Quarterly report pursuant to Section 13 or 15(d)

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 historically reported its activities in two reportable segments; (1) the Clinical Services segment and (2) the Pharma Services segment. In the second quarter of 2023, the Pharma Services segment was rebranded as the Advanced Diagnostics segment.
The financial information reviewed by the CODM includes revenues, cost of revenue, and gross profit for both reportable segments. Assets, operating expenses, loss from operations, and net loss are not presented at the segment level as that information is not used by the CODM. For further details regarding segment reporting, please refer to Note 2. Summary of Significant Accounting Policies.
The following table summarizes the segment information (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Net revenues:
Clinical Services $ 123,156  $ 105,635  $ 238,025  $ 204,426 
Advanced Diagnostics 23,761  19,437  46,112  37,815 
Total revenue 146,917  125,072  284,137  242,241 
Cost of revenue:
Clinical Services(1)
71,746  67,035  139,038  132,302 
Advanced Diagnostics(2)
15,280  14,091  30,394  27,761 
Total cost of revenue 87,026  81,126  169,432  160,063 
Gross Profit:
Clinical Services 51,410  38,600  98,987  72,124 
Advanced Diagnostics 8,481  5,346  15,718  10,054 
Total gross profit $ 59,891  $ 43,946  $ 114,705  $ 82,178 
(1) Clinical Services cost of revenue for both the three months ended June 30, 2023 and June 30, 2022 includes $4.3 million of amortization of acquired Inivata developed technology intangible assets. Clinical Services cost of revenue for both the six months ended June 30, 2023 and June 30, 2022 includes $8.5 million of amortization of acquired Inivata developed technology intangible assets.
(2) Advanced Diagnostics cost of revenue for both the three months ended June 30, 2023 and June 30, 2022 includes $0.6 million of amortization of acquired Inivata developed technology intangible assets. Advanced Diagnostics cost of revenue for both the six months ended June 30, 2023 and June 30, 2022 includes $1.2 million of amortization of acquired Inivata developed technology intangible assets.