| Schedule of Information Regarding Operations and Assets for Operating Segments |
Information regarding the Company’s operations and assets for its reportable segments as well as geographic information was as follows, all dollars are in thousands:
|
|
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|
|
|
|
|
|
|
|
|
|
Laboratory Services |
|
|
Therapeutic Development |
|
|
Total |
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
Revenue |
$ |
85,359 |
|
|
$ |
30 |
|
|
$ |
85,389 |
|
Less: |
|
|
|
|
|
|
|
|
Adjusted cost of revenue |
|
58,617 |
|
|
|
8 |
|
|
|
58,625 |
|
Adjusted research and development |
|
6,823 |
|
|
|
4,595 |
|
|
|
11,418 |
|
Adjusted selling and marketing |
|
14,663 |
|
|
|
— |
|
|
|
14,663 |
|
Adjusted general and administrative |
|
22,698 |
|
|
|
391 |
|
|
|
23,089 |
|
Total adjusted operating loss |
$ |
(17,442 |
) |
|
$ |
(4,964 |
) |
|
$ |
(22,406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Laboratory Services |
|
|
Therapeutic Development |
|
|
Total |
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
Revenue |
$ |
156,410 |
|
|
$ |
117 |
|
|
$ |
156,527 |
|
Less: |
|
|
|
|
|
|
|
|
Adjusted cost of revenue |
|
106,797 |
|
|
|
15 |
|
|
|
106,812 |
|
Adjusted research and development |
|
13,284 |
|
|
|
8,773 |
|
|
|
22,057 |
|
Adjusted selling and marketing |
|
26,239 |
|
|
|
— |
|
|
|
26,239 |
|
Adjusted general and administrative |
|
42,750 |
|
|
|
748 |
|
|
|
43,498 |
|
Total adjusted operating loss |
$ |
(32,660 |
) |
|
$ |
(9,419 |
) |
|
$ |
(42,079 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Laboratory Services |
|
|
Therapeutic Development |
|
|
Total |
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
Revenue |
$ |
81,803 |
|
|
$ |
— |
|
|
$ |
81,803 |
|
Less: |
|
|
|
|
|
|
|
|
Adjusted cost of revenue |
|
45,631 |
|
|
|
— |
|
|
|
45,631 |
|
Adjusted research and development |
|
5,435 |
|
|
|
4,706 |
|
|
|
10,141 |
|
Adjusted selling and marketing |
|
11,575 |
|
|
|
— |
|
|
|
11,575 |
|
Adjusted general and administrative |
|
21,970 |
|
|
|
170 |
|
|
|
22,140 |
|
Total adjusted operating loss |
$ |
(2,808 |
) |
|
$ |
(4,876 |
) |
|
$ |
(7,684 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Laboratory Services |
|
|
Therapeutic Development |
|
|
Total |
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
Revenue |
$ |
155,266 |
|
|
$ |
— |
|
|
$ |
155,266 |
|
Less: |
|
|
|
|
|
|
|
|
Adjusted cost of revenue |
|
88,968 |
|
|
|
— |
|
|
|
88,968 |
|
Adjusted research and development |
|
10,366 |
|
|
|
8,696 |
|
|
|
19,062 |
|
Adjusted selling and marketing |
|
19,150 |
|
|
|
— |
|
|
|
19,150 |
|
Adjusted general and administrative |
|
42,595 |
|
|
|
430 |
|
|
|
43,025 |
|
Total adjusted operating loss |
$ |
(5,813 |
) |
|
$ |
(9,126 |
) |
|
$ |
(14,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Reconciliation of “adjusted operating loss” to “loss before income taxes” |
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating loss |
$ |
(22,406 |
) |
|
$ |
(7,684 |
) |
|
$ |
(42,079 |
) |
|
$ |
