XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.22.4

Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets that agrees to the amounts included in the Consolidated Statement of Cash Flows.
| December 31, |  | June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Cash and cash equivalents | $ | 56.9 |  |  | $ | 257.4 |  |  | $ | 117.0 |  |  | $ | 163.7 |
Restricted cash | 9.5 |  |  | 1.4 |  |  | — |  |  | — |
Total cash, cash equivalents, and restricted cash | $ | 66.4 |  |  | $ | 258.8 |  |  | $ | 117.0 |  |  | $ | 163.7 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets that agrees to the amounts included in the Consolidated Statement of Cash Flows.
| December 31, |  | June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Cash and cash equivalents | $ | 56.9 |  |  | $ | 257.4 |  |  | $ | 117.0 |  |  | $ | 163.7 |
Restricted cash | 9.5 |  |  | 1.4 |  |  | — |  |  | — |
Total cash, cash equivalents, and restricted cash | $ | 66.4 |  |  | $ | 258.8 |  |  | $ | 117.0 |  |  | $ | 163.7 |
Schedule of Revenue by Type | The following table presents detail regarding the composition of the Company’s total revenue by product type for the years ended December 31, 2022 and 2021, the transition period ended December 31, 2020, and the fiscal year ended June 30, 2020:
| Years Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Year Ended June 30,
(In millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Testing revenues: |  |  |  |  |  |  |
Hereditary Cancer | $ | 305.5 |  |  | $ | 316.3 |  |  | $ | 159.3 |  |  | $ | 347.4 |
Tumor Profiling | 128.6 |  |  | 120.9 |  |  | 33.9 |  |  | 48.3 |
Prenatal | 116.4 |  |  | 106.8 |  |  | 37.6 |  |  | 76.7 |
Pharmacogenomics | 127.6 |  |  | 93.7 |  |  | 29.8 |  |  | 74.1 |
Autoimmune | 0.3 |  |  | 28.2 |  |  | 18.0 |  |  | 39.1 |
Other | — |  |  | 0.5 |  |  | 1.0 |  |  | 1.3 |
Total testing revenue | 678.4 |  |  | 666.4 |  |  | 279.6 |  |  | 586.9 |
Other revenue | — |  |  | 24.2 |  |  | 20.2 |  |  | 51.7 |
Total revenue | $ | 678.4 |  |  | $ | 690.6 |  |  | $ | 299.8 |  |  | $ | 638.6 |
Schedule of Revenue by Geographical Region | In addition, the following tables reconcile revenue by geographical region, either U.S. or rest of world ("RoW"), to total revenue:
| Years Ended December 31,
| 2022 |  |  | 2021
(in millions) | U.S. |  | RoW |  | Total |  |  | U.S. |  | RoW |  | Total
Testing revenues: |  |  |  |  |  |  |  |  |  |  |  |
Hereditary Cancer | $ | 263.5 |  |  | $ | 42.0 |  |  | $ | 305.5 |  |  |  | $ | 271.0 |  |  | $ | 45.3 |  |  | $ | 316.3 |
Tumor Profiling | 84.5 |  |  | 44.1 |  |  | 128.6 |  |  |  | 80.4 |  |  | 40.5 |  |  | 120.9 |
Prenatal | 115.6 |  |  | 0.8 |  |  | 116.4 |  |  |  | 106.2 |  |  | 0.6 |  |  | 106.8 |
Pharmacogenomics | 127.6 |  |  | — |  |  | 127.6 |  |  |  | 93.7 |  |  | — |  |  | 93.7 |
Autoimmune | 0.3 |  |  | — |  |  | 0.3 |  |  |  | 28.2 |  |  | — |  |  | 28.2 |
Other | — |  |  | — |  |  | — |  |  |  | — |  |  | 0.5 |  |  | 0.5 |
Total testing revenue | 591.5 |  |  | 86.9 |  |  | 678.4 |  |  |  | 579.5 |  |  | 86.9 |  |  | 666.4 |
Other revenue | — |  |  | — |  |  | — |  |  |  | 24.2 |  |  | — |  |  | 24.2 |
