2023 Q1 Form 10-K Financial Statement

#000155837023002460 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $241.8M $217.3M $820.2M
YoY Change 24.53% 25.56% 31.13%
Cost Of Revenue $148.1M $127.3M $456.3M
YoY Change 43.51% 35.24% 43.29%
Gross Profit $93.63M $89.96M $364.0M
YoY Change 2.99% 14.01% 18.53%
Gross Profit Margin 38.73% 41.41% 44.37%
Selling, General & Admin $149.6M $143.8M $588.6M
YoY Change 1.35% -2.0% 15.18%
% of Gross Profit 159.8% 159.87% 161.72%
Research & Development $82.31M $87.91M $316.4M
YoY Change 2.35% 22.42% 19.76%
% of Gross Profit 87.9% 97.72% 86.94%
Depreciation & Amortization $5.077M $3.930M $16.70M
YoY Change 69.12% 31.22% 48.41%
% of Gross Profit 5.42% 4.37% 4.59%
Operating Expenses $231.9M $231.7M $905.0M
YoY Change 1.7% 6.02% 16.74%
Operating Profit -$138.3M -$141.8M -$541.0M
YoY Change 0.85% 1.51% 15.56%
Interest Expense $3.061M -$2.752M $9.319M
YoY Change 46.67% 32.37% 12.21%
% of Operating Profit
Other Income/Expense, Net $4.585M $2.373M $3.538M
YoY Change 472.41% 106.17% -34.25%
Pretax Income -$136.8M -$142.2M -$546.8M
YoY Change -1.18% 1.11% 16.07%
Income Tax $160.0K $421.0K $1.000M
% Of Pretax Income
Net Earnings -$136.9M -$142.6M -$547.8M
YoY Change -1.23% 1.43% 16.13%
Net Earnings / Revenue -56.63% -65.63% -66.79%
Basic Earnings Per Share -$1.23 -$5.57
Diluted Earnings Per Share -$1.23 -$1.37 -$5.57
COMMON SHARES
Basic Shares Outstanding 113.3M 97.60M 98.41M
Diluted Shares Outstanding 111.8M 98.41M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $812.0M $898.3M $898.3M
YoY Change 7.99% -1.75% -1.75%
Cash & Equivalents $403.2M $466.0M $466.0M
Short-Term Investments $408.9M $432.3M $432.3M
Other Short-Term Assets $29.99M $33.72M $33.72M
YoY Change -15.19% 12.88% 12.88%
Inventory $40.68M $35.41M $35.41M
Prepaid Expenses
Receivables $246.8M $244.4M $244.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.129B $1.212B $1.212B
YoY Change 15.23% 10.86% 10.86%
LONG-TERM ASSETS
Property, Plant & Equipment $100.6M $92.45M $164.3M
YoY Change 28.36% 41.12% 31.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.29M $18.33M $18.33M
YoY Change -11.02% -2.6% -2.6%
Total Long-Term Assets $189.4M $182.7M $182.7M
YoY Change 15.19% 27.42% 27.42%
TOTAL ASSETS
Total Short-Term Assets $1.129B $1.212B $1.212B
Total Long-Term Assets $189.4M $182.7M $182.7M
Total Assets $1.319B $1.394B $1.394B
YoY Change 15.22% 12.78% 12.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.12M $31.15M $31.15M
YoY Change 99.91% 14.49% 14.49%
Accrued Expenses $143.6M $169.3M $169.3M
YoY Change 9.68% 47.38% 47.38%
Deferred Revenue $16.58M $10.78M
YoY Change 19.15% 45.56%
Short-Term Debt $80.40M $80.40M $80.35M
YoY Change 60.48% 60.63% 60.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $291.0M $310.5M $310.5M
YoY Change 25.92% 41.81% 41.81%
LONG-TERM LIABILITIES
Long-Term Debt $282.0M $281.7M $281.7M
YoY Change 0.45% 0.45% 0.45%
Other Long-Term Liabilities $95.37M $96.58M $96.58M
YoY Change 3667.88% 6429.95% 15.2%
Total Long-Term Liabilities $377.3M $378.2M $378.2M
YoY Change 14808.65% 25473.43% 3.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $291.0M $310.5M $310.5M
Total Long-Term Liabilities $377.3M $378.2M $378.2M
Total Liabilities $668.3M $688.7M $688.7M
YoY Change 10.95% 18.1% 18.1%
SHAREHOLDERS EQUITY
Retained Earnings -$2.100B -$1.900B
YoY Change 40.0% 36.22%
Common Stock $2.742B $2.665B
YoY Change 31.21% 29.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $650.6M $705.7M $705.7M
YoY Change
Total Liabilities & Shareholders Equity $1.319B $1.394B $1.394B
YoY Change 15.22% 12.78% 12.78%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$136.9M -$142.6M -$547.8M
YoY Change -1.23% 1.43% 16.13%
Depreciation, Depletion And Amortization $5.077M $3.930M $16.70M
YoY Change 69.12% 31.22% 48.41%
Cash From Operating Activities -$80.89M -$81.13M -$431.5M
YoY Change -41.08% -17.83% 28.72%
INVESTING ACTIVITIES
Capital Expenditures $11.60M $11.83M $47.70M
YoY Change -26.99% -188.99% 16.25%
Acquisitions
YoY Change
Other Investing Activities $27.25M $33.74M $378.0M
YoY Change -87.78% -63.64% -342.95%
Cash From Investing Activities $15.65M $21.92M $330.3M
YoY Change -92.44% -72.43% -260.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.301M 468.2M 482.6M
YoY Change -44.63% 5398.21% -16.24%
NET CHANGE
Cash From Operating Activities -80.89M -81.13M -431.5M
Cash From Investing Activities 15.65M 21.92M 330.3M
Cash From Financing Activities 2.301M 468.2M 482.6M
Net Change In Cash -62.94M 409.0M 381.5M
YoY Change -185.15% -3916.02% 966.8%
FREE CASH FLOW
Cash From Operating Activities -$80.89M -$81.13M -$431.5M
Capital Expenditures $11.60M $11.83M $47.70M
Free Cash Flow -$92.49M -$92.95M -$479.2M
YoY Change -39.61% 8.79% 27.36%

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CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2021 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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CY2021 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6411000
CY2022 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
13037000
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
152384000
CY2022 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-14075000
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
433192000
CY2022 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
9290000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-547799000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
705744000
CY2022 us-gaap Profit Loss
ProfitLoss
-547799000
CY2021 us-gaap Profit Loss
ProfitLoss
-471716000
CY2020 us-gaap Profit Loss
ProfitLoss
-229743000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16702000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11254000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8613000
CY2022 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
9290000
CY2021 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
35604000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
13770000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
10926000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
7834000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
152384000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
115219000
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
50171000
CY2022 ntra Inventory Reserve Adjustments
InventoryReserveAdjustments
-240000
CY2021 ntra Inventory Reserve Adjustments
InventoryReserveAdjustments
628000
CY2020 ntra Inventory Reserve Adjustments
