Quarterly report pursuant to Section 13 or 15(d)

Revenue and Accounts Receivable (Tables)

v3.8.0.1
Revenue and Accounts Receivable (Tables)
 3 Months Ended
Mar. 31, 2018
Receivables [Abstract]  
Schedule of revenue by service type
Revenue by service type for the three months ended March 31, 2018 and 2017 is comprised of the following (in thousands): 

 
Three Months Ended March 31,
 
2018
 
2017
Biopharma Services
3,658

 
$
3,719

Clinical Services
2,342

 
2,954

Discovery Services
1,667

 
293

 
$
7,667

 
$
6,966

Schedule of accounts receivable by service type
Accounts receivable by service type at March 31, 2018 and December 31, 2017 consists of the following (in thousands): 


March 31,
2018
 
December 31,
2017
Biopharma Services
$
3,847

 
$
3,746

Clinical Services
12,572

 
12,205

Discovery Services
1,238

 
1,546

Allowance for doubtful accounts
(7,003
)
 
(6,539
)

$
10,654

 
$
10,958



Schedule of clinical services revenue (as a percent of total revenue)
The breakdown of our Clinical Services revenue (as a percent of total revenue) is as follows:

 
Three Months Ended March 31,
 
2018
 
2017
Medicare
9%
 
14%
Other insurers
16%
 
23%
Other healthcare facilities
5%
 
6%
 
30%
 
43%
Schedule of description of remaining performance obligation terms
Performance Obligations:

 
Biopharma Services
 
Clinical Services
 
Discovery Services
Performance Obligation Satisfaction and Revenue Recognition:
Performance obligations are satisfied at a point in time as the Company processes samples delivered by the customer. Project level activities, including study setup and project management, are satisfied over the life of the contract. Revenues are recognized at a point in time when the test results or other deliverables are reported to the customer. Project level fee revenue is recognized ratably over the life of the contract.
 
Performance obligations are satisfied at a point in time when the tests are reported to the customer. Revenues are recognized at a point in time when the test results are reported to the ordering site.
 
Performance obligations are satisfied over time and revenue is recognized using the time elapsed method as the Company delivers study results to the customers.
 
 
 
 
 
 
Significant Payment Terms:
Monthly invoices at a contractual rate are generated as services are delivered for work completed during the prior month. Some contracts have prepayments prior to services being rendered that are recorded as deferred revenue.
 
The Company invoices at its list price or contractually negotiated price. Payments realized vary from amounts invoiced. Accordingly, the Company estimates the variable consideration it expects to collect.
 
As results are delivered, the invoices are generated based on contractual rates. Some contracts have prepayments prior to services being rendered that are recorded as deferred revenue.
 
 
 
 
 
 
Nature of Services:
Biopharma testing services, study setup and study management
 
Clinical testing services
 
Discovery services