Fulgent Genetics (FLGT) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	FLGT
Entity Registrant Name	FULGENT GENETICS, INC.
Entity Central Index Key	0001674930
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,327,203
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4978 Santa Anita Avenue
Entity Address, City or Town	Temple City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91780
City Area Code	626
Local Phone Number	350-0537
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 353,069	$ 164,894
Marketable securities	232,045	285,605
Trade accounts receivable, net of allowance for credit losses of $22,126 and $11,217	160,261	138,912
Other current assets	19,958	22,549
Total current assets	765,333	611,960
Marketable securities, long-term	493,182	485,047
Redeemable preferred stock investment	17,609	21,965
Fixed assets, net	68,622	62,287
Intangible assets, net	35,037	35,914
Goodwill	50,999	50,897
Other long-term assets	34,808	10,650
Total assets	1,465,590	1,278,720
Current liabilities
Accounts payable	23,699	20,494
Accrued liabilities	11,847	17,689
Income tax payable	52,163	787
Contract liabilities	14,102	14,570
Customer deposit	17,729	19,806
Investment margin loan	14,999	15,137
Contingent consideration		10,000
Notes payable, current portion	6,086	6,147
Other current liabilities	1,089	680
Total current liabilities	141,714	105,310
Unrecognized tax benefits	1,210	725
Other long-term liabilities	9,706	6,805
Total liabilities	152,630	112,840
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 30,327 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	507,046	501,908
Accumulated other comprehensive loss	(12,493)	(759)
Retained earnings	811,576	657,597
Total Fulgent stockholders' equity	1,306,132	1,158,749
Noncontrolling interest	6,828	7,131
Total stockholders’ equity	1,312,960	1,165,880
Total liabilities and stockholders’ equity	$ 1,465,590	$ 1,278,720

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 22,126	$ 11,217
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,327,000	30,160,000
Common stock, shares outstanding	30,327,000	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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 320,268	$ 359,429
Cost of revenue	77,725	74,075
Gross profit	242,543	285,354
Operating expenses:
Research and development	5,989	5,422
Selling and marketing	7,940	5,008
General and administrative	25,775	8,002
Amortization of intangible assets	906
Total operating expenses	40,610	18,432
Operating income	201,933	266,922
Interest and other income, net	45	282
Income before income taxes	201,978	267,204
Provision for income taxes	48,421	66,513
Net income from consolidated operations	153,557	200,691
Net loss attributable to noncontrolling interests	422
Net income attributable to Fulgent	$ 153,979	$ 200,691
Net income per common share attributable to Fulgent:
Basic	$ 5.09	$ 6.96
Diluted	$ 4.93	$ 6.52
Weighted-average common shares:
Basic	30,234	28,831
Diluted	31,240	30,770

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income from consolidated operations	$ 153,557	$ 200,691
Other comprehensive income (loss):
Foreign currency translation gain	123
Net loss on available-for-sale debt securities, net of tax	(11,738)	(654)
Comprehensive income from consolidated operations	141,942	200,037
Net loss attributable to noncontrolling interest	422
Foreign currency translation gain attributable to noncontrolling interest	(119)
Comprehensive loss attributable to noncontrolling interest	303
Comprehensive income attributable to Fulgent	$ 142,245	$ 200,037

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	November 2020 Equity Distribution Agreement	Cumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity	Stockholders' EquityNovember 2020 Equity Distribution Agreement	Additional Paid-In Capital	Additional Paid-In CapitalNovember 2020 Equity Distribution Agreement	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Fulgent Stockholders' Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2020	$ 569,387		$ (887)	$ 3		$ 418,065		$ 438	$ 150,881	$ (887)
Beginning Balance, Shares at Dec. 31, 2020				28,178
Equity-based compensation	2,962					2,962
Exercise of common stock options	44					44
Exercise of common stock options, Shares				45
Restricted stock awards, Shares				187
Common stock withholding for employee tax obligations	(513)					(513)
Common stock withholding for employee tax obligations, Shares				(4)
Issuance of common stock		$ 30,297					$ 30,297
Issuance of common stock, Shares					583
Other comprehensive income (loss)	(654)							(654)
Cumulative tax effect of accounting change	239								239
Net income (loss)	200,691								200,691
Ending Balance at Mar. 31, 2021	801,566			$ 3		450,855		(216)	350,924
Ending Balance, Shares at Mar. 31, 2021				28,989
Beginning Balance at Dec. 31, 2021	$ 1,165,880			$ 3		501,908		(759)	657,597		$ 1,158,749	$ 7,131
Beginning Balance, Shares at Dec. 31, 2021	30,160			30,160
Equity-based compensation	$ 5,616					5,616					5,616
Exercise of common stock options	16					16					16
Exercise of common stock options, Shares				3
Restricted stock awards, Shares				172
Common stock withholding for employee tax obligations	(494)					(494)					(494)
Common stock withholding for employee tax obligations, Shares				(8)
Other comprehensive income (loss)	(11,615)							(11,734)			(11,734)	119
Net income (loss)	153,557								153,979		153,979	(422)
Ending Balance at Mar. 31, 2022	$ 1,312,960			$ 3		$ 507,046		$ (12,493)	$ 811,576		$ 1,306,132	$ 6,828
Ending Balance, Shares at Mar. 31, 2022	30,327			30,327

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical)	Mar. 31, 2021$ / shares
November 2020 Equity Distribution Agreement
Selling price per share	$ 52

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net income from consolidated operations	$ 153,557	$ 200,691
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	5,616	2,962
Depreciation and amortization	4,695	1,922
Noncash lease expense	477	82
Loss on disposal of fixed asset	250	223
Amortization of premium of marketable securities	1,910	1,303
Provision for credit losses	11,574	1,064
Deferred taxes	(5,497)	(786)
Unrecognized tax benefits	485	96
Net loss on marketable securities	513	345
Other	15	(8)
Changes in operating assets and liabilities:
Trade accounts receivable	(32,924)	(34,595)
Other current and long-term assets	2,962	(9,109)
Accounts payable	2,110	(6,256)
Income tax payable	51,376	67,203
Accrued liabilities and other liabilities	(8,231)	8,124
Operating and finance lease liabilities	(477)	(82)
Net cash provided by operating activities	188,411	233,179
Cash flow from investing activities:
Purchases of fixed assets	(5,360)	(11,492)
Proceeds from sale of fixed assets	14	13
Purchase of marketable securities	(130,133)	(219,470)
Investment in private equity securities	(15,000)
Proceeds from sale of marketable securities	133,407
Maturities of marketable securities	27,760	14,458
Contingent consideration payout related to a business acquisition	(10,000)
Net cash provided by (used in) investing activities	688	(216,491)
Cash flow from financing activities:
Proceeds from public offerings of common stock, net of issuance costs		47,787
Proceeds from exercise of stock options	16	44
Common stock withholding for employee tax obligations	(494)	(513)
Repayment of notes payable	(375)
Principal paid for finance lease	(81)
Borrowing under margin account		29
Net cash provided by financing activities	(934)	47,347
Effect of exchange rate changes on cash and cash equivalents	10
Net increase in cash and cash equivalents	188,175	64,035
Cash and cash equivalents at beginning of period	164,894	87,426
Cash and cash equivalents at end of period	353,069	151,461
Supplemental disclosures of cash flow information:
Income taxes paid	435	33
Supplemental disclosures of non-cash investing and financing activities:
Purchases of fixed assets in accounts payable	2,054	801
Purchases of fixed assets in notes payable	$ 3,833
Operating lease right-of-use assets obtained in exchange for lease liabilities		368
Operating lease right-of-use assets reduced due to lease modification and termination		185
Public offerings costs included in accounts payable		$ 50

