Fulgent Genetics (FLGT) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		29,633,057
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4399 Santa Anita Avenue
Entity Address, City or Town	El Monte
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91731
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	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 84,076	$ 79,506
Marketable securities	383,726	446,729
Trade accounts receivable, net of allowance for credit losses of $29,091 and $41,205	49,277	52,749
Other current assets	32,776	48,889
Total current assets	549,855	627,873
Marketable securities, long-term	383,659	326,648
Redeemable preferred stock investment	15,158	12,385
Fixed assets, net	85,265	81,353
Intangible assets, net	144,489	150,643
Goodwill	141,844	143,027
Other long-term assets	38,128	44,124
Total assets	1,358,398	1,386,053
Current liabilities
Accounts payable	15,772	23,093
Accrued liabilities	21,031	24,981
Contract liabilities	2,586	3,199
Customer deposit	18,861	10,895
Investment margin loan		14,999
Notes payable, current portion	2,890	5,639
Other current liabilities	281	5,301
Total current liabilities	61,421	88,107
Unrecognized tax benefits	9,555	9,836
Deferred tax liability	9,833
Other long-term liabilities	15,755	18,235
Total liabilities	96,564	116,178
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 31,925 and 31,248 shares issued, respectively, and 30,035 and 29,438 shares outstanding, respectively	3	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	514,262	486,585
Accumulated other comprehensive loss	(16,891)	(20,903)
Retained earnings	761,324	801,000
Total Fulgent stockholders' equity	1,258,698	1,266,685
Noncontrolling interest	3,136	3,190
Total stockholders’ equity	1,261,834	1,269,875
Total liabilities and stockholders’ equity	$ 1,358,398	$ 1,386,053

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 29,091	$ 41,205
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	31,925,000	31,248,000
Common stock, shares outstanding	30,035,000	29,438,000
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 Operations (unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 84,687,000	$ 105,655,000	$ 218,708,000	$ 551,264,000
Cost of revenue	44,843,000	59,560,000	139,481,000	197,350,000
Gross profit	39,844,000	46,095,000	79,227,000	353,914,000
Operating expenses:
Research and development	10,014,000	7,507,000	29,488,000	20,401,000
Selling and marketing	10,161,000	9,859,000	30,967,000	28,665,000
General and administrative	17,498,000	26,266,000	57,293,000	82,281,000
Amortization of intangible assets	1,957,000	2,006,000	5,887,000	4,487,000
Restructuring Costs		105,000		3,001,000
Total operating expenses	39,630,000	45,743,000	123,635,000	138,835,000
Operating income (loss)	214,000	352,000	(44,408,000)	215,079,000
Interest and other income, net	6,646,000	1,405,000	15,519,000	2,408,000
Income (loss) before income taxes	6,860,000	1,757,000	(28,889,000)	217,487,000
Provision for income taxes	20,326,000	414,000	12,016,000	51,488,000
Net (loss) income from consolidated operations	(13,466,000)	1,343,000	(40,905,000)	165,999,000
Net loss attributable to noncontrolling interests	359,000	376,000	1,229,000	1,236,000
Net (loss) income attributable to Fulgent	$ (13,107,000)	$ 1,719,000	$ (39,676,000)	$ 167,235,000
Net (loss) income per common share attributable to Fulgent:
Basic	$ (0.44)	$ 0.06	$ (1.33)	$ 5.53
Diluted	$ (0.44)	$ 0.06	$ (1.33)	$ 5.38
Weighted-average common shares:
Basic	30,013	30,174	29,789	30,256
Diluted	30,013	30,867	29,789	31,107

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income from consolidated operations	$ (13,466)	$ 1,343	$ (40,905)	$ 165,999
Other comprehensive income (loss):
Foreign currency translation loss	(230)	(1,925)	(2,027)	(3,680)
Net gain (loss) on available-for-sale debt securities, net of tax	4,017	(2,502)	7,214	(22,708)
Comprehensive (loss) income from consolidated operations	(9,679)	(3,084)	(35,718)	139,611
Net loss attributable to noncontrolling interest	359	376	1,229	1,236
Foreign currency translation loss (gain) attributable to noncontrolling interest	68	1,242	(1,175)	1,545
Comprehensive loss attributable to noncontrolling interest	427	1,618	54	2,781
Comprehensive (loss) income attributable to Fulgent	$ (9,252)	$ (1,466)	$ (35,664)	$ 142,392

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Stockholders' Equity	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss)	Retained Earnings	Fulgent Stockholders' Equity	Noncontrolling Interest
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		30,160,000
Equity-based compensation	5,616		5,616			5,616
Exercise of common stock options	16		16			16
Exercise of common stock options, Shares		3,000
Restricted stock awards, Shares		172,000
Common stock withholding for employee tax obligations	(494)		(494)			(494)
Common stock withholding for employee tax obligations, Shares		(8,000)
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		30,327,000
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		30,160,000
Repurchase of common stock	$ (45,300)
Repurchase of common stock, Shares	(995,000)
Net income (loss)	$ 165,999
Ending Balance at Sep. 30, 2022	1,281,397	$ 3	477,814	(25,602)	824,832	1,277,047	4,350
Ending Balance, Shares at Sep. 30, 2022		29,681,000
Beginning Balance at Mar. 31, 2022	1,312,960	$ 3	507,046	(12,493)	811,576	1,306,132	6,828
Beginning Balance, Shares at Mar. 31, 2022		30,327,000
Equity-based compensation	8,030		8,030			8,030
Exercise of common stock options	3		3			3
Exercise of common stock options, Shares		1,000
Restricted stock awards, Shares		161,000
Common stock withholding for employee tax obligations	(436)		(436)			(436)
Common stock withholding for employee tax obligations, Shares		(8,000)
Repurchase of common stock	(10,577)		(10,577)			(10,577)
Repurchase of common stock, Shares		(215,000)
Other comprehensive income (loss)	(10,346)			(9,924)		(9,924)	(422)
Net income (loss)	11,099				11,537	11,537	(438)
Ending Balance at Jun. 30, 2022	1,310,733	$ 3	504,066	(22,417)	823,113	1,304,765	5,968
Ending Balance, Shares at Jun. 30, 2022		30,266,000
Equity-based compensation	8,972		8,972			8,972
Restricted stock awards, Shares		203,000
Common stock withholding for employee tax obligations	(522)		(522)			(522)
Common stock withholding for employee tax obligations, Shares		(8,000)
Repurchase of common stock	$ (34,702)		(34,702)			(34,702)
Repurchase of common stock, Shares	(780,000)	(780,000)
Other comprehensive income (loss)	$ (4,427)			(3,185)		(3,185)	(1,242)
Net income (loss)	1,343				1,719	1,719	(376)
Ending Balance at Sep. 30, 2022	1,281,397	$ 3	477,814	(25,602)	824,832	1,277,047	4,350
Ending Balance, Shares at Sep. 30, 2022		29,681,000
Beginning Balance at Dec. 31, 2022	$ 1,269,875	$ 3	486,585	(20,903)	801,000	1,266,685	3,190
Beginning Balance, Shares at Dec. 31, 2022	31,248,000	29,438,000
Equity-based compensation	$ 10,265		10,265			10,265
Restricted stock awards, Shares		280,000
Common stock withholding for employee tax obligations	(869)		(869)			(869)
Common stock withholding for employee tax obligations, Shares		(26,000)
Other comprehensive income (loss)	5,497			3,707		3,707	1,790
Net income (loss)	(15,849)				(15,340)	(15,340)	(509)
Ending Balance at Mar. 31, 2023	1,268,919	$ 3	495,981	(17,196)	785,660	1,264,448	4,471
Ending Balance, Shares at Mar. 31, 2023		29,692,000
Beginning Balance at Dec. 31, 2022	$ 1,269,875	$ 3	486,585	(20,903)	801,000	1,266,685	3,190
Beginning Balance, Shares at Dec. 31, 2022	31,248,000	29,438,000
Repurchase of common stock	$ (2,200)
Repurchase of common stock, Shares	(80,000)
Net income (loss)	$ (40,905)
Ending Balance at Sep. 30, 2023	$ 1,261,834	$ 3	514,262	(16,891)	761,324	1,258,698	3,136
Ending Balance, Shares at Sep. 30, 2023	31,925,000	30,035,000
Beginning Balance at Mar. 31, 2023	$ 1,268,919	$ 3	495,981	(17,196)	785,660	1,264,448	4,471
Beginning Balance, Shares at Mar. 31, 2023		29,692,000
Equity-based compensation	10,323		10,323			10,323
Exercise of common stock options	3		3			3
Exercise of common stock options, Shares		8,000
Restricted stock awards, Shares		225,000
Common stock withholding for employee tax obligations	(232)		(232)			(232)
Common stock withholding for employee tax obligations, Shares		(8,000)
Other comprehensive income (loss)	(4,097)			(3,550)		(3,550)	(547)
Net income (loss)	(11,590)				(11,229)	(11,229)	(361)
Ending Balance at Jun. 30, 2023	1,263,326	$ 3	506,075	(20,746)	774,431	1,259,763	3,563
Ending Balance, Shares at Jun. 30, 2023		29,917,000
Equity-based compensation	10,902		10,902			10,902
Restricted stock awards, Shares		211,000
Common stock withholding for employee tax obligations	(517)		(517)			(517)
Common stock withholding for employee tax obligations, Shares		(13,000)
Repurchase of common stock	$ (2,198)		(2,198)			(2,198)
Repurchase of common stock, Shares	(80,000)	(80,000)
Other comprehensive income (loss)	$ 3,787			3,855		3,855	(68)
Net income (loss)	(13,466)				(13,107)	(13,107)	(359)
Ending Balance at Sep. 30, 2023	$ 1,261,834	$ 3	$ 514,262	$ (16,891)	$ 761,324	$ 1,258,698	$ 3,136
Ending Balance, Shares at Sep. 30, 2023	31,925,000	30,035,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical)	Sep. 30, 2023 shares
Common stock shares not issued and holdback as partial security for indemnification obligations	371,006