InventoryReserveAdjustments
-163000
CY2022 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
4837000
CY2021 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
7814000
CY2020 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
5761000
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
-906000
CY2021 us-gaap Gain Loss On Investments
GainLossOnInvestments
46000
CY2020 us-gaap Gain Loss On Investments
GainLossOnInvestments
105000
CY2022 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
2000
CY2021 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
11000
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1259000
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1227000
CY2020 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
149000
CY2021 ntra Other Non Cash Benefits Charges
OtherNonCashBenefitsCharges
94000
CY2020 ntra Other Non Cash Benefits Charges
OtherNonCashBenefitsCharges
-149000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1770000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-156000
CY2020 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
278316000
CY2020 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
78757000
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-5848000
CY2020 ntra Accretion Of Convertible Notes Interest Expense Debt
AccretionOfConvertibleNotesInterestExpenseDebt
7048000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
124081000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
43353000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
25831000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8257000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7506000
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7474000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1196000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
249000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
14393000
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
6000
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2933000
CY2020 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
60000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5462000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
19222000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-118000
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
3069000
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
10569000
CY2020 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
14284000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
9377000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
10296000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
8993000
CY2022 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
47650000
CY2021 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
32682000
CY2020 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
10340000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2056000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-44209000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-6895000
CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
10000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-431501000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-335236000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-182512000
CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
86947000
CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
876095000
CY2020 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
685239000
CY2022 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
248482000
CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
187580000
CY2020 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
30067000
CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
216500000
CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
532910000
CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
343315000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47697000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
41030000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19604000
CY2021 ntra Payments To Acquire Assets
PaymentsToAcquireAssets
8558000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
330338000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-205193000
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
433192000
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
550822000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-331461000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6411000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11816000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
23524000
CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
13037000
CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
13550000
CY2022 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
30000000
CY2020 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
270650000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
482640000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
576188000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
500847000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
381477000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
35759000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-13126000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84614000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48855000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61981000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
466091000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84614000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48855000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
549000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
283000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
67000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
8060000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
7077000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
3296000
CY2022 ntra Purchases Of Property And Equipment In Accounts Payable And Accruals
PurchasesOfPropertyAndEquipmentInAccountsPayableAndAccruals
-1940000
CY2021 ntra Purchases Of Property And Equipment In Accounts Payable And Accruals
PurchasesOfPropertyAndEquipmentInAccountsPayableAndAccruals
5173000
CY2020 ntra Purchases Of Property And Equipment In Accounts Payable And Accruals
PurchasesOfPropertyAndEquipmentInAccountsPayableAndAccruals
