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BUSINESS ACQUISITIONS | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS On November 1, 2022, the Company acquired all of the membership interests of Gateway, a San Diego-based personal genomics company and developer of consumer genetic tests that give families insight into their future children. The acquisition date fair value of the consideration transferred was $68.7 million. The following table summarizes the estimated fair value of identified assets acquired and liabilities assumed at the date of acquisition.
(in thousands) | Estimated fair value
Identifiable assets acquired |
Current assets | $ | 1,053 |
Inventory | 1,900 |
Intangible assets |
Developed technology | 10,100 |
Trademarks | 6,100 |
Customer relationships | 1,600 |
Total intangible assets | 17,800 |
Other non-current assets | 161 |
Total identifiable assets acquired | 20,914 |
Liabilities assumed |
Accounts payable | (246) |
Accrued liabilities | (693) |
Total liabilities assumed | (939) |
Net identifiable assets acquired | 19,975 |
Goodwill | 48,723 |
Total fair value of Purchase Price | $ | 68,698 |
Pro Forma Information The pro forma results presented below include the effects of Gateway acquisition as if it had been consummated as of January 1, 2022, with adjustments to give effect to pro forma events that are directly attributable to the acquisition, which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, and depreciation. The pro forma results do not reflect any operating efficiency or potential cost savings that may result from the consolidation of Gateway with the Company. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations and are not necessarily indicative of results that might have been achieved had the acquisition been consummated as of January 1, 2022. The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business acquisition included in the reported pro forma earnings.
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022 |  |
(in thousands) |  |  |  |  |  |  |
Revenue | $ | 184,466 |  |  | $ | 354,675 |  |  |  |  |
Net loss | (14,663) |  |  | (35,775) |  |  |  |  |
Revenue and net loss from Gateway included in the Company's Consolidated Statements of Operations during the three and six months ended June 30, 2023 is $5.1 million and $(1.6) million, respectively, and $10.6 million and $(2.2) million, respectively.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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