Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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 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, 2023 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair
Value |
| Corporate stock |
$ |
3,528 |
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$ |
— |
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$ |
(401) |
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$ |
3,127 |
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$ |
3,528 |
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$ |
— |
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$ |
(401) |
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$ |
3,127 |
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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 |
$ |
1,484 |
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$ |
6 |
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$ |
(12) |
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$ |
1,478 |
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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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| 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, 2023 |
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December 31, 2022 |
| Trade accounts receivable |
$ |
40,177 |
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$ |
37,568 |
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| Unbilled accounts receivable |
— |
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2,626 |
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40,177 |
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40,194 |
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| Less allowances |
(3,864) |
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(3,140) |
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| Total accounts receivable |
$ |
36,313 |
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$ |
37,054 |
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| Accounts Receivable, Allowance for Credit Loss |
The table below presents a roll forward of the Company's allowance for credit losses (amount in thousands).
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| Beginning balance as of January 1, 2023 |
$ |
3,140 |
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| Current period provision for expected credit losses |
724 |
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| Balance as of December 31, 2023 |
$ |
3,864 |
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| Schedule of Components of Inventory |
At December 31, 2023 and 2022, the components of inventory are as follows (in thousands):
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December 31,
2023 |
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December 31,
2022 |
| Diagnostic services testing material |
$ |
623 |
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$ |
1,739 |
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| Raw materials |
1,619 |
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1,639 |
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| Work in process |
306 |
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754 |
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| Finished goods |
1,551 |
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356 |
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| Inventory |
$ |
4,099 |
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$ |
4,488 |
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| Inventory valuation reserve |
(258) |
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(512) |
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| Inventory, net |
$ |
3,841 |
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$ |
3,976 |
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| Schedule of Fair Value of Financial Instruments |
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As of December 31, 2023 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Corporate stock |
3,127 |
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3,127 |
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$ |
3,127 |
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$ |
— |
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$ |
— |
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$ |
3,127 |
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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 |
5,496 |
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1,354 |
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— |
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6,850 |
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$ |
5,496 |
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$ |
2,832 |
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$ |
— |
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$ |
8,328 |
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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, 2023 |
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As of December 31, 2022 |
| Recognition Period |
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| 0-12 Months |
$ |
2,382 |
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$ |
2,499 |
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| 13-24 Months |
750 |
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683 |
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| Over 24 Months |
350 |
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376 |
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| Total |
$ |
3,482 |
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$ |
3,558 |
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The following table disaggregates the Company’s revenue by revenue source for Fiscal 2023 and 2022 (in thousands):
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For the years ended |
| Revenue by Customer Type |
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December 31, 2023 |
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December 31, 2022 |
| Diagnostic services |
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$ |
24,849 |
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$ |
108,329 |
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| Contract manufacturing |
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9,400 |
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8,740 |
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| Retail and others |
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2,378 |
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1,281 |
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| Genomic products and services |
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7,757 |
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4,297 |
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| Total revenue, net |
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$ |
44,384 |
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$ |
122,647 |
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