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net (loss) income from consolidated operations	$ (40,905)	$ 165,999
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity-based compensation	31,490	22,618
Depreciation and amortization	19,610	22,860
Provision for credit losses	(4,331)	25,256
Noncash lease expense	4,895	3,311
Loss on disposal of fixed asset	429	300
Amortization of (discount) premium of marketable securities	(2,382)	4,230
Deferred taxes	10,964	(4,934)
Unrecognized tax benefits	(281)	1,101
Net loss on marketable securities		626
Other	(29)	(23)
Changes in operating assets and liabilities:
Trade accounts receivable	7,596	24,214
Other current and long-term assets	(2,876)	3,722
Accounts payable	(7,025)	(32,331)
Income tax payable		(400)
Accrued liabilities and other liabilities	(323)	(12,905)
Operating lease liabilities	(4,762)	(3,331)
Net cash provided by operating activities	12,070	220,313
Cash flow from investing activities:
Purchase of marketable securities	(343,601)	(257,267)
Maturities of marketable securities	376,890	131,713
Proceeds from sale of marketable securities		133,407
Purchases of fixed assets	(19,101)	(14,053)
Proceeds from sale of fixed assets	440	240
Acquisition of businesses, net of cash acquired		(137,755)
Investment in private equity securities		(15,000)
Contingent consideration payout related to a business acquisition		(10,000)
Net cash provided by (used in) investing activities	14,628	(168,715)
Cash flow from financing activities:
Repurchase of common stock	(2,198)	(45,279)
Common stock withholding for employee tax obligations	(1,618)	(1,452)
Re-payment of notes payable	(2,429)	(367)
Repayment of investment margin loan	(15,000)
Principal paid for finance lease	(592)	(469)
Proceeds from exercise of stock options	3	19
Net cash used in financing activities	(21,834)	(47,548)
Effect of exchange rate changes on cash and cash equivalents	(294)	(174)
Net increase in cash and cash equivalents	4,570	3,876
Cash and cash equivalents at beginning of period	79,506	164,894
Cash and cash equivalents at end of period	84,076	168,770
Supplemental disclosures of cash flow information:
Income taxes paid	2,698	56,181
Interest Paid	940
Supplemental disclosures of non-cash investing and financing activities:
Purchases of marketable securities in other current liabilities		12,905
Purchases of fixed assets in accounts payable	1,288	1,690
Purchases of fixed assets in notes payable		3,833
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,661	52
Finance lease right-of-use assets obtained in exchange for lease liabilities		573
Finance lease right-of-use assets reduced due to lease modification and termination	$ 696
Operating lease right-of-use assets reduced due to lease modification and termination		$ 66

Overview and Basis of Presentat

Overview and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 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 affiliated professional corporations (collectively referred to as the Company, unless otherwise noted or the context otherwise requires), is a technology-based company with a well-established clinical diagnostic business and a therapeutic development business. Its clinical diagnostic business offers molecular diagnostic testing services, comprehensive genetic testing, and high-quality anatomic pathology laboratory services designed to provide physicians and patients with clinically actionable diagnostic information to improve the quality of patient care. Its therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company. 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, 2022, 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, 2023, or the 2022 Annual Report, and, in the opinion of management, include all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or any other period. The accompanying Condensed Consolidated Balance Sheet as of December 31, 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 2022 Annual Report, including the notes thereto.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 2022 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. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of intangible assets and goodwill at time of acquisition and on a recurring basis, and (vi) valuation of investments. Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company assesses collectability by reviewing trade accounts receivable on a collective basis where similar risk characteristics exist and on an individual basis when it identifies specific customers that have deterioration in credit quality such that they may no longer share similar risk characteristics with the other receivables. In determining the amount of the allowance for credit losses, the Company uses a loss rate model or probability-of-default and loss given default model. Following the loss rate method, expected credit losses are determined based on an estimated historical loss rate. The probability of default method 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 loss rate and factors annually to incorporate the most recent historical data and adjusts the quantitative portion of the reserve through its qualitative reserve overlay. The Company looks at qualitative factors such as general economic conditions in determining expected credit losses. During the three and nine months ended September 30, 2023, the Company recorded an adjustment of $( 2.3 ) million and $( 4.3 ) million , respectively, in provision for credit losses for trade accounts receivable due to decreased allowance for uncollectible accounts. During the three and nine months ended September 30, 2022 , the Company recorded $ 6.5 million and $ 25.3 million, respectively, of provision for credit losses for trade accounts receivable. Redeemable Preferred Stock Investment The redeemable preferred stock investment of $ 15.2 million as of September 30, 2023 represents the fair value of redeemable preferred stock of a private company that the Company purchased in July 2021. The investment is classified as available-for-sale debt securities. The fair value of available-for-sale debt security is included in the Condensed Consolidated Statement of Balance Sheets. Unrealized gain of $ 2.3 million and $ 2.8 million is excluded from earnings and reported in other comprehensive income (loss) in the three and nine months ended September 30, 2023 , respectively, and unrealized loss of $ 748,000 and $ 10.7 million were ex cluded from earnings and reported in other comprehensive income (loss) in the three and nine months ended September 30, 2022 , respectively. 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. 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 $ 230,000 and $ 2.0 million in the three and nine months ended September 30, 2023 , respectively. Loss from these translations were $ 1.9 million and $ 3.7 million in the three and nine months ended September 30, 2022 , respectively. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of net unrealized gain or loss on available-for-sale debt securities, net of tax, and foreign currency translation adjustments from the Company's subsidiaries not using the U.S. dollar as their functional currency. There were no reclassifications from other comprehensive income (loss) to net loss in the three and nine months ended September 30, 2023, and reclassification from other comprehensive income (loss) to net earnings was not significant in the three and nine months ended September 30, 2022. The tax effects related to net unrealized loss on available-for-sale debt securities were $ 1.2 million and $ 2.4 million in the three and nine months ended September 30, 2023, respectively . The tax effects related to net unrealized loss on available-for-sale debt securities were $ 3.6 million and $ 9.4 million in the three and nine months ended September 30, 2022 , respectively. Concentration of Customers In certain periods, a small number of customers have accounted for a significant portion of the Company’s revenue. After aggregating customers that are under common control or affiliation, one customer contributed 14 % and 11 % of the Company's revenue for the three and nine months ended September 30, 2023 , respectively. A different customer contributed 13 % and 21 % of the Company's revenue for the three and nine months ended September 30, 2022 , respectively. No customer comprised 10 % or more of total accounts receivable as of September 30, 2023 , and one customer comprised 17 % of total accounts receivable as of December 31, 2022. 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 these classifications best depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Testing Services by payor Insurance $ 48,619 $ 63,030 $ 116,231 $ 337,497 Institutional customers 35,164 42,280 100,238 212,980 Patients 904 345 2,239 787 Total Revenue $ 84,687 $ 105,655 $ 218,708 $ 551,264 The insurance revenue category above includes zero and $ 92.7 million for the three and nine months ended September 30, 2022 , respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program. The Company did no t recognize any insurance revenue under HRSA COVID-19 Uninsurance Program for the three and nine months ended September 30, 2023. $ 18.9 million variable consideration was recognized in the three months ended September 30, 2023 that related to COVID-19 tests completed in the prior periods due to the recent collection efforts, which was included as revenue from insurance in the table above. During the quarter ended September 30, 2023, the Company experienced a change in estimate related to variable consideration. This change resulted in a cumulative catch-up adjustment of $ 18.9 million. The Company estimates variable consideration using the expected value method. Any changes in variable consideration estimates that affect transactions are accounted for on a cumulative catch-up basis. Contract Balances Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Condensed Consolidated Balance Sheets. Net receivable from Insurance and Institutional customers represented 41 % and 59 % , respectively, as of September 30, 2023 . Net receivable from Insurance and Institutional customers represented 14 % and 86 %, respectively, as of December 31, 2022. 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. The Company did no t have any contract assets as of September 30, 2023 and December 31, 2022. 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 Bal ance Sheets. Revenues of $ 731,000 and $ 8.5 million were recognized for the three months ended September 30, 2023 and 2022 , respectively, and $ 2.2 million and $ 14.4 million were recognized for the nine months ended September 30, 2023 and 2022 , respectively, related to contract liabilities at the beginning of the respective periods. Customer Deposit Customer deposit in the accompanying Condensed Consolidated Balance Sheets consists of payments received from customers in excess of their outstanding trade accounts receivable balances. These deposits will be offset against future testing receivables or refunded to the customers. 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	9 Months Ended
	Sep. 30, 2023
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: September 30, 2023 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Preferred stock of privately held company $ 15,000 — — 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term U.S. government debt securities 165,357 — ( 3,162 ) 162,195 Corporate debt securities 85,674 — ( 1,701 ) 83,973 U.S. agency debt securities 71,498 — ( 742 ) 70,756 U.S. treasury bills 61,756 — ( 18 ) 61,738 Money market accounts 33,318 — — 33,318 Municipal bonds 5,117 — ( 53 ) 5,064 Less: Cash equivalents ( 33,318 ) — — ( 33,318 ) Total debt securities due within 1 year 389,402 — ( 5,676 ) 383,726 After 1 year through 5 years U.S. government debt securities 202,084 6 ( 3,297 ) 198,793 U.S. agency debt securities 163,842 — ( 3,910 ) 159,932 Corporate debt securities 16,208 — ( 1,176 ) 15,032 Municipal bonds 7,517 1 ( 149 ) 7,369 Yankee debt securities 752 — ( 84 ) 668 Redeemable preferred stock investment 20,000 — ( 4,842 ) 15,158 Total debt securities due after 1 year through 5 years 410,403 7 ( 13,458 ) 396,952 After 5 years through 10 years Municipal bonds 1,905 — ( 40 ) 1,865 Total debt securities due after 5 years through 10 years 1,905 — ( 40 ) 1,865 Total available-for-sale debt securities 801,710 7 ( 19,174 ) 782,543 Total equity and debt securities $ 816,710 $ 7 $ ( 19,174 ) $ 797,543 December 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Preferred stock of privately held company $ 15,000 $ — $ — $ 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term U.S. government debt securities 189,333 — ( 3,373 ) 185,960 Corporate debt securities 120,480 — ( 2,222 ) 118,258 U.S. treasury bills 69,991 — ( 193 ) 69,798 U.S. agency debt securities 68,411 — ( 342 ) 68,069 Money market accounts 27,455 — — 27,455 Municipal bonds 7,371 — ( 80 ) 7,291 Yankee debt securities 2,347 — ( 5 ) 2,342 Less: Cash equivalents ( 32,444 ) — — ( 32,444 ) Total debt securities due within 1 year 452,944 — ( 6,215 ) 446,729 After 1 year through 5 years U.S. government debt securities 152,435 2 ( 6,349 ) 146,088 U.S. agency debt securities 92,054 — ( 3,435 ) 88,619 Corporate debt securities 80,647 — ( 4,756 ) 75,891 Municipal bonds 12,065 — ( 217 ) 11,848 Yankee debt securities 753 — ( 85 ) 668 Redeemable preferred stock investment 20,000 — ( 7,615 ) 12,385 Total debt securities due after 1 year through 5 years 357,954 2 ( 22,457 ) 335,499 After 5 years through 10 years Municipal bonds 3,617 — ( 83 ) 3,534 Total debt securities due after 5 years through 10 years 3,617 — ( 83 ) 3,534 Total available-for-sale debt securities 814,515 2 ( 28,755 ) 785,762 Total equity and debt securities $ 829,515 $ 2 $ ( 28,755 ) $ 800,762 Gross unrealized losses on the Company’s equity and debt securities were $ 19.2 million and $ 28.8 million as of September 30, 2023 and December 31, 2022, respectively. The Company did not recognize any credit losses for its available-for-sale debt securities during the three and nine months ended September 30, 2023 and 2022 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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: September 30, 2023 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: U.S. government debt securities $ 360,988 $ — $ 360,988 $ — U.S. agency debt securities 230,688 — 230,688 — Corporate debt securities 99,005 — 99,005 — U.S. treasury bills 61,738 61,738 — — Money market accounts 33,318 33,318 — — Municipal bonds 14,298 — 14,298 — Preferred stock of privately held company 15,000 — — 15,000 Redeemable preferred stock investment 15,158 — — 15,158 Yankee debt securities 668 — 668 — Total equity securities, debt securities and cash equivalents $ 830,861 $ 95,056 $ 705,647 $ 30,158 December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: U.S. government debt securities $ 332,048 $ — $ 332,048 $ — Corporate debt securities 194,149 — 194,149 — U.S. agency debt securities 156,688 — 156,688 — U.S. treasury bills 69,798 69,798 — — Money market accounts 27,455 27,455 — — Municipal bonds 22,673 — 22,673 — Preferred stock of privately held company 15,000 — — 15,000 Redeemable preferred stock investment 12,385 — — 12,385 Yankee debt securities 3,010 — 3,010 — Total equity securities, debt securities and cash equivalents $ 833,206 $ 97,253 $ 708,568 $ 27,385 The Company’s Level 1 assets include U.S. treasury bills 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 September 30, 2023, the Company had preferred stock of a privately held company, which was included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets, and redeemable preferred stock of a private company that were measured using unobservable (Level 3) inputs. The fair value of redeemable preferred stock as of September 30, 2023 and December 31, 2022 was based on valuation performed by a third-party valuation company utilizing the guideline public company method under market approach and the discounted cash flow method under income approach. For the value of the investment in private equity securities, the Company elected to measure it at cost minus impairment, as the preferred stock of the privately held company did not have a readily determinable fair value, and no impairment loss was recorded as of September 30, 2023. There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2023 and 2022 .

Fixed Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Fixed Assets	Note 5. Fixed Assets Major classes of fixed assets consisted of the following: September 30, December 31, Useful Lives 2023 2022 (in thousands) Medical lab equipment 5 months to 12 Years $ 50,898 $ 53,503 Leasehold improvements Shorter of lease term or estimated useful life 11,065 11,804 Building 39 Years 9,781 6,731 Computer software 1 to 5 Years 7,739 6,982 Building improvements 6 months to 39 Years 7,703 5,865 Computer hardware 1 to 5 Years 6,485 6,979 Aircraft 7 Years 6,400 6,400 Furniture and fixtures 1 to 5 Years 3,751 4,248 Land improvements 5 to 15 Years 904 904 Automobile 3 to 7 Years 347 797 General equipment 3 to 5 Years 115 44 Land 8,800 7,500 Assets not yet placed in service 18,385 12,877 Total 132,373 124,634 Less: Accumulated depreciation ( 47,108 ) ( 43,281 ) Fixed assets, net $ 85,265 $ 81,353 Depreciation expenses on fixed asse ts totaled $ 4.3 million and $ 7.6 million for the three months ended September 30, 2023 and 2022 , respectively, and $ 13.1 million and $ 17.9 million for the nine months ended September 30, 2023 and 2022 , respectively.

Other Significant Balance Sheet

Other Significant Balance Sheet Accounts	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Other Significant Balance Sheet Accounts	Note 6. Ot her Significant Balance Sheet Accounts Other current assets consisted of the following: September 30, December 31, 2023 2022 (in thousands) Prepaid income taxes $ 14,965 $ 15,434 Prepaid expenses 7,583 6,814 Reagents and supplies 4,877 4,280 Marketable securities interest receivable 4,236 2,525 Other receivable 1,115 19,836 Total $ 32,776 $ 48,889 Other receivable as of December 31, 2022 includes $ 19.1 million of maturities of marketable securities that did not settle until after period-end. Other long-term liabilities primarily include operating and finance lease liabilities, long-term, see Note 9, Leases , and notes payable, long-term, see Note 8, Debt, Commitments and Contingencies .

