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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall

The following table presents the Company’s fair value measurements as of December 31, 2023 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.

(In thousands)						Fair value at December 31, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash
Cash and money market						$	530,100					$	530,100					$	—					$	—
Commercial paper						72,243						—						72,243						—
Restricted cash (1)						4,297						4,297						—						—
U.S. government agency securities						3,035						—						3,035						—
Marketable securities
U.S. government agency securities						$	56,716					$	—					$	56,716					$	—
Corporate bonds						55,828						—						55,828						—
Asset backed securities						34,897						—						34,897						—
Commercial paper						20,984						—						20,984						—
Equity securities						3,841						3,841						—						—
Non-marketable securities						$	7,650					$	—					$	—					$	7,650
Liabilities
Contingent consideration						$	(288,657)					$	—					$	—					$	(288,657)
Total						$	500,934					$	538,238					$	243,703					$	(281,007)

The following table presents the Company’s fair value measurements as of December 31, 2022 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.

(In thousands)						Fair Value at December 31, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash
Cash and money market						$	178,168					$	178,168					$	—					$	—
Commercial paper						63,021						—						63,021						—
U.S. government agency securities						1,304						—						1,304						—
Restricted cash (1)						297						297						—						—
Marketable securities
U.S. government agency securities						$	225,223					$	—					$	225,223					$	—
Corporate bonds						114,671						—						114,671						—
Asset backed securities						44,521						—						44,521						—
Equity securities (2)						5,149						5,149						—						—
Non-marketable securities						$	10,065					$	—					$	—					$	10,065
Liabilities
Contingent consideration						$	(306,927)					$	—					$	—					$	(306,927)
Total						$	335,492					$	183,614					$	448,740					$	(296,862)

_________________________________

(1)Restricted cash primarily represents cash held by a third-party financial institution as part of a cash collateral agreement related to the Company's credit card program. The restrictions will lapse upon the termination of the agreements or the removal of the cash collateral requirement by the third-parties.

(2)Inclusive of the American Depository Shares of MDxHealth received as part of the sale of the Company’s GPS test, which are restricted to a holding period of six months after the date of the sale of August 2, 2022. The shares had a fair value of $4.6 million as of December 31, 2022.

Schedule of fair value of contingent consideration

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

(In thousands)						Contingent Consideration
Balance, January 1, 2022 (1)						$	359,021
Purchase price contingent consideration (2)						4,600
Changes in fair value						(56,617)
Payments						(77)
Balance, December 31, 2022						306,927
Changes in fair value						(18,044)
Payments						(226)
Balance, December 31, 2023						$	288,657

_________________________________

(1)    The change in fair value of the contingent consideration liability during the year ended December 31, 2021 was not significant.

(2)    The increase in contingent consideration liability is due to the contingent consideration associated with the acquisition of OmicEra. Refer to Note 18 for further information.

Other Investments Not Readily Marketable

Non-Marketable Equity Investments

Non-marketable equity securities without readily determinable fair values, which are classified as a component of other long-term assets, net, had the following aggregate carrying amounts and downward and upward adjustments as of and for the years ended December 31, 2023 and 2022:

						Year ended December 31,
(In thousands)						2023						2022
Upward adjustments (1)						$	4,314					$	779
Downward adjustments and impairments (2)						(4,250)						(10,821)
Aggregate carrying value						45,968						39,842

_________________________________

(1)    Cumulative upward adjustments on non-marketable equity securities held as of December 31, 2023 was $5.1 million. The upward adjustments recorded were due to increases in the valuation of the underlying investee as determined by the value of the follow-on rounds of investment by other third-party investors. There were no upward adjustments recorded during the year ended December 31, 2021.

(2)    Cumulative downward adjustments and impairments on non-marketable equity securities held as of December 31, 2023 was $15.1 million. The adjustments recorded were due to adverse changes in the market and the investees’ ability to continue as a going concern. There were no downward adjustments recorded during the year ended December 31, 2021.

Securities Owned Not Readily Marketable

The Company has elected the fair value option under the income approach to measure certain Level 3 non-marketable securities. The following table provides a reconciliation of the beginning and ending balances of non-marketable securities valued using the fair value option:

(In thousands)						Non-Marketable Securities
Beginning balance, January 1, 2022						$	3,090
Purchase of non-marketable securities						10,000
Change in fair value						1,038
Conversion of non-marketable securities						(4,063)
Balance, December 31, 2022						10,065
Purchases of non-marketable securities						6,957
Changes in fair value						1,127
Settlement of non-marketable securities						(10,499)
Ending balance, December 31, 2023						$	7,650

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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