Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OSUR | |
Entity Registrant Name | ORASURE TECHNOLOGIES, INC | |
Entity Central Index Key | 0001116463 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, $0.000001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-16537 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4370966 | |
Entity Address, Address Line One | 220 East First Street | |
Entity Address, City or Town | Bethlehem | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18015 | |
City Area Code | 610 | |
Local Phone Number | 882-1820 | |
Entity Common Stock, Shares Outstanding | 72,038,439 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 134,962 | $ 160,802 |
Short-term investments | 50,065 | 48,599 |
Accounts receivable, net of allowance for doubtful accounts of $4,891 and $3,654 | 40,075 | 38,835 |
Inventories | 53,583 | 31,863 |
Prepaid expenses | 8,103 | 3,860 |
Other current assets | 2,439 | 4,934 |
Total current assets | 289,227 | 288,893 |
Noncurrent Assets: | ||
Property, plant and equipment, net | 77,586 | 51,860 |
Operating right-of-use assets, net | 9,615 | 4,461 |
Finance right-of-use assets, net | 4,629 | 1,312 |
Intangible assets, net | 15,221 | 17,904 |
Goodwill | 40,264 | 40,351 |
Long-term investments | 17,271 | 47,718 |
Other noncurrent assets | 1,944 | 1,973 |
Total noncurrent assets | 166,530 | 165,579 |
TOTAL ASSETS | 455,757 | 454,472 |
Current Liabilities: | ||
Accounts payable | 23,778 | 17,407 |
Deferred revenue | 3,488 | 4,811 |
Accrued expenses and other current liabilities | 22,610 | 22,227 |
Finance lease liability | 1,912 | 517 |
Operating lease liability | 2,178 | 1,125 |
Acquisition-related contingent consideration obligation | 201 | 402 |
Total current liabilities | 54,167 | 46,489 |
Noncurrent Liabilities: | ||
Finance lease liability | 2,834 | 895 |
Operating lease liability | 7,740 | 3,591 |
Acquisition-related contingent consideration obligation | 318 | 2,049 |
Other noncurrent liabilities | 1,998 | 1,682 |
Deferred income taxes | 880 | 1,195 |
Total noncurrent liabilities | 13,770 | 9,412 |
TOTAL LIABILITIES | 67,937 | 55,901 |
Commitments and contingencies (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value $.000001, 25,000 shares authorized, none issued | ||
Common stock, par value $.000001, 120,000 shares authorized, 72,038 and 71,738 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 508,601 | 505,123 |
Accumulated other comprehensive loss | (10,721) | (9,097) |
Accumulated deficit | (110,060) | (97,455) |
Total stockholders' equity | 387,820 | 398,571 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 455,757 | $ 454,472 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,891 | $ 3,654 |
Preferred stock, par value | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 72,038,000 | 71,738,000 |
Common stock, shares outstanding | 72,038,000 | 71,738,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
NET REVENUES: | ||||
Total revenue | $ 53,917 | $ 48,011 | $ 170,106 | $ 108,866 |
COST OF PRODUCTS AND SERVICES SOLD | 32,449 | 17,722 | 79,639 | 45,182 |
Gross profit | 21,468 | 30,289 | 90,467 | 63,684 |
OPERATING EXPENSES: | ||||
Research and development | 8,596 | 8,007 | 25,270 | 20,575 |
Sales and marketing | 13,886 | 7,849 | 33,836 | 25,339 |
General and administrative | 12,499 | 10,108 | 33,680 | 30,442 |
Change in the estimated fair value of acquisition-related contingent consideration | (500) | (60) | (1,526) | 390 |
Total operating expenses | 34,481 | 25,904 | 91,260 | 76,746 |
Operating income (loss) | (13,013) | 4,385 | (793) | (13,062) |
OTHER INCOME | 100 | 314 | 429 | 1,960 |
Income (loss) before income taxes | (12,913) | 4,699 | (364) | (11,102) |
INCOME TAX EXPENSE | 2,102 | 3,659 | 12,241 | 5,680 |
NET INCOME (LOSS) | $ (15,015) | $ 1,040 | $ (12,605) | $ (16,782) |
INCOME (LOSS) PER SHARE: | ||||
BASIC | $ (0.21) | $ 0.01 | $ (0.18) | $ (0.25) |
DILUTED | $ (0.21) | $ 0.01 | $ (0.18) | $ (0.25) |
SHARES USED IN COMPUTING INCOME (LOSS) PER SHARE: | ||||
BASIC | 72,023 | 71,537 | 71,962 | 66,088 |
DILUTED | 72,023 | 72,662 | 71,962 | 66,088 |
Products and Services [Member] | ||||
NET REVENUES: | ||||
Total revenue | $ 53,229 | $ 46,749 | $ 165,549 | $ 105,972 |
Other Revenues [Member] | ||||
NET REVENUES: | ||||
Total revenue | $ 688 | $ 1,262 | $ 4,557 | $ 2,894 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ (15,015) | $ 1,040 | $ (12,605) | $ (16,782) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Currency translation adjustments | (4,117) | 1,953 | (1,362) | (3,542) |
Unrealized gain (loss) on marketable securities | (161) | (266) | (262) | 83 |
COMPREHENSIVE INCOME (LOSS) | $ (19,293) | $ 2,727 | $ (14,229) | $ (20,241) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ (12,605) | $ (16,782) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Stock-based compensation | 5,155 | 5,913 |
Depreciation and amortization | 8,479 | 6,880 |
Other non-cash amortization | 664 | 171 |
Provision for doubtful accounts | 1,228 | 1,141 |
Unrealized foreign currency gain | (319) | (41) |
Interest expense on finance leases | 84 | 56 |
Deferred income taxes | (324) | (764) |
Loss on sale of fixed assets | 104 | |
Change in the estimated fair value of acquisition-related contingent consideration | (1,526) | 390 |
Payment of acquisition-related contingent consideration | (142) | (496) |
Changes in assets and liabilities | ||
Accounts receivable | (2,102) | 5,228 |
Inventories | (21,689) | (7,425) |
Prepaid expenses and other assets | (1,942) | 2,420 |
Accounts payable | 2,790 | 3,269 |
Deferred revenue | (1,331) | 1,664 |
Accrued expenses and other liabilities | 982 | 468 |
Net cash (used in) provided by operating activities | (22,598) | 2,196 |
INVESTING ACTIVITIES: | ||
Purchases of investments | (25,443) | (90,137) |
Proceeds from maturities and redemptions of investments | 53,745 | 102,616 |
Purchases of property and equipment | (27,508) | (11,234) |
Proceeds from escrow associated with business acquisitions | 126 | |
Acquisition of businesses, net of cash acquired | (3,037) | |
Purchase price adjustment related to business acquisition | (18) | |
Purchase of patent and product rights | (2,250) | |
Net cash (used in) provided by investing activities | 776 | (3,916) |
FINANCING ACTIVITIES: | ||
Cash payments for lease liabilities | (1,111) | (521) |
Payment of acquisition-related contingent consideration | (264) | (3,004) |
Issuance of common stock in connection with public offering, net | 95,036 | |
Proceeds from exercise of stock options | 247 | 2,115 |
Repurchase of common stock | (1,924) | (2,076) |
Net cash (used in) provided by financing activities | (3,052) | 91,550 |
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH | (966) | (2,686) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (25,840) | 87,144 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 160,802 | 75,715 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 134,962 | 162,859 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 12,540 | 3,888 |
Non-cash investing and financing activities | ||
Accrued property and equipment purchases | 4,382 | 2,093 |
Unrealized gain (loss) on marketable securities | $ (262) | $ 83 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company The overall goal of OraSure Technologies, Inc. (“OraSure” or “the Company”) is to empower the global community to improve health and wellness by providing access to accurate essential information. Our business consists of two segments: our “Diagnostics” segment, and our “Molecular Solutions” segment. Our Diagnostics business primarily consists of the development, manufacture, marketing and sale of oral fluid diagnostic products and specimen collection devices using our proprietary technologies, as well as other diagnostic products including immunoassays and other in vitro diagnostic tests that are used on other specimen types. The Diagnostics business includes tests for diseases including HIV and Hepatitis C that are performed on a rapid basis at the point of care and tests that are processed in a laboratory. These products are sold in the United States and internationally to various clinical laboratories, hospitals, clinics, community-based organizations, and other public health organizations, distributors, government agencies, physicians’ offices, and commercial and industrial entities. Our HIV product is also sold in a consumer-friendly format in the over-the-counter (“OTC”) market in the U.S. and as a self-test to individuals in a number of other countries. Our Diagnostics business includes the operations of UrSure, Inc. (“UrSure”), which was acquired and merged into OraSure in 2020. This part of the Diagnostics business develops and commercializes products that measure adherence to HIV medications including pre-exposure prophylaxis or PrEP, the daily medication to prevent HIV, and anti-retroviral medications to suppress HIV. These products include laboratory-based tests that can measure levels of the medications in a patient’s urine or blood, as well as point-of-care products currently in development. In 2020, we began developing a rapid antigen self-test for COVID-19 and a COVID-19 antibody enzyme-linked immunosorbent assay (“ELISA”) for use in laboratory settings. In June 2021, we received three Emergency Use Authorizations ("EUA") from the U.S. Food and Drug Administration ("FDA") for our InteliSwab TM COVID-19 Rapid Antigen Tests for non-prescription OTC, professional point-of-care and prescription use. We began recording revenues on the sales of our InteliSwab TM COVID-19 Rapid Antigen Tests during the third quarter of 2021. Following discussions with the FDA and their de-prioritization of antibody testing in the U.S., we decided to no longer pursue EUAs for the ELISA test. We have, however, continued to offer the product for research use to labs and other parties interested in COVID antibody surveillance and research applications. Our Molecular Solutions business is operated by our subsidiaries, DNA Genotek Inc. (“DNAG”), Diversigen, Inc. (“Diversigen”), and Novosanis NV (“Novosanis”). In our DNAG business, we manufacture and sell kits that are used to collect, stabilize, transport and store a biological sample of genetic material for molecular testing. Our products are used for academic research and commercial applications, including ancestry, disease risk management, lifestyle and animal testing. Three of our collection devices are used in connection with COVID-19 molecular testing. We also sell research-use-only collection products into the microbiome market. We offer our customers a suite of genomics and microbiome services that range from package customization and study design optimization to extraction, analysis and reporting services. The microbiome laboratory and bioinformatics services are provided by Diversigen, which includes the operations of CoreBiome, Inc. (“CoreBiome”), a subsidiary we acquired in early 2019. CoreBiome and Diversigen were merged together in 2020. Novosanis manufactures and sells the Colli-Pee® collection device for the volumetric collection of first-void urine for use in research, screening and diagnostics in the liquid biopsy and sexually transmitted infection markets. Our Molecular Solutions business serves customers in many countries worldwide, including many leading research universities and hospitals. