment	503	700
Other	199	162
Gross deferred tax assets	56,587	21,920
Less: Valuation allowance	(2,832)	(2,609)
Net deferred tax assets	53,755	19,311
Deferred tax liabilities
Intangible assets	39,199	8,083
Depreciation	5,500	7,371
Right of use asset	4,056	1,640
Other	1,496	1,458
Total deferred tax liabilities	50,251	18,552
Net deferred tax assets	$ 3,504	$ 759

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Valuation allowance	$ 2,832,000	$ 2,609,000
Increase in valuation allowance	(224,000)	(669,000)	$ (1,513,000)
Unrecognized income tax benefit	9,742,000	710,000	$ 377,000
Unrecognized income tax benefit that would impact effective tax rate if recognized	2,300,000
Accrual for interests	94,000	15,000
Interest recognized	$ 94,000	$ 15,000
Earliest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2018
Latest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2022
Research and Development Credits and Depreciation Adjustments
Income Taxes [Line Items]
Increase in valuation allowance	$ 224,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	58,800,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 66,000,000.0
Net operating loss carryforwards expiration beginning year	2037
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	$ 13,800,000
Net operating loss carryforwards expiration beginning year	2023
Net operating loss carryforwards expiration ending year	2027

Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 710	$ 377
Increases to prior year positions	2,843		$ 141
Increases for current year positions	6,189	333	236
Balance at end of year	$ 9,742	$ 710	$ 377

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								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to Fulgent	$ (23,832)	$ 1,719	$ 11,537	$ 153,979	$ 104,339	$ 122,522	$ 79,812	$ 200,691	$ 143,403	$ 507,364	$ 214,310
Weighted-average common shares - outstanding, basic									30,097	29,408	22,694
Weighted-average common shares - outstanding, diluted									30,964	30,976	24,056
Net income per common share, basic	$ (0.80)	$ 0.06	$ 0.38	$ 5.09	$ 3.48	$ 4.13	$ 2.74	$ 6.96	$ 4.76	$ 17.25	$ 9.44
Net income per common share, diluted	$ (0.80)	$ 0.06	$ 0.37	$ 4.93	$ 3.34	$ 3.93	$ 2.59	$ 6.52	$ 4.63	$ 16.38	$ 8.91

- 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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+ Details

Income per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	10	5	10
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	728	182	347

Retirement Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Company matching contributions to the 401(k) plan	$ 2,500,000	$ 697,000	$ 422,000
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	3.00%

Related Party - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Nov. 07, 2022	Apr. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fulgent Pharma \| Ming Hsieh, the Chief Executive Officer and Chairman
Related Party Transaction [Line Items]
Percentage of ownership		100.00%
AHMC Healthcare Inc. \| Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties			$ 1,500,000	$ 3,400,000	$ 3,100,000
Trade accounts receivable, net from related parties			93,000	556,000
Fulgent Pharma LLC
Related Party Transaction [Line Items]
Due to related parties				679,000
Related party costs			0	0	0
Fulgent Pharma LLC \| Research Development Service
Related Party Transaction [Line Items]
Expenses to transport employees and supplies			0	330,000	427,000
PTJ Associates Inc
Related Party Transaction [Line Items]
Expenses to transport employees and supplies			235,000	142,000	343,000
Accounts payable to related parties			0	0
ANP Technologies Inc
Related Party Transaction [Line Items]
Due to related parties			607,000	0
Purchase of COVID-19 antigen rapid tests kits and licensing and development services from related party			$ 1,200,000	$ 0	$ 0
ANP Technologies, Inc., \| Ming Hsieh
Related Party Transaction [Line Items]
Ownership percentage			20.00%
Restricted Stock Units \| Fulgent Pharma \| Paul Kim
Related Party Transaction [Line Items]
RSU assumed	77,585
Restricted Stock Units \| Fulgent Pharma \| Jian Xie
Related Party Transaction [Line Items]
RSU assumed	129,309
Restricted Stock Units \| Fulgent Pharma \| Hanlin Gao
Related Party Transaction [Line Items]
RSU assumed	51,723
Restricted Stock Units \| Fulgent Pharma \| Other employees
Related Party Transaction [Line Items]
RSU assumed	117,398
Restricted Stock Units \| Fulgent Pharma \| Consultants
Related Party Transaction [Line Items]
RSU assumed	286,998

