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Segment Information
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information

Note 15 - Segment Information

 

The Company has identified two operating segments, diagnostic services and consumer products, based on the manner in which the Company’s CEO as CODM assesses performance and allocates resources across the organization. The operating segments are organized in a manner that depicts the difference in revenue generating synergies that include the separate processes, profit generation and growth of each segment. The diagnostic services segment provides COVID-19 diagnostic information services to a broad range of customers in the United States, including health plans, third party payers and government organizations. The consumer products segment is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States and also provides personal genomics products and services. The unallocated corporate expenses mainly included professional fees associated with the public company.

 

 

ProPhase Labs, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

The following table is a summary of segment information for three and six months ended June 30, 2022 and 2021 (amounts in thousands):

 

                     
   For the three months ended   For the six months ended 
   June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021 
Net revenues                    
Diagnostic services  $26,158   $7,537   $71,071   $20,274 
Consumer products   2,934    1,605    5,552    4,139 
Consolidated net revenue   29,092    9,142    76,623    24,413 
Cost of revenue                    
Diagnostic services   8,403    3,479    25,105    7,824 
Consumer products   1,969    1,197    4,121    3,196 
Consolidated cost of revenue   10,372    4,676    29,226    11,020 
Depreciation and amortization expense                    
Diagnostic services   594    392    1,170    737 
Consumer products   601    3    1,201    6 
Total Depreciation and amortization expense   1,195    395    2,371    743 
Operating and other expenses   7,114    5,466    18,705    12,988 
Income (loss) from operations, before income taxes                    
Diagnostic services   12,872    1,164    32,898    4,004 
Consumer products   (313)   540    (2,176)   505 
Unallocated corporate   (2,148)   (3,099)   (4,401)   (4,847)
Total income from operations, before income taxes   10,411    (1,395)   26,321    (338)
Income tax expense   (2,965)   -    (6,381)   - 
Total income (loss) from operations, after income taxes   7,446    (1,395)   19,940    (338)
Net income (loss)  $7,446   $(1,395)  $19,940   $(338)

 

The following table is a summary of segment information as of June 30, 2022 and December 31, 2021 (amounts in thousands):

 

   June 30, 2022   December 31, 2021 
ASSETS          
Diagnostic services  $49,493   $51,150 
Consumer products   23,027    24,139 
Unallocated corporate   25,427    14,006 
Total assets  $97,947   $89,295