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation . The accompanying interim unaudited consolidated financial statements include the accounts of OraSure and its wholly-owned subsidiaries, DNAG, Diversigen and Novosanis. All intercompany transactions and balances have been eliminated. References herein to “we,” “us,” “our,” or the “Company” mean OraSure and its consolidated subsidiaries, unless otherwise indicated. The unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of our financial position and results of operations for these interim periods. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations expected for the full year. Summary of Significant Accounting Policies . There have been no changes to the Company's significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 that have had a material impact on the consolidated financial statements and related notes except as discussed herein. Investments . We consider all investments in debt securities to be available-for-sale securities. These securities consist of guaranteed investment certificates and corporate bonds with purchased maturities greater than ninety days. Available-for-sale securities are carried at fair value, based upon quoted market prices, with unrealized gains and losses, if any, reported in stockholders’ equity as a component of accumulated other comprehensive loss. We record an allowance for credit loss for our available-for-sale securities when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of September 30, 2021, we determined that the decline in the market value of our available-for-sale investment was not due to credit-related factors and as such no allowance for credit-loss was necessary. The following is a summary of our available-for-sale securities as of September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair Value September 30, 2021 Guaranteed investment certificates $ 33,122 $ — $ — $ 33,122 Corporate bonds 34,824 — ( 610 ) 34,214 Total available-for-sale securities $ 67,946 $ — $ ( 610 ) $ 67,336 December 31, 2020 Guaranteed investment certificates $ 25,132 $ — $ — $ 25,132 Corporate bonds 71,533 135 ( 483 ) 71,185 Total available-for-sale securities $ 96,665 $ 135 $ ( 483 ) $ 96,317 At September 30, 2021, maturities of our available-for-sale Less than one year $ 50,510 $ — $ ( 445 ) $ 50,065 Greater than one year $ 17,436 $ — $ ( 165 ) $ 17,271 Fair Value of Financial Instruments . As of September 30, 2021 and December 31, 2020, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their respective fair values based on their short-term nature. Fair value measurements of all financial assets and liabilities that are being measured and reported on a fair value basis are required to be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). All of our available-for-sale debt securities are measured as Level 2 instruments as of September 30, 2021 and December 31, 2020. Our available-for-sale guaranteed investment certificates are measured as Level 1 instruments as of September 30, 2021 and December 31, 2020. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020, was $ 23,862 and $ 71,489 invested in government money market funds. These funds have investments in government securities and are measured as Level 1 instruments. We offer a nonqualified deferred compensation plan for certain eligible employees and members of our Board of Directors. The assets of the plan are held in the name of the Company at a third-party financial institution. Separate accounts are maintained for each participant to reflect the amounts deferred by the participant and all earnings and losses on those deferred amounts. The assets of the plan are held in mutual funds and company stock. The fair value of the plan assets as of September 30, 2021 and December 31, 2020 was $ 2,503 and $ 2,565 , respectively, and was calculated using the quoted market prices of the assets as of those dates. All investments in the plan are classified as trading securities and measured as Level 1 instruments. The fair value of plan assets is included in both current assets and noncurrent assets with the same amount included in accrued expenses and other noncurrent liabilities in the accompanying consolidated balance sheets. Accounts Receivable. Accounts receivable have been reduced by an estimated allowance for amounts that may become uncollectible in the future. This estimated allowance is based primarily on management’s evaluation of specific balances as they become past due, the financial condition of our customers and our historical experience related to write-offs. Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis, and include the cost of raw materials, labor and overhead. The majority of our inventories are subject to expiration dating, which can be extended in certain circumstances. We continually evaluate quantities on hand and the carrying value of our inventories to determine the need for reserves for excess and obsolete inventories, based on prior experience as well as estimated forecasts of product sales. We reserve for unidentified scrap or spoilage based on historical write-off rates. We also consider items identified through specific identification procedures in assessing the adequacy of our reserve. When factors indicate that impairment has occurred, either a reserve is established against the inventories’ carrying value or the inventories are completely written off, as in the case of lapsing expiration dates. During the third quarter of 2021, we reserved $ 1,750 of COVID-19 antibody inventory, which we do not believe we can sell as a result of the decision to no longer pursue EUAs for the ELISA test. Property, Plant and Equipment . Property, plant and equipment are stated at cost. Additions or improvements are capitalized, while repairs and maintenance are charged to expense. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets. Buildings are depreciated over twenty to forty years , while computer equipment, machinery and equipment, and furniture and fixtures are depreciated over two to ten years . Building improvements are amortized over their estimated useful lives. When assets are sold, retired, or discarded, the related property amounts are relieved from the accounts, and any gain or loss is recorded in the consolidated statements of operations. Accumulated depreciation of property, plant and equipment as of September 30, 2021 and December 31, 2020 was $ 58,755 and $ 53,604 , respectively. Intangible Assets . Intangible assets consist of customer relationships, patents and product rights, acquired technology and tradenames. Patents and product rights consist of costs associated with the acquisition of patents, licenses, and product distribution rights. Intangible assets are amortized using the straight-line method over their estimated useful lives of five to fifteen years . Accumulated amortization of intangible assets as of September 30, 2021 and December 31, 2020 was $ 29,554 and $ 27,107 , respectively. The decrease in intangibles from $ 17,904 as of December 31, 2020 to $ 15,221 as of September 30, 2021 was due to $ 2,455 in amortization expense and foreign currency translation losses of $ 228 . Goodwill . Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but rather is tested annually for impairment or more frequently if we believe that indicators of impairment exist. Current generally accepted accounting principles (“GAAP”) permit us to make a qualitative evaluation about the likelihood of goodwill impairment. If we conclude that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we would be required to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, provided the impairment charge does not exceed the total amount of goodwill allocated to the reporting unit. The decrease in goodwill from $ 40,351 as of December 31, 2020 to $ 40,264 as of September 30, 2021 was a result of an adjustment of $ 105 associated with foreign currency translation and a purchase price adjustment of $ 18 related to a business acquisition. Foreign Currency Translation . The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average exchange rates for the period. Resulting translation adjustments are reflected in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than a functional currency are included in our consolidated statements of income in the period in which the change occurs. Net foreign exchange gains resulting from foreign currency transactions that are included in other income in our consolidated statements of income were $ 7 and $ 70 for the three months ended September 30, 2021 and 2020 , respectively. Net foreign exchange gains (losses) were $( 371 ) and $ 563 for the nine months ended September 30, 2021 and 2020 . Accumulated Other Comprehensive Income (Loss) . We classify items of other comprehensive income (loss) by their nature and disclose the accumulated balance of other comprehensive loss separately from accumulated deficit and additional paid-in capital in the stockholders’ equity section of our consolidated balance sheets. We have defined the Canadian dollar as the functional currency of our Canadian subsidiary, DNAG, and we have defined the Euro as the functional currency of our Belgian subsidiary, Novosanis. The results of operations for those subsidiaries are translated into U.S. dollars, which is the reporting currency of the Company. Accumulated other comprehensive loss at September 30, 2021 consisted of $ 10,111 of currency translation adjustments and $ 610 of net unrealized losses on marketable securities, which represents the fair market value adjustment for our investment portfolio. Accumulated other comprehensive loss at December 31, 2020 consists of $ 8,749 of currency translation adjustments and $ 348 of net unrealized losses on marketable securities, which represents the fair market value adjustment for our investments portfolio. Recent Accounting Pronouncements . In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The purpose of this update is to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon issuance for all entities. Management is evaluating the impact of this ASU and does not expect this update to have a material impact on the Company's Consolidated Financial Statements . |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations UrSure On July 22, 2020, the Company acquired all of the outstanding capital stock of UrSure, Inc. (“UrSure”), pursuant to the terms of a merger agreement. The initial aggregate purchase price of this transaction was $ 3,000 , adjusted for certain transaction costs, indebtedness, and holdback amounts, and was funded with cash on hand. A portion of the purchase price was deposited into an escrow account for a limited period after closing, pursuant to indemnification obligations under the merger agreement. During the nine months ended September 30, 2020 , we incurred acquisition related costs of $ 393 including accounting, legal, and other professional fees, all of which were expensed and reported as a component of general and administrative expense in the consolidated statement of operations. No such costs were incurred for the nine months ended September 30, 2021. Pursuant to our merger agreement, we were to pay up to an additional $ 28,000 of contingent consideration over the three years following the acquisition date based on the achievement of certain performance criteria as defined under the agreements, including generating certain revenue dollars, and the achievement of certain clinical milestones associated with the development of certain new technology. The Company, with the assistance of an independent valuation specialist, determines the estimated fair value of the contingent consideration. The fair value is determined using a probability-weighted model based on our assessment of the likelihood that the benchmarks will be achieved. The probability-weighted payments were then discounted using a discount rate based on an internal rate of return analysis using the probability-weighted cash flows. The fair value measurement is based on significant inputs, including the likelihood of the achievement of clinical milestones and revenue forecasts, not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The following table represents the change in contingent consideration: Balance as of December 31, 2020 $ 2,451 Payments made during the period ( 406 ) Change in fair value during the period ( 1,526 ) Balance as of September 30, 2021 $ 519 The change in fair value during the nine months ended September 30, 2021 is as a result of delays in achieving certain product development milestones and a decrease in associated revenue forecasts as a result of these delays. Revenues from UrSure primarily consist of grant money received to fund the development of certain new technology. Effective as of July 22, 2020, the financial results of UrSure are included in our Diagnostics segment. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories September 30, December 31, Raw materials $ 28,306 $ 15,425 Work in process 2,653 2,572 Finished goods 22,624 13,866 $ 53,583 $ 31,863 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 5. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed in a manner similar to basic earnings (loss) per share except that the weighted-average number of shares outstanding is increased to include incremental shares from the assumed vesting or exercise of dilutive securities, such as common stock options, unvested restricted stock or performance stock units, unless the impact is antidilutive. The number of incremental shares is calculated by assuming that outstanding stock options were exercised and unvested restricted shares and performance stock units were vested, and the proceeds from such exercises or vesting were used to acquire shares of common stock at the average market price during the reporting period. Basic and dilutive computations of net loss per share are the same in periods in which a net loss exists as the dilutive effects of excluded items would be anti-dilutive. The computations of basic and diluted earnings (loss) per share are as follows: Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Net income (loss) $ ( 15,015 ) $ 1,040 $ ( 12,605 ) $ ( 16,782 ) Weighted-average shares of common stock outstanding: Basic 72,023 71,537 71,962 66,088 Dilutive effect of stock options, restricted stock, and performance stock units — 1,125 — — Diluted 72,023 72,662 71,962 66,088 Earnings (loss) per share: Basic $ ( 0.21 ) $ 0.01 $ ( 0.18 ) $ ( 0.25 ) Diluted $ ( 0.21 ) $ 0.01 $ ( 0.18 ) $ ( 0.25 ) For the three months ended September 30, 2021 , outstanding common stock options, unvested restricted stock, and unvested performance stock units representing 859 shares were excluded from the computation of diluted loss per share. For the three months ended September 30, 2020, outstanding common stock options, unvested restricted stock, and unvested performance stock units representing 136 shares were excluded from the computation of diluted earnings per share as their inclusion would have been anti-dilutive. For the nine months ended September 30, 2021 and 2020, outstanding common stock options, unvested restricted stock, and unvested performance stock units representing 847 and 917 shares, respectively, were excluded from the computation of diluted loss per share. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 6. Revenues Revenues by product line . The following table represents total net revenues by product line: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Infectious disease testing $ 12,932 $ 13,224 $ 39,664 $ 36,625 Risk assessment testing 2,674 2,253 7,265 6,786 Genomics (1) 19,018 8,454 49,333 23,224 Microbiome (1) 1,693 1,530 5,888 3,869 COVID-19 (1) 13,930 18,867 54,147 27,918 Laboratory services 2,406 2,280 8,017 6,798 Other product and service revenues 576 141 1,235 752 Net product and services revenues 53,229 46,749 165,549 105,972 Royalty income 500 450 2,636 1,623 Other non-product revenues 188 812 1,921 1,271 Other revenues 688 1,262 4,557 2,894 Net revenues $ 53,917 $ 48,011 $ 170,106 $ 108,866 (1) 2020 Genomics, Microbiome, and COVID-19 revenues were reclassified to reflect the correct classification of the product line sales. The reclassification increased (decreased) the product line revenues for the three months ended September 30, 2020 by $( 65 ), $( 298 ), and $ 363 , respectively and increased (decreased) the product line revenue for the nine months ended September 30, 2020 by $( 157 ), $( 390 ), and $ 547 , respectively. Revenues by geographic area . The following table represents total net revenues by geographic area, based on the location of the customer: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 42,969 $ 38,594 $ 139,669 $ 82,125 Europe 2,411 2,789 10,288 8,663 Other regions 8,537 6,628 20,149 18,078 $ 53,917 $ 48,011 $ 170,106 $ 108,866 Customer and Vendor Concentrations . At September 30, 2021, one customer accounted for 13 % of our accounts receivable. Another customer accounted for 11 % of our accounts receivable as of December 31, 2020 . One customer accounted for 14 % of net consolidated revenues for the three months ended September 30, 2021 . Another customer accounted for 10 % of net consolidated revenues for the nine months ended September 30, 2021. One customer accounted for 11 % of net consolidated revenues for the three months ended September 30, 2020. We currently purchase certain products and critical components of our products from sole-supply vendors. If these vendors are unable or unwilling to supply the required components and products, we could be subject to increased costs and substantial delays in the delivery of our products to our customers. Third-party suppliers also manufacture certain products. Our inability to have a timely supply of any of these components and products could have a material adverse effect on our business, as well as our financial condition and results of operations. Deferred Revenue . We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue as of September 30, 2021 and December 31, 2020 includes customer prepayments of $ 2,340 and $ 3,216 , respectively. Deferred revenue as of September 30, 2021 and December 31, 2020 also includes $ 1,148 and $ 1,595 , respectively, associated with a long-term contract that has variable pricing based on volume. The average price over the life of the contract was determined and revenue is recognized at that average price. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and other current liabilities September 30, 2021 December 31, 2020 Payroll and related benefits $ 13,728 $ 14,769 Professional fees 1,831 978 Sales tax payable 2,858 2,400 Other 4,193 4,080 $ 22,610 $ 22,227 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Leases | 8. Leases We determine whether an arrangement is a lease at inception. We have operating and finance leases for corporate offices, warehouse space and equipment (including vehicles). As of September 30, 2021 , we are the lessee in all agreements. Our leases have remaining lease terms of 1 to 7 years , some of which include options to extend the leases based on agreed upon terms, and some of which include options to terminate the leases within 1 year . As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components (e.g., common-area maintenance). For these agreements, we account for lease components separate from non-lease components. The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Lease Cost $ 655 $ 330 $ 1,574 $ 964 Finance Lease Cost Amortization of right-of use assets 571 150 910 476 Interest on lease liabilities 49 17 84 56 Total Finance Lease Cost $ 620 $ 167 $ 994 $ 532 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,182 $ 965 Operating cash flows from financing leases 84 56 Financing cash flows from financing leases 1,111 521 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations 45 498 Right-of-use assets obtained in exchange for finance lease obligations 2,746 46 Supplemental balance sheet information related to leases is as follows: September 30, 2021 December 31, 2020 Operating Leases Right-of-use assets $ 9,615 $ 4,461 Current lease liabilities 2,178 1,125 Non-current lease liabilities 7,740 3,591 Total operating lease liabilities $ 9,918 $ 4,716 Finance Leases Right-of-use assets $ 4,629 $ 1,312 Current lease liabilities 1,912 517 Non-current lease liabilities 2,834 895 Total finance lease liabilities $ 4,746 $ 1,412 Weighted Average Remaining Lease Term Weighted-average remaining lease term—operating leases 5.42 Weighted-average remaining lease term—finance leases 2.49 Weighted Average Discount Rate Weighted-average discount rate—operating leases 3.92 % Weighted-average discount rate—finance leases 3.45 % As of September 30, 2021, minimum lease payments by period are expected to be as follows: Finance Operating 2021 (excluding the nine months ended September 30, 2021) $ 510 $ 628 2022 2,040 2,493 2023 1,810 1,776 2024 582 1,808 2025 4 1,443 Thereafter — 2,808 Total Minimum Lease Payments 4,946 10,956 Less: imputed interest ( 200 ) ( 1,038 ) Present Value of Lease Liabilities $ 4,746 $ 9,918 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 9 . Stockholders’ Equity Reconciliation of the changes in stockholders' equity for the three and nine months ended September 30, 2021 and 2020 Common Stock Additional Accumulated