Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment InformationThe 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, 2023 and 2022 (amounts in thousands):
For the three months ended For the nine months ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Net revenues
Diagnostic services $ 2,491  $ 20,541  $ 24,849  $ 91,613 
Consumer products 5,874  3,659  16,036  9,211 
Consolidated net revenue 8,365  24,200  40,885  100,824 
Cost of revenue        
Diagnostic services 1,798  8,452  10,812  33,558 
Consumer products 4,240  3,775  10,778  7,895 
Consolidated cost of revenue 6,038  12,227  21,590  41,453 
Depreciation and amortization expense        
Diagnostic services 1,916  584  3,059  1,755 
Consumer products 655  435  1,266  1,637 
Total Depreciation and amortization expense 2,571  1,019  4,325  3,392 
Operating and other expenses 6,541  9,176  26,105  27,882 
Income (loss) from operations, before income taxes        
Diagnostic services (2,512) 6,776  4,902  39,671 
Consumer products (1,384) (3,214) (874) (5,390)
Unallocated corporate (2,889) (1,785) (15,163) (6,184)
Total (loss) income from operations, before income taxes (6,785) 1,777  (11,135) 28,097 
Income tax benefit (expense) 1,644  (809) 3,104  (7,190)
Total (loss) income from operations, after income taxes (5,141) 968  (8,031) 20,907 
Net (loss) income $ (5,141) $ 968  $ (8,031) $ 20,907 
The following table is a summary of segment information as of September 30, 2023 and December 31, 2022 (amounts in thousands):
September 30, 2023 December 31, 2022
ASSETS
Diagnostic services $ 46,496  $ 50,832 
Consumer products 41,423  22,080 
Unallocated corporate 3,791  14,736 
Total assets $ 91,710  $ 87,648