Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 9 Months Ended
Sep. 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.

 

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

 Schedule of Segment Information

                                 
    For the three months ended     For the nine months ended  
    September 30, 2022     September 30, 2021     September 30, 2022     September 30, 2021  
Net revenues                                
Diagnostic services   $ 20,541     $ 7,142     $ 91,613     $ 27,416  
Consumer products     3,659       2,330       9,211       6,469  
Consolidated net revenue     24,200       9,472       100,824       33,885  
Cost of revenue                                
Diagnostic services     8,452       4,009       33,558       11,833  
Consumer products     3,775       1,486       7,895       4,682  
Consolidated cost of revenue     12,227       5,495       41,453       16,515  
Depreciation and amortization expense                                
Diagnostic services     584       401       1,755       1,138  
Consumer products     435       -       1,637       6  
Total Depreciation and amortization expense     1,019       401       3,392       1,144  
Operating and other expenses     9,176       13,020       27,882       20,542  
Income (loss) from operations, before income taxes                                
Diagnostic services     6,776       (1,145 )     39,671       2,859  
Consumer products     (3,214 )     (958 )     (5,390 )     (453 )
Unallocated corporate     (1,785 )     (1,875 )     (6,184 )     (6,722 )
Total income from operations, before income taxes     1,777       (3,978 )     28,097       (4,316 )
Income tax expense     (809 )     -       (7,190 )     -  
Total income (loss) from operations, after income taxes     968       (3,978 )     20,907       (4,316 )
Net income (loss)   $ 968     $ (3,978 )   $ 20,907     $ (4,316 )

 

 

ProPhase Labs, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

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

 

    September 30, 2022     December 31, 2021  
ASSETS                
Diagnostic services   $ 53,631     $ 51,150  
Consumer products     22,373       24,139  
Unallocated corporate     21,873       14,006  
Total assets   $ 97,877     $ 89,295