Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2
Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information

Note 15 - Segment Information

 

The Company has identified two operating segments, diagnostic services and consumer products, based on the manner in which the Company’s CEO as CODM assesses performance and allocates resources across the organization. The operating segments are organized in a manner that depicts the difference in revenue generating synergies that include the separate processes, profit generation and growth of each segment. The diagnostic services segment provides COVID-19 diagnostic information services to a broad range of customers in the United States, including health plans, third party payers and government organizations. The consumer products segment is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States and also provides personal genomics products and services. The unallocated corporate expenses mainly included professional fees associated with the public company.

 

 

ProPhase Labs, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

The following table is a summary of segment information for three and six months ended June 30, 2022 and 2021 (amounts in thousands):

 

                                 
    For the three months ended     For the six months ended  
    June 30, 2022     June 30, 2021     June 30, 2022     June 30, 2021  
Net revenues                                
Diagnostic services   $ 26,158     $ 7,537     $ 71,071     $ 20,274  
Consumer products     2,934       1,605       5,552       4,139  
Consolidated net revenue     29,092       9,142       76,623       24,413  
Cost of revenue                                
Diagnostic services     8,403       3,479       25,105       7,824  
Consumer products     1,969       1,197       4,121       3,196  
Consolidated cost of revenue     10,372       4,676       29,226       11,020  
Depreciation and amortization expense                                
Diagnostic services     594       392       1,170       737  
Consumer products     601       3       1,201       6  
Total Depreciation and amortization expense     1,195       395       2,371       743  
Operating and other expenses     7,114       5,466       18,705       12,988  
Income (loss) from operations, before income taxes                                
Diagnostic services     12,872       1,164       32,898       4,004  
Consumer products     (313 )     540       (2,176 )     505  
Unallocated corporate     (2,148 )     (3,099 )     (4,401 )     (4,847 )
Total income from operations, before income taxes     10,411       (1,395 )     26,321       (338 )
Income tax expense     (2,965 )     -       (6,381 )     -  
Total income (loss) from operations, after income taxes     7,446       (1,395 )     19,940       (338 )
Net income (loss)   $ 7,446     $ (1,395 )   $ 19,940     $ (338 )

 

The following table is a summary of segment information as of June 30, 2022 and December 31, 2021 (amounts in thousands):

 

    June 30, 2022     December 31, 2021  
ASSETS                
Diagnostic services   $ 49,493     $ 51,150  
Consumer products     23,027       24,139  
Unallocated corporate     25,427       14,006  
Total assets   $ 97,947     $ 89,295