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Segment and Geographic Information | 9 Months Ended
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Jun. 30, 2023
Segment and Geographic Information |
Segment and Geographic Information | 19. Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. The Company operates in two reportable segments, the Life Sciences Products segment and the Life Sciences Services segment. These reportable segments also represent the Company’s operating segments. The Company previously operated in three reportable segments, the Semiconductor Solutions Group segment, the Life Sciences Products segment, and the Life Sciences Services segment. The Company’s Life Sciences Products segment provides automated cold storage solutions for biological and chemical compound samples. The Company’s storage systems provide reliable automation and sample inventory management at temperatures down to -190°C and can store anywhere from one to millions of samples. The Company’s sample management solutions include consumable vials and tubes, polymerase chain reaction, plates, instruments for supporting workflows, and informatics. This portfolio provides customers with the highest level of sample quality, security, availability, intelligence, and integrity throughout the lifecycle of samples providing customers with complete end-to-end cold chain of custody capabilities. The Company also provides controlled rate thawing devices for customers in the medical, biotechnology and pharmaceutical industries. The Company’s Life Sciences Services business is a leading provider of solutions addressing the many needs of customers in genomic analysis and the management and care of biological samples used in pharmaceutical, biotechnology, healthcare, clinical, and academic research and development markets. The Company processes millions of samples every year, each containing valuable information that must be delivered or preserved with the sample. The Company’s genomic services provide a broad capability to customers for sequencing and synthesis of genes. The Company’s sample management services include off-site storage, transport, and laboratory services, as well as interactive informatics solutions. The storage services include short- and long-term sample storage and management of the cold chain of custody from collection, to storage, to retrieving the sample which ultimately may go back into the research workflow. Management considers adjusted operating income, which excludes charges related to amortization of completed technology, purchase accounting impacts on inventory, amortization of other intangible assets, restructuring charges, contingent consideration fair value adjustments, tariff adjustments, and other unallocated corporate expenses, as the primary performance metric when evaluating the Company’s operations. The following is the summary of the financial information for the Company’s reportable segments for the three and nine months ended June 30, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 30, | ​ | Nine Months Ended June 30,
​ | ​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Revenue: |  | ​ | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |
Life Sciences Products | ​ | ​ | $ | 74,571 | ​ | $ | 47,369 | ​ | $ | 223,091 | ​ | $ | 150,861
Life Sciences Services | ​ | ​ |  | 91,377 | ​ |  | 85,366 | ​ |  | 269,624 | ​ |  | 267,070
Total revenue | ​ | ​ | $ | 165,948 | ​ | $ | 132,735 | ​ | $ | 492,715 | ​ | $ | 417,931
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income / (loss): | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Life Sciences Products | ​ | ​ | $ | (4,878) | ​ | $ | 1,965 | ​ | $ | (25,077) | ​ | $ | 11,173
Life Sciences Services | ​ | ​ |  | (3,813) | ​ |  | 697 | ​ |  | (13,302) | ​ |  | 10,759
Segment operating (loss) income | ​ | ​ | ​ | (8,691) | ​ | ​ | 2,662 | ​ | ​ | (38,379) | ​ | ​ | 21,932
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of completed technology | ​ | ​ | ​ | 4,656 | ​ | ​ | 1,810 | ​ | ​ | 13,725 | ​ | ​ | 5,424
