FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall

The following table presents the Company’s fair value measurements as of September 30, 2022 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.


(In thousands)	Fair Value at September 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash
Cash and money market	$	173,968	$	173,968	$	—	$	—
Commercial paper	58,917		—		58,917		—
U.S. government agency securities	2,421		—		2,421		—
Restricted cash	297		297		—		—
Marketable securities
Corporate bonds	$	114,204	$	—	$	114,204	$	—
Certificates of deposit	5,500		—		5,500		—
Commercial paper	1,988		—		1,988		—
U.S. government agency securities	243,855		—		243,855		—
Asset backed securities	62,874		—		62,874		—
Equity securities (1)	5,387		5,387		—		—
Non-marketable securities	$	2,990	$	—	$	—	$	2,990
Liabilities
Contingent consideration	$	(305,925)	$	—	$	—	$	(305,925)
Total	$	366,476	$	179,652	$	489,759	$	(302,935)

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(1)Inclusive of the American Depository Shares of MDxHealth received as part of the sale of the Company’s GPS test, which are restricted to a holding period of six months after the date of the sale of August 2, 2022. The shares have a fair value of $4.7 million as of September 30, 2022.

The following table presents the Company’s fair value measurements as of December 31, 2021 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.


(In thousands)	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
Cash and money market	$	247,335	$	247,335	$	—	$	—
Commercial paper	64,593		—		64,593		—
U.S. government agency securities	3,543		—		3,543		—
Restricted cash	297		297		—		—
Marketable securities
U.S. government agency securities	$	249,920	$	—	$	249,920	$	—
Corporate bonds	313,154		—		313,154		—
Asset backed securities	94,460		—		94,460		—
Certificates of deposit	47,139		—		47,139		—
Commercial paper	6,996		—		6,996		—
Equity securities	3,336		3,336		—		—
Non-marketable securities	$	3,090	$	—	$	—	$	3,090
Liabilities
Contingent consideration	$	(359,021)	$	—	$	—	$	(359,021)
Total	$	674,842	$	250,968	$	779,805	$	(355,931)

Schedule of fair value of contingent consideration

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:


(In thousands)	Contingent Consideration
Beginning balance, January 1, 2022	$	359,021
Purchase price contingent consideration (1)	4,600
Changes in fair value	(57,619)
Payments	(77)
Ending balance, September 30, 2022	$	305,925

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(1)The increase in contingent consideration liability is due to the contingent consideration associated with the acquisition of OmicEra. Refer to Note 16 for further information.