FLGTHIGH SIGNALFINANCIAL10-K

FLGT experienced a dramatic cash flow deterioration with operating cash flow swinging from positive $21.1M to negative $101.6M despite 316% revenue growth.

The massive operating cash flow decline of 583% combined with widening losses suggests severe cash conversion issues despite strong top-line growth, indicating potential working capital management problems or unsustainable business model scaling. The company simultaneously increased share buybacks by over 4,700% to $10.9M while burning cash, raising questions about capital allocation priorities during a cash crisis.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

FLGT shows a concerning disconnect between growth and profitability, with revenue surging 316% to $18.7M and gross profit growing 22% to $130.9M, yet operating losses deepened 23% to -$91.1M and net losses worsened 42% to -$60.5M. Most alarming is the dramatic cash flow deterioration from +$21.1M to -$101.6M in operating cash flow, while the company paradoxically ramped up share buybacks to $10.9M and reduced capital expenditures by 44%. The combination of rapid growth, widening losses, and severe cash burn suggests operational scaling challenges that could threaten liquidity despite current assets increasing 56% to $550.5M.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+4737.3%
$225K→$10.9M

Share repurchases increased 4737.3% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
-582.6%
$21.1M→-$101.6M

Operating cash flow fell 582.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+315.9%
$4.5M→$18.7M

Strong top-line growth of 315.9% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
+195.7%
$117K→$346K

Interest expense surged 195.7% — significant debt increase or rising rates materially impacting earnings.

Current Assets
Balance Sheet
+55.7%
$353.6M→$550.5M

Current assets grew 55.7% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-44%
$40.3M→$22.6M

Capex reduced 44% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
-41.7%
-$42.7M→-$60.5M

Net income declined 41.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-23.2%
-$73.9M→-$91.1M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Accounts Receivable
Balance Sheet
+22.8%
$69.0M→$84.8M

Receivables grew 22.8% — monitor days sales outstanding for collection efficiency.

Gross Profit
P&L
+22.1%
$107.2M→$130.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 23, 2026, there were 31,230,632 outstanding shares of the registrant s common stock.
and foreign laws and regulations applicable to our business, and our ability to comply with these regulations; our ability to effectively respond to the results of payor audits and government audits and investigations, such as our currently ongoing U.S.
Department of Health Resources and Services Administration, or HRSA, audit and Civil Investigative Demands, or CIDs; our ability to prevent errors in interpreting the results of our tests so as to avoid product liability and professional liability claims; our ability to obtain and maintain coverage and adequate reimbursement for our tests and to manage the complexity of billing and collecting such reimbursement; our beliefs that our tests marketed in the United States are, and will continue to be, laboratory developed tests; changes to the state of the U.S.
and foreign healthcare markets, including the role of governments in the healthcare industry, and the impact of general uncertainty in the U.S.
We have also made significant investment in digital pathology using artificial intelligence, or AI, technology, which allows us to digitize specimen slides instead of the traditional method of microscopy.
+7 more — sign up free →
REMOVED
For purposes of this calculation, it has been assumed that all shares of the registrant s common stock held by directors, executive officers and persons beneficially owning 5% or more of the registrant s common stock are held by affiliates; however, the treatment of these persons as affiliates for purposes of this calculation is not, and shall not be considered, a determination as to whether such persons are affiliates of the registrant for any other purpose.
As of February 24, 2025 , there were 30,829,454 outstanding shares of the registrant s common stock.
and foreign laws and regulations applicable to our business, and our ability to comply with these regulations, and the results or potential liability associated with disclosure pursuant to any voluntary disclosure process by and between us and applicable regulatory agencies and bodies; our ability to effectively respond to the results of payor audits and government audits and investigations, such as our currently ongoing U.S.
Department of Health Resources and Services Administration, or HRSA, audit and Civil Investigative Demands, or CIDs; our ability to prevent errors in interpreting the results of our tests so as to avoid product liability and professional liability claims; our ability to obtain and maintain coverage and adequate reimbursement for our tests and to manage the complexity of billing and collecting such reimbursement; the state of the U.S.
and foreign healthcare markets, including the role of governments in the healthcare industry, generally, pressures or incentives to reduce healthcare costs while expanding individual benefits, and the impact of general uncertainty in the U.S.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →