v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Total revenue $ 125,444 $ 104,672 $ 318,451 $ 301,962
COST OF REVENUE 71,379 53,840 190,011 155,049
Total gross profit 54,065 50,832 128,440 146,913
Operating expenses:        
General and administrative 36,128 33,054 107,085 94,773
Research and development 1,964 2,611 6,129 6,407
Sales and marketing 11,304 11,508 34,757 35,048
Total operating expenses 49,396 47,173 147,971 136,228
Income (loss) from operations 4,669 3,659 (19,531) 10,685
Interest expense, net 2,458 203 4,825 3,333
Other (income) expense, net (11) (35) (7,639) 5,124
Loss on extinguishment of debt 0 0 1,400 1,018
Loss on termination of cash flow hedge 0 0 3,506 0
Income (loss) before taxes 2,222 3,491 (21,623) 1,210
Income tax (benefit) expense (335) 1,348 (10,378) (500)
Net income (loss) 2,557 2,143 (11,245) 1,710
Net income (loss) [1] 2,557 2,143 (11,245) 1,710
Convertible note accretion, amortization, and interest, net of tax [1] 1,975 0 0 0
NET INCOME (LOSS) USED IN DILUTED EPS [1] $ 4,532 $ 2,143 $ (11,245) $ 1,710
NET INCOME (LOSS) PER SHARE        
Basic (in dollars per share) $ 0.02 $ 0.02 $ (0.10) $ 0.02
Diluted (in dollars per share) $ 0.04 $ 0.02 $ (0.10) $ 0.02
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 110,461 103,899 107,605 99,149
Diluted (in shares) 119,191 107,880 107,605 102,766
Clinical Services        
Total revenue $ 108,733 $ 92,565 $ 275,599 $ 267,757
Total gross profit 48,126 45,039 117,312 131,200
Pharma Services        
Total revenue 16,711 12,107 42,852 34,205
Total gross profit $ 5,939 $ 5,793 $ 11,128 $ 15,713
[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, the numerator is adjusted to reverse any recognized interest expense (including any amortization of discounts).

Source