v3.25.2
Revenue
 3 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table presents revenue by category:
Three Months Ended June 30,
20252024
Amount
% of Revenue
Amount
% of Revenue
(in thousands, except percentages)
Point in Time
PGS$9,315 36%$24,397 60%
Telehealth4,271 17%5,039 13%
Consumer services13,586 53%29,436 73%
Research services186 1%344 1%
Total$13,772 54%$29,780 74%
Over Time
PGS$9,827 39%$8,109 20%
Telehealth1,416 5%1,608 4%
Consumer services11,243 44%9,717 24%
Research services404 2%917 2%
Total$11,647 46%$10,634 26%
 
Revenue by Category
PGS$19,142 75%$32,506 80%
Telehealth5,687 22%6,647 17%
Consumer services24,829 97%39,153 97%
Research services590 3%1,261 3%
Total$25,419 100%$40,414 100%
The following table summarizes revenue by region based on the shipping address of customers:
Three Months Ended June 30,
20252024
Amount
% of Revenue
Amount
% of Revenue
(in thousands, except percentages)
United States$22,140 87%$35,285 87%
United Kingdom1,390 5%2,124 5%
Canada1,299 5%2,015 5%
Other regions590 3%990 3%
Total$25,419 100%$40,414 100%
Breakage Revenue
Prior to the Closing Date, the Company sold through multiple channels, including direct-to-consumer via the Company’s website and through online retailers. If the customer does not return the kit for processing, services cannot be completed by the Company, potentially resulting in unexercised rights (“breakage”) revenue. The Company recognized
breakage revenue from unreturned kits of $1.9 million and $4.0 million for the three months ended June 30, 2025 and 2024, 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 in the Company’s Research Services contracts and are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The amount of contract assets was immaterial as of June 30, 2025 and March 31, 2025.
Contract liabilities consist of deferred revenue. As of June 30, 2025 and March 31, 2025, deferred revenue for consumer services was $38.1 million and $46.8 million, respectively. Of the $46.8 million of deferred revenue for consumer services as of March 31, 2025, the Company recognized $17.6 million as revenue during the three months ended June 30, 2025.
As of June 30, 2025 and March 31, 2025, deferred revenue for research services was $2.9 million and $2.5 million, respectively, which included $1.5 million and $1.8 million, respectively, of related party deferred revenue. Of the $2.5 million of deferred revenue for research services as of March 31, 2025, the Company recognized $0.5 million as revenue during the three months ended June 30, 2025, which included related party revenue of $0.2 million for the three months ended June 30, 2025.
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 Topic 606, Revenue from Contracts with Customers (“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 June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations for research services was $6.7 million. As of July 14, 2025, Research Institute acquired substantially all remaining performance obligations related to research services contracts, and therefore, there were no outstanding performance obligations related to research services. During the three months ended June 30, 2025 and 2024, revenue recognized for performance obligations satisfied in prior periods were immaterial.