Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has identified two operating segments, diagnostic services and consumer products, based on the manner in which the Company’s CEO, as Chief Operating Decision Maker, 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 six months ended June 30, 2024 and 2023 (amounts in thousands):
For the three months ended For the six months ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net revenues
Diagnostic services $ —  $ 7,834  $ —  $ 22,358 
Consumer products 2,474  5,383  6,108  10,162 
Consolidated net revenue 2,474  13,217  6,108  32,520 
Cost of revenue
Diagnostic services 709  3,792  1,429  9,014 
Consumer products 2,241  2,977  5,588  6,538 
Consolidated cost of revenue 2,950  6,769  7,017  15,552 
Depreciation and amortization expense
Diagnostic services 727  212  1,528  1,143 
Consumer products 805  305  1,609  611 
Total Depreciation and amortization expense 1,532  517  3,137  1,754 
Operating and other expenses 6,432  10,845  13,225  19,564 
Income (loss) from operations, before income taxes
Diagnostic services (2,774) 110  (6,119) 4,451 
Consumer products (1,719) (1,182) (3,374) (2,381)
Unallocated corporate (3,947) (3,842) (7,778) (6,420)
Total loss from operations, before income taxes (8,440) (4,914) (17,271) (4,350)
Income tax benefit 2,287  1,474  4,853  1,460 
Total loss from operations, after income taxes (6,153) (3,440) (12,418) (2,890)
Net loss $ (6,153) $ (3,440) $ (12,418) $ (2,890)
The following table is a summary of segment information as of June 30, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024 December 31, 2023
ASSETS
Diagnostic services $ 42,296  $ 44,221 
Consumer products 22,439  38,358 
Unallocated corporate 28,943  9,348 
Total assets $ 93,678  $ 91,927