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Overview and Basis of Presentation	Note 1. Overview and Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. These financial statements include the assets, liabilities, revenues and expenses of all subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company uses the equity method to account for its investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. All significant intercompany accounts and transactions are eliminated from the accompanying condensed consolidated financial statements. Nature of the Business Fulgent Genetics, Inc., together with its subsidiaries and an affiliated professional corporation, or PC, collectively referred to as the Company, unless otherwise noted or the context otherwise requires, is a technology company offering large-scale COVID-19 testing services, molecular diagnostic testing services and comprehensive genetic testing designed to provide physicians with clinically actionable diagnostic information to improve the quality of patient care. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs. To this end, the Company has developed a proprietary technology platform allowing it to offer a broad and flexible test menu and to continually expand and improve its proprietary genetic reference library, while maintaining accessible pricing, high accuracy and competitive turnaround times. Combining next generation sequencing, or NGS, with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in single-gene tests; pre-established, multi-gene, disease-specific panels; and customized panels that can be tailored to meet specific customer needs. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2021, which are included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 28, 2022, or the 2021 Annual Report, and, in the opinion of management, include all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or any other period. The accompanying Condensed Consolidated Balance Sheet as of March 31, 2022 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the 2021 Annual Report, including the notes thereto.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the 2021 Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria; (ii) accounts receivable and allowances for credit losses; (iii) the useful lives of fixed assets and intangible assets; (iv) estimates of tax liabilities; and (v) valuation of intangible assets and goodwill. Marketable Securities All marketable debt securities, which consist of corporate debt securities, municipal bonds, U.S. government and agency debt securities, and Yankee debt securities issued by foreign governments or entities and denominated in U.S. dollars have been classified as “available-for-sale,” and are carried at fair value. 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 Condensed 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 Condensed 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 any credit loss is recorded as a charge to interest and other income, net, not to exceed the amount of the unrealized loss. If the Company has an intent to sell, or if it is more likely than not that the Company will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of interest and other income, net. Trade Accounts Receivable and Allowance for Credit Losses The Company adopted Accounting Standards Update, or ASU 2016-13 , Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , using the modified retrospective approach as of January 1, 2021 . Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of 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. Redeemable Preferred Stock Investment The redeemable preferred stock investment of $ 17.6 million as of March 31, 2022 represents the fair value of redeemable preferred stock o f Laboratory for Advanced Medicine, Inc., or Helio Health, 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 loss of $ 2.4 million is excluded from earnings and reported in other comprehensive income (loss) as of March 31, 2022. 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. Foreign Currency Translation and Foreign Currency Transactions The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in accumulated other comprehensive income (loss) in the accompanying Condensed Consolidated Statements of Stockholders’ Equity. Gain or loss from these translations were not significant in the first quarters of 2022 and 2021. 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, whereas reagents and supplies, property and nonmonetary assets and liabilities are measured at historical rates. Losses from these remeasurements were not significant in the first quarters of 2022 and 2021. 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 f rom the Company's subsidiaries not using the U.S. dollar as their functional currency. Reclassifications from other comprehensive income (loss) to net earnings were not significant in the first quarters of 2022 and 2021. The tax effects related to net unrealized loss on available-for-sale debt securities were $ 4.5 million in the first quarter of 2022. The tax effects were no t significant in the first quarter of 2021. 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 Condensed 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 since its leases do not provide an implicit 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 Condensed 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 and subleases out space in buildings it owns or leases 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 Condensed Consolidated Statement of Income. Concentration of Customers In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. After aggregating customers that are under common control or affiliation, one customer contributed 27 % and 25 % of the Company's revenue in the first quarters of 2022 and 2021, respectively. No customer comprised 10 % or more of total accounts receivable as of March 31, 2022 and December 31, 2021. Disaggregation of Revenue The Company classifies its customers into three payor types: (i) Insurance, including claim reimbursement from the U.S. Health Resources and Services Administration, or H RSA, for uninsured individuals, (ii) Institutional customers, 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 first quarters of 2022 and 2021. Three Months Ended March 31, 2022 2021 (in thousands) Testing Services by payor Insurance $ 210,677 $ 207,558 Institutional customers 109,468 151,569 Patients 123 302 Total Revenue $ 320,268 $ 359,429 The insurance revenue category above includes $ 106.7 million and $ 112.7 million in the first quarters of 2022 and 2021, respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program. The HRSA program stopped accepting claims at 11:59 p.m. on March 22, 2022. 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, there has historically been little to no credit risk. 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 Condensed Consolidated Balance Sheets. Receivable from Insurance and Institutional customers represented 73 % and 27 %, respectively, as of March 31, 2022. Receivable from Insurance and Institutional customers represented 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 Condensed 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 Condensed Consolidated Balance Sheets. Revenues of $ 11.1 million and $ 18.8 million for the first quarters of 2022 and 2021, respectively, related to contract liabilities at the beginning of the respective periods were recognized. Reagents and Supplies The Company maintains reagents and other consumables primarily used in sample collections and testing which are valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis. The reagents and supplies were included in other current assets in the accompanying Condensed Consolidated Balance Sheets. Customer Deposit Customer deposit in the accompanying Condensed Consolidated Balance Sheets consists primarily of payments received from customers in excess of their outstanding trade accounts receivable balances, and the excess payments will be refunded to the customers or offset against future testing receivables. Business Combination The Company uses the acquisition method of accounting and allocates the fair value of purchase consideration to the assets acquired and liabilities assumed from an acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, and goodwill is written down when it is determined to be impaired. The Company typically performs an annual impairment review in the fourth quarter of each fiscal year unless one had been performed previously within the past 12 months and compares the fair value of the reporting unit in which the goodwill resides to its carrying value. Recent Accounting Pronouncements The Company evaluates all Accounting Standards Updates, or ASUs, issued by the Financial Accounting Standards Board, or FASB, for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