Accumulated Shares Amount Capital Loss Deficit Total Balance at December 31, 2020 71,738 $ — $ 505,123 $ ( 9,097 ) $ ( 97,455 ) $ 398,571 Common stock issued upon exercise of options 11 — 92 — — 92 Vesting of restricted stock and performance stock units 318 — — — — Purchase and retirement of common shares ( 111 ) — ( 1,730 ) — — ( 1,730 ) Stock-based compensation — — 1,464 — — 1,464 Net income — — — — 3,774 3,774 Currency translation adjustments — — — 1,352 — 1,352 Unrealized gain on marketable securities — — — 21 — 21 Balance at March 31, 2021 71,956 $ — $ 504,949 $ ( 7,724 ) $ ( 93,681 ) $ 403,544 Common stock issued upon exercise of options 3 — 29 — — 29 Vesting of restricted stock and performance stock units 64 — — — — — Purchase and retirement of common shares ( 15 ) — ( 147 ) — — ( 147 ) Stock-based compensation — — 1,473 — — 1,473 Net loss — — — — ( 1,364 ) ( 1,364 ) Currency translation adjustments — — — 1,403 — 1,403 Unrealized loss on marketable securities — — — ( 122 ) — ( 122 ) Balance at June 30, 2021 72,008 $ — $ 506,304 $ ( 6,443 ) $ ( 95,045 ) $ 404,816 Common stock issued upon exercise of options 18 — 126 — — 126 Vesting of restricted stock and performance stock units 16 — — — — — Purchase and retirement of common shares ( 4 ) — ( 47 ) — — ( 47 ) Stock-based compensation — — 2,218 — — 2,218 Net loss — — — — ( 15,015 ) ( 15,015 ) Currency translation adjustments — — — ( 4,117 ) — ( 4,117 ) Unrealized loss on marketable securities — — — ( 161 ) — ( 161 ) Balance at September 30, 2021 72,038 $ — $ 508,601 $ ( 10,721 ) $ ( 110,060 ) $ 387,820 Common Stock Additional Accumulated Accumulated Shares Amount Capital Loss Deficit Total Balance at December 31, 2019 61,731 $ — $ 401,814 $ ( 12,136 ) $ ( 82,533 ) $ 307,145 Common stock issued upon exercise of options 6 — 30 — — 30 Vesting of restricted stock and performance stock units 486 — — — — — Purchase and retirement of common shares ( 197 ) — ( 1,408 ) — — ( 1,408 ) Stock-based compensation — — 1,376 — — 1,376 Net loss — — — — ( 7,328 ) ( 7,328 ) Currency translation adjustments — — — ( 9,221 ) — ( 9,221 ) Unrealized loss on marketable securities — — — ( 442 ) — ( 442 ) Balance at March 31, 2020 62,026 $ — $ 401,812 $ ( 21,799 ) $ ( 89,861 ) $ 290,152 Common stock issued upon exercise of options 71 — 530 — — 530 Vesting of restricted stock and performance stock units 161 — — — — — Purchase and retirement of common shares ( 50 ) — ( 656 ) — — ( 656 ) Issuance of common stock in connection with public offering, net of commissions and expenses of $ 6,200 9,200 95,036 95,036 Stock-based compensation — — 2,672 — — 2,672 Net loss — — — — ( 10,494 ) ( 10,494 ) Currency translation adjustments — — — 3,726 — 3,726 Unrealized gain on marketable securities — — — 791 — 791 Balance at June 30, 2020 71,408 $ — $ 499,394 $ ( 17,282 ) $ ( 100,355 ) $ 381,757 Common stock issued upon exercise of options 202 — 1,555 — — 1,555 Vesting of restricted stock and performance stock units 2 — — — — — Purchase and retirement of common shares ( 1 ) — ( 12 ) — — ( 12 ) Stock-based compensation — — 1,865 — — 1,865 Net income — — — — 1,040 1,040 Currency translation adjustments — — — 1,953 — 1,953 Unrealized loss on marketable securities — — — ( 266 ) — ( 266 ) Balance at September 30, 2020 71,611 $ — $ 502,802 $ ( 15,595 ) $ ( 99,315 ) $ 387,892 Stock-Based Awards We grant stock-based awards under the OraSure Technologies, Inc. Stock Award Plan, as amended (the “Stock Plan”). The Stock Plan permits stock-based awards to employees, outside directors and consultants or other third-party advisors. Awards which may be granted under the Stock Plan include qualified incentive stock options, nonqualified stock options, stock appreciation rights, restricted awards, performance awards and other stock-based awards. We account for stock-based compensation to employees and directors using the fair value method. We recognize compensation expense for stock option and restricted stock awards issued to employees and directors on a straight-line basis over the requisite service period of the award. We recognize compensation expense related to performance-based restricted stock units based on assumptions as to what percentage of each performance target will be achieved. We evaluate these target assumptions on a quarterly basis and adjust compensation expense related to these awards, as appropriate. To satisfy the exercise of options, issuance of restricted stock, or redemption of performance-based restricted stock units, we issue new shares rather than shares purchased on the open market. Total compensation cost related to stock options for the nine months ended September 30, 2021 and 2020 was $ 793 and $ 683 , respectively. Compensation cost of $ 2,891 and $ 3,329 related to restricted shares was recognized during the nine months ended September 30, 2021 and 2020, respectively. We grant performance-based restricted stock units (“PSUs”) to certain executives. Vesting of these PSUs is dependent upon achievement of certain performance-based metrics during a one-year or three-year period from the date of grant. Assuming achievement of each performance-based metric, the executive must also generally remain employed for three years from the grant date. If the one-year target is achieved, the PSUs will then vest three years from grant date. If the three-year target is achieved, the corresponding PSUs will then vest three years from grant date. PSUs are converted into shares of our common stock once vested. Compensation cost of $ 1,471 and $ 1,901 related to PSUs was recognized during the nine months ended September 30, 2021 and 2020, respectively. Public Offering On June 1, 2020, we entered into an underwriting agreement with J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Evercore Group LLC, as representatives of several underwriters, relating to the issuance and sale of 8,000 shares of our common stock. The price to the public in the offering was $ 11.00 per share. Under the terms of the underwriting agreement, we also granted the underwriters an option, exercisable for 30 days , to purchase up to an additional 1,200 shares of common stock. On June 3, 2020, we announced the full exercise by the underwriters of their option to purchase these additional shares. The offering was made pursuant to an effective registration statement on Form S-3 (File No. 333-228877) we had previously filed with the SEC, and a prospectus supplement thereunder. The net proceeds from the offering were approximately $ 95,000 after deducting underwriting discounts and offering expenses paid by the Company. Stock Repurchase Program On August 5, 2008, our Board of Directors approved a share repurchase program pursuant to which we are permitted to acquire up to $ 25,000 of our outstanding common shares. No shares were purchased and retired during the nine months ended September 30, 2021 and 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes During the three and nine months ended September 30, 2021 , we recorded income tax expense of $ 2,102 and $ 12,241 , respectively, which primarily consisted of foreign tax expense. During the three and nine months ended September 30, 2020 , we recorded income tax expense of $ 3,659 and $ 5,680 , respectively, which also primarily consisted of a foreign tax expense. Tax expense reflects taxes due to the taxing authorities and the tax effects of temporary differences between the basis of assets and liabilities recognized for financial reporting and tax purposes, and net operating loss and tax credit carryforwards. The significant components of our total deferred tax liability as of September 30, 2021 and December 31, 2020 relate to the tax effects of the basis difference between the intangible assets acquired in our acquisitions for financial reporting and for tax purposes along with basis differences arising from accelerated tax depreciation of fixed assets. In 2008, we established a full valuation allowance against our U.S. deferred tax asset. Management believes the full valuation allowance is still appropriate at both September 30, 2021 and December 31, 2020 since the facts and circumstances necessitating the allowance have not changed. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Litigation From time to time, we are involved in certain legal actions arising in the ordinary course of business. In management’s opinion, the outcomes of such actions, either individually or in the aggregate, are not expected to have a material adverse effect on our future financial position or results of operations. In March 2021, we filed a complaint against Spectrum Solutions, LLC ("Spectrum") in the United States District Court for the Southern District of California alleging that certain saliva collection devices manufactured and sold by Spectrum infringe a patent held by DNAG. Spectrum has filed an answer to the initial complaint, asserting that its device does not infringe our patent and that our patent is invalid. In August 2021, we amended our complaint to add a second patent to this litigation. Spectrum responded to our amended complaint and asserted counterclaims for inequitable conduct and antitrust violations with respect to one of the patents in the litigation. We believe Spectrum's counterclaims are without merit and we filed a motion to dismiss both claims in October 2021. We are seeking injunctive relief and damages in this matter. Commitments As of September 30, 2021 , we have entered in several new contracts associated with the manufacture and supply of our COVID-19 antigen products and our molecular collection solutions products that include unconditional commitments to purchase certain materials through the latest of the first quarter of 2026 in the aggregate amount of $ 126,499 . |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | 12. Business Segment Information Our business consists of two segments: our “Diagnostics” business, which primarily consists of the development, manufacture, marketing and sale of oral fluid diagnostic products and specimen collection devices using our proprietary technologies, other diagnostic products including immunoassays and other in vitro diagnostic tests that are used on other specimen types. Our Diagnostics segment includes the financial results of UrSure. Our “Molecular Solutions” business consists of the development, manufacture, marketing and sale of specimen collection kits that are used to collect, stabilize, transport and store samples of genetic material for molecular testing. Our collection kits are also used for the collection of first-void urine for liquid biopsy in the prostate and bladder cancer markets; and in the sexually transmitted infection screening market. In addition, our Molecular Solutions business provides microbiome laboratory services that accelerate research and discovery for customers in the pharmaceutical, agricultural, and academic research markets. Financial