Reporting Segment and Geographi

Reporting Segment and Geographic Information	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022. Revenue by region during the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Revenue: United States $ 78,974 $ 101,515 $ 204,087 $ 540,801 Foreign 5,713 4,140 14,621 10,463 Total $ 84,687 $ 105,655 $ 218,708 $ 551,264

Debt, Commitments and Contingen

Debt, Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Debt Commitments And Contingencies Disclosure [Abstract]
Debt, Commitments and Contingencies	Note 8. Debt, Commitments and Contingencies Debt As of September 30, 2023, the Company did not have any outstanding borrowing under its margin account with the custodian of the Company’s marketable debt security investment account, Pershing Advisor Solutions, LLC, a BNY Mellon Company. The related interest expenses for the three and nine months ended September 30, 2023 were zero and $ 336,000 , respectively. The related interest expenses for the three and nine months ended September 30, 2022 were $ 105,000 and $ 185,000 , respectively. Notes payable as of September 30, 2023 consisted of $ 3.4 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building and $ 2.5 million of notes payable to Xilong Scientific Co., or Xilong Scientific, by Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech. The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08 %. The current portion and noncurrent portion are $ 408,000 and $ 3.0 million , respectively, and the noncurrent portion is included in the other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The notes payable to Xilong Scientific were extended to and are due on December 31, 2023, and the interest rate on the loan is 4.97 %. The related interest expenses for the three and nine months ended September 30, 2023 were $ 54,000 and $ 199,000 , respectively. The related interest expenses for the three and nine months ended September 30, 2022 were $ 75,000 and $ 231,000 , respectively. Operating Leases See Note 9, Leases , for further information. Purchase Obligations The Company entered certain noncancelable purchase commitments with its vendors, which primarily consist of services, reagent and supplies, computer software, and medical lab equipment. As of September 30, 2023, the Company had non-cancelable purchase obligations of $ 51.1 million , of which $ 24.0 million is payable within twelve months, and the remainder, $ 27.1 million , is payable within the next five years. 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. Among other things, 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. As disclosed in the Company’s prior filings, the U.S. Securities and Exchange Commission, or the SEC is also conducting a non-public formal investigation, which appears to relate to the matters raised in the CID requests and our Exchange Act reports filed for 2018 through 2020. The Company is fully cooperating with the U.S. Department of Justice and the SEC to promptly respond to the requests for information in this CID and investigation and does not presently expect this CID or resulting investigation or the SEC investigation to have a material adverse impact. However, the Company cannot predict when these matters will be resolved, the outcome of these matters, or their potential impact, which may ultimately be greater than what the Company currently expects.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Note 9. Leases Lessee The Company is a lessee to various non-cancelable operating leases with varying terms through April 2033 primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expirations. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company also has various finance leases for lab equipment with varying terms through December 2026 , some of which were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options, or asset retirement obligations. The Company’s headquarters are located in El Monte, 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 Temple City, California; Irving, Texas; Needham, Massachusetts; Phoenix, Arizona; Alpharetta, Georgia; and New York, New York. The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, 2023 2022 (in thousands) Operating lease ROU asset, net $ 12,406 $ 14,784 Operating lease liabilities, short term $ 4,994 $ 6,132 Operating lease liabilities, long term $ 7,684 $ 8,795 Finance lease ROU asset, net $ 1,444 $ 2,784 Finance lease liabilities, short term $ 537 $ 943 Finance lease liabilities, long term $ 894 $ 1,818 The following were operating and finance lease expenses: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 1,703 $ 1,770 $ 5,239 $ 3,674 Finance lease cost: Amortization of ROU assets 136 225 622 490 Interest on lease liabilities 15 31 67 66 Short-term lease cost 453 112 1,460 1,042 Total lease cost $ 2,307 $ 2,138 $ 7,388 $ 5,272 Supplemental information related to operating and finance leases were the following: September 30, 2023 Weighted average remaining lease term - operating leases 4.24 years Weighted average discount rate - operating leases 4.01 % Weighted average remaining lease term -finance lease 2.89 years Weighted average discount rate - finance lease 3.77 % 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, 2023 (remaining 3 months) $ 1,643 $ 96 2024 4,356 579 2025 2,407 467 2026 1,784 366 2027 1,684 — 2028 541 — Thereafter 1,509 — Total lease payments 13,924 1,508 Less imputed interest ( 1,246 ) ( 77 ) Total $ 12,678 $ 1,431 Lessor The Company leases out space in buildings it owns and leases to third-party tenants under noncancelable operating leases. As of September 30, 2023 , the remaining lease terms range from 3 months to 15 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 Operations. Total lease income was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Lease income $ 36 $ 48 $ 119 $ 229 Variable lease income 1 — 8 12 Total lease income $ 37 $ 48 $ 127 $ 241 Future fixed lease payments from tenants for all noncancelable operating leases as of September 30, 2023 are as follows: Lease Payments from Tenants (in thousands) Year Ending December 31, 2023 (remaining 3 months) $ 36 2024 90 Total $ 126

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 10. Equity-Based Compensation The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue $ 2,621 $ 2,475 $ 7,374 $ 6,183 Research and development 3,782 2,687 10,900 7,110 Selling and marketing 1,189 1,243 3,644 3,148 General and administrative 3,310 2,567 9,572 6,177 Total $ 10,902 $ 8,972 $ 31,490 $ 22,618

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. 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 $ 20.3 million and $ 12.0 million for the three and nine months ended September 30, 2023 , respectively, compared with $ 414,000 and $ 51.5 million for the three and nine months ended September 30, 2022, respectively. The Company’s effective tax rate was 296 % and ( 42 %) for the three and nine months ended September 30, 2023 , respectively, compared to 24 % for both the three and nine months ended September 30, 2022. The change in the effective tax rate compared to prior periods is due to the establishment, in the current quarter, of a valuation allowance on the Company's net deferred tax assets. The Company is under examination by certain tax authorities for the 2020 to 2021 tax years. While the timing of the conclusion of the examination is uncertain, the Company believes that adequate amounts have been reserved for adjustments that may result. During 2023, the statutes of limitations will lapse on the Company’s 2019 federal tax year and certain 2018 and 2019 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.

Income (Loss) per Share

Income (Loss) per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Income (Loss) per Share	Note 12. Income (Loss) per Share The following table presents the calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to Fulgent $ ( 13,107 ) $ 1,719 $ ( 39,676 ) $ 167,235 Weighted-average common shares—outstanding, basic 30,013 30,174 29,789 30,256 Weighted-average common shares—outstanding, diluted 30,013 30,867 29,789 31,107 Net income (loss) per common share, basic $ ( 0.44 ) $ 0.06 $ ( 1.33 ) $ 5.53 Net income (loss) per common share, diluted $ ( 0.44 ) $ 0.06 $ ( 1.33 ) $ 5.38 The following securities have been excluded from the calculation of diluted income (loss) per share because their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Options 215 7 212 10 Restricted Stock Units 1,315 1,238 1,196 697 Contingently Issuable Shares 371 — 371 — The anti-dilutive shares described above were calculated using the treasury stock method. In the three and nine months ended September 30, 2023, the Company had outstanding stock options and restricted stock units and contingently issuable shares for held back related shares to the business combination of Fulgent Pharma that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Parties	Note 13. Related Parties Linda Marsh, who is a member of the Company’s Board of Directors, or the Board, currently serves as 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 $ 6,000 and $ 122,000 in revenue from AHMC in the three and nine months ended September 30, 2023 , respectively. The Company recognized $ 299,000 and $ 1.3 million in revenue from AHMC in the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, $ 13,000 and $ 93,000 , 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. Ming Hsieh, the Chief Executive Officer and Chairperson of the Board, is on the board of directors and a 20 % owner of ANP Technologies, Inc., or ANP, from which the Company purchased COVID-19 antigen rapid test kits and entered into certain drug-related licensing and development service agreements. The President and Chief Scientific Officer of Fulgent Pharma, Ray Yin, is the Founder, President, and Chief Technology Officer of ANP. The Company incurred $ 368,000 and $ 1.9 million in expenses, in the three and nine months ended September 30, 2023 , respectively, related to the licensing and development services and purchases of equipment and COVID-19 antigen rapid test kits. The Company incurred $ 120,000 and $ 280,000 in expenses in the three and nine months ended September 30, 2022, respectively, for COVID-19 antigen rapid test kits. As of September 30, 2023 and December 31, 2022, $ 255,000 and $ 607,000 , respectively, were owed to ANP by the Company in connection with these relationships. The Company also entered into an employee service agreement with ANP in April 2023, $ 32,000 and $ 70,000 were recognized in the three and nine months ended September 30, 2023, respectively, and $ 70,000 was owed by ANP in connection with the employee service agreement as of September 30, 2023 .