Equity and Debt Securities

Equity and Debt Securities	3 Months Ended
	Mar. 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: March 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Investment in private equity securities $ 15,000 — — 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term Corporate debt securities 111,981 9 ( 818 ) 111,172 Money market accounts 105,415 — — 105,415 U.S. government debt securities 110,594 — ( 702 ) 109,892 Municipal bonds 5,062 — ( 33 ) 5,029 Yankee debt securities 5,983 — ( 31 ) 5,952 Less: Cash equivalents ( 105,415 ) — — ( 105,415 ) Total debt securities due within 1 year 233,620 9 ( 1,584 ) 232,045 After 1 year through 5 years U.S. Government debt securities 216,936 5 ( 4,931 ) 212,010 Corporate debt securities 194,432 — ( 5,771 ) 188,661 U.S. agency debt securities 69,959 — ( 2,466 ) 67,493 Municipal bonds 12,422 — ( 255 ) 12,167 Yankee debt securities 6,161 — ( 215 ) 5,946 Total debt securities due after 1 year through 5 years 499,910 5 ( 13,638 ) 486,277 After 5 years through 10 years Municipal bonds 7,085 — ( 180 ) 6,905 Redeemable preferred stock investment 20,000 — ( 2,391 ) 17,609 Total debt securities due after 5 years through 10 years 27,085 — ( 2,571 ) 24,514 Total available-for-sale debt securities 760,615 14 ( 17,793 ) 742,836 Total equity and debt securities $ 775,615 $ 14 $ ( 17,793 ) $ 757,836 December 31, 2021 Amortized Unrealized Unrealized Aggregate (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 $ 17.8 million as of March 31, 2022. Gross unrealized losses on the Company’s equity and debt securities were $ 4.3 million as of December 31, 2021. During the first quarters of 2022 and 2021, the Company did not recognize any credit losses. The Company’s securities of $ 492.4 million are used as collateral for an outstanding margin account borrowing. As of March 31, 2022, the Company had an outstanding borrowing of $ 15.0 million under its margin account. Margin account borrowings were used for the purchase of real property located in El Monte, California in 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 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 above three-tier fair value hierarchy: March 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: Investment in private equity securities $ 15,000 $ — $ — $ 15,000 U.S. government debt securities 321,902 — 321,902 — Corporate debt securities 299,833 — 299,833 — U.S. agency debt securities 67,493 — 67,493 — Municipal bonds 24,101 — 24,101 — Yankee debt securities 11,898 — 11,898 — Redeemable preferred stock investment 17,609 — — 17,609 Money market accounts 105,415 105,415 — — Total equity securities, debt securities and cash equivalents $ 863,251 $ 105,415 $ 725,227 $ 32,609 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 bond funds, exchange traded funds, and money market instruments 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 March 31, 2022, the Company had $ 15.0 million of investment in private equity securities and $ 17.6 million of redeemable preferred stock of Helio Health that were measured using unobservable (Level 3) inputs. The fair value of redeemable preferred stock is based on the most recent valuation as of March 31, 2022 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 private equity securities did not have a readily determinable fair value, and the Company did not believe the investment was impaired as of March 31, 2022. There were no transfers between fair value measurement levels during the first quarter of 2022.

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Fixed Assets	Note 5. Fixed Assets Major classes of fixed assets consisted of the following: March 31, December 31, Useful Lives 2022 2021 (in thousands) Medical lab equipment 1 to 12 Years $ 40,079 $ 35,930 Building 39 Years 6,731 6,731 Aircraft 7 Years 6,503 6,503 Computer hardware 3 - 5 Years 5,728 5,661 Leasehold improvements Shorter of lease term or estimated useful life 4,090 4,003 Building improvements 6 months to 39 Years 4,659 3,936 Furniture and fixtures 2 to 10 Years 2,713 2,255 Computer software 3 to 5 Years 1,722 1,408 Automobile 2 to 7 Years 826 825 Land improvements 5 to 15 Years 554 403 General equipment 3 to 5 Years 44 44 Land 7,500 7,500 Assets not yet placed in service 10,690 6,718 Total 91,839 81,917 Less: Accumulated depreciation ( 23,217 ) ( 19,630 ) Fixed assets, net $ 68,622 $ 62,287 Depreciation expenses on fixed assets totaled $ 3.7 million and $ 1.9 million for the first quarters of 2022 and 2021, respectively. During March 2022, the Company revised the estimated useful lives of certain fixed assets dedicated to the Company’s COVID-19 testing to conclude at the end of 2022 which resulted in an incremental depreciation expense of $ 866,000 in the first quarter of 2022.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Other Current Assets	Note 6. Other Current Assets Other current assets consisted of the following: March 31, December 31, 2022 2021 (in thousands) Reagents and supplies $ 10,612 $ 12,206 Prepaid expenses 4,696 4,244 Marketable securities interest receivable 2,914 2,743 Other receivable 1,505 1,403 Contract assets 231 237 Prepaid income taxes — 1,716 Total $ 19,958 $ 22,549 Reagents and supplies include reagents and consumables used for COVID-19 testing and genetics testing and collection kits for COVID-19 testing.

Reporting Segment and Geographi

Reporting Segment and Geographic Information	3 Months Ended
	Mar. 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. Long-lived assets were primarily located in the United States as of March 31, 2022 and December 31, 2021. Revenue by region during the first quarters of 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Revenue: United States $ 317,190 $ 357,537 Foreign 3,078 1,892 Total $ 320,268 $ 359,429

Debt, Commitments and Contingen

Debt, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Debt Commitments And Contingencies Disclosure [Abstract]
Debt, Commitments and Contingencies	Note 8. Debt, Commitments and Contingencies Debt As of March 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. 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. The EFFR and/or the spread can be changed by BNY Mellon at any time. The interest was 1 % at the time of withdrawal of $ 15.0 million from the margin account, and the interest rate at March 31, 2022 was less than 1 % . The Company did not make any other withdrawals from the margin account, and the outstanding balance is included in the accompanying Condensed Consolidated Balance Sheets. The related interest expenses for the first quarters of 2022 and 2021 were both $ 29,000 . Notes payable as of March 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 $ 5.6 million of notes payable to Xilong Scientific Co., Ltd, or Xilong Scientific, by Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech. The notes payable related to the installment sale is 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 Condensed Consolidated Balance Sheet. The notes payable to Xilong Scientific are due on December 31, 2022, and the interest rate on the loan is 4.97 %. The related interest expenses for the first quarter of 2022 were $ 78,000 , and there were no related interest expenses in the first quarter of 2021 as the Company did not have such notes payable in the first quarter of 2021. Operating Leases See Note 9, Leases, for further information. Purchase Obligations As of March 31, 2022, the Company had non-cancelable purchase obligations of $ 9.0 million, of which, $ 8.3 million for reagents and other supplies, $ 400,000 for medical lab equipment, and $ 300,000 for medical lab furniture are payable within twelve months. Contingencies From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. In the opinion of management, the outcome of these matters would not have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. The Company has received a Civil Investigative Demand, or 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

