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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Customer Information

Significant customer information is as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2021

 

 

2021

 

Percentage of accounts receivable:

 

 

 

 

 

 

Customer C

 

 

78

%

 

 

35

%

Customer D

 

 

3

%

 

 

40

%

Customer F

 

 

11

%

 

 

0

%

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Percentage of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Customer C

 

 

17

%

 

 

31

%

 

 

19

%

 

 

21

%

Customer B

 

 

14

%

 

 

15

%

 

 

17

%

 

 

19

%

 

Summary Of Revenue By Category

The following table presents revenue by category:

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

PGS

 

$

38,367

 

 

 

67

%

 

$

44,094

 

 

 

79

%

 

$

130,705

 

 

 

76

%

 

$

119,381

 

 

 

77

%

Telehealth

 

 

7,673

 

 

 

14

%

 

 

 

 

 

0

%

 

 

7,673

 

 

 

5

%

 

 

 

 

 

0

%

Consumer services

 

 

46,040

 

 

 

81

%

 

 

44,094

 

 

 

79

%

 

 

138,378

 

 

 

81

%

 

 

119,381

 

 

 

77

%

Research services

 

 

10,851

 

 

 

19

%

 

 

11,383

 

 

 

21

%

 

 

32,956

 

 

 

19

%

 

 

35,909

 

 

 

23

%

Therapeutics

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

48

 

 

 

0

%

Total

 

$

56,891

 

 

 

100

%

 

$

55,477

 

 

 

100

%

 

$

171,334

 

 

 

100

%

 

$

155,338

 

 

 

100

%

Summary of Revenue by Region based on the Shipping Address of Customers

The following table summarizes revenue by region based on the shipping address of customers or the location where the services are delivered:

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

United States

 

$

41,741

 

 

 

73

%

 

$

40,074

 

 

 

72

%

 

$

120,706

 

 

 

70

%

 

$

108,502

 

 

 

70

%

United Kingdom

 

 

10,779

 

 

 

19

%

 

 

10,722

 

 

 

19

%

 

 

37,020

 

 

 

22

%

 

 

35,703

 

 

 

23

%

Canada

 

 

3,065

 

 

 

5

%

 

 

3,334

 

 

 

6

%

 

 

9,052

 

 

 

5

%

 

 

7,282

 

 

 

5

%

Other regions

 

 

1,306

 

 

 

2

%

 

 

1,347

 

 

 

2

%

 

 

4,556

 

 

 

3

%

 

 

3,851

 

 

 

2

%

International

 

 

15,150

 

 

 

27

%

 

 

15,403

 

 

 

28

%

 

 

50,628

 

 

 

30

%

 

 

46,836

 

 

 

30

%

Total

 

$

56,891

 

 

 

100

%

 

$

55,477

 

 

 

100

%

 

$

171,334

 

 

 

100

%

 

$

155,338

 

 

 

100

%

Schedule Of Company Revenue and Adjusted EBITDA by Segment

The Company’s revenue and Adjusted EBITDA by segment is as follows:

 

 

 

Three Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Segment Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services

 

$

56,891

 

 

$

55,477

 

 

$

171,334

 

 

$

155,290

 

Therapeutics

 

 

 

 

 

 

 

 

 

 

 

48

 

Total Revenue

 

$

56,891

 

 

$

55,477

 

 

$

171,334

 

 

$

155,338

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services Adjusted EBITDA

 

$

(31,967

)

 

$

(2,468

)

 

$

(33,232

)

 

$

(4,925

)

Therapeutics Adjusted EBITDA

 

 

(19,916

)

 

 

(15,051

)

 

 

(57,046

)

 

 

(38,886

)

Unallocated Corporate

 

 

(12,129

)

 

 

(7,796

)

 

 

(30,692

)

 

 

(21,554

)

Total Adjusted EBITDA

 

$

(64,012

)

 

$

(25,315

)

 

$

(120,970

)

 

$

(65,365

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(89,396

)

 

$

(44,645

)

 

$

(147,946

)

 

$

(116,606

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income), net

 

 

(76

)

 

 

(53

)

 

 

(213

)

 

 

(195

)

Other (income) / expense, net

 

 

(22

)

 

 

(445

)

 

 

(39

)

 

 

(1,318

)

Change in fair value of warrant liabilities

 

 

(3,695

)

 

 

 

 

 

(32,989

)

 

 

 

Income tax benefit

 

 

(3,512

)

 

 

 

 

 

(3,512

)

 

 

 

Depreciation and amortization

 

 

4,681

 

 

 

4,833

 

 

 

14,188

 

 

 

15,532

 

Amortization of acquired intangible assets

 

 

2,898

 

 

 

 

 

 

2,898

 

 

 

 

Stock-based compensation expense

 

 

17,409

 

 

 

14,995

 

 

 

37,473

 

 

 

37,222

 

Acquisition-related costs (1)

 

 

7,701

 

 

 

 

 

 

9,170

 

 

 

 

Total Adjusted EBITDA

 

$

(64,012

)

 

$

(25,315

)

 

$

(120,970

)

 

$

(65,365

)

 

(1)
For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees related to the acquisition of Lemonaid Health.
Summary of Customers Accounting for 10% or More of Segment Revenues

Customers accounting for 10% or more of segment revenues were as follows:

 

 

 

Three Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Consumer and Research Services Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer C(1)

 

$

9,676

 

 

 

17

%

 

$

17,451

 

 

 

31

%

 

$

33,123

 

 

 

19

%

 

$

31,965

 

 

 

21

%

Customer B(2)

 

$

8,069

 

 

 

14

%

 

$

8,554

 

 

 

15

%

 

$

29,281

 

 

 

17

%

 

$

30,221

 

 

 

19

%

Therapeutics Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer E(2)

 

$

 

 

 

0

%

 

$

 

 

 

0

%

 

$

 

 

 

0

%

 

$

48

 

 

 

100

%

 

(1)
Customer C revenues are primarily in the United States.
(2)
Customer B revenues are in the United Kingdom and Customer E is in a region other than the United States, United Kingdom, or Canada.