2781000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-547800000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1900000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
466100000
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
432300000
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
80400000
CY2022Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
70000000.0
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;font-weight:bold;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The preparation of financial statements in accordance with generally accepted accounting principles (GAAP) in the United States requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Significant items subject to such estimates include the allowance for doubtful accounts calculated based on the historical uncollected balances applied to current outstanding accounts receivable balances, average selling price expected to be received from insurance payors, the operating right-of-use assets and the associated lease liabilities, the average useful life for property and equipment, deferred revenues associated with unsatisfied performance obligations, accrued liability for potential refund requests, stock-based compensation, the fair value of options, income tax uncertainties, and the expected consideration to be received from contracts with customers. These estimates and assumptions are based on management's best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors, including contractual terms and statutory limits; however, actual results could differ from these estimates and could have an adverse effect on the Company's financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Revenue</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The total consideration which the Company expects to be entitled to from patients and insurance carriers in exchange for the Company's products is a significant estimate when the Company calculates Average Selling Price based on the contractual pricing agreed to with each insurance carrier for each test (CPT code) performed adjusted for variable consideration related to historical percent of cases allowed, historical percent of patient responsibility collected, and historical percent of contract price collected from insurance carriers. The Company uses the expected-value approach of estimating variable consideration.  The Company also considers recent trends, past events not expected to recur, and future known changes such as anticipated contractual pricing changes or insurance coverages.  For insurance carriers with similar reimbursement characteristics, the Company uses a portfolio approach to estimate the effects of variable consideration. The Company also applies a constraint to the estimated variable consideration when it assesses it is probable that a significant reversal in the amount of cumulative revenue may occur in future periods.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>When assessing the total consideration for insurance carriers and patients, a certain percentage of revenues is further constrained for estimated refunds.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Stock-based compensation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Company’s stock-based compensation relates to stock options, restricted stock units (“RSUs”), performance-based awards, market-based awards, and stock purchase rights under an Employee Stock Purchase Plan (“ESPP”).<span style="display:inline-block;width:10.63pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>Stock based compensation granted to the Company’s employees is measured at the grant date based on the fair value of the award. The fair value is recognized as expense over the requisite service period, which is generally the vesting period or estimated performance period of the respective awards. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Company uses the Black‑Scholes option‑pricing model to estimate the fair value of stock options issued to employees and non-employees. Stock-based compensation expense for stock-based awards are based on their grant date fair value. The fair value of stock option awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are estimated based on historical trends at the time of grant and revised as necessary. Stock option awards that include a service condition and a performance condition are considered expected to vest when the performance condition is probable of being met. The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and the expected stock price volatility over the expected term. For all stock options granted, we calculate the expected term based on the weighted average actual terms of stock option awards. We determine expected volatility using the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Company determines the fair value of RSUs based on the closing price of our stock price, which is listed on Nasdaq, at the date of the grant. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>For stock options and performance-based awards that vest upon meeting performance conditions or market conditions in combination with performance conditions, the Company derives the requisite service period from the grant date to the date it is probable that the vesting conditions will be met. For stock options with market conditions, the Company derives the requisite service period using the Monte Carlo simulation model.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Monte Carlo simulation model is used to estimate the fair value of market-based condition awards. The model requires the input of the Company's expected stock price and peer stock price volatility, the expected term of the awards, and a risk-free interest rate. Determining these assumptions requires judgment. See further discussion on the valuation assumptions used under Note 9.