Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Accounting Policies [Abstract] |
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| 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 (see fair value of financial instruments) (in thousands):
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As of December 31, 2022 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair
Value |
| U.S. government obligations |
$ |
1484 |
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$ |
6 |
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$ |
(12) |
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$ |
1478 |
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| Corporate obligations |
5,702 |
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1,228 |
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(80) |
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6,850 |
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$ |
7,186 |
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$ |
1,234 |
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$ |
(92) |
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$ |
8,328 |
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As of December 31, 2021 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair
Value |
| U.S. government obligations |
$ |
650 |
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$ |
17 |
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$ |
— |
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$ |
667 |
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| Corporate obligations |
8,304 |
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— |
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(192) |
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8,112 |
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$ |
8,954 |
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$ |
17 |
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$ |
(192) |
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$ |
8,779 |
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| 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):
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December 31, 2022 |
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December 31, 2021 |
| Trade accounts receivable |
$ |
37,568 |
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$ |
18,520 |
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| Unbilled accounts receivable |
2,626 |
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23,089 |
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40,194 |
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41,609 |
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| Less allowances |
(3,140) |
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(3,901) |
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| Total accounts receivable |
$ |
37,054 |
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$ |
37,708 |
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| Schedule of Components of Inventory |
At December 31, 2022 and 2021, the components of inventory are as follows (in thousands):
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December 31,
2022 |
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December 31,
2021 |
| Diagnostic services testing material |
$ |
1,739 |
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$ |
2,989 |
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| Raw materials |
1,639 |
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1,514 |
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| Work in process |
754 |
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260 |
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| Finished goods |
356 |
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272 |
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| Inventory |
$ |
4,488 |
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$ |
5,035 |
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| Inventory valuation reserve |
(512) |
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(435) |
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| Inventory, net |
$ |
3,976 |
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$ |
4,600 |
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| Schedule of Fair Value of Financial Instruments |
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As of December 31, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| U.S. government obligations |
$ |
— |
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$ |
1,478 |
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$ |
— |
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$ |
1,478 |
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| Corporate obligations |
5,497 |
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1,354 |
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— |
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6,851 |
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$ |
5,497 |
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$ |
2,832 |
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$ |
— |
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$ |
8,329 |
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As of December 31, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| U.S. government obligations |
$ |
— |
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$ |
667 |
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$ |
— |
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$ |
667 |
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| Corporate obligations |
— |
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8,112 |
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— |
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8,112 |
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| Marketable equity securities |
76 |
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— |
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— |
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76 |
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$ |
76 |
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$ |
8,779 |
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$ |
— |
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$ |
8,855 |
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| Schedule of Disaggregation of Deferred Revenue |
The following table disaggregates our deferred revenue by recognition period (in thousands):
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As of December 31, 2022 |
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As of December 31, 2021 |
| Recognition Period |
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| 0-12 Months |
$ |
2,499 |
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$ |
2,034 |
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| 13-24 Months |
683 |
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530 |
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| Over 24 Months |
376 |
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375 |
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| Total |
$ |
3,558 |
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$ |
2,939 |
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The following table disaggregates the Company’s revenue by revenue source for Fiscal 2022 and 2021 (in thousands):
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For the years ended |
| Revenue by Customer Type |
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December 31, 2022 |
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December 31, 2021 |
| Diagnostic services |
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$ |
108,329 |
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$ |
68,559 |
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| Contract manufacturing |
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8,740 |
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5,786 |
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| Retail and others |
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1,281 |
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2,454 |
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| Genomic products and services |
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4,297 |
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2,243 |
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| Total revenue, net |
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$ |
122,647 |
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$ |
79,042 |
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| Material Impacts of Adopting ASU |
The following tables present the material impacts of adopting ASU No. 2021-08 on the Company’s consolidated balance sheets as of December 31, 2021 (in thousands):
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As of December, 31 2021 |
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Excluding impacts of adoption of ASU 2021-08 |
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Adjustment |
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Presentation with adoption of ASU 2021-08 |
| Assets |
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| Goodwill |
$ |
4,458 |
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$ |
1,251 |
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$ |
5,709 |
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| Liabilities |
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| Deferred Revenue |
$ |
2,655 |
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$ |
284 |
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$ |
2,939 |
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| Stockholders’ equity |
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| Retained earnings |
$ |
1,675 |
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$ |
967 |
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$ |
2,642 |
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The following tables present the material impacts of adoption of ASU No. 2021-08 on the Company’s consolidated statements of operations for the year ended December 31, 2021 (in thousands):
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As of December, 31 2021 |
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Excluding impacts of adoption of ASU 2021-08 |
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Adjustment |
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Presentation with adoption of ASU 2021-08 |
| Revenue |
$ |
78,075 |
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$ |
967 |
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$ |
79,042 |
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| Net income |
$ |
5,306 |
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$ |
967 |
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$ |
6,273 |
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| Comprehensive income |
$ |
5,142 |
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$ |
967 |
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$ |
6,109 |
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