Total revenue | $ | 591.5 |  |  | $ | 86.9 |  |  | $ | 678.4 |  |  |  | $ | 603.7 |  |  | $ | 86.9 |  |  | $ | 690.6 |
| Six-month Transition Period Ended December 31, |  |  | Year Ended June 30,
| 2020 |  |  | 2020
(in millions) | U.S. |  | RoW |  | Total |  |  | U.S. |  | RoW |  | Total
Testing revenues: |  |  |  |  |  |  |  |  |  |  |  |
Hereditary Cancer | $ | 140.9 |  |  | $ | 18.4 |  |  | $ | 159.3 |  |  |  | $ | 329.8 |  |  | $ | 17.6 |  |  | $ | 347.4 |
Tumor Profiling | 28.2 |  |  | 5.7 |  |  | 33.9 |  |  |  | 39.2 |  |  | 9.1 |  |  | 48.3 |
Prenatal | 37.4 |  |  | 0.2 |  |  | 37.6 |  |  |  | 76.4 |  |  | 0.3 |  |  | 76.7 |
Pharmacogenomics | 29.8 |  |  | — |  |  | 29.8 |  |  |  | 74.1 |  |  | — |  |  | 74.1 |
Autoimmune | 18.0 |  |  | — |  |  | 18.0 |  |  |  | 39.1 |  |  | — |  |  | 39.1 |
Other | 1.0 |  |  | — |  |  | 1.0 |  |  |  | 1.2 |  |  | 0.1 |  |  | 1.3 |
Total testing revenue | 255.3 |  |  | 24.3 |  |  | 279.6 |  |  |  | 559.8 |  |  | 27.1 |  |  | 586.9 |
Other revenue | 20.1 |  |  | 0.1 |  |  | 20.2 |  |  |  | 36.4 |  |  | 15.3 |  |  | 51.7 |
Total revenue | $ | 275.4 |  |  | $ | 24.4 |  |  | $ | 299.8 |  |  |  | $ | 596.2 |  |  | $ | 42.4 |  |  | $ | 638.6 |
Reconciliation of Deferred Revenue Balances | A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below:
| Years Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Year Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Deferred revenue - beginning balance | $ | 5.2 |  |  | $ | 32.7 |  |  | $ | 32.8 |  |  | $ | 2.2 |
Revenue recognized | (4.9) |  |  | (40.5) |  |  | (6.1) |  |  | (7.2) |
Prepayments | 0.3 |  |  | 14.0 |  |  | 6.0 |  |  | 37.8 |
Divestitures | — |  |  | (1.0) |  |  | — |  |  | — |
Deferred revenue - ending balance | $ | 0.6 |  |  | $ | 5.2 |  |  | $ | 32.7 |  |  | $ | 32.8 |
Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the denominators of the basic and diluted earnings per share computations:
| Years Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Year Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Denominator: |  |  |  |  |  |  |
Weighted-average shares outstanding used to compute basic EPS | 80.6 |  |  | 78.0 |  |  | 75.0 |  |  | 74.3 |
Effect of dilutive stock options and RSUs | — |  |  | — |  |  | — |  |  | — |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 80.6 |  |  | 78.0 |  |  | 75.0 |  |  | 74.3 |
Schedule of Potential Dilutive Common Shares | These potential dilutive shares of common stock, which may be dilutive to future diluted earnings per share, are as follows:
| Years Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Year Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Anti-dilutive options and RSUs excluded from EPS computation | 4.4 |  |  | 4.5 |  |  | 6.6 |  |  | 5.5 |
Schedule of Cumulative Translation Adjustments Included in Accumulated Other Comprehensive Loss | The following table shows the cumulative translation adjustments included in Accumulated other comprehensive loss (in millions):
Ending balance December 31, 2021 | $ | (4.9) |
Period translation adjustments | (1.3) |
Ending balance December 31, 2022 | $ | (6.2) |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126999549&loc=SL98516268-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration