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Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting

15. 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 the first quarter of 2024, the CODM began using operating income to measure the operating performance of the segments. The Company determines each segment’s operating income by subtracting direct expenses, including cost of revenues, research and development expense, and sales and marketing expense, from revenues. Amortization, depreciation, and restructuring charges are included in each segment’s operating expenses. Corporate costs, including general and administrative expenses for functions shared by both operating segments such as executive management, human resources, and finance, along with interest and taxes, and transaction and integration expenses are excluded from each segment’s results, which is consistent with how our CODM evaluates segment performance.

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):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Proteomics

 

$

34,565

 

 

$

14,008

 

 

$

98,954

 

 

$

47,296

 

Genomics

 

 

10,404

 

 

 

11,359

 

 

 

28,760

 

 

 

30,856

 

Total revenue

 

$

44,969

 

 

$

25,367

 

 

$

127,714

 

 

$

78,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Proteomics

 

$

(10,210

)

 

$

(7,106

)

 

$

(48,485

)

 

$

(16,297

)

Genomics

 

 

1,925

 

 

 

301

 

 

 

2,681

 

 

 

41

 

Corporate expenses

 

 

(16,013

)

 

 

(10,703

)

 

 

(59,217

)

 

 

(31,877

)

Restructuring and related charges

 

 

(2,341

)

 

 

(1,998

)

 

 

(12,374

)

 

 

(5,415

)

Transaction and integration expenses

 

 

(5,079

)

 

 

(1,666

)

 

 

(25,024

)

 

 

(1,666

)

Total loss from operations

 

$

(31,718

)

 

$

(21,172

)

 

$

(142,419

)

 

$

(55,214

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Proteomics

 

 

1,940

 

 

 

3,420

 

 

$

7,193

 

 

$

9,932

 

Genomics

 

 

378

 

 

 

373

 

 

 

1,125

 

 

 

703

 

Corporate

 

 

1,540

 

 

 

193

 

 

 

4,590

 

 

 

639

 

Total depreciation & amortization

 

$

3,858

 

 

$

3,986

 

 

$

12,908

 

 

$

11,274