v3.25.1
Revenue
 12 Months Ended
Mar. 31, 2025
Disaggregation of Revenue [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table presents revenue by category:
Year Ended March 31,
202520242023
Amount% of RevenueAmount% of RevenueAmount% of Revenue
(in thousands, except percentages)
Point in Time
PGS$102,872 54 %$145,113 66 %$182,866 61 %
Telehealth19,356 10 %26,486 12 %34,961 12 %
Consumer services122,228 64 %171,599 78 %217,827 73 %
Research services20,886 11 %3,997 2 %— — %
Total$143,114 75 %$175,596 80 %$217,827 73 %
Over Time
PGS$38,119 20 %$22,631 10 %$19,548 7 %
Telehealth6,161 4 %8,081 4 %9,761 3 %
Consumer services44,280 24 %30,712 14 %29,309 10 %
Research services2,502 1 %13,330 6 %52,353 17 %
Total$46,782 25 %$44,042 20 %$81,662 27 %
Revenue by Category
PGS$140,991 74 %$167,744 76 %$202,414 68 %
Telehealth25,517 14 %34,567 16 %44,722 15 %
Consumer services166,508 88 %202,311 92 %247,136 83 %
Research services23,388 12 %17,327 8 %52,353 17 %
Total$189,896 100 %$219,638 100 %$299,489 100 %
The following table summarizes revenue by region based on the shipping address of customers:
Year Ended March 31,
202520242023
Amount% of RevenueAmount% of RevenueAmount% of Revenue
(in thousands, except percentages)
United States$149,159 79 %$180,153 82 %$217,242 73 %
UK28,139 15 %24,280 11 %63,023 21 %
Canada8,644 5 %10,565 5 %13,581 4 %
Other regions3,954 1 %4,640 2 %5,643 2 %
Total$189,896 100 %$219,638 100 %$299,489 100 %
Breakage Revenue
The Company recognized breakage revenue from unreturned kits of $17.8 million, $22.1 million and $27.7 million for the fiscal years ended March 31, 2025, 2024 and 2023, respectively.
Contract Balances
Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts associated with contractual rights related to consideration for performance obligations and are included in
prepaid expenses and other current assets on the consolidated balance sheets. The amount of contract assets was immaterial as of March 31, 2025 and 2024.
Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of fulfilling performance obligations under a contract. Deferred revenue primarily relates to kits that have been shipped to consumers and non-consigned retail sites but not yet returned for processing by the consumer, as well as research services billed in advance of performance. Deferred revenue is recognized when the obligation to deliver results to the customer is satisfied and when research services are ultimately performed. Deferred revenue also consists of advance payments from members related to membership performance obligations and from customers related to extended health insight performance obligations that have not been satisfied as of the balance sheet date. Deferred revenue is recognized when the obligation to deliver membership services is satisfied.
As of March 31, 2025 and 2024, deferred revenue for consumer services was $46.8 million and $52.3 million, respectively. Of the $52.3 million and $48.6 million of deferred revenue for consumer services as of March 31, 2024 and 2023, respectively, the Company recognized $40.5 million and $41.1 million as revenue during the fiscal years ended March 31, 2025 and 2024, respectively.
As of March 31, 2025 and 2024, deferred revenue for research services was $2.5 million and $22.5 million, respectively, which included related party deferred revenue amounts of $1.8 million and $21.0 million, respectively. Of the $22.5 million and $14.0 million of deferred revenue for research services as of March 31, 2024 and 2023, respectively, the Company recognized $21.7 million and $13.8 million as revenue during the fiscal years ended March 31, 2025 and 2024, respectively, which included related party revenue amounts of $20.4 million and $11.8 million, respectively.
Remaining Performance Obligations
The transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that are expected to be billed and recognized as revenue in future periods. The Company has utilized the practical expedient available under ASC 606 to not disclose the value of unsatisfied performance obligations for PGS and telehealth as those contracts have an expected length of one year or less. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations for research services was $6.6 million. The Company expects to recognize revenue on approximately 41% of this amount over the next 12 months and the remainder thereafter. During the fiscal years ended March 31, 2025, 2024, and 2023, revenue recognized for performance obligations satisfied in prior periods was not material.