Leases	3 Months Ended
	Mar. 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 two finance leases for lab equipment through December 2026, one of which was acquired in the acquisition of Cytometry Specialists, Inc., or CSI. The Company retained CSI’s classification of its leases. 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 Houston, Texas and Alpharetta, Georgia. Additional offices are located in Atlanta, Georgia and are used for certain report generation functions. The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 (in thousands) Operating lease ROU asset, net $ 6,664 $ 7,141 Operating lease liabilities, short term $ 1,756 $ 1,842 Operating lease liabilities, long term $ 4,957 $ 5,344 Finance lease ROU asset, net $ 1,647 $ 1,735 Finance lease liabilities, short term $ 335 $ 332 Finance lease liabilities, long term $ 1,314 $ 1,398 The following was operating and finance lease expense: Three months ended March 31, 2022 2021 (in thousands) Operating lease cost $ 538 $ 69 Finance lease cost: Amortization of ROU assets 96 — Interest on lease liabilities 14 — Short-term lease cost 97 131 Total lease cost $ 745 $ 200 Supplemental information related to operating leases and finance lease was the following: March 31, 2022 Weighted average remaining lease term - operating leases 4.83 years Weighted average discount rate - operating leases 3.14 % Weighted average remaining lease term -finance lease 4.69 years Weighted average discount rate - finance lease 3.21 % 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 Finance Lease (in thousands) Year Ending December 31, 2022 (remaining 9 months) $ 1,505 $ 288 2023 1,580 383 2024 1,156 376 2025 1,049 366 2026 884 366 2027 863 — Thereafter 217 — Total lease payments 7,254 1,779 Less imputed interest ( 541 ) ( 130 ) Total $ 6,713 $ 1,649 Lessor The Company leases out space in buildings it owns and leases to third-party tenants under noncancelable operating leases. As of March 31, 2022, the remaining lease terms left range from 8 months to 41 months, including renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments from tenants recognized on a straight-line basis over the application lease term. Variable lease income represents tenant payments for real estate taxes, insurance and maintenance. The lease income was included in interest and other income, net, in the accompanying Condensed Consolidated Statements of Income. Total lease income was as follows: Three months ended March 31, 2022 2021 (in thousands) Lease income $ 97 $ 156 Variable lease income 1 1 Total lease income $ 98 $ 157 Future fixed lease payments from tenants for all noncancelable operating leases as of March 31, 2022 are as follows: Lease Payments from Tenants (in thousands) Year Ending December 31, 2022 (remaining 9 months) $ 266 2023 264 2024 180 2025 120 Total $ 830

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 10. Equity-Based Compensation The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Income as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue $ 1,465 $ 674 Research and development 1,921 1,223 Selling and marketing 825 426 General and administrative 1,405 639 Total $ 5,616 $ 2,962

Provision for Income Taxes

Provision for Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for Income Taxes	Note 11. Provision for Income Taxes The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The Company recorded consolidated provision for income taxes of $ 48.4 million and $ 66.5 million for the first quarters of 2022 and 2021, respectively, or 24 % of earnings before income taxes for the first quarter of 2022, compared to 25 % of earnings before income taxes for the first quarter of 2021. The decrease in the effective tax rate for the first quarter of 2022, relative to 2021, was primarily attributable to international restructuring. The Company is not currently under examination by any major income tax jurisdiction. During 2022, the statutes of limitations will lapse on the Company's 2018 federal tax year and certain 2017 and 2018 state tax years. The Company does not believe the federal or state statute lapses or any other event will significantly impact the balance of unrecognized tax benefits in the next twelve months. The net balance of unrecognized tax benefits was not material to the interim financial statements for the first quarters of 2022 and 2021.

Income per Share

Income per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Income per Share	Note 12. Income per Share The following table presents the calculation of basic and diluted income per share for the first quarters of 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands, except per share data) Net income attributable to Fulgent $ 153,979 $ 200,691 Weighted-average common shares—outstanding, basic 30,234 28,831 Weighted-average common shares—outstanding, diluted 31,240 30,770 Net income per common share, basic $ 5.09 $ 6.96 Net income per common share, diluted $ 4.93 $ 6.52 The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive: Three Months Ended March 31, 2022 2021 (in thousands) Options 5 — Restricted Stock Units 352 37 The anti-dilutive shares described above were calculated using the treasury stock method.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Note 13. Related Parties Linda Marsh, who is a member of the Company’s board of directors, is currently the Senior Executive Vice President of AHMC Healthcare Inc., or AHMC. The Company performs genetic testing and other testing services, on an arms-length basis, for AHMC, and the Company recognized $ 775,000 and $ 1.1 million in revenue from AHMC in the first quarters of 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, $ 509,000 and $ 556,000 , respectively, was owed to the Company by AHMC, which is included in trade accounts receivable, net, in the accompanying Condensed Consolidated Balance Sheets, in connection with this relationship. The Company and Fulgent Pharma LLC, the Company’s former subsidiary, are party to shared services arrangements where research and development, administrative services and office space and equipment are provided between the companies, on an arms-length basis. Ming Hsieh is the Manager and a member of Fulgent Pharma LLC. The cost of research and development services rendered by Fulgent Pharma LLC for the Company was no t significant in the first quarter of 2022. During the first quarter of 2021, the cost of research and development services rendered by Fulgent Pharma LLC for the Company was $ 108,000 . Amounts for services performed by the Company for Fulgent Pharma LLC were no t significant during the first quarters of 2022 and 2021. As of March 31, 2022, and December 31, 2021, $ 689,000 and $ 679,000 , respectively, were owed to Fulgent Pharma LLC by the Company, which are included in in other current liabilities in the accompanying Condensed Consolidated Balance Sheets, in connection with these relationships. The Chief Executive Officer and Chairman of the Company’s board of directors, Ming Hsieh, is the owner of PTJ Associates Inc., or PTJ. PTJ provides flight services to the Company on an arms-length basis. During the first quarter of 2022, the Company incurred $ 136,000 in expenses for flights between California and Texas to transport employees and supplies. Such expenses were no t significant in the first quarter of 2021. As of March 31, 2022 and December 31, 2021, no amount was owed to PTJ by the Company in connection with this relationship.

Equity Distribution Agreement

Equity Distribution Agreement	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity Distribution Agreement	Note 14. Equity Distribution Agreement In November 2020, the Company entered into an Equity Distribution Agreement, or the November 2020 Equity Distribution Agreement, with Piper Sandler & Co. (f/k/a Piper Jaffray & Co.), or Piper, Oppenheimer & Co. Inc., and BTIG LLC, as sales agents, pursuant to which the Company may offer and sell, from time to time through Piper, shares of its common stock having an aggregate offering price of up to $ 175.0 million. Piper may receive a commission of up to 3 % of the gross proceeds received by the Company for sales pursuant to the November 2020 Equity Distribution Agreement. During the first quarter of 2021, the Company sold approximately 583,000 shares of its common stock pursuant to the November 2020 Equity Distribution Agreement at a weighted-average net selling price of $ 52.00 , and no shares of common stock were sold during the first quarter of 2022.

