v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker, or CODM, or decision making group, whose function is to allocate resources to and assess the performance of the operating segments. The Company has identified its President and Chief Executive Officer as the CODM. In determining its reportable segments, the Company considered the markets and types of customers served and the products or services provided in those markets. The Company has determined that it has one operating segment and, therefore, one reportable segment.
Revenue by geographic regions are based upon the customers’ ship-to address for product revenue, the region of testing for testing services revenue and the region where the performance obligation is satisfied for patient and digital solutions revenue. The following table summarizes reportable revenue by geographic regions (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Testing services revenue
United States$99,548 $61,670 $190,577 $123,108 
Rest of World379 363 748 846 
$99,927 $62,033 $191,325 $123,954 
Product revenue
United States$7,885 $7,193 $14,579 $13,700 
Rest of World4,906 4,640 8,558 8,943 
$12,791 $11,833 $23,137 $22,643 
Patient and digital solutions revenue
United States$19,193 $12,778 $35,116 $24,698 
Rest of World37 35 70 69 
$19,230 $12,813 $35,186 $24,767 
Total revenue
Total United States$126,626 $81,641 $240,272 $161,506 
Total Rest of World5,322 5,038 9,376 9,858 

$131,948 $86,679 $249,648 $171,364 
The following table summarizes long-lived assets, consisting of property and equipment, net, by geographic regions (in thousands):
June 30, 2026December 31, 2025
Long-lived assets:
United States$26,838 $32,635 
Rest of World— 336 
Total$26,838 $32,971 
The CODM assesses the Company’s performance by using net income (loss). The CODM uses net income (loss) predominately in the annual budget and forecasting process. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. The CODM considers budget-to-actual variances on a quarterly basis for the profit measure when making decisions. The CODM organizes the business and leaders functionally. The CODM assesses performance and resources are allocated to functions which utilize those allocations across the business’s testing services, products and digital solutions offerings.
In connection with the sale of the lab products business completed on June 30, 2026 (see Note 1 to these financial statements), the Company derecognized property and equipment located in Stockholm, Sweden and Fremantle, Australia, which was included in the net assets sold in determining the gain on sale of lab products business.
The following table summarizes the reconciliation to net income (loss) (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Testing services revenue
$99,927 $62,033 $191,325 $123,954 
Product revenue
12,791 11,833 23,137 22,643 
Patient and digital solutions revenue
19,230 12,813 35,186 24,767 
Total revenue
131,948 86,679 249,648 171,364 
Less:
Cost of testing services1
15,516 14,731 32,037 29,134 
Cost of product1
4,327 4,431 8,560 9,374 
Cost of patient and digital solutions1
14,447 7,929 25,859 15,273 
Personnel cost
49,033 29,330 91,221 60,073 
Professional and legal fees
5,861 12,348 13,773 22,540 
Research materials and clinical trials expense
4,088 4,057 7,919 7,231 
Depreciation and amortization expense
2,057 2,951 5,176 5,901 
Stock-based compensation expense
10,615 9,424 20,382 18,355 
Litigation settlement expense
— 350 600 5,710 
Business development and portfolio optimization expense2
11,078 — 14,435 — 
Transformational initiative costs— 1,871 — 1,871 
Gain on sale of lab products business(112,966)— (112,966)— 
Other segment items3
18,991 10,189 32,851 19,970 
Interest income, net
(1,735)(2,364)(3,644)(5,147)
Segment and condensed consolidated net income (loss)
$110,636 $(8,568)$113,445 $(18,921)
1 Cost of testing services, cost of product and cost of patient and digital solutions include depreciation expense.
2 Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, and other transaction-related costs incurred in connection with business development activities, including the sale of lab products business and the acquisition of Naveris, Inc.
3 Other segment items include the following: acquisition costs, software expenses, corporate expenses, rent and maintenance expense, travel and event related expense, income tax (expense) benefit and other expenses (income).