Annual report pursuant to Section 13 and 15(d)

Significant Customers Concentrations

Significant Customers Concentrations
12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Significant Customers Concentrations Significant Customers Concentrations
Revenue for years ended December 31, 2023 and 2022 was $44.4 million and $122.6 million, respectively. Diagnostic Services accounted for 54.9% and 88.3%, of our net revenue for the year ended December 31, 2023 and 2022. The company decreased its diagnostic services business in the second half of 2023 due to the significant decrease in demand for our diagnostic testing services. For the year ended December 31, 2023 & 2022, there were no consumer products customers that accounted for 10% or more of our total revenues.. Collections of diagnostic services revenues are driven by payers, which are government agencies (primarily HRSA), insurance providers, and client payers. For the year ended December 31, 2022, requisitions from each payer group were approximately 29%, 66%, and 5%, respectively. For the year ended December 31, 2023, requisitions from government agencies including Medicaid and Medicare were approximately 17% and insurance providers were 83%.

The Company is subject to account receivable credit concentrations from time-to-time as a result of the timing, payment pattern and ultimate purchase volumes or shipping schedules with our customers. These concentrations may impact its overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic, regulatory or other conditions that may impact the timing and collectability of amounts due to the Company. Three diagnostic services payers generated 32.6%, 18.7% and 12.6% of our total reimbursement receivable balances from government agencies and healthcare issuers at December 31 2023. Two diagnostic services payers generated 68.8% and 16.0% of our total reimbursement receivable balances from government agencies and healthcare issuers at December 31, 2022.
Currently, the Company relies on a sole supplier to manufacture its saliva collection kits used by customers who purchase its personal genomics services. Change in the supplier or design of certain of the materials that the Company relies on, in particular the saliva collection kit, could result in a requirement for additional premarket review from the FDA before making such a change.