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended								12 Months Ended
	Nov. 07, 2022	Apr. 26, 2022	Apr. 16, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill				$ 143,027				$ 50,897				$ 143,027	$ 50,897
Revenue				67,704	$ 105,655	$ 125,341	$ 320,268	251,671	$ 227,868	$ 153,616	$ 359,429	618,968	992,584	$ 421,712
Operating income (loss)				(36,552)	$ 352	$ 12,794	$ 201,933	$ 150,860	$ 159,273	$ 98,898	$ 266,922	178,527	675,953	$ 290,158
Restricted cash				$ 5,000								$ 5,000
Customer Relationships
Business Acquisition [Line Items]
Estimated amortization life of identified intangible assets assumed												13 years
Laboratory Information System Platform
Business Acquisition [Line Items]
Estimated amortization life of identified intangible assets assumed												5 years
Trade Name
Business Acquisition [Line Items]
Estimated amortization life of identified intangible assets assumed												8 years
In-Place Lease Intangible Assets
Business Acquisition [Line Items]
Estimated amortization life of identified intangible assets assumed												5 years
Inform Diagnostics
Business Acquisition [Line Items]
Acquisition related transaction costs												$ 9,600
Total purchase price payable			$ 170,000
Goodwill		$ 71,845
Identifiable intangible assets		$ 57,060
Percentage of acquisition of outstanding equity		100.00%
Revenue		$ 83,600
Operating income (loss)		17,000
Other adjustments related to net income												772,000	2,300
Other adjustments related to revenue												962,000	$ 3,900
Inform Diagnostics \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets		$ 54,000
Estimated amortization life of identified intangible assets assumed		14 years
Inform Diagnostics \| Trade Name
Business Acquisition [Line Items]
Identifiable intangible assets		$ 2,700
Estimated amortization life of identified intangible assets assumed		7 years
Inform Diagnostics \| In-Place Lease Intangible Assets
Business Acquisition [Line Items]
Identifiable intangible assets		$ 360,000
Estimated amortization life of identified intangible assets assumed		5 years
Fulgent Pharma Holdings
Business Acquisition [Line Items]
Total purchase price payable	$ 68,035
Goodwill	22,055
Identifiable intangible assets	$ 64,590
Percentage of acquisition of outstanding equity	100.00%
Revenue	$ 0
Operating income (loss)	816,000
Restricted cash	$ 5,000
Fulgent Pharma Holdings \| Restricted Stock Units
Business Acquisition [Line Items]
Restricted stock units vesting period	4 years
Selling, General and Administrative Expenses \| Inform Diagnostics
Business Acquisition [Line Items]
Acquisition related transaction costs												6,600
Selling, General and Administrative Expenses \| Fulgent Pharma Holdings
Business Acquisition [Line Items]
Acquisition related transaction costs												$ 1,400
Research and Development \| Fulgent Pharma Holdings
Business Acquisition [Line Items]
Identifiable intangible assets	$ 64,600

Business Combinations - Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 07, 2022	Apr. 26, 2022	Apr. 16, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash, net of cash received				$ 172,679	$ 61,868
Restricted cash				5,000
Goodwill				$ 143,027	$ 50,897
Inform Diagnostics
Business Acquisition [Line Items]
Cash, net of cash received		$ 137,755
Total Considerations			$ 170,000
Net working capital		(15,024)
Fixed assets		20,242
ROU assets - operating		12,653
ROU assets - finance		1,183
Deferred tax assets		3,410
Other long-term assets		4,711
Identifiable intangible assets		57,060
Operating lease liabilities		(12,653)
Finance lease liabilities		(1,183)
Income tax payable		(40)
Other long-term liabilities		(4,449)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		65,910
Goodwill		71,845
Total		$ 137,755
Fulgent Pharma Holdings, Inc
Business Acquisition [Line Items]
Cash, net of cash received	$ 39,924
Stock	28,111
Total Considerations	68,035
Debt-free net working capital	(3,679)
Restricted cash	5,000
Fixed assets	1,310
Identifiable intangible assets	64,590
Deferred tax liabilities	(16,172)
Long-term or non-operating liabilities	(5,069)
Recognized amounts of identifiable assets acquired and liabilities assumed, net	45,980
Goodwill	22,055
Total	$ 68,035

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - Inform Diagnostics - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 659,386	$ 1,140,184
Net income attributable to Fulgent	$ 140,288	$ 493,313
Basic earnings per common share attributable to Fulgent	$ 4.66	$ 16.77
Diluted earnings per common share attributable to Fulgent	$ 4.53	$ 15.93

Stock Repurchase Program - Additional Information (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount		$ 250,000,000.0
Number of shares repurchased	1.8
Aggregate cost of shares repurchased	$ 74,337,000
Stock repurchase program, remaining authorized amount	$ 175,700,000

