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SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION |
NOTE 9. SEGMENT AND GEOGRAPHIC INFORMATION
We are organized as, and operate in, one reportable segment: the development, manufacturing, and marketing of integrated platforms for genetic analysis. Our chief operating decision-maker ("CODM") is our Chief Executive Officer. Our CODM reviews financial information presented on a consolidated basis for the purposes of evaluating financial performance and allocating resources. On a regular basis, our CODM reviews: •total revenues by category •total expenses and expenses by function, including sales and marketing and general and administrative, which include depreciation and share-based compensation •net loss per share Our assets are primarily located in the United States of America and not allocated to any specific region, and we do not measure the performance of geographic regions based upon asset-based metrics. Therefore, geographic information is presented only for revenue. A summary of the segment profit or loss, including significant segment expenses is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Total revenue | 39,766 |  |  | 36,013 |  |  | 76,919 |  |  | 74,823 |
Less: |  |  |  |  |  |  |
Cost of revenue | 25,082 |  |  | 30,075 |  |  | 63,606 |  |  | 57,603 |
Research and development | 22,529 |  |  | 38,485 |  |  | 51,582 |  |  | 81,940 |
Sales and marketing | 19,516 |  |  | 23,807 |  |  | 39,592 |  |  | 46,344 |
General and administrative | 16,659 |  |  | 22,070 |  |  | 36,751 |  |  | 43,286 |
Impairment charges | — |  |  | 93,200 |  |  | 15,000 |  |  | 93,200 |
Change in fair value of contingent consideration | — |  |  | — |  |  | (18,700) |  |  | (70) |
Amortization of acquired intangible assets | 833 |  |  | 4,222 |  |  | 362,875 |  |  | 9,728 |
Other income, net | 2,958 |  |  | 2,527 |  |  | 5,515 |  |  | 5,711 |
Income tax provision (benefit) | 35 |  |  | — |  |  | (267) |  |  | — |
Consolidated net loss | (41,930) |  |  | (173,319) |  |  | (468,005) |  |  | (251,497) |
A summary of our revenue by geographic location is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Americas | $ | 17,687 |  |  | $ | 20,757 |  |  | $ | 33,990 |  |  | $ | 38,435 |
Europe, Middle East and Africa | 9,467 |  |  | 7,022 |  |  | 18,707 |  |  | 15,378 |
Asia-Pacific | 12,612 |  |  | 8,234 |  |  | 24,222 |  |  | 21,010 |
Total revenue | $ | 39,766 |  |  | $ | 36,013 |  |  | $ | 76,919 |  |  | $ | 74,823 |
A summary of our revenue by category is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Instrument revenue | $ | 14,150 |  |  | $ | 14,678 |  |  | $ | 25,166 |  |  | $ | 33,703 |
Consumable revenue | 18,933 |  |  | 17,068 |  |  | 39,030 |  |  | 33,052 |
Product revenue | 33,083 |  |  | 31,746 |  |  | 64,196 |  |  | 66,755 |
Service and other revenue | 6,683 |  |  | 4,267 |  |  | 12,723 |  |  | 8,068 |
Total revenue | $ | 39,766 |  |  | $ | 36,013 |  |  | $ | 76,919 |  |  | $ | 74,823 |

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- Definition The entire disclosure for reporting segments including data and tables. 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