results of Diversigen and Novosanis are included in our Molecular Solutions segment. We organized our operating segments according to the nature of the products included in those segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). We evaluate performance of our operating segments based on revenue and operating income. We do not allocate interest income, interest expense, other income, other expenses or income taxes to our operating segments. Reportable segments have no inter-segment revenues and inter-segment expenses have been eliminated. The following table summarizes operating segment information for the three and nine months ended September 30, 2021 and 2020, and asset information as of September 30, 2021 and December 31, 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues: Diagnostics $ 23,511 $ 16,314 $ 57,368 $ 44,533 Molecular Solutions 30,406 31,697 112,738 64,333 Total $ 53,917 $ 48,011 $ 170,106 $ 108,866 Operating income (loss): Diagnostics $ ( 18,638 ) $ ( 9,951 ) $ ( 42,755 ) $ ( 31,116 ) Molecular Solutions 5,625 14,336 41,962 18,054 Total $ ( 13,013 ) $ 4,385 $ ( 793 ) $ ( 13,062 ) Depreciation and amortization: Diagnostics $ 1,136 $ 934 $ 2,965 $ 2,448 Molecular Solutions 2,199 1,517 5,514 4,432 Total $ 3,335 $ 2,451 $ 8,479 $ 6,880 Capital expenditures: Diagnostics $ 3,647 $ 2,186 $ 19,797 $ 5,634 Molecular Solutions 932 3,011 7,711 5,600 Total $ 4,579 $ 5,197 $ 27,508 $ 11,234 September 30, 2021 December 31, 2020 Total assets: Diagnostics $ 206,668 $ 242,613 Molecular Solutions 249,089 211,859 Total $ 455,757 $ 454,472 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation . The accompanying interim unaudited consolidated financial statements include the accounts of OraSure and its wholly-owned subsidiaries, DNAG, Diversigen and Novosanis. All intercompany transactions and balances have been eliminated. References herein to “we,” “us,” “our,” or the “Company” mean OraSure and its consolidated subsidiaries, unless otherwise indicated. The unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of our financial position and results of operations for these interim periods. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations expected for the full year. Summary of Significant Accounting Policies . There have been no changes to the Company's significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 that have had a material impact on the consolidated financial statements and related notes except as discussed herein. |
Investments | Investments . We consider all investments in debt securities to be available-for-sale securities. These securities consist of guaranteed investment certificates and corporate bonds with purchased maturities greater than ninety days. Available-for-sale securities are carried at fair value, based upon quoted market prices, with unrealized gains and losses, if any, reported in stockholders’ equity as a component of accumulated other comprehensive loss. We record an allowance for credit loss for our available-for-sale securities when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of September 30, 2021, we determined that the decline in the market value of our available-for-sale investment was not due to credit-related factors and as such no allowance for credit-loss was necessary. The following is a summary of our available-for-sale securities as of September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair Value September 30, 2021 Guaranteed investment certificates $ 33,122 $ — $ — $ 33,122 Corporate bonds 34,824 — ( 610 ) 34,214 Total available-for-sale securities $ 67,946 $ — $ ( 610 ) $ 67,336 December 31, 2020 Guaranteed investment certificates $ 25,132 $ — $ — $ 25,132 Corporate bonds 71,533 135 ( 483 ) 71,185 Total available-for-sale securities $ 96,665 $ 135 $ ( 483 ) $ 96,317 At September 30, 2021, maturities of our available-for-sale Less than one year $ 50,510 $ — $ ( 445 ) $ 50,065 Greater than one year $ 17,436 $ — $ ( 165 ) $ 17,271 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . As of September 30, 2021 and December 31, 2020, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their respective fair values based on their short-term nature. Fair value measurements of all financial assets and liabilities that are being measured and reported on a fair value basis are required to be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). All of our available-for-sale debt securities are measured as Level 2 instruments as of September 30, 2021 and December 31, 2020. Our available-for-sale guaranteed investment certificates are measured as Level 1 instruments as of September 30, 2021 and December 31, 2020. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020, was $ 23,862 and $ 71,489 invested in government money market funds. These funds have investments in government securities and are measured as Level 1 instruments. We offer a nonqualified deferred compensation plan for certain eligible employees and members of our Board of Directors. The assets of the plan are held in the name of the Company at a third-party financial institution. Separate accounts are maintained for each participant to reflect the amounts deferred by the participant and all earnings and losses on those deferred amounts. The assets of the plan are held in mutual funds and company stock. The fair value of the plan assets as of September 30, 2021 and December 31, 2020 was $ 2,503 and $ 2,565 , respectively, and was calculated using the quoted market prices of the assets as of those dates. All investments in the plan are classified as trading securities and measured as Level 1 instruments. The fair value of plan assets is included in both current assets and noncurrent assets with the same amount included in accrued expenses and other noncurrent liabilities in the accompanying consolidated balance sheets. |
Accounts Receivable | Accounts Receivable. Accounts receivable have been reduced by an estimated allowance for amounts that may become uncollectible in the future. This estimated allowance is based primarily on management’s evaluation of specific balances as they become past due, the financial condition of our customers and our historical experience related to write-offs. |
Inventories | Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis, and include the cost of raw materials, labor and overhead. The majority of our inventories are subject to expiration dating, which can be extended in certain circumstances. We continually evaluate quantities on hand and the carrying value of our inventories to determine the need for reserves for excess and obsolete inventories, based on prior experience as well as estimated forecasts of product sales. We reserve for unidentified scrap or spoilage based on historical write-off rates. We also consider items identified through specific identification procedures in assessing the adequacy of our reserve. When factors indicate that impairment has occurred, either a reserve is established against the inventories’ carrying value or the inventories are completely written off, as in the case of lapsing expiration dates. During the third quarter of 2021, we reserved $ 1,750 of COVID-19 antibody inventory, which we do not believe we can sell as a result of the decision to no longer pursue EUAs for the ELISA test. |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and equipment are stated at cost. Additions or improvements are capitalized, while repairs and maintenance are charged to expense. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets. Buildings are depreciated over twenty to forty years , while computer equipment, machinery and equipment, and furniture and fixtures are depreciated over two to ten years . Building improvements are amortized over their estimated useful lives. When assets are sold, retired, or discarded, the related property amounts are relieved from the accounts, and any gain or loss is recorded in the consolidated statements of operations. Accumulated depreciation of property, plant and equipment as of September 30, 2021 and December 31, 2020 was $ 58,755 and $ 53,604 , respectively. |
Intangible Assets | Intangible Assets . Intangible assets consist of customer relationships, patents and product rights, acquired technology and tradenames. Patents and product rights consist of costs associated with the acquisition of patents, licenses, and product distribution rights. Intangible assets are amortized using the straight-line method over their estimated useful lives of five to fifteen years . Accumulated amortization of intangible assets as of September 30, 2021 and December 31, 2020 was $ 29,554 and $ 27,107 , respectively. The decrease in intangibles from $ 17,904 as of December 31, 2020 to $ 15,221 as of September 30, 2021 was due to $ 2,455 in amortization expense and foreign currency translation losses of $ 228 . |
Goodwill | Goodwill . Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but rather is tested annually for impairment or more frequently if we believe that indicators of impairment exist. Current generally accepted accounting principles (“GAAP”) permit us to make a qualitative evaluation about the likelihood of goodwill impairment. If we conclude that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we would be required to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, provided the impairment charge does not exceed the total amount of goodwill allocated to the reporting unit. The decrease in goodwill from $ 40,351 as of December 31, 2020 to $ 40,264 as of September 30, 2021 was a result of an adjustment of $ 105 associated with foreign currency translation and a purchase price adjustment of $ 18 related to a business acquisition. |
Foreign Currency Translation | Foreign Currency Translation . The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average exchange rates for the period. Resulting translation adjustments are reflected in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than a functional currency are included in our consolidated statements of income in the period in which the change occurs. Net foreign exchange gains resulting from foreign currency transactions that are included in other income in our consolidated statements of income were $ 7 and $ 70 for the three months ended September 30, 2021 and 2020 , respectively. Net foreign exchange gains (losses) were $( 371 ) and $ 563 for the nine months ended September 30, 2021 and 2020 . |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) . We classify items of other comprehensive income (loss) by their nature and disclose the accumulated balance of other comprehensive loss separately from accumulated deficit and additional paid-in capital in the stockholders’ equity section of our consolidated balance sheets. We have defined the Canadian dollar as the functional currency of our Canadian subsidiary, DNAG, and we have defined the Euro as the functional currency of our Belgian subsidiary, Novosanis. The results of operations for those subsidiaries are translated into U.S. dollars, which is the reporting currency of the Company. Accumulated other comprehensive loss at September 30, 2021 consisted of $ 10,111 of currency translation adjustments and $ 610 of net unrealized losses on marketable securities, which represents the fair market value adjustment for our investment portfolio. Accumulated other comprehensive loss at December 31, 2020 consists of $ 8,749 of currency translation adjustments and $ 348 of net unrealized losses on marketable securities, which represents the fair market value adjustment for our investments portfolio. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements . In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The purpose of this update is to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon issuance for all entities. Management is evaluating the impact of this ASU and does not expect this update to have a material impact on the Company's Consolidated Financial Statements . |
