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Revenue
6 Months Ended
Sep. 30, 2023
Disaggregation of Revenue [Abstract]  
Revenue

3. Revenue

Disaggregation of Revenue

The following table presents revenue by category:

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Point in Time (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

$

34,202

 

 

 

68

%

 

$

40,110

 

 

 

53

%

 

$

65,961

 

 

 

59

%

 

$

79,800

 

 

 

57

%

Telehealth

 

 

6,872

 

 

 

14

%

 

 

9,171

 

 

 

12

%

 

 

15,157

 

 

 

14

%

 

 

18,532

 

 

 

13

%

Consumer services

 

 

41,074

 

 

 

82

%

 

 

49,281

 

 

 

65

%

 

 

81,118

 

 

 

73

%

 

 

98,332

 

 

 

70

%

Research services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,353

 

 

 

2

%

 

 

 

 

 

 

Total

 

$

41,074

 

 

 

82

%

 

$

49,281

 

 

 

65

%

 

$

83,471

 

 

 

75

%

 

$

98,332

 

 

 

70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over Time (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

$

5,400

 

 

 

11

%

 

$

4,731

 

 

 

7

%

 

$

10,670

 

 

 

10

%

 

$

9,216

 

 

 

6

%

Telehealth

 

 

2,184

 

 

 

4

%

 

 

2,497

 

 

 

3

%

 

 

4,423

 

 

 

4

%

 

 

5,020

 

 

 

4

%

Consumer services

 

 

7,584

 

 

 

15

%

 

 

7,228

 

 

 

10

%

 

 

15,093

 

 

 

14

%

 

 

14,236

 

 

 

10

%

Research services

 

 

1,341

 

 

 

3

%

 

 

19,150

 

 

 

25

%

 

 

12,299

 

 

 

11

%

 

 

27,604

 

 

 

20

%

Total

 

$

8,925

 

 

 

18

%

 

$

26,378

 

 

 

35

%

 

$

27,392

 

 

 

25

%

 

$

41,840

 

 

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by Category (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

$

39,602

 

 

 

79

%

 

$

44,841

 

 

 

60

%

 

$

76,631

 

 

 

69

%

 

$

89,016

 

 

 

63

%

Telehealth

 

 

9,056

 

 

 

18

%

 

 

11,668

 

 

 

15

%

 

 

19,580

 

 

 

18

%

 

 

23,552

 

 

 

17

%

Consumer services

 

 

48,658

 

 

 

97

%

 

 

56,509

 

 

 

75

%

 

 

96,211

 

 

 

87

%

 

 

112,568

 

 

 

80

%

Research services

 

 

1,341

 

 

 

3

%

 

 

19,150

 

 

 

25

%

 

 

14,652

 

 

 

13

%

 

 

27,604

 

 

 

20

%

Total

 

$

49,999

 

 

 

100

%

 

$

75,659

 

 

 

100

%

 

$

110,863

 

 

 

100

%

 

$

140,172

 

 

 

100

%

 

(1)
There was no Therapeutics revenue for the three and six months ended September 30, 2023 and 2022.

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 September 30,

 

 

Six Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

United States

 

$

42,185

 

 

 

84

%

 

$

52,546

 

 

 

69

%

 

$

85,511

 

 

 

77

%

 

$

100,655

 

 

 

72

%

United Kingdom

 

 

4,163

 

 

 

8

%

 

 

19,030

 

 

 

25

%

 

 

18,518

 

 

 

17

%

 

 

31,004

 

 

 

22

%

Canada

 

 

2,558

 

 

 

5

%

 

 

2,839

 

 

 

4

%

 

 

4,728

 

 

 

4

%

 

 

5,878

 

 

 

4

%

Other regions

 

 

1,093

 

 

 

3

%

 

 

1,244

 

 

 

2

%

 

 

2,106

 

 

 

2

%

 

 

2,635

 

 

 

2

%

Total

 

$

49,999

 

 

 

100

%

 

$

75,659

 

 

 

100

%

 

$

110,863

 

 

 

100

%

 

$

140,172

 

 

 

100

%

Breakage Revenue

The Company sells through multiple channels, including direct-to-consumer via the Company’s website and through online retailers. If the customer does not return the Kit for processing, services cannot be completed by the Company, potentially resulting in unexercised rights (“breakage”) revenue. The Company recognized breakage revenue from unreturned Kits of $4.3 million and $6.0 million for the three months ended September 30, 2023 and 2022, respectively, and $8.9 million and $11.0 million for the six months ended September 30, 2023 and 2022, respectively.

Contract Balances

Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts associated with contractual rights related to consideration for performance obligations and are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The amount of contract assets was immaterial as of September 30, 2023 and March 31, 2023.

Contract liabilities consist of deferred revenue. As of September 30, 2023 and March 31, 2023, deferred revenue for consumer services was $39.2 million and $48.6 million, respectively. Of the $48.6 million of deferred revenue for consumer services as of March 31, 2023, the Company recognized $8.9 million and $31.4 million as revenue during the three and six months ended September 30, 2023, respectively.

As of September 30, 2023 and March 31, 2023, deferred revenue for research services was $1.1 million and $14.0 million, respectively. As of March 31, 2023, deferred revenue for research services included $11.8 million of related party deferred revenue. There was no related party deferred revenue as of September 30, 2023. Of the $14.0 million of deferred revenue for research services as of March 31, 2023, the Company recognized $1.2 million and $13.6 million as revenue during the three and six months ended September 30, 2023, respectively, which included related party revenue amounts of $1.1 million and $11.8 million, respectively.

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that are expected to be billed and recognized as revenue in future periods. The Company has utilized the practical expedient available under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) to not disclose the value of unsatisfied performance obligations for PGS and telehealth as those contracts have an expected length of one year or less. As of September 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations for research services was $2.9 million. The Company expects to recognize revenue of approximately 75% of this amount over the next 12 months and the remainder thereafter. During the three and six months ended September 30, 2023 and 2022, the Company did not recognize any revenue for performance obligations satisfied in prior periods.