Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
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 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.

The following table is a summary of segment information for three and six months ended June 30, 2023 and 2022 (amounts in thousands):
For the three months ended For the six months ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Net revenues
Diagnostic services $ 7,834  $ 26,158  $ 22,358  $ 71,071 
Consumer products 5,383  2,934  10,162  5,552 
Consolidated net revenue 13,217  29,092  32,520  76,623 
Cost of revenue        
Diagnostic services 3,792  8,403  9,014  25,105 
Consumer products 2,977  1,969  6,538  4,121 
Consolidated cost of revenue 6,769  10,372  15,552  29,226 
Depreciation and amortization expense        
Diagnostic services 212  594  1,143  1,170 
Consumer products 305  601  611  1,201 
Total Depreciation and amortization expense 517  1,195  1,754  2,371 
Operating and other expenses 10,845  7,114  19,564  18,705 
Income (loss) from operations, before income taxes        
Diagnostic services 110  12,872  4,451  32,898 
Consumer products (1,182) (313) (2,381) (2,176)
Unallocated corporate (3,842) (2,148) (6,420) (4,401)
Total (loss) income from operations, before income taxes (4,914) 10,411  (4,350) 26,321 
Income tax benefit (expense) 1,474  (2,965) 1,460  (6,381)
Total (loss) income from operations, after income taxes (3,440) 7,446  (2,890) 19,940 
Net (loss) income $ (3,440) $ 7,446  $ (2,890) $ 19,940 
The following table is a summary of segment information as of June 30, 2023 and December 31, 2022 (amounts in thousands):
June 30, 2023 December 31, 2022
ASSETS
Diagnostic services $ 50,667  $ 50,832 
Consumer products 37,853  22,080 
Unallocated corporate 2,538  14,736 
Total assets $ 91,058  $ 87,648