Revenues by Product | Revenues by product line . The following table represents total net revenues by product line: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Infectious disease testing $ 12,932 $ 13,224 $ 39,664 $ 36,625 Risk assessment testing 2,674 2,253 7,265 6,786 Genomics (1) 19,018 8,454 49,333 23,224 Microbiome (1) 1,693 1,530 5,888 3,869 COVID-19 (1) 13,930 18,867 54,147 27,918 Laboratory services 2,406 2,280 8,017 6,798 Other product and service revenues 576 141 1,235 752 Net product and services revenues 53,229 46,749 165,549 105,972 Royalty income 500 450 2,636 1,623 Other non-product revenues 188 812 1,921 1,271 Other revenues 688 1,262 4,557 2,894 Net revenues $ 53,917 $ 48,011 $ 170,106 $ 108,866 (1) 2020 Genomics, Microbiome, and COVID-19 revenues were reclassified to reflect the correct classification of the product line sales. The reclassification increased (decreased) the product line revenues for the three months ended September 30, 2020 by $( 65 ), $( 298 ), and $ 363 , respectively and increased (decreased) the product line revenue for the nine months ended September 30, 2020 by $( 157 ), $( 390 ), and $ 547 , respectively. |
Revenues by Geographic Area | Revenues by geographic area . The following table represents total net revenues by geographic area, based on the location of the customer: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 42,969 $ 38,594 $ 139,669 $ 82,125 Europe 2,411 2,789 10,288 8,663 Other regions 8,537 6,628 20,149 18,078 $ 53,917 $ 48,011 $ 170,106 $ 108,866 |
Customer and Vendor Concentrations | Customer and Vendor Concentrations . At September 30, 2021, one customer accounted for 13 % of our accounts receivable. Another customer accounted for 11 % of our accounts receivable as of December 31, 2020 . One customer accounted for 14 % of net consolidated revenues for the three months ended September 30, 2021 . Another customer accounted for 10 % of net consolidated revenues for the nine months ended September 30, 2021. One customer accounted for 11 % of net consolidated revenues for the three months ended September 30, 2020. We currently purchase certain products and critical components of our products from sole-supply vendors. If these vendors are unable or unwilling to supply the required components and products, we could be subject to increased costs and substantial delays in the delivery of our products to our customers. Third-party suppliers also manufacture certain products. Our inability to have a timely supply of any of these components and products could have a material adverse effect on our business, as well as our financial condition and results of operations. |
Deferred Revenue | Deferred Revenue . We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue as of September 30, 2021 and December 31, 2020 includes customer prepayments of $ 2,340 and $ 3,216 , respectively. Deferred revenue as of September 30, 2021 and December 31, 2020 also includes $ 1,148 and $ 1,595 , respectively, associated with a long-term contract that has variable pricing based on volume. The average price over the life of the contract was determined and revenue is recognized at that average price. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Available-for-sale Securities | The following is a summary of our available-for-sale securities as of September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair Value September 30, 2021 Guaranteed investment certificates $ 33,122 $ — $ — $ 33,122 Corporate bonds 34,824 — ( 610 ) 34,214 Total available-for-sale securities $ 67,946 $ — $ ( 610 ) $ 67,336 December 31, 2020 Guaranteed investment certificates $ 25,132 $ — $ — $ 25,132 Corporate bonds 71,533 135 ( 483 ) 71,185 Total available-for-sale securities $ 96,665 $ 135 $ ( 483 ) $ 96,317 At September 30, 2021, maturities of our available-for-sale Less than one year $ 50,510 $ — $ ( 445 ) $ 50,065 Greater than one year $ 17,436 $ — $ ( 165 ) $ 17,271 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Change in Contingent Consideration | The following table represents the change in contingent consideration: Balance as of December 31, 2020 $ 2,451 Payments made during the period ( 406 ) Change in fair value during the period ( 1,526 ) Balance as of September 30, 2021 $ 519 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | September 30, December 31, Raw materials $ 28,306 $ 15,425 Work in process 2,653 2,572 Finished goods 22,624 13,866 $ 53,583 $ 31,863 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Earnings (Loss) Per Share | The computations of basic and diluted earnings (loss) per share are as follows: Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020 Net income (loss) $ ( 15,015 ) $ 1,040 $ ( 12,605 ) $ ( 16,782 ) Weighted-average shares of common stock outstanding: Basic 72,023 71,537 71,962 66,088 Dilutive effect of stock options, restricted stock, and performance stock units — 1,125 — — Diluted 72,023 72,662 71,962 66,088 Earnings (loss) per share: Basic $ ( 0.21 ) $ 0.01 $ ( 0.18 ) $ ( 0.25 ) Diluted $ ( 0.21 ) $ 0.01 $ ( 0.18 ) $ ( 0.25 ) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Product and Geographic Area | Revenues by product line . The following table represents total net revenues by product line: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Infectious disease testing $ 12,932 $ 13,224 $ 39,664 $ 36,625 Risk assessment testing 2,674 2,253 7,265 6,786 Genomics (1) 19,018 8,454 49,333 23,224 Microbiome (1) 1,693 1,530 5,888 3,869 COVID-19 (1) 13,930 18,867 54,147 27,918 Laboratory services 2,406 2,280 8,017 6,798 Other product and service revenues 576 141 1,235 752 Net product and services revenues 53,229 46,749 165,549 105,972 Royalty income 500 450 2,636 1,623 Other non-product revenues 188 812 1,921 1,271 Other revenues 688 1,262 4,557 2,894 Net revenues $ 53,917 $ 48,011 $ 170,106 $ 108,866 (1) 2020 Genomics, Microbiome, and COVID-19 revenues were reclassified to reflect the correct classification of the product line sales. The reclassification increased (decreased) the product line revenues for the three months ended September 30, 2020 by $( 65 ), $( 298 ), and $ 363 , respectively and increased (decreased) the product line revenue for the nine months ended September 30, 2020 by $( 157 ), $( 390 ), and $ 547 , respectively. Revenues by geographic area . The following table represents total net revenues by geographic area, based on the location of the customer: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 42,969 $ 38,594 $ 139,669 $ 82,125 Europe 2,411 2,789 10,288 8,663 Other regions 8,537 6,628 20,149 18,078 $ 53,917 $ 48,011 $ 170,106 $ 108,866 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | September 30, 2021 December 31, 2020 Payroll and related benefits $ 13,728 $ 14,769 Professional fees 1,831 978 Sales tax payable 2,858 2,400 Other 4,193 4,080 $ 22,610 $ 22,227 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Lease Cost $ 655 $ 330 $ 1,574 $ 964 Finance Lease Cost Amortization of right-of use assets 571 150 910 476 Interest on lease liabilities 49 17 84 56 Total Finance Lease Cost $ 620 $ 167 $ 994 $ 532 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,182 $ 965 Operating cash flows from financing leases 84 56 Financing cash flows from financing leases 1,111 521 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations 45 498 Right-of-use assets obtained in exchange for finance lease obligations 2,746 46 |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: September 30, 2021 December 31, 2020 Operating Leases Right-of-use assets $ 9,615 $ 4,461 Current lease liabilities 2,178 1,125 Non-current lease liabilities 7,740 3,591 Total operating lease liabilities $ 9,918 $ 4,716 Finance Leases Right-of-use assets $ 4,629 $ 1,312 Current lease liabilities 1,912 517 Non-current lease liabilities 2,834 895 Total finance lease liabilities $ 4,746 $ 1,412 |
Summary of Lease Term and Discount Rate | Weighted Average Remaining Lease Term Weighted-average remaining lease term—operating leases 5.42 Weighted-average remaining lease term—finance leases 2.49 Weighted Average Discount Rate Weighted-average discount rate—operating leases 3.92 % Weighted-average discount rate—finance leases 3.45 % |