Goodwill and Acquisition-Relate

Goodwill and Acquisition-Related Intangibles	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquisition-Related Intangibles	Note 14. Goodwill and Acquisition-Related Intangibles Summaries of goodwill and intangibles balances assets as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Weighted-Average Amortization Period 2023 2022 (in thousands) Goodwill $ 141,844 $ 143,027 In-process research & development n/a $ 64,590 $ 64,590 Royalty-free technology 10 Years 5,071 5,364 Less: accumulated amortization ( 1,225 ) ( 894 ) Royalty-free technology, net 3,846 4,470 Customer relationships 13 Years 82,686 82,750 Less: accumulated amortization ( 10,976 ) ( 6,215 ) Customer relationships, net 71,710 76,535 Trade name 8 Years 3,790 3,790 Less: accumulated amortization ( 782 ) ( 412 ) Trade name, net 3,008 3,378 In-place lease intangible assets 5 Years 360 360 Less: accumulated amortization ( 99 ) ( 46 ) In-place lease intangible assets, net 261 314 Laboratory information system platform 5 Years 1,860 1,860 Less: accumulated amortization ( 806 ) ( 527 ) Laboratory information system platform, net 1,054 1,333 Purchased patent 10 Years 27 29 Less: accumulated amortization ( 7 ) ( 6 ) Purchased patent, net 20 23 Total intangible assets, net $ 144,489 $ 150,643 Acquisition-related intangibles included in the above tables are generally finite-lived and are carried at cost less accumulated amortization, except for In-Process Research and Development, or IPR&D, which is related to a business combination in 2022 and has an indefinite life until research and development efforts are completed or abandoned. All other finite-lived acquisition-related intangibles related to the business combinations in 2022 and 2021 are amortized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized. Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows: Amounts (in thousands) Balance as of January 1, 2023 Goodwill $ 143,027 Accumulated impairment losses — 143,027 Net foreign currency exchange differences ( 1,183 ) Balance as of September 30, 2023 Goodwill 141,844 Accumulated impairment losses — $ 141,844 Based on the carrying value of finite-lived intangible assets recorded as of September 30, 2023, 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, 2023 (remaining 3 months) $ 1,955 2024 7,822 2025 7,822 2026 7,521 2027 7,196 2028 7,161 Thereafter 40,422 Total $ 79,899

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stock Repurchase Program	Note 15. Stock Repurchase Program In March 2022, the Board authorized a $ 250.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program has no expiration from the date of authorization. During the three and nine months ended September 30, 2023, the Company repurchased 80,000 shares of its common stock at an aggregate cost of $ 2.2 million under the stock repurchase program. During the three months ended September 30, 2022, the Company repurchased 780,000 shares of its common stock at an aggregate cost of $ 34.7 million. During the nine months ended September 30, 2022, the Company repurchased 995,000 shares of its common stock at an aggregate cost of $ 45.3 million. As of September 30, 2023, a total of approximately $ 173.5 million remained available for future repurchases of its common stock under the stock repurchase program.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events In October 2023, the Company repurchased 533,000 shares of its common stock at an aggregate cost of $ 13.7 million under the stock repurchase program approved in March 2022. See Note 15, Stock Repurchase Program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of intangible assets and goodwill at time of acquisition and on a recurring basis, and (vi) valuation of investments.
Trade Accounts Receivable and Allowance for Credit Losses	Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company assesses collectability by reviewing trade accounts receivable on a collective basis where similar risk characteristics exist and on an individual basis when it identifies specific customers that have deterioration in credit quality such that they may no longer share similar risk characteristics with the other receivables. In determining the amount of the allowance for credit losses, the Company uses a loss rate model or probability-of-default and loss given default model. Following the loss rate method, expected credit losses are determined based on an estimated historical loss rate. The probability of default method 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 loss rate and factors annually to incorporate the most recent historical data and adjusts the quantitative portion of the reserve through its qualitative reserve overlay. The Company looks at qualitative factors such as general economic conditions in determining expected credit losses. During the three and nine months ended September 30, 2023, the Company recorded an adjustment of $( 2.3 ) million and $( 4.3 ) million , respectively, in provision for credit losses for trade accounts receivable due to decreased allowance for uncollectible accounts. During the three and nine months ended September 30, 2022 , the Company recorded $ 6.5 million and $ 25.3 million, respectively, of provision for credit losses for trade accounts receivable.
Redeemable Preferred Stock Investment	Redeemable Preferred Stock Investment The redeemable preferred stock investment of $ 15.2 million as of September 30, 2023 represents the fair value of redeemable preferred stock of a private company that the Company purchased in July 2021. The investment is classified as available-for-sale debt securities. The fair value of available-for-sale debt security is included in the Condensed Consolidated Statement of Balance Sheets. Unrealized gain of $ 2.3 million and $ 2.8 million is excluded from earnings and reported in other comprehensive income (loss) in the three and nine months ended September 30, 2023 , respectively, and unrealized loss of $ 748,000 and $ 10.7 million were ex cluded from earnings and reported in other comprehensive income (loss) in the three and nine months ended September 30, 2022 , respectively. 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. 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 $ 230,000 and $ 2.0 million in the three and nine months ended September 30, 2023 , respectively. Loss from these translations were $ 1.9 million and $ 3.7 million in the three and nine months ended September 30, 2022 , respectively.
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 from the Company's subsidiaries not using the U.S. dollar as their functional currency. There were no reclassifications from other comprehensive income (loss) to net loss in the three and nine months ended September 30, 2023, and reclassification from other comprehensive income (loss) to net earnings was not significant in the three and nine months ended September 30, 2022. The tax effects related to net unrealized loss on available-for-sale debt securities were $ 1.2 million and $ 2.4 million in the three and nine months ended September 30, 2023, respectively . The tax effects related to net unrealized loss on available-for-sale debt securities were $ 3.6 million and $ 9.4 million in the three and nine months ended September 30, 2022 , respectively.
Concentration of Customers	Concentration of Customers In certain periods, a small number of customers have accounted for a significant portion of the Company’s revenue. After aggregating customers that are under common control or affiliation, one customer contributed 14 % and 11 % of the Company's revenue for the three and nine months ended September 30, 2023 , respectively. A different customer contributed 13 % and 21 % of the Company's revenue for the three and nine months ended September 30, 2022 , respectively. No customer comprised 10 % or more of total accounts receivable as of September 30, 2023 , and one customer comprised 17 % of total accounts receivable as of December 31, 2022.
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 these classifications best depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Testing Services by payor Insurance $ 48,619 $ 63,030 $ 116,231 $ 337,497 Institutional customers 35,164 42,280 100,238 212,980 Patients 904 345 2,239 787 Total Revenue $ 84,687 $ 105,655 $ 218,708 $ 551,264 The insurance revenue category above includes zero and $ 92.7 million for the three and nine months ended September 30, 2022 , respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program. The Company did no t recognize any insurance revenue under HRSA COVID-19 Uninsurance Program for the three and nine months ended September 30, 2023. $ 18.9 million variable consideration was recognized in the three months ended September 30, 2023 that related to COVID-19 tests completed in the prior periods due to the recent collection efforts, which was included as revenue from insurance in the table above. During the quarter ended September 30, 2023, the Company experienced a change in estimate related to variable consideration. This change resulted in a cumulative catch-up adjustment of $ 18.9 million. The Company estimates variable consideration using the expected value method. Any changes in variable consideration estimates that affect transactions are accounted for on a cumulative catch-up basis. Contract Balances Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Condensed Consolidated Balance Sheets. Net receivable from Insurance and Institutional customers represented 41 % and 59 % , respectively, as of September 30, 2023 . Net receivable from Insurance and Institutional customers represented 14 % and 86 %, respectively, as of December 31, 2022. 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. The Company did no t have any contract assets as of September 30, 2023 and December 31, 2022. 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 Bal ance Sheets. Revenues of $ 731,000 and $ 8.5 million were recognized for the three months ended September 30, 2023 and 2022 , respectively, and $ 2.2 million and $ 14.4 million were recognized for the nine months ended September 30, 2023 and 2022 , respectively, related to contract liabilities at the beginning of the respective periods.
Customer Deposit	Customer Deposit Customer deposit in the accompanying Condensed Consolidated Balance Sheets consists of payments received from customers in excess of their outstanding trade accounts receivable balances. These deposits will be offset against future testing receivables or refunded to the customers.
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)	9 Months Ended
	Sep. 30, 2023
Accounting Standards Update 2014-09
Summary of Revenue from Contracts with Customers by Payor Type	The following table summarizes revenue from contracts with customers by payor type for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Testing Services by payor Insurance $ 48,619 $ 63,030 $ 116,231 $ 337,497 Institutional customers 35,164 42,280 100,238 212,980 Patients 904 345 2,239 787 Total Revenue $ 84,687 $ 105,655 $ 218,708 $ 551,264

Equity and Debt Securities (Tab

Equity and Debt Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Equity and Debt Securities	The Company’s equity and debt securities consisted of the following: September 30, 2023 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Preferred stock of privately held company $ 15,000 — — 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term U.S. government debt securities 165,357 — ( 3,162 ) 162,195 Corporate debt securities 85,674 — ( 1,701 ) 83,973 U.S. agency debt securities 71,498 — ( 742 ) 70,756 U.S. treasury bills 61,756 — ( 18 ) 61,738 Money market accounts 33,318 — — 33,318 Municipal bonds 5,117 — ( 53 ) 5,064 Less: Cash equivalents ( 33,318 ) — — ( 33,318 ) Total debt securities due within 1 year 389,402 — ( 5,676 ) 383,726 After 1 year through 5 years U.S. government debt securities 202,084 6 ( 3,297 ) 198,793 U.S. agency debt securities 163,842 — ( 3,910 ) 159,932 Corporate debt securities 16,208 — ( 1,176 ) 15,032 Municipal bonds 7,517 1 ( 149 ) 7,369 Yankee debt securities 752 — ( 84 ) 668 Redeemable preferred stock investment 20,000 — ( 4,842 ) 15,158 Total debt securities due after 1 year through 5 years 410,403 7 ( 13,458 ) 396,952 After 5 years through 10 years Municipal bonds 1,905 — ( 40 ) 1,865 Total debt securities due after 5 years through 10 years 1,905 — ( 40 ) 1,865 Total available-for-sale debt securities 801,710 7 ( 19,174 ) 782,543 Total equity and debt securities $ 816,710 $ 7 $ ( 19,174 ) $ 797,543 December 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Equity securities: Long-term Preferred stock of privately held company $ 15,000 $ — $ — $ 15,000 Total equity securities 15,000 — — 15,000 Available-for-sale debt securities Short-term U.S. government debt securities 189,333 — ( 3,373 ) 185,960 Corporate debt securities 120,480 — ( 2,222 ) 118,258 U.S. treasury bills 69,991 — ( 193 ) 69,798 U.S. agency debt securities 68,411 — ( 342 ) 68,069 Money market accounts 27,455 — — 27,455 Municipal bonds 7,371 — ( 80 ) 7,291 Yankee debt securities 2,347 — ( 5 ) 2,342 Less: Cash equivalents ( 32,444 ) — — ( 32,444 ) Total debt securities due within 1 year 452,944 — ( 6,215 ) 446,729 After 1 year through 5 years U.S. government debt securities 152,435 2 ( 6,349 ) 146,088 U.S. agency debt securities 92,054 — ( 3,435 ) 88,619 Corporate debt securities 80,647 — ( 4,756 ) 75,891 Municipal bonds 12,065 — ( 217 ) 11,848 Yankee debt securities 753 — ( 85 ) 668 Redeemable preferred stock investment 20,000 — ( 7,615 ) 12,385 Total debt securities due after 1 year through 5 years 357,954 2 ( 22,457 ) 335,499 After 5 years through 10 years Municipal bonds 3,617 — ( 83 ) 3,534 Total debt securities due after 5 years through 10 years 3,617 — ( 83 ) 3,534 Total available-for-sale debt securities 814,515 2 ( 28,755 ) 785,762 Total equity and debt securities $ 829,515 $ 2 $ ( 28,755 ) $ 800,762

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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: September 30, 2023 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: U.S. government debt securities $ 360,988 $ — $ 360,988 $ — U.S. agency debt securities 230,688 — 230,688 — Corporate debt securities 99,005 — 99,005 — U.S. treasury bills 61,738 61,738 — — Money market accounts 33,318 33,318 — — Municipal bonds 14,298 — 14,298 — Preferred stock of privately held company 15,000 — — 15,000 Redeemable preferred stock investment 15,158 — — 15,158 Yankee debt securities 668 — 668 — Total equity securities, debt securities and cash equivalents $ 830,861 $ 95,056 $ 705,647 $ 30,158 December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Equity securities, debt securities and cash equivalents: U.S. government debt securities $ 332,048 $ — $ 332,048 $ — Corporate debt securities 194,149 — 194,149 — U.S. agency debt securities 156,688 — 156,688 — U.S. treasury bills 69,798 69,798 — — Money market accounts 27,455 27,455 — — Municipal bonds 22,673 — 22,673 — Preferred stock of privately held company 15,000 — — 15,000 Redeemable preferred stock investment 12,385 — — 12,385 Yankee debt securities 3,010 — 3,010 — Total equity securities, debt securities and cash equivalents $ 833,206 $ 97,253 $ 708,568 $ 27,385

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Major Classes of Fixed Assets	Major classes of fixed assets consisted of the following: September 30, December 31, Useful Lives 2023 2022 (in thousands) Medical lab equipment 5 months to 12 Years $ 50,898 $ 53,503 Leasehold improvements Shorter of lease term or estimated useful life 11,065 11,804 Building 39 Years 9,781 6,731 Computer software 1 to 5 Years 7,739 6,982 Building improvements 6 months to 39 Years 7,703 5,865 Computer hardware 1 to 5 Years 6,485 6,979 Aircraft 7 Years 6,400 6,400 Furniture and fixtures 1 to 5 Years 3,751 4,248 Land improvements 5 to 15 Years 904 904 Automobile 3 to 7 Years 347 797 General equipment 3 to 5 Years 115 44 Land 8,800 7,500 Assets not yet placed in service 18,385 12,877 Total 132,373 124,634 Less: Accumulated depreciation ( 47,108 ) ( 43,281 ) Fixed assets, net $ 85,265 $ 81,353

Other Significant Balance She_2

Other Significant Balance Sheet Accounts (Tables)	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: September 30, December 31, 2023 2022 (in thousands) Prepaid income taxes $ 14,965 $ 15,434 Prepaid expenses 7,583 6,814 Reagents and supplies 4,877 4,280 Marketable securities interest receivable 4,236 2,525 Other receivable 1,115 19,836 Total $ 32,776 $ 48,889

Reporting Segment and Geograp_2

Reporting Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Revenue by Geographic Region	Revenue by region during the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Revenue: United States $ 78,974 $ 101,515 $ 204,087 $ 540,801 Foreign 5,713 4,140 14,621 10,463 Total $ 84,687 $ 105,655 $ 218,708 $ 551,264

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, 2023 2022 (in thousands) Operating lease ROU asset, net $ 12,406 $ 14,784 Operating lease liabilities, short term $ 4,994 $ 6,132 Operating lease liabilities, long term $ 7,684 $ 8,795 Finance lease ROU asset, net $ 1,444 $ 2,784 Finance lease liabilities, short term $ 537 $ 943 Finance lease liabilities, long term $ 894 $ 1,818
Schedule of Operating and Finance Lease Expenses	The following were operating and finance lease expenses: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 1,703 $ 1,770 $ 5,239 $ 3,674 Finance lease cost: Amortization of ROU assets 136 225 622 490 Interest on lease liabilities 15 31 67 66 Short-term lease cost 453 112 1,460 1,042 Total lease cost $ 2,307 $ 2,138 $ 7,388 $ 5,272
Schedule of Supplemental Information Related to Operating and Finance Leases	Supplemental information related to operating and finance leases were the following: September 30, 2023 Weighted average remaining lease term - operating leases 4.24 years Weighted average discount rate - operating leases 4.01 % Weighted average remaining lease term -finance lease 2.89 years Weighted average discount rate - finance lease 3.77 %
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, 2023 (remaining 3 months) $ 1,643 $ 96 2024 4,356 579 2025 2,407 467 2026 1,784 366 2027 1,684 — 2028 541 — Thereafter 1,509 — Total lease payments 13,924 1,508 Less imputed interest ( 1,246 ) ( 77 ) Total $ 12,678 $ 1,431
Schedule of Lease Income	Total lease income was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Lease income $ 36 $ 48 $ 119 $ 229 Variable lease income 1 — 8 12 Total lease income $ 37 $ 48 $ 127 $ 241
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 September 30, 2023 are as follows: Lease Payments from Tenants (in thousands) Year Ending December 31, 2023 (remaining 3 months) $ 36 2024 90 Total $ 126

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation	The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue $ 2,621 $ 2,475 $ 7,374 $ 6,183 Research and development 3,782 2,687 10,900 7,110 Selling and marketing 1,189 1,243 3,644 3,148 General and administrative 3,310 2,567 9,572 6,177 Total $ 10,902 $ 8,972 $ 31,490 $ 22,618

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of the Basic and Diluted Income (loss) Per Share Computations	The following table presents the calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to Fulgent $ ( 13,107 ) $ 1,719 $ ( 39,676 ) $ 167,235 Weighted-average common shares—outstanding, basic 30,013 30,174 29,789 30,256 Weighted-average common shares—outstanding, diluted 30,013 30,867 29,789 31,107 Net income (loss) per common share, basic $ ( 0.44 ) $ 0.06 $ ( 1.33 ) $ 5.53 Net income (loss) per common share, diluted $ ( 0.44 ) $ 0.06 $ ( 1.33 ) $ 5.38
Anti-dilutive Securities Excluded from Calculation of Diluted Income (Loss) Per Share	The following securities have been excluded from the calculation of diluted income (loss) per share because their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Options 215 7 212 10 Restricted Stock Units 1,315 1,238 1,196 697 Contingently Issuable Shares 371 — 371 —