(14,939 |
) |
Less (add): |
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
|
8,624 |
|
|
|
10,039 |
|
|
|
18,514 |
|
|
|
20,589 |
|
Acquisition-related costs |
|
17 |
|
|
|
— |
|
|
|
2,649 |
|
|
|
— |
|
Acquisition-related severance |
|
251 |
|
|
|
— |
|
|
|
647 |
|
|
|
— |
|
Amortization of intangible assets |
|
2,603 |
|
|
|
1,990 |
|
|
|
4,634 |
|
|
|
3,980 |
|
Impairment of intangible assets |
|
2,172 |
|
|
|
— |
|
|
|
2,172 |
|
|
|
— |
|
Interest income |
|
(6,404 |
) |
|
|
(8,091 |
) |
|
|
(15,055 |
) |
|
|
(16,109 |
) |
Interest expense |
|
59 |
|
|
|
17 |
|
|
|
76 |
|
|
|
31 |
|
Impairment of equity securities |
|
— |
|
|
|
9,926 |
|
|
|
— |
|
|
|
9,926 |
|
Other income, net |
|
(38 |
) |
|
|
(46 |
) |
|
|
(48 |
) |
|
|
(114 |
) |
Total loss before income taxes |
$ |
(29,690 |
) |
|
$ |
(21,519 |
) |
|
$ |
(55,668 |
) |
|
$ |
(33,242 |
) |
Significant items by segment excluded from the adjusted operating (loss) income were as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Equity-based compensation |
|
|
|
|
|
|
|
|
|
|
|
Laboratory services |
$ |
6,501 |
|
|
$ |
8,034 |
|
|
$ |
14,142 |
|
|
$ |
16,566 |
|
Therapeutic development |
|
2,123 |
|
|
|
2,005 |
|
|
|
4,372 |
|
|
|
4,023 |
|
Total |
$ |
8,624 |
|
|
$ |
10,039 |
|
|
$ |
18,514 |
|
|
$ |
20,589 |
|
Revenue by segment was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Laboratory services: |
|
|
|
|
|
|
|
|
|
|
|
Precision diagnostics |
$ |
41,453 |
|
|
$ |
47,428 |
|
|
$ |
81,691 |
|
|
$ |
91,525 |
|
Anatomic pathology |
|
37,497 |
|
|
|
28,122 |
|
|
|
62,577 |
|
|
|
53,422 |
|
BioPharma services |
|
6,409 |
|
|
|
6,253 |
|
|
|
12,142 |
|
|
|
10,319 |
|
Total laboratory services |
|
85,359 |
|
|
|
81,803 |
|
|
|
156,410 |
|
|
|
155,266 |
|
Therapeutic development: |
|
|
|
|
|
|
|
|
|
|
|
BioPharma services |
|
30 |
|
|
|
— |
|
|
|
117 |
|
|
|
— |
|
Total therapeutic development |
|
30 |
|
|
|
— |
|
|
|
117 |
|
|
|
— |
|
Total |
$ |
85,389 |
|
|
$ |
81,803 |
|
|
$ |
156,527 |
|
|
$ |
155,266 |
|
Depreciation and amortization by segment were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Laboratory services |
$ |
7,528 |
|
|
$ |
5,889 |
|
|
$ |
13,385 |
|
|
$ |
11,644 |
|
Therapeutic development |
|
148 |
|
|
|
165 |
|
|
|
291 |
|
|
|
329 |
|
Total |
$ |
7,676 |
|
|
$ |
6,054 |
|
|
$ |
13,676 |
|
|
$ |
11,973 |
|
Interest income and expense by segment were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Laboratory services |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
6,404 |
|
|
$ |
8,091 |
|
|
$ |
15,055 |
|
|
$ |
16,109 |
|
Interest expense |
|
(59 |
) |
|
|
(17 |
) |
|
|
(76 |
) |
|
|
(31 |
) |
Therapeutic development |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
6,345 |
|
|
$ |
8,074 |
|
|
$ |
14,979 |
|
|
$ |
16,078 |
|
Total assets by segment were as follows:
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Laboratory services |
$ |
982,893 |
|
|
$ |
1,096,379 |
|
Therapeutic development |
|
106,330 |
|
|
|
117,146 |
|
Total |
$ |
1,089,223 |
|
|
$ |
1,213,525 |
|
|