v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Total revenue $ 121,724 $ 86,977 $ 237,257 $ 193,007
COST OF REVENUE 68,734 58,971 142,693 118,632
Total gross profit 52,990 28,006 94,564 74,375
Operating expenses:        
General and administrative 54,638 34,613 95,114 70,957
Research and development 3,495 2,105 5,951 4,165
Sales and marketing 17,224 10,195 30,973 23,453
Total operating expenses 75,357 46,913 132,038 98,575
Loss from operations (22,367) (18,907) (37,474) (24,200)
Interest expense, net 902 1,548 2,079 2,367
Other income, net (171) (7,405) (341) (7,628)
Gain on investment in and loan receivable from non-consolidated affiliate, net (96,534) 0 (91,510) 0
Loss on extinguishment of debt 0 1,400 0 1,400
Loss on termination of cash flow hedge 0 3,506 0 3,506
Income (loss) before taxes 73,436 (17,956) 52,298 (23,845)
Income tax benefit (2,437) (11,132) (1,461) (10,043)
Net income (loss) 75,873 (6,824) 53,759 (13,802)
NET INCOME (LOSS) 75,873 (6,824) 53,759 (13,802)
Convertible note accretion, amortization, and interest, net of tax [1] 1,552 0 2,997 0
NET INCOME (LOSS) USED IN DILUTED EPS $ 77,425 $ (6,824) $ 56,756 $ (13,802)
NET INCOME (LOSS) PER SHARE        
Basic (in dollars per share) $ 0.64 $ (0.06) $ 0.46 $ (0.13)
Diluted (in dollars per share) $ 0.59 $ (0.06) $ 0.44 $ (0.13)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 118,287 107,887 117,249 106,209
Diluted (in shares) 131,237 107,887 130,247 106,209
Clinical Services        
Total revenue $ 101,405 $ 73,884 $ 197,892 $ 166,866
Total gross profit 44,172 25,127 79,094 69,186
Pharma Services        
Total revenue 20,319 13,093 39,365 26,141
Total gross profit $ 8,818 $ 2,879 $ 15,470 $ 5,189
[1] This adjustment compensates for the effects of the if-converted impact of convertible notes in adjusted net income. Since an entity using the if-converted method assumes that a convertible debt instrument was converted into common shares at the beginning of the reporting period, net income (loss) is adjusted to reverse any recognized interest expense (including any amortization of discounts).

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