Goodwill and Acquisition-Rela_2

Goodwill and Acquisition-Related Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summaries of Goodwill and Acquisitions-Related Intangibles Balances	Summaries of goodwill and intangibles balances assets as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Weighted-Average Amortization Period 2023 2022 (in thousands) Goodwill $ 141,844 $ 143,027 In-process research & development n/a $ 64,590 $ 64,590 Royalty-free technology 10 Years 5,071 5,364 Less: accumulated amortization ( 1,225 ) ( 894 ) Royalty-free technology, net 3,846 4,470 Customer relationships 13 Years 82,686 82,750 Less: accumulated amortization ( 10,976 ) ( 6,215 ) Customer relationships, net 71,710 76,535 Trade name 8 Years 3,790 3,790 Less: accumulated amortization ( 782 ) ( 412 ) Trade name, net 3,008 3,378 In-place lease intangible assets 5 Years 360 360 Less: accumulated amortization ( 99 ) ( 46 ) In-place lease intangible assets, net 261 314 Laboratory information system platform 5 Years 1,860 1,860 Less: accumulated amortization ( 806 ) ( 527 ) Laboratory information system platform, net 1,054 1,333 Purchased patent 10 Years 27 29 Less: accumulated amortization ( 7 ) ( 6 ) Purchased patent, net 20 23 Total intangible assets, net $ 144,489 $ 150,643
Summary of Carrying Amount of Goodwill	Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows: Amounts (in thousands) Balance as of January 1, 2023 Goodwill $ 143,027 Accumulated impairment losses — 143,027 Net foreign currency exchange differences ( 1,183 ) Balance as of September 30, 2023 Goodwill 141,844 Accumulated impairment losses — $ 141,844
Summary of Annual Amortization Expense For Acquisition-Related Intangibles	Based on the carrying value of finite-lived intangible assets recorded as of September 30, 2023, 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, 2023 (remaining 3 months) $ 1,955 2024 7,822 2025 7,822 2026 7,521 2027 7,196 2028 7,161 Thereafter 40,422 Total $ 79,899

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) Customer	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2023 USD ($) Customer	Sep. 30, 2022 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Contract with customer liability, revenue recognized	$ 731,000	$ 8,500,000	$ 2,200,000	$ 14,400,000
Provision for credit losses for trade accounts receivable	(2,300,000)	6,500,000	(4,331,000)	25,256,000
Redeemable preferred stock investment	15,158,000		15,158,000		$ 12,385,000
Unrealized gain (loss)	2,300,000	(748,000)	$ 2,800,000	(10,700,000)
Preferred stock, redemption date			Jul. 31, 2027
Foreign currency translation (loss) gain	(230,000)	(1,925,000)	$ (2,027,000)	(3,680,000)
Foreign currency remeasurements loss	230,000		2,000,000
Tax effects related to unrealized holding loss on available-for-sale debt securities	1,200,000	3,600,000	2,400,000	9,400,000
Revenue	84,687,000	105,655,000	218,708,000	551,264,000
Variable consideration	18,900,000
Cumulative catch-up adjustment	18,900,000
Contract assets	0		0		$ 0
Clinical Insurance Contracts | HSRA COVID-19 Uninsured Program
Summary Of Significant Accounting Policies [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 92,700,000
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	41%		41%		14%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	59%		59%		86%
Customer Concentration Risk | Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer	1	1	1	1
Customer Concentration Risk | Revenue | Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	14%	13%	11%	21%
Customer Concentration Risk | Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer					1
Customer Concentration Risk | Accounts Receivable | Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage					17%
Minimum | Customer Concentration Risk | Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer			0
Concentration risk, percentage			10%

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 84,687	$ 105,655	$ 218,708	$ 551,264
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	84,687	105,655	218,708	551,264
Accounting Standards Update 2014-09 | Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	48,619	63,030	116,231	337,497
Accounting Standards Update 2014-09 | Clinical Institutional Customers Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	35,164	42,280	100,238	212,980
Accounting Standards Update 2014-09 | Clinical Patients Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 904	$ 345	$ 2,239	$ 787

Equity and Debt Securities - Su

Equity and Debt Securities - Summary of Equity and Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		$ 814,515
Cash and cash equivalents	$ 84,076	79,506
Less: Cash equivalents, Carrying Value	(33,318)	(32,444)
Equity and debt securities, Amortized Cost Basis	816,710	829,515
Equity and debt securities, Unrealized Gains	7	2
Equity and debt securities, Unrealized Losses	(19,174)	(28,755)
Equity and debt securities, Aggregate Fair Value	797,543	800,762
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	801,710
Debt securities, Unrealized Gains	7	2
Debt securities, Unrealized Losses	(19,174)	(28,755)
Debt securities, Aggregate Fair Value	782,543	785,762
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	389,402	452,944
Debt securities, Unrealized Losses	(5,676)	(6,215)
Debt securities, Aggregate Fair Value	383,726	446,729
Short-Term Marketable Securities | U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	165,357	189,333
Debt securities, Unrealized Losses	(3,162)	(3,373)
Debt securities, Aggregate Fair Value	162,195	185,960
Short-Term Marketable Securities | Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	85,674	120,480
Debt securities, Unrealized Losses	(1,701)	(2,222)
Debt securities, Aggregate Fair Value	83,973	118,258
Short-Term Marketable Securities | U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	71,498	68,411
Debt securities, Unrealized Losses	(742)	(342)
Debt securities, Aggregate Fair Value	70,756	68,069
Short-Term Marketable Securities | U.S. Treasury Bills
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	61,756	69,991
Debt securities, Unrealized Losses	(18)	(193)
Debt securities, Aggregate Fair Value	61,738	69,798
Short-Term Marketable Securities | Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	33,318	27,455
Short-Term Marketable Securities | Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	5,117	7,371
Debt securities, Unrealized Losses	(53)	(80)
Debt securities, Aggregate Fair Value	5,064	7,291
Short-Term Marketable Securities | Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		2,347
Debt securities, Unrealized Losses		(5)
Debt securities, Aggregate Fair Value		2,342
Long Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Long Term Equity Securities | Preferred Stock Of Privately Held Company
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Debt Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	410,403	357,954
Debt securities, Unrealized Gains	7	2
Debt securities, Unrealized Losses	(13,458)	(22,457)
Debt securities, Aggregate Fair Value	396,952	335,499
Debt 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	202,084	152,435
Debt securities, Unrealized Gains	6	2
Debt securities, Unrealized Losses	(3,297)	(6,349)
Debt securities, Aggregate Fair Value	198,793	146,088
Debt 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	16,208	80,647
Debt securities, Unrealized Losses	(1,176)	(4,756)
Debt securities, Aggregate Fair Value	15,032	75,891
Debt 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	163,842	92,054
Debt securities, Unrealized Losses	(3,910)	(3,435)
Debt securities, Aggregate Fair Value	159,932	88,619
Debt 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	7,517	12,065
Debt securities, Unrealized Gains	1
Debt securities, Unrealized Losses	(149)	(217)
Debt securities, Aggregate Fair Value	7,369	11,848
Debt 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	752	753
Debt securities, Unrealized Losses	(84)	(85)
Debt securities, Aggregate Fair Value	668	668
Debt Securities due After 1 Year through 5 Years | Redeemable Preferred Stock Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	20,000	20,000
Debt securities, Unrealized Losses	(4,842)	(7,615)
Debt securities, Aggregate Fair Value	15,158	12,385
Debt Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	1,905	3,617
Debt securities, Unrealized Losses	(40)	(83)
Debt securities, Aggregate Fair Value	1,865	3,534
Debt 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	1,905	3,617
Debt securities, Unrealized Losses	(40)	(83)
Debt securities, Aggregate Fair Value	$ 1,865	$ 3,534

Equity and Debt Securities - Ad

Equity and Debt Securities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 19.2	$ 28.8

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) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	$ 830,861	$ 833,206
U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	360,988	332,048
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	99,005	194,149
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	33,318	27,455
U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	230,688	156,688
U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	61,738	69,798
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	14,298	22,673
Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000	15,000
Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,158	12,385
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	668	3,010
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	95,056	97,253
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	33,318	27,455
Level 1 | U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	61,738	69,798
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	705,647	708,568
Level 2 | U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	360,988	332,048
Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	99,005	194,149
Level 2 | U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	230,688	156,688
Level 2 | Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	14,298	22,673
Level 2 | Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	668	3,010
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	30,158	27,385
Level 3 | Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000	15,000
Level 3 | Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 15,158	$ 12,385

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between levels, amount	$ 0	$ 0

Fixed Assets - Major Classes of

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 132,373	$ 124,634
Less: Accumulated depreciation	(47,108)	(43,281)
Fixed assets, net	85,265	81,353
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 50,898	53,503
Medical Lab Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 months
Medical Lab Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	12 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 11,065	11,804
Useful life in years	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 9,781	6,731
Useful life in years	39 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,739	6,982
Computer Software | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Software | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,703	5,865
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
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,485	6,979
Computer Hardware | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Hardware | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,400	6,400
Useful life in years	7 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 3,751	4,248
Furniture and Fixtures | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Furniture and Fixtures | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 904	904
Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	15 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 347	797
Automobile | Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Automobile | Maximum
Property Plant And Equipment [Line Items]
Useful life in years	7 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 115	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	$ 8,800	7,500
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 18,385	$ 12,877

