Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Summary of Components of Marketable Securities

The following is a summary of the components of our marketable debt securities and the underlying fair value input level tier hierarchy (in thousands) (see fair value of financial instruments):

 

    As of June 30, 2022  
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
U.S. government obligations   $ 1,051     $ -     $ (67 )   $ 984  
Corporate obligations     2,549       123       (117 )     2,555  
    $ 3,600     $ 123     $ (184 )   $ 3,539  

 

    As of December 31, 2021  
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
U.S. government obligations   $ 650     $ 17     $ -     $ 667  
Corporate obligations     8,304       -       (192 )     8,112  
    $ 8,954     $ 17     $ (192 )   $ 8,779  
Schedule of Accounts Receivable Net

Accounts are written off as uncollectible at the time we determine that collections are unlikely. Accounts receivable, net is comprised of the following (in thousands):

 

    June 30, 2022     December 31, 2021  
Trade accounts receivable   $ 35,793     $        18,520  
Unbilled accounts receivable     6,766       23,089  
Accounts receivable, gross     42,559       41,609  
Less allowances     (5,889 )     (3,901 )
Total accounts receivable   $ 36,670     $ 37,708  
Schedule of Components of Inventory

At June 30, 2022 and December 31, 2021, the components of inventory are as follows (in thousands):

 

    June 30, 2022     December 31, 2021  
Diagnostic services testing material   $ 2,122     $          2,989  
Raw materials     1,721       1,514  
Work in process     676       260  
Finished goods     421       272  
Inventory   $ 4,940     $ 5,035  
Inventory valuation reserve     (431 )     (435 )
Inventory, net   $ 4,509     $ 4,600  
Schedule of Fair Value of Financial Instruments

 

    As of June 30, 2022  
    Level 1     Level 2     Level 3     Total  
U.S. government obligations   $ -     $ 984     $ -     $ 984  
Corporate obligations     -       2,555       -       2,555  
    $ -     $ 3,539     $ -     $ 3,539  

 

    As of December 31, 2021  
    Level 1     Level 2     Level 3     Total  
U.S. government obligations   $ -     $ 667     $ -     $ 667  
Corporate obligations     -       8,112       -       8,112  
Marketable equity securities     76       -       -       76  
    $ 76     $ 8,779     $ -     $ 8,855  
Schedule of Deferred Revenue

The following table disaggregates our deferred revenue by recognition period (in thousands):

 

Recognition Period   June 30, 2022     December 31, 2021  
0-12 Months   $ 2,430     $      2,034  
13-24 Months     699       530  
Over 24 Months     284       375  
Total   $ 3,413     $ 2,939  
Schedule of Disaggregation by Revenue

The following table disaggregates the Company’s revenue by revenue source for the three and six months ended June 30, 2022 and 2021 (in thousands):

 

                                 
    For the three months ended     For the six months ended  
Revenue by Customer Type   June 30, 2022     June 30, 2021     June 30, 2022     June 30, 2021  
Diagnostic services   $ 26,158     $ 7,536     $ 71,071     $ 20,274  
Contract manufacturing     1,759       1,041       2,913       2,949  
Retail and others     465       565       1,011       1,190  
Genomic products and services     710       -       1,628       -  
Total revenue, net   $ 29,092     $ 9,142     $ 76,623     $ 24,413