Goodwill and Acquisition-Relate

Goodwill and Acquisition-Related Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Acquisition-Related Intangibles	Note 15. Goodwill and Acquisition-Related Intangibles Summaries of goodwill and intangibles balances assets as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Weighted-Average Amortization Period 2022 2021 (in thousands) Goodwill $ 50,999 $ 50,897 Royalty-free technology 10 Years $ 5,828 $ 5,803 Less: accumulated amortization ( 534 ) ( 387 ) Royalty-free technology, net 5,294 5,416 Customer relationships 12 Years 28,850 28,845 Less: accumulated amortization ( 1,764 ) ( 1,125 ) Customer relationships, net 27,086 27,720 Trade name 10 Years 1,090 1,090 Less: accumulated amortization ( 73 ) ( 45 ) Trade name, net 1,017 1,045 Laboratory information system platform 5 Years 1,860 1,860 Less: accumulated amortization ( 248 ) ( 155 ) Laboratory information system platform, net 1,612 1,705 Purchased patent 10 Years 32 31 Less: accumulated amortization ( 4 ) ( 3 ) Purchased patent, net 28 28 Total intangible assets, net $ 35,037 $ 35,914 Based on the carrying value of intangible assets recorded as of March 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) Year Ending December 31, 2022 (remaining 9 months) 2,714 2023 3,618 2024 3,618 2025 3,618 2026 3,295 2027 2,994 Thereafter 15,180 Total $ 35,037

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events In April 2022, the Company entered into an Agreement and Plan of Merger, or the Merger Agreement, pursuant to which the Company acquired Symphony Buyer, Inc., an indirect parent of Inform Diagnostics, Inc., or InformDx. InformDx is a leading national independent pathology laboratory based in Irving, Texas. The acquisition was completed on April 26, 2022. Under the terms of the 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 InformDx, the Company will extend its test menu into breast pathology, gastrointestinal pathology, dermatopathology, urologic pathology, neuropathology, and hematopathology.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria; (ii) accounts receivable and allowances for credit losses; (iii) the useful lives of fixed assets and intangible assets; (iv) estimates of tax liabilities; and (v) valuation of intangible assets and goodwill.
Marketable Securities	Marketable Securities All marketable debt securities, which consist of corporate debt securities, municipal bonds, U.S. government and agency debt securities, and Yankee debt securities issued by foreign governments or entities and denominated in U.S. dollars have been classified as “available-for-sale,” and are carried at fair value. 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 Condensed 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 Condensed 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 any credit loss is recorded as a charge to interest and other income, net, not to exceed the amount of the unrealized loss. If the Company has an intent to sell, or if it is more likely than not that the Company will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of interest and other income, net.
Trade Accounts Receivable and Allowance for Credit Losses	Trade Accounts Receivable and Allowance for Credit Losses The Company adopted Accounting Standards Update, or ASU 2016-13 , Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , using the modified retrospective approach as of January 1, 2021 . Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of 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.
Redeemable Preferred Stock Investment	Redeemable Preferred Stock Investment The redeemable preferred stock investment of $ 17.6 million as of March 31, 2022 represents the fair value of redeemable preferred stock o f Laboratory for Advanced Medicine, Inc., or Helio Health, 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 loss of $ 2.4 million is excluded from earnings and reported in other comprehensive income (loss) as of March 31, 2022. 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.
Foreign Currency Translation and Foreign Currency Transactions	Foreign Currency Translation and Foreign Currency Transactions The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in accumulated other comprehensive income (loss) in the accompanying Condensed Consolidated Statements of Stockholders’ Equity. Gain or loss from these translations were not significant in the first quarters of 2022 and 2021. 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, whereas reagents and supplies, property and nonmonetary assets and liabilities are measured at historical rates. Losses from these remeasurements were not significant in the first quarters of 2022 and 2021.
Comprehensive Income (Loss)	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 f rom the Company's subsidiaries not using the U.S. dollar as their functional currency. Reclassifications from other comprehensive income (loss) to net earnings were not significant in the first quarters of 2022 and 2021. The tax effects related to net unrealized loss on available-for-sale debt securities were $ 4.5 million in the first quarter of 2022. The tax effects were no t significant in the first quarter of 2021.
Leases	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 Condensed 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 since its leases do not provide an implicit 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 Condensed 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 and subleases out space in buildings it owns or leases 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 Condensed Consolidated Statement of Income.
Concentration of Customers	Concentration of Customers In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. After aggregating customers that are under common control or affiliation, one customer contributed 27 % and 25 % of the Company's revenue in the first quarters of 2022 and 2021, respectively. No customer comprised 10 % or more of total accounts receivable as of March 31, 2022 and December 31, 2021.
Revenue from Contracts with Customers	Disaggregation of Revenue The Company classifies its customers into three payor types: (i) Insurance, including claim reimbursement from the U.S. Health Resources and Services Administration, or H RSA, for uninsured individuals, (ii) Institutional customers, 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 first quarters of 2022 and 2021. Three Months Ended March 31, 2022 2021 (in thousands) Testing Services by payor Insurance $ 210,677 $ 207,558 Institutional customers 109,468 151,569 Patients 123 302 Total Revenue $ 320,268 $ 359,429 The insurance revenue category above includes $ 106.7 million and $ 112.7 million in the first quarters of 2022 and 2021, respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program. The HRSA program stopped accepting claims at 11:59 p.m. on March 22, 2022. 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, there has historically been little to no credit risk. 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 Condensed Consolidated Balance Sheets. Receivable from Insurance and Institutional customers represented 73 % and 27 %, respectively, as of March 31, 2022. Receivable from Insurance and Institutional customers represented 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 Condensed 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 Condensed Consolidated Balance Sheets. Revenues of $ 11.1 million and $ 18.8 million for the first quarters of 2022 and 2021, respectively, related to contract liabilities at the beginning of the respective periods were recognized.
Reagents and Supplies	Reagents and Supplies The Company maintains reagents and other consumables primarily used in sample collections and testing which are valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis. The reagents and supplies were included in other current assets in the accompanying Condensed Consolidated Balance Sheets.
Customer Deposit	Customer Deposit Customer deposit in the accompanying Condensed Consolidated Balance Sheets consists primarily of payments received from customers in excess of their outstanding trade accounts receivable balances, and the excess payments will be refunded to the customers or offset against future testing receivables.
Business Combination	Business Combination The Company uses the acquisition method of accounting and allocates the fair value of purchase consideration to the assets acquired and liabilities assumed from an acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.
Goodwill	Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, and goodwill is written down when it is determined to be impaired. The Company typically performs an annual impairment review in the fourth quarter of each fiscal year unless one had been performed previously within the past 12 months and compares the fair value of the reporting unit in which the goodwill resides to its carrying value.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company evaluates all Accounting Standards Updates, or ASUs, issued by the Financial Accounting Standards Board, or FASB, for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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 first quarters of 2022 and 2021. Three Months Ended March 31, 2022 2021 (in thousands) Testing Services by payor Insurance $ 210,677 $ 207,558 Institutional customers 109,468 151,569 Patients 123 302 Total Revenue $ 320,268 $ 359,429

Equity and Debt Securities (Tab

Equity and Debt Securities (Tables)	3 Months Ended
	Mar. 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: March 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Investment in private equity securities $ 15,000 — — 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term Corporate debt securities 111,981 9 ( 818 ) 111,172 Money market accounts 105,415 — — 105,415 U.S. government debt securities 110,594 — ( 702 ) 109,892 Municipal bonds 5,062 — ( 33 ) 5,029 Yankee debt securities 5,983 — ( 31 ) 5,952 Less: Cash equivalents ( 105,415 ) — — ( 105,415 ) Total debt securities due within 1 year 233,620 9 ( 1,584 ) 232,045 After 1 year through 5 years U.S. Government debt securities 216,936 5 ( 4,931 ) 212,010 Corporate debt securities 194,432 — ( 5,771 ) 188,661 U.S. agency debt securities 69,959 — ( 2,466 ) 67,493 Municipal bonds 12,422 — ( 255 ) 12,167 Yankee debt securities 6,161 — ( 215 ) 5,946 Total debt securities due after 1 year through 5 years 499,910 5 ( 13,638 ) 486,277 After 5 years through 10 years Municipal bonds 7,085 — ( 180 ) 6,905 Redeemable preferred stock investment 20,000 — ( 2,391 ) 17,609 Total debt securities due after 5 years through 10 years 27,085 — ( 2,571 ) 24,514 Total available-for-sale debt securities 760,615 14 ( 17,793 ) 742,836 Total equity and debt securities $ 775,615 $ 14 $ ( 17,793 ) $ 757,836 December 31, 2021 Amortized Unrealized Unrealized Aggregate (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

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 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 above three-tier fair value hierarchy: March 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: Investment in private equity securities $ 15,000 $ — $ — $ 15,000 U.S. government debt securities 321,902 — 321,902 — Corporate debt securities 299,833 — 299,833 — U.S. agency debt securities 67,493 — 67,493 — Municipal bonds 24,101 — 24,101 — Yankee debt securities 11,898 — 11,898 — Redeemable preferred stock investment 17,609 — — 17,609 Money market accounts 105,415 105,415 — — Total equity securities, debt securities and cash equivalents $ 863,251 $ 105,415 $ 725,227 $ 32,609 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)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Major Classes of Fixed Assets	Major classes of fixed assets consisted of the following: March 31, December 31, Useful Lives 2022 2021 (in thousands) Medical lab equipment 1 to 12 Years $ 40,079 $ 35,930 Building 39 Years 6,731 6,731 Aircraft 7 Years 6,503 6,503 Computer hardware 3 - 5 Years 5,728 5,661 Leasehold improvements Shorter of lease term or estimated useful life 4,090 4,003 Building improvements 6 months to 39 Years 4,659 3,936 Furniture and fixtures 2 to 10 Years 2,713 2,255 Computer software 3 to 5 Years 1,722 1,408 Automobile 2 to 7 Years 826 825 Land improvements 5 to 15 Years 554 403 General equipment 3 to 5 Years 44 44 Land 7,500 7,500 Assets not yet placed in service 10,690 6,718 Total 91,839 81,917 Less: Accumulated depreciation ( 23,217 ) ( 19,630 ) Fixed assets, net $ 68,622 $ 62,287

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: March 31, December 31, 2022 2021 (in thousands) Reagents and supplies $ 10,612 $ 12,206 Prepaid expenses 4,696 4,244 Marketable securities interest receivable 2,914 2,743 Other receivable 1,505 1,403 Contract assets 231 237 Prepaid income taxes — 1,716 Total $ 19,958 $ 22,549

Reporting Segment and Geograp_2

Reporting Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Revenue by Geographic Region	Revenue by region during the first quarters of 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Revenue: United States $ 317,190 $ 357,537 Foreign 3,078 1,892 Total $ 320,268 $ 359,429

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 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 March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 (in thousands) Operating lease ROU asset, net $ 6,664 $ 7,141 Operating lease liabilities, short term $ 1,756 $ 1,842 Operating lease liabilities, long term $ 4,957 $ 5,344 Finance lease ROU asset, net $ 1,647 $ 1,735 Finance lease liabilities, short term $ 335 $ 332 Finance lease liabilities, long term $ 1,314 $ 1,398
Schedule of Operating and Finance Lease Expense	The following was operating and finance lease expense: Three months ended March 31, 2022 2021 (in thousands) Operating lease cost $ 538 $ 69 Finance lease cost: Amortization of ROU assets 96 — Interest on lease liabilities 14 — Short-term lease cost 97 131 Total lease cost $ 745 $ 200
Schedule of Supplemental Information Related to Operating Leases and Finance Leases	Supplemental information related to operating leases and finance lease was the following: March 31, 2022 Weighted average remaining lease term - operating leases 4.83 years Weighted average discount rate - operating leases 3.14 % Weighted average remaining lease term -finance lease 4.69 years Weighted average discount rate - finance lease 3.21 %
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 Finance Lease (in thousands) Year Ending December 31, 2022 (remaining 9 months) $ 1,505 $ 288 2023 1,580 383 2024 1,156 376 2025 1,049 366 2026 884 366 2027 863 — Thereafter 217 — Total lease payments 7,254 1,779 Less imputed interest ( 541 ) ( 130 ) Total $ 6,713 $ 1,649
Schedule of Lease Income	Total lease income was as follows: Three months ended March 31, 2022 2021 (in thousands) Lease income $ 97 $ 156 Variable lease income 1 1 Total lease income $ 98 $ 157
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 March 31, 2022 are as follows: Lease Payments from Tenants (in thousands) Year Ending December 31, 2022 (remaining 9 months) $ 266 2023 264 2024 180 2025 120 Total $ 830

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Equity-Based Compensation	The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Income as follows: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue $ 1,465 $ 674 Research and development 1,921 1,223 Selling and marketing 825 426 General and administrative 1,405 639 Total $ 5,616 $ 2,962

Income per Share (Tables)

Income per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of the Basic and Diluted Income Per Share Computations	The following table presents the calculation of basic and diluted income per share for the first quarters of 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands, except per share data) Net income attributable to Fulgent $ 153,979 $ 200,691 Weighted-average common shares—outstanding, basic 30,234 28,831 Weighted-average common shares—outstanding, diluted 31,240 30,770 Net income per common share, basic $ 5.09 $ 6.96 Net income per common share, diluted $ 4.93 $ 6.52
Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share	The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive: Three Months Ended March 31, 2022 2021 (in thousands) Options 5 — Restricted Stock Units 352 37

Goodwill and Acquisition-Rela_2

Goodwill and Acquisition-Related Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summaries of Goodwill and Acquisitions-Related Intangibles Balances	Summaries of goodwill and intangibles balances assets as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Weighted-Average Amortization Period 2022 2021 (in thousands) Goodwill $ 50,999 $ 50,897 Royalty-free technology 10 Years $ 5,828 $ 5,803 Less: accumulated amortization ( 534 ) ( 387 ) Royalty-free technology, net 5,294 5,416 Customer relationships 12 Years 28,850 28,845 Less: accumulated amortization ( 1,764 ) ( 1,125 ) Customer relationships, net 27,086 27,720 Trade name 10 Years 1,090 1,090 Less: accumulated amortization ( 73 ) ( 45 ) Trade name, net 1,017 1,045 Laboratory information system platform 5 Years 1,860 1,860 Less: accumulated amortization ( 248 ) ( 155 ) Laboratory information system platform, net 1,612 1,705 Purchased patent 10 Years 32 31 Less: accumulated amortization ( 4 ) ( 3 ) Purchased patent, net 28 28 Total intangible assets, net $ 35,037 $ 35,914
Summary of Annual Amortization Expense For Acquisition-Related Intangibles	Based on the carrying value of intangible assets recorded as of March 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) Year Ending December 31, 2022 (remaining 9 months) 2,714 2023 3,618 2024 3,618 2025 3,618 2026 3,295 2027 2,994 Thereafter 15,180 Total $ 35,037

