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

16. 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 assess segment performance and make resource allocation decisions. Each segment’s operating income is calculated by subtracting direct expenses, including cost of revenues and segment-specific operating expenses, from revenues. Corporate expenses, restructuring and related charges, transaction and integration expenses, interest, and income taxes are excluded from each segment's results, 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):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Proteomics segment:

 

 

 

 

 

 

 

 

Revenue

$

135,789

 

 

$

63,883

 

 

$

52,502

 

Cost of revenue

 

73,992

 

 

 

37,644

 

 

 

32,461

 

Operating expenses

 

123,692

 

 

 

47,647

 

 

 

47,429

 

Proteomics loss from operations

$

(61,895

)

 

$

(21,408

)

 

$

(27,388

)

 

 

 

 

 

 

 

 

 

Genomics segment:

 

 

 

 

 

 

 

 

Revenue

$

38,643

 

 

$

42,457

 

 

$

45,446

 

Cost of revenue:

 

16,178

 

 

 

18,246

 

 

 

28,436

 

Operating expenses

 

19,267

 

 

 

24,317

 

 

 

42,622

 

Genomics income (loss) from operations

$

3,198

 

 

$

(106

)

 

$

(25,612

)

Total segment loss from operations

$

(58,697

)

 

$

(21,514

)

 

$

(53,000

)

 

 

 

 

 

 

 

 

 

Reconciliation of income (loss) from operations:

 

 

 

 

 

 

 

 

Corporate expenses

 

76,060

 

 

 

41,525

 

 

 

49,616

 

Restructuring and related charges

 

12,500

 

 

 

7,076

 

 

 

9,732

 

Transaction and integration expenses

 

27,979

 

 

 

6,485

 

 

 

3,857

 

Total loss from operations

$

(175,236

)

 

$

(76,600

)

 

$

(116,205

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

Proteomics

$

9,198

 

 

$

12,072

 

 

$

12,223

 

Genomics

 

1,486

 

 

 

601

 

 

 

230