Equity Investment |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Summarized Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Investment | Equity Investment At both September 30, 2025 and December 31, 2024, the Company owned a 43.6% non-controlling interest in Matrix. Under a Shareholder’s Agreement, affiliates of Frazier Healthcare Partners hold the rights necessary to control Matrix's fundamental operations. The Company accounts for its investment in Matrix under the equity method of accounting and the Company’s share of Matrix’s income or loss is recorded as “Equity in net income (loss) of investee, net of tax” in the accompanying unaudited condensed consolidated statements of operations within its Corporate and Other segment. The Company's gross share of Matrix's operations for the three months ended September 30, 2025 and 2024 was a loss of $0.7 million and $3.9 million, respectively, which is presented net of tax on the unaudited condensed consolidated statements of operations for a loss of $0.6 million and $2.8 million, respectively. The Company's gross share of Matrix's operations for the nine months ended September 30, 2025 and 2024, was a loss of $1.1 million and $5.7 million, respectively, which is presented net of tax on the unaudited consolidated statements of operations for a loss of $1.1 million and $4.1 million, respectively. The carrying amount of the assets included in the Company’s unaudited condensed consolidated balance sheets and the maximum loss exposure related to the Company’s interest in Matrix as of September 30, 2025 and December 31, 2024 totaled $27.9 million and $30.0 million, respectively. Summary financial information for Matrix on a standalone basis is as follows (in thousands):
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