v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has historically reported its activities in two reportable segments, (1) Clinical Services and (2) Advanced Diagnostics. In the fourth quarter of 2024, the Company simplified its operational approach, bringing its two primary segments under a single segment. This decision was driven by an analysis of the Company's reporting structure, the information available to the Chief Operating Decision Maker (“CODM”), and the strategic decisions being made by Management. The Company provides services to a diverse client base, which includes community-based pathology and oncology practices, hospital pathology labs, reference labs, academic centers, and pharmaceutical companies. Revenue is derived from clients by providing clinical cancer testing, interpretation and consultative services, molecular and NGS testing, comprehensive technical and professional services offering, clinical trials and research, validation laboratory services, and oncology data solutions.
The Company's Chief Executive Officer serves as the CODM. The CODM uses net loss, as reported on the Consolidated Statements of Operations, to monitor budget versus actual results to evaluate profitability and allocate resources. The CODM is regularly provided with financial information, including revenue and expenses, in a format consistent with the Consolidated Statements of Operations. The CODM does not review assets at a different level or category than those disclosed in the Consolidated Balance Sheets. For further details regarding segment reporting policies and changes in reporting structure, please refer to Note 2. Summary of Significant Accounting Policies.
The following table summarizes segment information for the three and six months ended June 30, 2025, and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net revenue$181,330 $164,502 $349,365 $320,742 
Less:
Amortization8,124 8,362 16,486 16,724 
Depreciation9,141 9,746 18,507 19,652 
Stock-based compensation12,215 8,840 22,969 16,614 
Other cost of revenue(1)
95,525 82,361 181,342 163,361 
Other general and administrative(1)
52,836 47,502 103,585 98,245 
Other research and development(1)
7,859 7,172 16,961 14,127 
Other sales and marketing(1)
23,217 20,916 44,927 40,585 
Restructuring charges— 1,544 — 3,942 
Impairment charges20,041 — 20,041 — 
Loss from operations(47,628)(21,941)(75,453)(52,508)
Interest income(2,263)(4,592)(5,984)(9,426)
Interest expense933 1,666 2,551 3,351 
Other expense (income)(482)2 (547)265 
Loss before taxes(45,816)(19,017)(71,473)(46,698)
Income tax expense (benefit)(724)(375)(458)(995)
Net loss$(45,092)$(18,642)$(71,015)$(45,703)
(1) Excludes amounts related to amortization, depreciation, and stock-based compensation, as applicable.