XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.4
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Customer Information

Significant customer information is as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2022

 

 

2022

 

Percentage of accounts receivable:

 

 

 

 

 

 

Customer B

 

 

14

%

 

 

0

%

Customer C

 

 

70

%

 

 

25

%

Customer F

 

 

12

%

 

 

19

%

Customer G

 

 

0

%

 

 

44

%

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Percentage of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Customer C

 

 

22

%

 

 

17

%

 

 

20

%

 

 

19

%

Customer B

 

 

20

%

 

 

14

%

 

 

18

%

 

 

17

%

Summary Of Revenue By Category

The following table presents revenue by category:

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(In thousands, except percentages)

 

Point in Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

$

37,499

 

 

 

56

%

 

$

35,090

 

 

 

62

%

 

$

117,300

 

 

 

57

%

 

$

121,516

 

 

 

71

%

Telehealth

 

 

8,592

 

 

 

13

%

 

 

6,146

 

 

 

11

%

 

 

27,124

 

 

 

13

%

 

 

6,146

 

 

 

4

%

Consumer services

 

 

46,091

 

 

 

69

%

 

 

41,236

 

 

 

72

%

 

 

144,424

 

 

 

70

%

 

 

127,662

 

 

 

75

%

Research services

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Total (1)

 

 

46,091

 

 

 

69

%

 

 

41,236

 

 

 

72

%

 

 

144,424

 

 

 

70

%

 

 

127,662

 

 

 

75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

 

5,100

 

 

 

7

%

 

 

3,277

 

 

 

6

%

 

 

14,316

 

 

 

7

%

 

 

9,189

 

 

 

5

%

Telehealth

 

 

2,451

 

 

 

4

%

 

 

1,527

 

 

 

3

%

 

 

7,471

 

 

 

3

%

 

 

1,527

 

 

 

1

%

Consumer services

 

 

7,551

 

 

 

11

%

 

 

4,804

 

 

 

8

%

 

 

21,787

 

 

 

10

%

 

 

10,716

 

 

 

6

%

Research services

 

 

13,298

 

 

 

20

%

 

 

10,851

 

 

 

19

%

 

 

40,901

 

 

 

20

%

 

 

32,956

 

 

 

19

%

Total (1)

 

 

20,849

 

 

 

31

%

 

 

15,655

 

 

 

28

%

 

 

62,688

 

 

 

30

%

 

 

43,672

 

 

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

 

42,599

 

 

 

64

%

 

 

38,367

 

 

 

67

%

 

 

131,616

 

 

 

63

%

 

 

130,705

 

 

 

76

%

Telehealth

 

 

11,043

 

 

 

16

%

 

 

7,673

 

 

 

14

%

 

 

34,595

 

 

 

17

%

 

 

7,673

 

 

 

5

%

Consumer services

 

 

53,642

 

 

 

80

%

 

 

46,040

 

 

 

81

%

 

 

166,211

 

 

 

80

%

 

 

138,378

 

 

 

81

%

Research services

 

 

13,298

 

 

 

20

%

 

 

10,851

 

 

 

19

%

 

 

40,901

 

 

 

20

%

 

 

32,956

 

 

 

19

%

Total (1)

 

$

66,940

 

 

 

100

%

 

$

56,891

 

 

 

100

%

 

$

207,112

 

 

 

100

%

 

$

171,334

 

 

 

100

%

 

(1)
There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(In thousands, except percentages)

 

United States

 

$

46,770

 

 

 

70

%

 

$

41,741

 

 

 

73

%

 

$

147,425

 

 

 

71

%

 

$

120,706

 

 

 

70

%

United Kingdom

 

 

16,194

 

 

 

24

%

 

 

10,779

 

 

 

19

%

 

 

47,198

 

 

 

23

%

 

 

37,020

 

 

 

22

%

Canada

 

 

2,866

 

 

 

4

%

 

 

3,065

 

 

 

6

%

 

 

8,744

 

 

 

4

%

 

 

9,052

 

 

 

5

%

Other regions

 

 

1,110

 

 

 

2

%

 

 

1,306

 

 

 

2

%

 

 

3,745

 

 

 

2

%

 

 

4,556

 

 

 

3

%

Total

 

$

66,940

 

 

 

100

%

 

$

56,891

 

 

 

100

%

 

$

207,112

 

 

 

100

%

 

$

171,334

 

 

 

100

%

Schedule Of Company Revenue and Adjusted EBITDA by Segment he Company’s revenue and Adjusted EBITDA by segment is as follows:

 

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services

 

$

66,940

 

 

$

56,891

 

 

$

207,112

 

 

$

171,334

 

Total revenue (1)

 

$

66,940

 

 

$

56,891

 

 

$

207,112

 

 

$

171,334

 

Segment Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services Adjusted EBITDA

 

$

(8,313

)

 

$

(31,967

)

 

$

(22,986

)

 

$

(33,232

)

Therapeutics Adjusted EBITDA

 

 

(21,471

)

 

 

(19,916

)

 

 

(58,599

)

 

 

(57,046

)

Unallocated Corporate

 

 

(13,488

)

 

 

(12,129

)

 

 

(41,057

)

 

 

(30,692

)

Total Adjusted EBITDA

 

$

(43,272

)

 

$

(64,012

)

 

$

(122,642

)

 

$

(120,970

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(91,961

)

 

$

(89,396

)

 

$

(247,558

)

 

$

(147,946

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income) expense, net

 

 

(3,671

)

 

 

(76

)

 

 

(5,307

)

 

 

(213

)

Other (income) expense, net

 

 

(855

)

 

 

(22

)

 

 

267

 

 

 

(39

)

Change in fair value of warrant liabilities

 

 

 

 

 

(3,695

)

 

 

 

 

 

(32,989

)

Income tax benefit

 

 

(613

)

 

 

(3,512

)

 

 

(2,139

)

 

 

(3,512

)

Depreciation and amortization

 

 

5,257

 

 

 

4,681

 

 

 

15,512

 

 

 

14,188

 

Amortization of acquired intangible assets

 

 

4,265

 

 

 

2,898

 

 

 

12,847

 

 

 

2,898

 

Impairment of acquired intangible assets

 

 

9,968

 

 

 

 

 

 

9,968

 

 

 

 

Stock-based compensation expense

 

 

34,338

 

 

 

17,409

 

 

 

93,768

 

 

 

37,473

 

Acquisition-related costs (2)

 

 

 

 

 

7,701

 

 

 

 

 

 

9,170

 

Total Adjusted EBITDA

 

$

(43,272

)

 

$

(64,012

)

 

$

(122,642

)

 

$

(120,970

)

(1)
There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.
(2)
For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands, except percentages)

 

Consumer and Research Services Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer C (1)

 

$

14,680

 

 

 

22

%

 

$

9,676

 

 

 

17

%

 

$

41,365

 

 

 

20

%

 

$

33,123

 

 

 

19

%

Customer B (2)

 

$

13,068

 

 

 

20

%

 

$

8,069

 

 

 

14

%

 

$

36,258

 

 

 

18

%

 

$

29,281

 

 

 

17

%

(1)
Customer C revenues are primarily in the United States.
(2)
Customer B revenues are in the U.K.