| Schedule of Segment Reporting Information, by Segment |
The following table summarizes segment information for the years ended December 31, 2022, 2021 and 2020 (in thousands):
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2022 |
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2021 |
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2020 |
| Net revenue: |
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| Clinical Services |
$ |
418,754 |
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|
$ |
404,172 |
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|
$ |
382,337 |
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| Pharma Services |
90,974 |
|
|
80,157 |
|
|
62,111 |
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| Total net revenue |
509,728 |
|
|
484,329 |
|
|
444,448 |
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| Cost of revenue: |
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|
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|
Clinical Services(1)
|
261,742 |
|
|
244,360 |
|
|
215,529 |
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Pharma Services(2)
|
60,090 |
|
|
52,909 |
|
|
43,026 |
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| Total cost of revenue |
321,832 |
|
|
297,269 |
|
|
258,555 |
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| Gross profit: |
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| Clinical Services |
157,012 |
|
|
159,812 |
|
|
166,808 |
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| Pharma Services |
30,884 |
|
|
27,248 |
|
|
19,085 |
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| Total gross profit |
187,896 |
|
|
187,060 |
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|
185,893 |
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| Operating expenses: |
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| General and administrative |
243,356 |
|
|
221,347 |
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|
143,794 |
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| Research and development |
30,326 |
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|
21,873 |
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|
8,229 |
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| Sales and marketing |
67,321 |
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|
62,594 |
|
|
47,862 |
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| Restructuring charges |
4,516 |
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|
— |
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|
— |
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| Total operating expenses |
345,519 |
|
|
305,814 |
|
|
199,885 |
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| Loss from operations |
(157,623) |
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|
(118,754) |
|
|
(13,992) |
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| Interest expense, net |
1,506 |
|
|
5,082 |
|
|
7,019 |
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| Other expense (income), net |
213 |
|
|
499 |
|
|
(7,906) |
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Gain on investment in and loan receivable from
non-consolidated affiliate, net |
— |
|
|
(109,260) |
|
|
(3,955) |
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| Loss on extinguishment of debt |
— |
|
|
— |
|
|
1,400 |
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| Loss on termination of cash flow hedge |
— |
|
|
— |
|
|
3,506 |
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| Loss before taxes |
(159,342) |
|
|
(15,075) |
|
|
(14,056) |
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| Income tax benefit |
(15,092) |
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|
(6,728) |
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|
(18,228) |
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| Net (loss) income |
$ |
(144,250) |
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|
$ |
(8,347) |
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$ |
4,172 |
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(1) Clinical Services cost of revenue in 2022 includes $17.1 million of amortization of acquired Inivata developed technology intangible assets. Clinical Services cost of revenue in 2021 includes $9.2 million of amortization of acquired Inivata developed technology intangible assets and write-offs of $5.3 million for COVID-19 PCR testing inventory.
(2) Pharma Services cost of revenue in 2022 includes $2.4 million of amortization of acquired Inivata developed technology intangible assets. Pharma Services cost of revenue in 2021 includes $1.2 million of amortization of acquired Inivata developed technology intangible assets.
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