Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

WildHealth Acquisition

In February 2022, the Company closed on an acquisition of WildHealth, a precision medicine company. The purchase price was approximately $150.0 million and consisted of an upfront purchase price of $30.0 million in cash and common stock and a $120.0 million contingent earn-out component potentially payable over three years.

The transaction is still being evaluated but most likely will be accounted for under the purchase method of accounting and, if so, the operating results of WildHealth will be included in the Company’s consolidated results of operations from the date of acquisition. Due to the timing of this transaction, the initial accounting for the business combination is incomplete and a preliminary allocation of purchase consideration cannot be estimated. However, the Company does anticipate that a significant portion of the purchase price will be allocated to goodwill and acquired identifiable intangible assets.

Joint Venture Formation

In February 2022, the Company entered into an agreement to form a joint venture (the “JV”), to develop, own, and sell a software platform and applications marketplace.

The Company has agreed to contribute a total of approximately $19.0 million for approximately 19.2% of the common equity of the JV. The Company also has agreed to provide certain build-out, professional services, and licenses to the JV under a separate agreement.