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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting

13. Segment Reporting

The Company operates in two reportable segments: proteomics and genomics. Each segment is identified by its unique portfolio of products. Proteomics includes instruments, consumables, software, and services based upon technologies used in the identification of proteins. Genomics includes instruments, consumables, software, and services based upon technologies used in the identification of genes (DNA, RNA) and their functions.

During 2023, the CODM began using gross profit to measure the operating performance of the segments. The Company determines each segment’s gross profit by subtracting cost of product and service revenues from segment revenues.

The Company does not prepare or report segmented balance sheet information as the CODM does not use the information to assess segment operating performance. The segments adhere to the same accounting policies as the Company as a whole.

The Company's business segment information was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

Proteomics

 

$

63,883

 

 

$

52,502

 

Genomics

 

 

42,457

 

 

 

45,446

 

Total revenue

 

$

106,340

 

 

$

97,948

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

Proteomics

 

$

26,239

 

 

$

20,041

 

Genomics

 

 

24,211

 

 

 

17,010

 

Total gross profit

 

$

50,450

 

 

$

37,051

 

 

 

 

 

 

 

 

Depreciation & amortization:

 

 

 

 

 

 

Proteomics

 

$

12,072

 

 

$

12,223

 

Genomics

 

 

601

 

 

 

230

 

Total depreciation & amortization

 

$

12,673

 

 

$

12,453