Schedule of Minimum Lease Payments by Period Expected | As of September 30, 2021, minimum lease payments by period are expected to be as follows: Finance Operating 2021 (excluding the nine months ended September 30, 2021) $ 510 $ 628 2022 2,040 2,493 2023 1,810 1,776 2024 582 1,808 2025 4 1,443 Thereafter — 2,808 Total Minimum Lease Payments 4,946 10,956 Less: imputed interest ( 200 ) ( 1,038 ) Present Value of Lease Liabilities $ 4,746 $ 9,918 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Reconciliation of Changes in Stockholders' Equity | Reconciliation of the changes in stockholders' equity for the three and nine months ended September 30, 2021 and 2020 Common Stock Additional Accumulated Accumulated Shares Amount Capital Loss Deficit Total Balance at December 31, 2020 71,738 $ — $ 505,123 $ ( 9,097 ) $ ( 97,455 ) $ 398,571 Common stock issued upon exercise of options 11 — 92 — — 92 Vesting of restricted stock and performance stock units 318 — — — — Purchase and retirement of common shares ( 111 ) — ( 1,730 ) — — ( 1,730 ) Stock-based compensation — — 1,464 — — 1,464 Net income — — — — 3,774 3,774 Currency translation adjustments — — — 1,352 — 1,352 Unrealized gain on marketable securities — — — 21 — 21 Balance at March 31, 2021 71,956 $ — $ 504,949 $ ( 7,724 ) $ ( 93,681 ) $ 403,544 Common stock issued upon exercise of options 3 — 29 — — 29 Vesting of restricted stock and performance stock units 64 — — — — — Purchase and retirement of common shares ( 15 ) — ( 147 ) — — ( 147 ) Stock-based compensation — — 1,473 — — 1,473 Net loss — — — — ( 1,364 ) ( 1,364 ) Currency translation adjustments — — — 1,403 — 1,403 Unrealized loss on marketable securities — — — ( 122 ) — ( 122 ) Balance at June 30, 2021 72,008 $ — $ 506,304 $ ( 6,443 ) $ ( 95,045 ) $ 404,816 Common stock issued upon exercise of options 18 — 126 — — 126 Vesting of restricted stock and performance stock units 16 — — — — — Purchase and retirement of common shares ( 4 ) — ( 47 ) — — ( 47 ) Stock-based compensation — — 2,218 — — 2,218 Net loss — — — — ( 15,015 ) ( 15,015 ) Currency translation adjustments — — — ( 4,117 ) — ( 4,117 ) Unrealized loss on marketable securities — — — ( 161 ) — ( 161 ) Balance at September 30, 2021 72,038 $ — $ 508,601 $ ( 10,721 ) $ ( 110,060 ) $ 387,820 Common Stock Additional Accumulated Accumulated Shares Amount Capital Loss Deficit Total Balance at December 31, 2019 61,731 $ — $ 401,814 $ ( 12,136 ) $ ( 82,533 ) $ 307,145 Common stock issued upon exercise of options 6 — 30 — — 30 Vesting of restricted stock and performance stock units 486 — — — — — Purchase and retirement of common shares ( 197 ) — ( 1,408 ) — — ( 1,408 ) Stock-based compensation — — 1,376 — — 1,376 Net loss — — — — ( 7,328 ) ( 7,328 ) Currency translation adjustments — — — ( 9,221 ) — ( 9,221 ) Unrealized loss on marketable securities — — — ( 442 ) — ( 442 ) Balance at March 31, 2020 62,026 $ — $ 401,812 $ ( 21,799 ) $ ( 89,861 ) $ 290,152 Common stock issued upon exercise of options 71 — 530 — — 530 Vesting of restricted stock and performance stock units 161 — — — — — Purchase and retirement of common shares ( 50 ) — ( 656 ) — — ( 656 ) Issuance of common stock in connection with public offering, net of commissions and expenses of $ 6,200 9,200 95,036 95,036 Stock-based compensation — — 2,672 — — 2,672 Net loss — — — — ( 10,494 ) ( 10,494 ) Currency translation adjustments — — — 3,726 — 3,726 Unrealized gain on marketable securities — — — 791 — 791 Balance at June 30, 2020 71,408 $ — $ 499,394 $ ( 17,282 ) $ ( 100,355 ) $ 381,757 Common stock issued upon exercise of options 202 — 1,555 — — 1,555 Vesting of restricted stock and performance stock units 2 — — — — — Purchase and retirement of common shares ( 1 ) — ( 12 ) — — ( 12 ) Stock-based compensation — — 1,865 — — 1,865 Net income — — — — 1,040 1,040 Currency translation adjustments — — — 1,953 — 1,953 Unrealized loss on marketable securities — — — ( 266 ) — ( 266 ) Balance at September 30, 2020 71,611 $ — $ 502,802 $ ( 15,595 ) $ ( 99,315 ) $ 387,892 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Segment and Asset Information | The following table summarizes operating segment information for the three and nine months ended September 30, 2021 and 2020, and asset information as of September 30, 2021 and December 31, 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues: Diagnostics $ 23,511 $ 16,314 $ 57,368 $ 44,533 Molecular Solutions 30,406 31,697 112,738 64,333 Total $ 53,917 $ 48,011 $ 170,106 $ 108,866 Operating income (loss): Diagnostics $ ( 18,638 ) $ ( 9,951 ) $ ( 42,755 ) $ ( 31,116 ) Molecular Solutions 5,625 14,336 41,962 18,054 Total $ ( 13,013 ) $ 4,385 $ ( 793 ) $ ( 13,062 ) Depreciation and amortization: Diagnostics $ 1,136 $ 934 $ 2,965 $ 2,448 Molecular Solutions 2,199 1,517 5,514 4,432 Total $ 3,335 $ 2,451 $ 8,479 $ 6,880 Capital expenditures: Diagnostics $ 3,647 $ 2,186 $ 19,797 $ 5,634 Molecular Solutions 932 3,011 7,711 5,600 Total $ 4,579 $ 5,197 $ 27,508 $ 11,234 September 30, 2021 December 31, 2020 Total assets: Diagnostics $ 206,668 $ 242,613 Molecular Solutions 249,089 211,859 Total $ 455,757 $ 454,472 |
The Company - Additional Inform
The Company - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Segments of company | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 67,946 | $ 96,665 |
Gross Unrealized Gains | 0 | 135 |
Gross Unrealized Losses | (610) | (483) |
Fair Value | 67,336 | 96,317 |
Guaranteed Investment Certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,122 | 25,132 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 33,122 | 25,132 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,824 | 71,533 |
Gross Unrealized Gains | 0 | 135 |
Gross Unrealized Losses | (610) | (483) |
Fair Value | 34,214 | $ 71,185 |
Less Than One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,510 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (445) | |
Fair Value | 50,065 | |
Greater Than One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,436 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (165) | |
Fair Value | $ 17,271 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 134,962 | $ 134,962 | $ 160,802 | ||
Fair value of plan assets | 2,503 | 2,503 | 2,565 | ||
Accumulated depreciation of property and equipment | 58,755 | 58,755 | 53,604 | ||
Accumulated amortization of intangible assets | 29,554 | 29,554 | 27,107 | ||
Intangible Assets, Net | 15,221 | 15,221 | 17,904 | ||
Intangible Assets, Accumulated Amortization | 2,455 | ||||
Intangible Assets, Foreign currency translation losses | 228 | ||||
Amount of goodwill at period end | 40,264 | 40,264 | 40,351 | ||
Goodwill, acquired during period | 18 | ||||
Adjustment in goodwill associated with foreign currency translation | 105 | ||||
Net foreign exchange gains (losses) | 7 | $ 70 | (371) | $ 563 | |
Accumulated foreign currency adjustments included in other comprehensive loss amounted | 10,111 | 10,111 | 8,749 | ||
Unrealized loss on marketable securities | 610 | $ 610 | 348 | ||
COVID-19 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Antibody inventory reserves | 1,750 | ||||
Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Intangible Assets, Amortization Period (Years) | 5 years | ||||
Minimum [Member] | Buildings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 20 years | ||||
Minimum [Member] | Computer Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 2 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 2 years | ||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 2 years | ||||
Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Intangible Assets, Amortization Period (Years) | 15 years | ||||
Maximum [Member] | Buildings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 40 years | ||||
Maximum [Member] | Computer Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 10 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 10 years | ||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives of assets | 10 years | ||||
Money Market Fund [Member] | Level I Instruments [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 23,862 | $ 23,862 | $ 71,489 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 22, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Business acquisition contingent consideration, non-current | $ 318 | $ 2,049 | ||
UrSure Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 3,000 | |||
Acquisition-related costs | $ 0 | $ 393 | ||
Business acquisition contingent consideration, non-current | $ 28,000 | |||
Business combination contingent consideration expected payment period | 3 years |
Business Combinations - Summary
Business Combinations - Summary of Change in Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Combination, Contingent Consideration Arrangements [Abstract] | ||||
Beginning Balance | $ 2,451 | |||
Payments made during the period | (406) | |||
Change in fair value during the period | $ (500) | $ (60) | (1,526) | $ 390 |
Ending Balance | $ 519 | $ 519 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Raw materials | $ 28,306 | $ 15,425 |
Work in process | 2,653 | 2,572 |
Finished goods | 22,624 | 13,866 |
Inventories | $ 53,583 | $ 31,863 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computations of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
NET INCOME (LOSS) | $ (15,015) | $ (1,364) | $ 3,774 | $ 1,040 | $ (10,494) | $ (7,328) | $ (12,605) | $ (16,782) |
SHARES USED IN COMPUTING INCOME (LOSS) PER SHARE: | ||||||||
BASIC | 72,023 | 71,537 | 71,962 | 66,088 | ||||
Dilutive effect of stock options, restricted stock, and performance stock units | 1,125 | |||||||
Diluted | 72,023 | 72,662 | 71,962 | 66,088 | ||||
BASIC | $ (0.21) | $ 0.01 | $ (0.18) | $ (0.25) | ||||
DILUTED | $ (0.21) | $ 0.01 | $ (0.18) | $ (0.25) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Common Stock Options Unvested Restricted Stock and Unvested Performance Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive securities excluded from EPS computation | 859 | 136 | 847 | 917 |
Revenues - Summary of Total Net
Revenues - Summary of Total Net Revenues by Product Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 53,917 | $ 48,011 | $ 170,106 | $ 108,866 |
Product and Services Revenues [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 53,229 | 46,749 | 165,549 | 105,972 |
Product and Services Revenues [Member] | Infectious Disease Testing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 12,932 | 13,224 | 39,664 | 36,625 |
Product and Services Revenues [Member] | Risk Assessment Testing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 2,674 | 2,253 | 7,265 | 6,786 |
Product and Services Revenues [Member] | Genomics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 19,018 | 8,454 | 49,333 | 23,224 |
Product and Services Revenues [Member] | Microbiome [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,693 | 1,530 | 5,888 | 3,869 |
Product and Services Revenues [Member] | COVID-19 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 13,930 | 18,867 | 54,147 | 27,918 |
Product and Services Revenues [Member] | Laboratory Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 2,406 | 2,280 | 8,017 | 6,798 |
Product and Services Revenues [Member] | Other Product and Service Revenues [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 576 | 141 | 1,235 | 752 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 688 | 1,262 | 4,557 | 2,894 |
Other [Member] | Royalty Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 500 | 450 | 2,636 | 1,623 |
Other [Member] | Other Non Product Revenues [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 188 | $ 812 | $ 1,921 | $ 1,271 |
Revenues - Summary of Total N_2
Revenues - Summary of Total Net Revenues by Product Line (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 53,917 | $ 48,011 | $ 170,106 | $ 108,866 |
Product and Services Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 53,229 | 46,749 | 165,549 | 105,972 |
Product and Services Revenues [Member] | Genomics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 19,018 | 8,454 | 49,333 | 23,224 |
Product and Services Revenues [Member] | Genomics [Member] | Reclassification, Adjustment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | (65) | (157) | ||
Product and Services Revenues [Member] | Microbiome [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,693 | 1,530 | 5,888 | 3,869 |
Product and Services Revenues [Member] | Microbiome [Member] | Reclassification, Adjustment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | (298) | (390) | ||
