SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Disclosure of operating segments [abstract]

SEGMENT INFORMATION

3. SEGMENT INFORMATION

The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Group’s geographical segments are determined by the location of the Group’s assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors.

The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Group’s products are sold to a similar customer base and the main body whose regulation the Group’s products must comply with is the Food and Drug Administration (“FDA”) in the US.

The following presents revenue and profit information and certain asset and liability information regarding the Group’s geographical segments.

i) The distribution of revenue by major product group was as follows:

	Six-month period ended
Revenue	June 30, 2022 US$‘000		June 30, 2021 US$‘000
Clinical laboratory goods		29,534		43,509
Clinical laboratory services		3,702		4,082
Point-of-Care products		4,004		3,846
		37,240		51,437

ii) The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2022	US$‘000			US$‘000			US$‘000			US$‘000
Result before impairment and unallocated expenses		(388	)		(259	)		(5	)		(652	)
Impairment		(519	)		-			-			(519	)
Result after impairment		(907	)		(259	)		(5	)		(1,171	)
Unallocated expenses *											(689	)
Operating loss											(1,860	)
Net financing expense											(20,303	)
Loss before tax											(22,163	)
Income tax credit											180
Loss for the period on continuing operations											(21,983	)
Loss for the period on discontinued operations											(2	)
Loss for the six-month period											(21,985	)

The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2021	US$‘000			US$‘000			US$‘000			US$‘000
Result before impairment and unallocated expenses		7,658			2,340			(50	)		9,948
Impairment		(5,212	)		(856	)		-			(6,068	)
Result after impairment		2,446			1,484			(50	)		3,880
Unallocated expenses *											(584	)
Operating profit											3,296
Net financing expense											(1,717	)
Profit before tax											1,579
Income tax charge											(760	)
Profit for the period on continuing operations											819
Profit for the period on discontinued operations											-
Profit for the six-month period											819

* Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

iii) The distribution of segment assets and liabilities by geographical area was as follows:

			Rest of World
	Americas		Ireland		Other		Total
As at June 30, 2022	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		47,835		42,513		25		90,373
Unallocated assets:
Income tax assets (current and deferred)								6,315
Cash and cash equivalents and short-term investments								10,453
Total assets as reported in the Statement of Financial Position								107,141
Segment liabilities		58,462		27,155		330		85,947
Unallocated liabilities:
Income tax liabilities (current and deferred)								5,375
Total liabilities as reported in the Statement of Financial Position								91,322

			Rest of World
	Americas		Ireland		Other		Total
As at December 31, 2021	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		45,891		41,453		1		87,345
Unallocated assets:
Income tax assets (current and deferred)								5,640
Cash and cash equivalents and short-term investments								25,910
Total assets as reported in the Statement of Financial Position								118,895
Segment liabilities		12,382		101,927		25		114,334
Unallocated liabilities:
Income tax liabilities (current and deferred)								4,880
Total liabilities as reported in the Statement of Financial Position								119,214