Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.3
Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 (amounts in thousands):
For the three months ended For the nine months ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Net revenues
Diagnostic services $ —  $ 2,491  $ —  $ 24,849 
Consumer products 3,146  5,874  9,254  16,036 
Consolidated net revenue 3,146  8,365  9,254  40,885 
Cost of revenue
Diagnostic services 501  1,798  1,930  10,812 
Consumer products 2,810  4,240  8,398  10,778 
Consolidated cost of revenue 3,311  6,038  10,328  21,590 
Depreciation and amortization expense
Diagnostic services 719  1,916  2,247  3,059 
Consumer products 803  655  2,412  1,266 
Total Depreciation and amortization expense 1,522  2,571  4,659  4,325 
Operating and other expenses 7,428  6,541  20,653  26,105 
Income (loss) from operations, before income taxes
Diagnostic services (1,520) (2,512) (7,639) 4,902 
Consumer products (4,364) (1,384) (7,738) (874)
Unallocated corporate (3,211) (2,889) (10,989) (15,163)
Total loss from operations, before income taxes (9,095) (6,785) (26,366) (11,135)
Income tax benefit 2,508  1,644  7,361  3,104 
Total loss from operations, after income taxes (6,587) (5,141) (19,005) (8,031)
Net loss $ (6,587) $ (5,141) $ (19,005) $ (8,031)
The following table is a summary of segment information as of September 30, 2024 and December 31, 2023 (amounts in thousands):
September 30, 2024 December 31, 2023
ASSETS
Diagnostic services $ 37,816  $ 44,221 
Consumer products 33,443  38,358 
Unallocated corporate 20,549  9,348 
Total assets $ 91,808  $ 91,927