Product and Services Revenues [Member] | COVID-19 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 13,930 | 18,867 | $ 54,147 | 27,918 |
Product and Services Revenues [Member] | COVID-19 [Member] | Reclassification, Adjustment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 363 | $ 547 |
Revenues - Summary of Total N_3
Revenues - Summary of Total Net Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 53,917 | $ 48,011 | $ 170,106 | $ 108,866 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 42,969 | 38,594 | 139,669 | 82,125 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 2,411 | 2,789 | 10,288 | 8,663 |
Other Regions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 8,537 | $ 6,628 | $ 20,149 | $ 18,078 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from contract with customer [Line Items] | ||||
Deferred revenue | $ 3,488 | $ 3,488 | $ 4,811 | |
Long-term Contract [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Deferred revenue | 1,148 | 1,148 | 1,595 | |
Up Front Payment Arrangement [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Deferred revenue | $ 2,340 | $ 2,340 | $ 3,216 | |
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Percentage of concentration risk | 13.00% | |||
Customer One [Member] | Net Consolidated Revenue [Member] | Customer Concentration Risk [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Percentage of concentration risk | 14.00% | 11.00% | ||
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Percentage of concentration risk | 11.00% | |||
Customer Two [Member] | Net Consolidated Revenue [Member] | Customer Concentration Risk [Member] | ||||
Revenue from contract with customer [Line Items] | ||||
Percentage of concentration risk | 10.00% |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Payroll and related benefits | $ 13,728 | $ 14,769 |
Professional fees | 1,831 | 978 |
Sales tax payable | 2,858 | 2,400 |
Other | 4,193 | 4,080 |
Accrued expenses and other current liabilities, Total | $ 22,610 | $ 22,227 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Lessee Lease Description [Line Items] | |
Lessee operating and financing lease existence of option to terminate | true |
Lessee operating and financing leases, period of options to terminate | 1 year |
Lessee, operating and finance lease, existence of option to extend | true |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating and financing leases, remaining lease terms | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating and financing leases, remaining lease terms | 7 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating Lease Cost | $ 655 | $ 330 | $ 1,574 | $ 964 |
Finance Lease Cost | ||||
Amortization of right-of use assets | 571 | 150 | 910 | 476 |
Interest on lease liabilities | 49 | 17 | 84 | 56 |
Total Finance Lease Cost | $ 620 | $ 167 | $ 994 | $ 532 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,182 | $ 965 |
Operating cash flows from financing leases | 84 | 56 |
Financing cash flows from financing leases | 1,111 | 521 |
Non-cash activity: | ||
Right-of-use assets obtained in exchange for operating lease obligations | 45 | 498 |
Right-of-use assets obtained in exchange for finance lease obligations | $ 2,746 | $ 46 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Right-of-use assets | $ 9,615 | $ 4,461 |
Current lease liabilities | 2,178 | 1,125 |
Non-current lease liabilities | 7,740 | 3,591 |
Total operating lease liabilities | 9,918 | 4,716 |
Finance Leases | ||
Right-of-use assets | 4,629 | 1,312 |
Current lease liabilities | 1,912 | 517 |
Non-current lease liabilities | 2,834 | 895 |
Total finance lease liabilities | $ 4,746 | $ 1,412 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Detail) | Sep. 30, 2021 |
Weighted Average Remaining Lease Term | |
Weighted-average remaining lease term—operating leases | 5 years 5 months 1 day |
Weighted-average remaining lease term—finance leases | 2 years 5 months 26 days |
Weighted Average Discount Rate | |
Weighted-average discount rate—operating leases | 3.92% |
Weighted-average discount rate—finance leases | 3.45% |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments by Period Expected (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
2021 (excluding the six months ended June 30, 2021) | $ 510 | |
2022 | 2,040 | |
2023 | 1,810 | |
2024 | 582 | |
2025 | 4 | |
Total Minimum Finance Lease Payments | 4,946 | |
Less: imputed interest | (200) | |
Present Value of Finance Lease Liabilities | 4,746 | $ 1,412 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2021 (excluding the six months ended June 30, 2021) | 628 | |
2022 | 2,493 | |
2023 | 1,776 | |
2024 | 1,808 | |
2025 | 1,443 | |
Thereafter | 2,808 | |
Total Minimum Operating Lease Payments | 10,956 | |
Less: imputed interest | (1,038) | |
Present Value of Operating Lease Liabilities | $ 9,918 | $ 4,716 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning Balance | $ 404,816 | $ 403,544 | $ 398,571 | $ 381,757 | $ 290,152 | $ 307,145 | $ 398,571 | $ 307,145 |
Common stock issued upon exercise of options | 126 | 29 | 92 | 1,555 | 530 | 30 | ||
Purchase and retirement of common shares | (47) | (147) | (1,730) | (12) | (656) | (1,408) | ||
Issuance of common stock in connection with public offering, net of commissions and expenses of $6,200 | 95,036 | |||||||
Stock-based compensation | 2,218 | 1,473 | 1,464 | 1,865 | 2,672 | 1,376 | ||
Net income (loss) | (15,015) | (1,364) | 3,774 | 1,040 | (10,494) | (7,328) | (12,605) | (16,782) |
Currency translation adjustments | (4,117) | 1,403 | 1,352 | 1,953 | 3,726 | (9,221) | (1,362) | (3,542) |
Unrealized gain (loss) on marketable securities | (161) | (122) | 21 | (266) | 791 | (442) | (262) | 83 |
Ending Balance | $ 387,820 | $ 404,816 | $ 403,544 | $ 387,892 | $ 381,757 | $ 290,152 | $ 387,820 | $ 387,892 |
Common Stock [Member] | ||||||||
Beginning Balance, Shares | 72,008 | 71,956 | 71,738 | 71,408 | 62,026 | 61,731 | 71,738 | 61,731 |
Common stock issued upon exercise of options, Shares | 18 | 3 | 11 | 202 | 71 | 6 | ||
Vesting of restricted stock and performance stock units, Shares | 16 | 64 | 318 | 2 | 161 | 486 | ||
Purchase and retirement of common shares, Shares | (4) | (15) | (111) | (1) | (50) | (197) | ||
Issuance of common stock in connection with public offering, net of commissions and expenses of $6,200, Shares | 9,200 | |||||||
Ending Balance, Shares | 72,038 | 72,008 | 71,956 | 71,611 | 71,408 | 62,026 | 72,038 | 71,611 |
Additional Paid-in Capital [Member] | ||||||||
Beginning Balance | $ 506,304 | $ 504,949 | $ 505,123 | $ 499,394 | $ 401,812 | $ 401,814 | $ 505,123 | $ 401,814 |
Common stock issued upon exercise of options | 126 | 29 | 92 | 1,555 | 530 | 30 | ||
Purchase and retirement of common shares | (47) | (147) | (1,730) | (12) | (656) | (1,408) | ||
Issuance of common stock in connection with public offering, net of commissions and expenses of $6,200 | 95,036 | |||||||
Stock-based compensation | 2,218 | 1,473 | 1,464 | 1,865 | 2,672 | 1,376 | ||
Ending Balance | 508,601 | 506,304 | 504,949 | 502,802 | 499,394 | 401,812 | 508,601 | 502,802 |
Accumulated Other Comprehensive Loss [Member] | ||||||||
Beginning Balance | (6,443) | (7,724) | (9,097) | (17,282) | (21,799) | (12,136) | (9,097) | (12,136) |
Currency translation adjustments | (4,117) | 1,403 | 1,352 | 1,953 | 3,726 | (9,221) | ||
Unrealized gain (loss) on marketable securities | (161) | (122) | 21 | (266) | 791 | (442) | ||
Ending Balance | (10,721) | (6,443) | (7,724) | (15,595) | (17,282) | (21,799) | (10,721) | (15,595) |
Accumulated Deficit [Member] | ||||||||
Beginning Balance | (95,045) | (93,681) | (97,455) | (100,355) | (89,861) | (82,533) | (97,455) | (82,533) |
Net income (loss) | (15,015) | (1,364) | 3,774 | 1,040 | (10,494) | (7,328) | ||
Ending Balance | $ (110,060) | $ (95,045) | $ (93,681) | $ (99,315) | $ (100,355) | $ (89,861) | $ (110,060) | $ (99,315) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Reconciliation of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Equity [Abstract] | |
Issuance of common stock in connection with public offering, net of commissions and expenses | $ 6,200 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jun. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 05, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost | $ 5,155,000 | $ 5,913,000 | ||
Proceeds from exercise of stock options | 247,000 | 2,115,000 | ||
Amount share repurchase program of common shares | $ 25,000,000 | |||
Public Offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of common stock in connection with public offering, net of commissions and expenses of $6,200, Shares | 8,000,000 | |||
Public offering price per share | $ 11 | |||
Net offering proceeds after deducting underwriting discount and commission and offering expenses | $ 95,000,000 | |||
Over-Allotment Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Underwriters option exercisable period | 30 days | |||
Underwriters option to purchase additional shares | 1,200,000 | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost | 793,000 | 683,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost | $ 2,891,000 | 3,329,000 | ||
Performance Based Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Performance Based Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Based Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost | $ 1,471,000 | $ 1,901,000 | ||
Share Repurchase Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares purchased and retired | 0 | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 2,102 | $ 3,659 | $ 12,241 | $ 5,680 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase amount of unconditional commitments | $ 126,499 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments of company | 2 |
Business Segment Information _2
Business Segment Information - Summary of Operating Segment and Asset Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 53,917 | $ 48,011 | $ 170,106 | $ 108,866 | |
Operating income (loss) | (13,013) | 4,385 | (793) | (13,062) | |
Depreciation and amortization | 3,335 | 2,451 | 8,479 | 6,880 | |
Capital expenditures | 4,579 | 5,197 | 27,508 | 11,234 | |
Total assets | 455,757 | 455,757 | $ 454,472 | ||
Diagnostics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 23,511 | 16,314 | 57,368 | 44,533 | |
Operating income (loss) | (18,638) | (9,951) | (42,755) | (31,116) | |
Depreciation and amortization | 1,136 | 934 | 2,965 | 2,448 | |
Capital expenditures | 3,647 | 2,186 | 19,797 | 5,634 | |
Total assets | 206,668 | 206,668 | 242,613 | ||
Molecular Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 30,406 | 31,697 | 112,738 | 64,333 | |
Operating income (loss) | 5,625 | 14,336 | 41,962 | 18,054 | |
Depreciation and amortization | 2,199 | 1,517 | 5,514 | 4,432 | |
Capital expenditures | 932 | $ 3,011 | 7,711 | $ 5,600 | |
Total assets | $ 249,089 | $ 249,089 | $ 211,859 |