Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net Income $ 18,463 $ 6,273
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Realized loss on marketable debt securities 354 165
Depreciation and amortization 4,718 3,234
Amortization of debt discount 4 5
Amortization on right-of-use assets 343 329
Loss on sales of assets (127) 0
Impairment of secured promissory note receivable 0 3,750
Stock-based compensation expense 3,986 3,183
Change in fair value of investment securities (174) 240
Non-cash interest income on secured promissory note receivable 0 (316)
Accounts receivable allowances (761) 3,866
Inventory valuation reserve (78) 267
Bad debt expense, direct write-offs 6,163
Changes in operating assets and liabilities:    
Accounts receivable (4,498) (38,197)
Inventory 702 (1,746)
Prepaid and other assets (617) 1,445
Other assets (555) (368)
Accounts payable and accrued expenses (1,121) 2,450
Accrued diagnostic services (881) 1,890
Accrued advertising and other allowances (5)
Deferred revenue 619 2,608
Deferred tax liability, net (138)
Lease liabilities (301) 130
Income taxes payable 2,878
Other liabilities (423) (2,827)
Net cash provided by (used in) operating activities 28,551 (13,619)
Cash flows from investing activities    
Business acquisitions, net of cash acquired 0 (9,066)
Issuance of secured promissory note receivable 0 1,000
Purchase of marketable securities (6,777) (21,527)
Proceeds from maturities of marketable securities 7,120
Proceeds from sale of marketable debt securities 1,047 15,858
Proceeds from promissory note 0 300
Proceeds form dispositions of property and other assets, net 452 0
Capital expenditures (3,919) (4,231)
Net cash (used in) provided by investing activities (2,077) (19,666)
Cash flows from financing activities    
Proceeds from issuance of common stock from public offering, net 0 35,135
Proceeds from issuance of common stock and warrants from private offering 0 5,500
Repayment of common stock for payment of statutory taxes on cashless exercise of stock options (7,474) 0
Repayment of note payable (7,044) (45)
Repurchases of common shares (2,152) (917)
Payment of dividends (9,353) (4,546)
Net cash (used in) provided by financing activities (26,023) 35,127
Increase in cash, cash equivalents and restricted cash 451 1,842
Cash, cash equivalents and restricted cash, at the beginning of the year 8,658 6,816
Cash, cash equivalents and restricted cash, at the end of the year 9,109 8,658
Supplemental disclosures:    
Cash paid for income taxes 1,696 0
Interest payment on the promissory notes 763 1,000
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of common shares related to business acquisition 0 3,608
Issuance of common shares for debt conversion 600 0
Net unrealized loss, investments in marketable debt securities 1,294 (164)
Recognize additional goodwill related to deferred tax liability $ 0 $ 362