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	Jan. 01, 2021	Mar. 31, 2022USD ($)Customer	Mar. 31, 2021USD ($)Customer	Dec. 31, 2021USD ($)Customer
Summary Of Significant Accounting Policies [Line Items]
Contract with customer liability, revenue recognized		$ 11,100,000	$ 18,800,000
Redeemable preferred stock investment		17,609,000		$ 21,965,000
Unrealized loss		$ 2,400,000
Preferred stock, redemption date		Jul. 31, 2027
Tax effects related to unrealized holding loss on available-for-sale debt securities		$ 4,500,000	0
Revenue		320,268,000	359,429,000
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201613Member
Accounting standards update, adopted	true
Accounting standards update, adoption date	Jan. 1, 2021
Clinical Insurance Contracts | HSRA COVID-19 Uninsured Program
Summary Of Significant Accounting Policies [Line Items]
Revenue		$ 106,700,000	$ 112,700,000
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract		73.00%		47.00%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract		27.00%		53.00%
Customer Concentration Risk | Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer		1	1
Customer Concentration Risk | Revenue | Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		27.00%	25.00%
Minimum | Customer Concentration Risk | Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer		0		0
Concentration risk, percentage		10.00%		10.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 320,268	$ 359,429
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	320,268	359,429
Accounting Standards Update 2014-09 | Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	210,677	207,558
Accounting Standards Update 2014-09 | Clinical Institutional Customers Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	109,468	151,569
Accounting Standards Update 2014-09 | Clinical Patients Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 123	$ 302

Equity and Debt Securities - Su

Equity and Debt Securities - Summary of Equity and Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	$ 353,069	$ 164,894
Less: Cash equivalents	(105,415)	(77,067)
Equity and debt securities, Amortized Cost Basis	775,615	794,892
Equity and debt securities, Unrealized Gains	14	2,038
Equity and debt securities, Unrealized Losses	(17,793)	(4,313)
Equity and debt securities, Aggregate Fair Value	757,836	792,617
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	760,615	660,404
Debt securities, Unrealized Gains	14	2,038
Debt securities, Unrealized Losses	(17,793)	(3,624)
Debt securities, Aggregate Fair Value	742,836	658,818
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	233,620	152,029
Debt securities, Unrealized Gains	9	24
Debt securities, Unrealized Losses	(1,584)	(247)
Debt securities, Aggregate Fair Value	232,045	151,806
Short-Term Marketable Securities | Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	111,981	92,116
Debt securities, Unrealized Gains	9	24
Debt securities, Unrealized Losses	(818)	(148)
Debt securities, Aggregate Fair Value	111,172	91,992
Short-Term Marketable Securities | Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	105,415
Cash and cash equivalents fair value disclosure	105,415
Short-Term Marketable Securities | U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	110,594	51,318
Debt securities, Unrealized Losses	(702)	(81)
Debt securities, Aggregate Fair Value	109,892	51,237
Short-Term Marketable Securities | Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	5,062	4,980
Debt securities, Unrealized Losses	(33)	(12)
Debt securities, Aggregate Fair Value	5,029	4,968
Short-Term Marketable Securities | Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	5,983	3,615
Debt securities, Unrealized Losses	(31)	(6)
Debt securities, Aggregate Fair Value	5,952	3,609
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 | Private Equity Funds
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	499,910	480,742
Debt securities, Unrealized Gains	5	49
Debt securities, Unrealized Losses	(13,638)	(3,334)
Debt securities, Aggregate Fair Value	486,277	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	194,432	242,421
Debt securities, Unrealized Gains		29
Debt securities, Unrealized Losses	(5,771)	(1,913)
Debt securities, Aggregate Fair Value	188,661	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	216,936	147,699
Debt securities, Unrealized Gains	5	7
Debt securities, Unrealized Losses	(4,931)	(786)
Debt securities, Aggregate Fair Value	212,010	146,920
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	12,422	11,920
Debt securities, Unrealized Gains		13
Debt securities, Unrealized Losses	(255)	(11)
Debt securities, Aggregate Fair Value	12,167	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	6,161	8,633
Debt securities, Unrealized Losses	(215)	(89)
Debt securities, Aggregate Fair Value	5,946	8,544
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	69,959	70,069
Debt securities, Unrealized Losses	(2,466)	(535)
Debt securities, Aggregate Fair Value	67,493	69,534
Equity Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	27,085	27,633
Debt securities, Unrealized Gains		1,965
Debt securities, Unrealized Losses	(2,571)	(43)
Debt securities, Aggregate Fair Value	24,514	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	7,085	7,633
Debt securities, Unrealized Losses	(180)	(43)
Debt securities, Aggregate Fair Value	6,905	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	20,000
Debt securities, Unrealized Gains		1,965
Debt securities, Unrealized Losses	(2,391)
Debt securities, Aggregate Fair Value	$ 17,609	$ 21,965

Equity and Debt Securities - Ad

Equity and Debt Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 17,800	$ 4,300
Outstanding borrowing amount	14,999	$ 15,137
Margin Account Borrowing
Schedule Of Available For Sale And Trading Securities [Line Items]
Total debt securities	$ 492,400

Fair Value Measurements - Infor

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Level 3 | Investment in Private Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading 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	17,600
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	863,251	$ 869,684
Fair Value Measurements Recurring | Investment in Private Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	15,000
Fair Value Measurements Recurring | Bond Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		98,799
Fair Value Measurements Recurring | Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		35,000
Fair Value Measurements Recurring | Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	17,609	21,965
Fair Value Measurements Recurring | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	299,833	332,529
Fair Value Measurements Recurring | U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	67,493	69,534
Fair Value Measurements Recurring | Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	24,101	24,480
Fair Value Measurements Recurring | Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	11,898	12,153
Fair Value Measurements Recurring | Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	105,415	77,067
Fair Value Measurements Recurring | U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	321,902	198,157
Fair Value Measurements Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	105,415	210,866
Fair Value Measurements Recurring | Level 1 | Bond Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		98,799
Fair Value Measurements Recurring | Level 1 | Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		35,000
Fair Value Measurements Recurring | 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	105,415	77,067
Fair Value Measurements Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	725,227	636,853
Fair Value Measurements Recurring | Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	299,833	332,529
Fair Value Measurements Recurring | Level 2 | U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	67,493	69,534
Fair Value Measurements Recurring | Level 2 | Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	24,101	24,480
Fair Value Measurements Recurring | Level 2 | Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	11,898	12,153
Fair Value Measurements Recurring | Level 2 | U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	321,902	198,157
Fair Value Measurements Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	32,609	21,965
Fair Value Measurements Recurring | Level 3 | Investment in Private Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	15,000
Fair Value Measurements Recurring | Level 3 | Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 17,609	$ 21,965

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between levels, amount	$ 0
Redeemable Preferred Stock Investment | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Redeemable preferred stock investment unobservable	17,600,000
Private Equity Funds | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment in private securities unobservable input	$ 15,000,000

Fixed Assets - Major Classes of

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 91,839	$ 81,917
Less: Accumulated depreciation	(23,217)	(19,630)
Fixed assets, net	68,622	62,287
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 40,079	35,930
Medical Lab Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Medical Lab Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	12 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	$ 6,503	6,503
Useful life in years	7 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 5,728	5,661
Computer Hardware | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Computer Hardware | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,090	4,003
Useful life in years	Shorter of lease term or estimated useful life
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,659	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	$ 2,713	2,255
Furniture and Fixtures | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	2 years
Furniture and Fixtures | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	10 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 1,722	1,408
Computer Software | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Computer Software | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 826	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
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 554	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
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	$ 10,690	$ 6,718