Purchase accounting impact on inventory | ​ | ​ | ​ | 2,956 | ​ | ​ | — | ​ | ​ | 8,737 | ​ | ​ | —
Amortization of other intangible assets | ​ | ​ | ​ | 7,522 | ​ | ​ | 5,745 | ​ | ​ | 22,403 | ​ | ​ | 18,064
Restructuring charges | ​ | ​ | ​ | 812 | ​ | ​ | 25 | ​ | ​ | 3,773 | ​ | ​ | 319
Contingent consideration - fair value adjustments | ​ | ​ | ​ | (1,404) | ​ | ​ | — | ​ | ​ | (18,549) | ​ | ​ | —
Tariff adjustment | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (486)
Other unallocated corporate expenses | ​ | ​ | ​ | (7,397) | ​ | ​ | 155 | ​ | ​ | (11,970) | ​ | ​ | 8,717
Total operating (loss) income | ​ | ​ | ​ | (15,836) | ​ | ​ | (5,073) | ​ | ​ | (56,498) | ​ | ​ | (10,106)
Interest income | ​ | ​ | ​ | 11,347 | ​ | ​ | 6,822 | ​ | ​ | 32,406 | ​ | ​ | 9,933
Interest expense | ​ | ​ | ​ | — | ​ | ​ | (2,101) | ​ | ​ | — | ​ | ​ | (4,111)
Loss on extinguishment of debt | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (632)
Other, net | ​ | ​ | ​ | 819 | ​ | ​ | 630 | ​ | ​ | (704) | ​ | ​ | (1,617)
(Loss) income before income taxes | ​ | ​ | $ | (3,670) | ​ | $ | 278 | ​ | $ | (24,796) | ​ | $ | (6,533)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: | ​ | ​ | ​ | ​ | ​ | June 30, 2023 | ​ | September 30, 2022 | ​ | ​ | ​
Life Sciences Products | ​ | ​ | ​ | ​ | ​ | $ | 948,701 | ​ | $ | 378,790 | ​ | ​ | ​
Life Sciences Services | ​ | ​ | ​ | ​ | ​ | ​ | 824,018 | ​ | ​ | 849,603 | ​ | ​ | ​
Total assets | ​ | ​ | ​ | ​ | ​ | $ | 1,772,719 | ​ | $ | 1,228,393 | ​ | ​ | ​
​ ​ The following is a reconciliation of the segment assets to the corresponding amounts presented in the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | September 30,
​ | ​ | 2023 | ​ | 2022
Segment assets |  | $ | 1,772,719 |  | $ | 1,228,393
Cash and cash equivalents, restricted cash, and marketable securities | ​ |  | 1,296,074 | ​ |  | 2,305,081
Deferred tax assets | ​ |  | — | ​ |  | 1,169
Other assets | ​ | ​ | 623 | ​ | ​ | 181,479
Total assets | ​ | $ | 3,069,416 | ​ | $ | 3,716,122
​ ​ Revenue from external customers is attributed to geographic areas based on locations in which customer orders are placed. Net revenue by geographic area for the three and nine months ended June 30, 2023 and 2022 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Nine Months Ended June 30,
​ |  | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Geographic Location: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
North America | ​ | $ | 91,018 | ​ | $ | 88,380 | ​ | $ | 267,437 | ​ | $ | 272,750
Rest of Europe | ​ | ​ | 23,594 | ​ | ​ | 17,148 | ​ | ​ | 84,448 | ​ | ​ | 57,177
Africa | ​ | ​ | 19,064 | ​ | ​ | 86 | ​ | ​ | 44,901 | ​ | ​ | 1,305
China | ​ | ​ | 12,766 | ​ | ​ | 12,906 | ​ | ​ | 38,153 | ​ | ​ | 39,704
Asia Pacific/ Other | ​ | ​ | 10,700 | ​ | ​ | 6,114 | ​ | ​ | 37,767 | ​ | ​ | 23,780
United Kingdom | ​ | ​ | 8,806 | ​ | ​ | 8,101 | ​ | ​ | 20,009 | ​ | ​ | 23,215
Total revenue | ​ | $ | 165,948 | ​ | $ | 132,735 | ​ | $ | 492,715 | ​ | $ | 417,931
​ ​ Revenue for the United States comprises 99% of the revenue for North America for each of the three and nine months ended June 30, 2023 and 2022. Significant Customers The Company had one individual customer that accounted for 10% or more of its consolidated revenue for the three months ended June 30, 2023 and no individual customer that accounted for 10% or more of its consolidated revenue for the three months ended June 30, 2022. The Company had one individual customer that accounted for 10% or more of its consolidated revenue for nine months ended June 30, 2023 and no individual customer that accounted for 10% or more of its consolidated revenue for the nine months ended June 30, 2022. This customer is the same for each of the fiscal 2023 periods and is related to the Life Science Products segment and is a distributor shipping to end users in approximately 30 countries. There were no customers that accounted for more than 10% of the Company’s accounts receivable balance as of June 30, 2023 and September 30, 2022.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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