Equity Investment

12 Months Ended

Dec. 31, 2019

Equity Method Investment, Summarized Financial Information [Abstract]

Equity Investment

Matrix

As of December 31, 2019 and 2018, the Company owned a 43.6% noncontrolling interest in Matrix. Pursuant to a Shareholder’s Agreement, affiliates of Frazier Healthcare Partners hold rights necessary to control the fundamental operations of Matrix. The Company accounts for this investment in Matrix under the equity method of accounting and the Company’s share of Matrix’s income or losses are recorded as “Equity in net loss (gain) of investee” in the accompanying consolidated statements of operations. During the year ended December 31, 2019, Matrix recorded asset impairment charges of $55,056. As of December 31, 2019, an evaluation under ASC 323, Investments—Equity Method and Joint Ventures, was performed to test if the equity method investment was impaired. The Company determined that the carrying value of the investment was not impaired.

The carrying amount of the assets included in the Company’s consolidated balance sheets and the maximum loss exposure related to the Company’s interest in Matrix as of December 31, 2019 and 2018 totaled $130,869 and $161,503, respectively.

Summary financial information for Matrix on a standalone basis is as follows:


	December 31,
	2019		2018
Current assets	$	64,221	$	61,565
Long-term assets	631,007		719,450
Current liabilities	31,256		27,619
Long-term liabilities	351,380		373,159


	Year ended December 31, 2019		Year ended December 31, 2018		Year ended December 31, 2017
Revenue	$	275,391	$	282,067	$	227,872
Operating (loss) income	(61,000)		(1,186)		11,870
Net (loss) income	(69,353)		(19,962)		26,665