Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information

Note 15 - 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 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.

 

 

ProPhase Labs, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

The following table is a summary of segment information for three and nine months ended September 30, 2021 and 2020 (amounts in thousands): 

 

    September 30, 2021     September 30, 2020     September 30, 2021     September 30, 2020  
    For the three months ended     For the nine months ended  
    September 30, 2021     September 30, 2020     September 30, 2021     September 30, 2020  
Net revenues                                
Diagnostic services   $ 7,142     $ -     $ 27,416     $ -  
Consumer products     2,330       3,840       6,469       9,351  
Consolidated net revenue     9,472       3,840       33,885       9,351  
Cost of revenue                                
Diagnostic services     4,009       -       11,833       -  
Consumer products     1,486       2,798       4,682       6,615  
Consolidated cost of revenue     5,495       2,798       16,515       6,615  
Depreciation and amortization expense                                
Diagnostic services     401       -       1,138       -  
Consumer products     -       3       6       13  
Total Depreciation and amortization expense     401       3       1,144       13  
Operating and other expenses     13,020       1,608       20,542       4,031  
Income (loss) from continuing operations, before income taxes                                
Diagnostic services     (1,145 )     -       2,859       -  
Consumer products     (958 )     1,039       (453 )     2,723  
Unallocated corporate     (1,875 )     (1,608 )     (6,722 )     (4,031 )
Total loss from continuing operations, before income taxes     (3,978 )     (569 )     (4,316 )     (1,308 )
Income from discontinued operations, before income taxes     -       161       -       161  
                                 
Net loss   $ (3,978 )   $ (408 )   $ (4,316 )   $ (1,147 )

 

The following table is a summary of segment balance sheets information as of September 30, 2021 and December 31, 2020 (in thousands):

 

    September 30,     December 31,  
    2021     2020  
             
ASSETS                
Diagnostic services   $ 28,738     $ 13,410  
Consumer products     20,986       6,261  
Unallocated corporate     22,906       11,734  
Total assets   $ 72,630     $ 31,405