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Income Taxes</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>Income taxes are recorded in accordance with Financial Accounting Standards Board ASC Topic 740,<i style="font-style:italic;"> Income Taxes </i>("ASC 740"), which provides for deferred taxes using an asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Tax benefits are recognized when it is more likely than not that a tax position will be sustained during an audit. Deferred tax assets are reduced by a valuation allowance if current evidence indicates that it is considered more likely than not that these benefits will not be realized. See further discussion in Note 12, <i style="font-style:italic;">Income Taxes</i>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Allowance for doubtful accounts</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The allowance for doubtful accounts for trade accounts receivable and other receivables is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>Appropriate provision has been made for lifetime expected credit losses in accordance with ASC Topic 326-20, <i style="font-style:italic;">Financial Instruments—Credit Losses</i> (“Topic 326”), for trade receivables and available-for-sale debt securities. The Company’s estimate of expected credit losses includes consideration of past events, current conditions and forecasts of future economic conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Inventory</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>Inventory is recorded at the lower of cost or net realizable value, determined on a first-in, first-out basis. The Company uses judgment to analyze and determine if the composition of its inventory is obsolete, slow-moving or unsalable and frequently reviews such determinations. A write down of specifically identified unusable, obsolete, slow-moving or known unsalable inventory in the period is first recognized by using a number of factors including product expiration dates and scrapped inventory. Any write-down of inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on our consolidated statements of operations. The Company makes assumptions about future demand, market conditions and the release of new products that may supersede older products. However, if actual market conditions are less favorable than anticipated, additional inventory write-downs may be required.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Investments and financial instruments</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Company classifies its investments as Level 1 or 2 within the fair value hierarchy. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. The Company holds Level 2 securities which are initially valued at the transaction price and subsequently valued by a third-party service provider using inputs other than quoted prices that are observable either directly or indirectly, such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. The Company performs certain procedures to corroborate the fair value of these holdings.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;background:#ffff00;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Right-of-use assets</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The incremental borrowing rate is used to determine the present value of the minimum future lease payments. The Company estimates the incremental borrowing rate of its leases based on corporate bonds with a similar credit rating as the Company and a similar bond term as the lease term as of the approximate lease commencement date. The Company calculates the weighted-average annual percentage yield of bonds with a similar credit rating and term to determine the incremental borrowing rate. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Property and equipment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>Property and equipment, including purchased and internally developed software, are stated at cost. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets, which are generally three to five years determined by the classification of the property and equipment class in accordance with the Company’s fixed asset policy. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the assets or the remaining term of the lease, whichever is shorter. The Company periodically reviews the useful lives assigned to property and equipment placed in service in accordance with the Company’s fixed asset policy and changes the estimates of useful lives to reflect the results of such reviews. The Company amortizes its internal-use software over the estimated useful lives of <span style="-sec-ix-hidden:Hidden_j9dCPjBIYEuP7MqYE-fQ6A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">three years</span></span>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/><i style="font-style:italic;">Other accrued liabilities</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>The Company uses estimates, judgments, and assumptions to determine liabilities primarily related to refunds reserve, tax-related liabilities, payroll and related expenses, marketing liabilities, clinical trials and other operating expenses. Estimates consist of historical trends, analytical procedures, review of supporting documentation, inquiries with supply partners and vendors, and other relevant assumptions. Estimates are used in several areas including, but not limited to, estimates of progress to date for certain contacts with vendors, liabilities related to clinical trials, reserves associated with insurance and general overpayments, and the provision for income taxes. Although the Company believe its estimates, assumptions, and judgment are reasonable, it is based upon information presently available and are subject to change.</p>
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CY2021Q4 us-gaap Restricted Cash Current
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Risk and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;font-weight:bold;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;">Financial instruments that potentially subject the Company to credit risk consist of cash, accounts receivable and investments. The Company limits its exposure to credit loss by placing its cash in financial institutions with high credit ratings. The Company's cash may consist of deposits held with banks that may at times exceed federally insured limits. The Company performs evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;">For the years ended December 31, 2022, 2021, and 2020, there were no customers exceeding 10% of total revenues on an individual basis. As of December 31, 2022 and 2021, there were no customers with an outstanding balance exceeding 10% of net accounts receivable.</p>
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CY2022 ntra Contract With Customer Liability Noncurrent Reclassification To Current
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CY2021Q4 ntra Accrued Specimen Service Fees
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