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense on fixed assets	$ 4.3	$ 7.6	$ 13.1	$ 17.9

Other Significant Balance She_3

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid income taxes	$ 14,965	$ 15,434
Prepaid expenses	7,583	6,814
Reagents and supplies	4,877	4,280
Marketable securities interest receivable	4,236	2,525
Other receivable	1,115	19,836
Total	$ 32,776	$ 48,889

Other Significant Balance She_4

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

Reporting Segment and Geograp_3

Reporting Segment and Geographical Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 Segment
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 84,687	$ 105,655	$ 218,708	$ 551,264
United States
Segment Reporting Information [Line Items]
Revenue	78,974	101,515	204,087	540,801
Foreign
Segment Reporting Information [Line Items]
Revenue	$ 5,713	$ 4,140	$ 14,621	$ 10,463

Debt, Commitments and Conting_2

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt, Commitments and Contingencies [Line Items]
Interest expense	$ 0	$ 105,000	$ 336,000	$ 185,000
Notes payable, current portion	2,890,000		2,890,000		$ 5,639,000
Non-cancelable purchase obligations	51,100,000		51,100,000
Non-cancelable purchase obligations, payable within twelve months	24,000,000		24,000,000
Non-cancelable purchase obligations, payable within next thirty-six months	27,100,000		27,100,000
Xilong Scientific
Debt, Commitments and Contingencies [Line Items]
Interest expense		$ 75,000	199,000	$ 231,000
Notes payable	2,500,000		$ 2,500,000
Xilong Scientific | FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Interest expense	$ 54,000
Debt instrument, interest rate terms			The notes payable to Xilong Scientific were extended to and are due on December 31, 2023, and the interest rate on the loan is 4.97%.
Debt instrument, interest rate	4.97%		4.97%
Installment Sale Contract
Debt, Commitments and Contingencies [Line Items]
Notes payable	$ 3,400,000		$ 3,400,000
Notes payable, current portion	$ 408,000		$ 408,000
Debt instrument, interest rate terms			The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08%.
Debt instrument, interest rate	1.08%		1.08%
Installment Sale Contract | Other Long-Term Liabilities
Debt, Commitments and Contingencies [Line Items]
Notes payable, noncurrent portion	$ 3,000,000		$ 3,000,000

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Lessee Lease Description [Line Items]
Operating leases term of expiration	2033-04
Finance leases term of expiration	2026-12
Minimum | Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	3 months
Maximum | Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	15 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	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU asset, net	$ 12,406	$ 14,784
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	$ 4,994	$ 6,132
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 7,684	$ 8,795
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease ROU asset, net	$ 1,444	$ 2,784
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	$ 537	$ 943
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, long term	$ 894	$ 1,818
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 Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,703	$ 1,770	$ 5,239	$ 3,674
Finance lease cost:
Amortization of ROU assets	136	225	622	490
Interest on lease liabilities	15	31	67	66
Short-term lease cost	453	112	1,460	1,042
Total lease cost	$ 2,307	$ 2,138	$ 7,388	$ 5,272

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Operating and Finance Leases (Details)	Sep. 30, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	4 years 2 months 26 days
Weighted average discount rate - operating leases	4.01%
Weighted average remaining lease term - finance lease	2 years 10 months 20 days
Weighted average discount rate - finance lease	3.77%

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	Sep. 30, 2023 USD ($)
Operating Leases
2023 (remaining 3 months)	$ 1,643
2024	4,356
2025	2,407
2026	1,784
2027	1,684
2028	541
Thereafter	1,509
Total lease payments	13,924
Less imputed interest	(1,246)
Total	12,678
Finance Lease
2023 (remaining 3 months)	96
2024	579
2025	467
2026	366
Total lease payments	1,508
Less imputed interest	(77)
Total	$ 1,431

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Lease income	$ 36	$ 48	$ 119	$ 229
Variable lease income	1		8	12
Total lease income	$ 37	$ 48	$ 127	$ 241
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Other Income	Interest and Other Income	Interest and Other Income	Interest and Other Income

Leases - Schedule of Future Fix

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining 3 months)	$ 36
2024	90
Total	$ 126

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 10,902	$ 8,972	$ 31,490	$ 22,618
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	2,621	2,475	7,374	6,183
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	3,782	2,687	10,900	7,110
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,189	1,243	3,644	3,148
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 3,310	$ 2,567	$ 9,572	$ 6,177

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 20,326,000	$ 414,000	$ 12,016,000	$ 51,488,000
Effective income tax rate	296%	24%	(42.00%)	24%

Income (Loss) per Share - Recon

Income (Loss) per Share - Reconciliation of Basic and Diluted Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to Fulgent	$ (13,107)	$ 1,719	$ (39,676)	$ 167,235
Weighted-average common shares—outstanding, basic	30,013	30,174	29,789	30,256
Weighted-average common shares—outstanding, diluted	30,013	30,867	29,789	31,107
Net income (loss) per common share, basic	$ (0.44)	$ 0.06	$ (1.33)	$ 5.53
Net income (loss) per common share, diluted	$ (0.44)	$ 0.06	$ (1.33)	$ 5.38

Income (Loss) per Share - Anti-

Income (Loss) per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income (Loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	215	7	212	10
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	1,315	1,238	1,196	697
Contingently Issuable Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	371		371

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 281,000		$ 281,000		$ 5,301,000
ANP Technologies, Inc.,
Related Party Transaction [Line Items]
Purchase of COVID-19 antigen rapid tests kits from related party			$ 1,900,000
ANP Technologies, Inc., | Ming Hsieh
Related Party Transaction [Line Items]
Ownership percentage	20%		20%
AHMC Healthcare Inc. | Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,000	$ 299,000	$ 122,000	$ 1,300,000
Revenue, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Trade accounts receivable, net from related parties	$ 13,000		$ 13,000		$ 93,000
Accounts Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
ANP Technologies Inc
Related Party Transaction [Line Items]
Due to related parties	$ 255,000		$ 255,000		$ 607,000
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Purchase of COVID-19 antigen rapid tests kits from related party	$ 368,000	$ 120,000		$ 280,000
ANP Technologies Inc | Employee Service Agreements
Related Party Transaction [Line Items]
Due to related parties	$ 70,000		$ 70,000
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Service of related party	$ 32,000		$ 70,000

Goodwill and Acquisition-Rela_3

Goodwill and Acquisition-Related Intangibles - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 141,844	$ 143,027
Acquisitions-related intangibles, net	79,899
Total intangible assets, net	144,489	150,643
In-Process Research & Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	64,590	64,590
Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	5,071	5,364
Less: accumulated amortization	(1,225)	(894)
Acquisitions-related intangibles, net	$ 3,846	4,470
Weighted-Average Amortization Period	10 years
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 82,686	82,750
Less: accumulated amortization	(10,976)	(6,215)
Acquisitions-related intangibles, net	$ 71,710	76,535
Weighted-Average Amortization Period	13 years
Trade Name
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 3,790	3,790
Less: accumulated amortization	(782)	(412)
Acquisitions-related intangibles, net	$ 3,008	3,378
Weighted-Average Amortization Period	8 years
In-Place Lease Intangible Assets
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 360	360
Less: accumulated amortization	(99)	(46)
Acquisitions-related intangibles, net	$ 261	314
Weighted-Average Amortization Period	5 years
Laboratory Information System Platform
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860	1,860
Less: accumulated amortization	(806)	(527)
Acquisitions-related intangibles, net	$ 1,054	1,333
Weighted-Average Amortization Period	5 years
Purchased Patent
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 27	29
Less: accumulated amortization	(7)	(6)
Acquisitions-related intangibles, net	$ 20	$ 23
Weighted-Average Amortization Period	10 years

Goodwill and Acquisition-Rela_4

Goodwill and Acquisition-Related Intangibles - Summary of Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 143,027
Goodwill, Beginning Balance	143,027
Net foreign currency exchange differences	(1,183)
Goodwill, Ending Balance	141,844
Goodwill, Ending Balance	$ 141,844

Goodwill and Acquisition-Rela_5

Goodwill and Acquisition-Related Intangibles - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
2023 (remaining 3 months)	$ 1,955
2024	7,822
2025	7,822
2026	7,521
2027	7,196
2028	7,161
Thereafter	40,422
Acquisitions-related intangibles, net	$ 79,899

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount						$ 250,000,000
Number of shares repurchased	80,000	780,000		80,000	995,000
Aggregate cost of shares repurchased	$ 2,198,000	$ 34,702,000	$ 10,577,000	$ 2,200,000	$ 45,300,000
Stock repurchase program, remaining authorized amount	$ 173,500,000			$ 173,500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Number of shares repurchased		80,000	780,000		80,000	995,000
Aggregate cost of shares repurchased		$ 2,198	$ 34,702	$ 10,577	$ 2,200	$ 45,300
Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased	533,000
Aggregate cost of shares repurchased	$ 13,700