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation expense on fixed assets	$ 3,700,000	$ 1,900,000
COVID
Property Plant And Equipment [Line Items]
Depreciation expense on fixed assets	$ 866,000

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Reagents and supplies	$ 10,612	$ 12,206
Prepaid expenses	4,696	4,244
Marketable securities interest receivable	2,914	2,743
Other receivable	1,505	1,403
Contract assets	231	237
Prepaid income taxes		1,716
Total	$ 19,958	$ 22,549

Reporting Segment and Geograp_3

Reporting Segment and Geographical Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of reporting segments	1

Reporting Segment and Geograp_4

Reporting Segment and Geographical Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 320,268	$ 359,429
United States
Segment Reporting Information [Line Items]
Revenue	317,190	357,537
Foreign
Segment Reporting Information [Line Items]
Revenue	$ 3,078	$ 1,892

Debt, Commitments and Conting_2

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt, Commitments and Contingencies [Line Items]
Debt security investment outstanding borrowing amount	$ 15,000,000
Interest on loan withdrawn from margin account	1.00%
Payments for closing of escrow, financed under margin loan	$ 15,000,000
Investment margin loan	14,999,000		$ 15,137,000
Interest expense	29,000	$ 29,000
Notes payable, current portion	6,086,000		$ 6,147,000
Non-cancelable purchase obligations	9,000,000
Reagents and Other Supplies
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	8,300,000
Medical Lab Equipment
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	400,000
Medical Lab Furniture
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	300,000
Xilong Scientific | FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Interest expense	78,000	$ 0
Notes payable	$ 5,600,000
Debt instrument, interest rate terms	The notes payable to Xilong Scientific are due on December 31, 2022, 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
Notes payable, current portion	$ 461,000
Debt instrument, interest rate terms	The notes payable related to the installment sale is 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
Maximum
Debt, Commitments and Contingencies [Line Items]
Interest rate	1.00%

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Lessee Lease Description [Line Items]
Operating leases term of expiration	2028-03
Minimum | Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	8 months
Maximum | Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	41 months

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease ROU asset, net	$ 6,664	$ 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	$ 1,756	$ 1,842
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 4,957	$ 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	$ 1,647	$ 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	$ 335	$ 332
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance lease liabilities, long term	$ 1,314	$ 1,398
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Leases - Schedule of Operatin_2

Leases - Schedule of Operating and Financing Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 538	$ 69
Finance lease cost:
Amortization of ROU assets	96
Interest on lease liabilities	14
Short-term lease cost	97	131
Total lease cost	$ 745	$ 200

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Operating Leases and Finance Leases (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	4 years 9 months 29 days
Weighted average discount rate - operating leases	3.14%
Weighted average remaining lease term -finance lease	4 years 8 months 8 days
Weighted average discount rate - finance lease	3.21%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
2022 (remaining 9 months)	$ 1,505
2023	1,580
2024	1,156
2025	1,049
2026	884
2027	863
Thereafter	217
Total lease payments	7,254
Less imputed interest	(541)
Total	6,713
Finance Lease
2022 (remaining 9 months)	288
2023	383
2024	376
2025	366
2026	366
Total lease payments	1,779
Less imputed interest	(130)
Total	$ 1,649

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Lease income	$ 97	$ 156
Variable lease income	1	1
Total lease income	$ 98	$ 157

Leases - Schedule of Future Fix

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remaining 9 months)	$ 266
2023	264
2024	180
2025	120
Total	$ 830

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 5,616	$ 2,962
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,465	674
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,921	1,223
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	825	426
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 1,405	$ 639

Provision for Income Taxes - Ad

Provision for Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	24.00%	25.00%
Provision for income taxes	$ 48,421	$ 66,513

Income per Share - Reconciliati

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to Fulgent	$ 153,979	$ 200,691
Weighted-average common shares—outstanding, basic	30,234	28,831
Weighted-average common shares—outstanding, diluted	31,240	30,770
Net income per common share, basic	$ 5.09	$ 6.96
Net income per common share, diluted	$ 4.93	$ 6.52

Income per Share - Anti-dilutiv

Income per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	5
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	352	37

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
AHMC Healthcare Inc. | Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties	$ 775,000	$ 1,100,000
Trade accounts receivable, net from related parties	509,000		$ 556,000
Fulgent Pharma LLC
Related Party Transaction [Line Items]
Related party costs	0	0
Due to related parties	689,000		679,000
Fulgent Pharma LLC | Research Development Service
Related Party Transaction [Line Items]
Expenses to transport employees and supplies	0	108,000
PTJ Associates Inc
Related Party Transaction [Line Items]
Expenses to transport employees and supplies	136,000	$ 0
Accounts payable to related parties	$ 0		$ 0

Equity Distribution Agreement -

Equity Distribution Agreement - Additional Information (Details) - November 2020 Equity Distribution Agreement - Common Stock - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Equity Distribution Agreements [Line Items]
Number of shares sold		0	583,000
Sale of stock, weighted average net selling price per share			$ 52
Maximum
Equity Distribution Agreements [Line Items]
Aggregate offering price	$ 175,000,000
Percentage of commission to be paid from gross proceeds	3.00%

Goodwill and Acquisition-Rela_3

Goodwill and Acquisition-Related Intangibles - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 50,999	$ 50,897
Acquisitions-related intangibles, net	35,037	35,914
Total intangible assets, net	35,037	35,914
Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	5,828	5,803
Less: accumulated amortization	(534)	(387)
Acquisitions-related intangibles, net	$ 5,294	5,416
Weighted-Average Amortization Period	10 years
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 28,850	28,845
Less: accumulated amortization	(1,764)	(1,125)
Acquisitions-related intangibles, net	$ 27,086	27,720
Weighted-Average Amortization Period	12 years
Trade Name
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,090	1,090
Less: accumulated amortization	(73)	(45)
Acquisitions-related intangibles, net	$ 1,017	1,045
Weighted-Average Amortization Period	10 years
Laboratory Information System Platform
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860	1,860
Less: accumulated amortization	(248)	(155)
Acquisitions-related intangibles, net	$ 1,612	1,705
Weighted-Average Amortization Period	5 years
Purchased Patent
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 32	31
Less: accumulated amortization	(4)	(3)
Acquisitions-related intangibles, net	$ 28	$ 28
Weighted-Average Amortization Period	10 years

Goodwill and Acquisition-Rela_4

Goodwill and Acquisition-Related Intangibles - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
2022 (remaining 9 months)	$ 2,714
2023	3,618
2024	3,618
2025	3,618
2026	3,295
2027	2,994
Thereafter	15,180
Acquisitions-related intangibles, net	$ 35,037	$ 35,914

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	1 Months Ended
	Apr. 26, 2022USD ($)
Subsequent Event | Inform Diagnostics
Subsequent Event [Line Items]
Total purchase price payable	$ 170