Goodwill and Intangible Assets - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 143,027	$ 50,897
Acquisitions-related intangibles, net	86,053
Total intangible assets, net	150,643	35,914
In-Process Research & Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	64,590
Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	5,364	5,803
Less: accumulated amortization	(894)	(387)
Acquisitions-related intangibles, net	$ 4,470	5,416
Weighted-Average Amortization Period	10 years
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 82,750	28,845
Less: accumulated amortization	(6,215)	(1,125)
Acquisitions-related intangibles, net	$ 76,535	27,720
Weighted-Average Amortization Period	13 years
Trade Name
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 3,790	1,090
Less: accumulated amortization	(412)	(45)
Acquisitions-related intangibles, net	$ 3,378	1,045
Weighted-Average Amortization Period	8 years
In-Place Lease Intangible Assets
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 360
Less: accumulated amortization	(46)
Acquisitions-related intangibles, net	$ 314
Weighted-Average Amortization Period	5 years
Laboratory Information System Platform
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860	1,860
Less: accumulated amortization	(527)	(155)
Acquisitions-related intangibles, net	$ 1,333	1,705
Weighted-Average Amortization Period	5 years
Purchased Patent
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 29	31
Less: accumulated amortization	(6)	(3)
Acquisitions-related intangibles, net	$ 23	$ 28
Weighted-Average Amortization Period	10 years

Goodwill and Intangible Assets - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 50,897
Goodwill, Beginning Balance	50,897
Goodwill acquired during year	93,900	$ 50,566
Goodwill, Ending Balance	143,027	50,897
Goodwill, Ending Balance	143,027	50,897
Inform Diagnostics
Goodwill [Line Items]
Goodwill acquired during year	71,845
Fulgent Pharma Holdings
Goodwill [Line Items]
Goodwill acquired during year	22,055
CSI
Goodwill [Line Items]
Goodwill acquired during year		27,484
FF Gene Biotech
Goodwill [Line Items]
Goodwill acquired during year		23,082
Net exchange differences	$ (1,770)	$ 331

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite Lived Intangible Assets [Line Items]
2023	$ 7,864
2024	7,864
2025	7,864
2026	7,554
2027	7,225
Thereafter	47,682
Acquisitions-related intangibles, net	$ 86,053

Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Operations Data:
Revenue	$ 67,704	$ 105,655	$ 125,341	$ 320,268	$ 251,671	$ 227,868	$ 153,616	$ 359,429	$ 618,968	$ 992,584	$ 421,712
Cost of revenue	54,717	59,560	60,065	77,725	62,134	43,466	35,858	74,075	252,067	215,533	89,807
Gross profit	12,987	46,095	65,276	242,543	189,537	184,402	117,758	285,354	366,901	777,051	331,905
Operating expenses:
Research and development	8,509	7,507	6,905	5,989	7,464	6,021	5,312	5,422	28,910	24,219	11,580
Selling and marketing	10,253	9,859	10,866	7,940	8,200	6,012	5,219	5,008	38,918	24,439	14,952
General and administrative	28,793	26,266	30,240	25,775	22,102	12,299	8,329	8,002	111,074	50,732	15,215
Amortization of intangible assets	2,010	2,006	1,575	906	911	797			6,497	1,708
Restructuring costs	(26)	105	2,896						2,975
Total operating expenses	49,539	45,743	52,482	40,610	38,677	25,129	18,860	18,432	188,374	101,098	41,747
Operating (loss) income	(36,552)	352	12,794	201,933	150,860	159,273	98,898	266,922	178,527	675,953	290,158
Interest and other income (expense), net	3,090	1,405	958	45	(35)	496	604	282
(Loss) Income before income taxes, equity loss in investee and gain (loss) on equity-method investments	(33,462)	1,757	13,752	201,978	150,825	159,769	99,502	267,204	184,025	677,300	291,684
(Benefit from) provision for income taxes	(9,386)	414	2,653	48,421	47,148	37,545	23,589	66,513	42,102	174,795	72,532
(Loss) income before gain on equity method investment	(24,076)	1,343	11,099	153,557	103,677	122,224	75,913	200,691
Gain on equity method investment							3,734
Net (loss) income from consolidated operations	(24,076)	1,343	11,099	153,557	103,677	122,224	79,647	200,691	141,923	506,239	214,310
Net loss attributable to noncontrolling interests	244	376	438	422	662	298	165		1,480	1,125
Net (loss) income attributable to Fulgent	$ (23,832)	$ 1,719	$ 11,537	$ 153,979	$ 104,339	$ 122,522	$ 79,812	$ 200,691	$ 143,403	$ 507,364	$ 214,310
Net (loss) income per common share attributable to Fulgent:
Basic	$ (0.80)	$ 0.06	$ 0.38	$ 5.09	$ 3.48	$ 4.13	$ 2.74	$ 6.96	$ 4.76	$ 17.25	$ 9.44
Diluted	$ (0.80)	$ 0.06	$ 0.37	$ 4.93	$ 3.34	$ 3.93	$ 2.59	$ 6.52	$ 4.63	$ 16.38	$ 8.91