Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
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 months ended March 31, 2022 and 2021 (amounts in thousands):

 

    March 31, 2022     March 31, 2021  
    For the three months ended  
    March 31, 2022     March 31, 2021  
Net revenues                
Diagnostic services   $ 44,913     $ 12,737  
Consumer products     2,618       2,534  
Consolidated net revenue     47,531       15,271  
Cost of revenue                
Diagnostic services     16,702       4,345  
Consumer products     2,152       1,999  
Consolidated cost of revenue     18,854       6,344  
Depreciation and amortization expense                
Diagnostic services     576       345  
Consumer products     600       3  
Total Depreciation and amortization expense     1,176       348  
Operating and other expenses     11,591       7,522  
Income (loss) from operations, before income taxes                
Diagnostic services     20,026       2,839  
Consumer products     (1,863 )     (35 )
Unallocated corporate     (2,253 )     (1,747 )
Total income from operations, before income taxes     15,910       1,057  
Income tax expense     (3,416 )     -  
Total income from operations, after income taxes     12,494       1,057  
Net income   $ 12,494     $ 1,057  

 

The following table is a summary of segment information as of March 31, 2022 and December 31, 2021 (amounts in thousands):

 

   

March 31,

2022

    

December 31,

2021

  
             
ASSETS                
Diagnostic services   $ 51,823     $ 51,150  
Consumer products     23,378       24,139  
Unallocated corporate     24,464       14,006  
Total assets   $ 99,665     $ 89,295