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Revenue, Concentrations and Geographic Information | 3 Months Ended
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Mar. 31, 2024
Revenue, Concentrations and Geographic Information |
Revenue, Concentrations and Geographic Information | Note 4. Revenue, Concentrations and Geographic Information Customers The Company grants credit to customers within the U.S. and international customers and does not require collateral. Revenue from international customers is generally secured by advance payments except for established foreign customers. The Company generally requires advance or credit card payments for initial revenue from new customers. The Company’s ability to collect receivables can be affected by economic fluctuations in the geographic areas and industries served by the Company. The Company’s customers are in the biopharma, pharmaceutical, animal health, reproductive medicine, and other life science industries. Consequently, there is a concentration of accounts receivable within these industries, which is subject to normal credit risk. There were no customers that accounted for more than 10% of net accounts receivable at March 31, 2024 and December 31, 2023. The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, China and India. During the three months ended March 31, 2024 and 2023, the Company had revenue from foreign customers of approximately $24.7 million and $29.2 million, respectively, which constituted approximately 45.2% and 46.5%, respectively, of total revenue. No single customer generated over 10% of revenue during the three months ended March 31, 2024 and 2023. Revenue Disaggregation The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. As a result, the financial information disclosed herein represents all of the material financial information related to the Company. When disaggregating revenue, the Company considered all of the economic factors that may affect its revenue. Effective first quarter of 2024, we began reporting our services revenue in the following categories: BioLogistics Solutions and BioStorage/BioServices as Life Sciences Services, and our products revenue as Life Sciences Products. This change will better align our revenue categories with our strategic priorities. The following table disaggregates our revenue by category for the three months ended March 31, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2024 |  | 2023 |
BioLogistics Solutions | ​ | $ | 33,258 | ​ | $ | 32,604 | ​
BioStorage/BioServices | ​ |  | 3,528 | ​ |  | 3,232 | ​
Life Sciences Services | ​ | ​ | 36,786 | ​ | ​ | 35,836 | ​
Life Sciences Products | ​ | ​ | 17,806 | ​ | ​ | 26,981 | ​
Total revenue | ​ | $ | 54,592 | ​ | $ | 62,817 | ​
​ Given that the Company’s revenue is generated in different geographic regions, factors such as regulatory and geopolitical factors within those regions could impact the nature, timing and uncertainty of the Company’s revenue and cash flows. Our geographical revenue, by origin, for the three months ended March 31, 2024 and 2023, was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2024 |  | 2023 |
Americas | ​ | $ | 29,904 | ​ | $ | 33,617 | ​
Europe, the Middle East, and Africa (EMEA) | ​ |  | 15,610 | ​ |  | 18,159 | ​
Asia Pacific (APAC) | ​ |  | 9,078 | ​ |  | 11,041 | ​
Total revenue | ​ | $ | 54,592 | ​ | $ | 62,817 | ​
​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.8 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $0.4 million and $0.4 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses Accounts receivable at March 31, 2024 and December 31, 2023 are net of allowance for credit losses of $2.2 million and $2.0 million, respectively. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected at March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | March 31, | ​ |  | December 31,
​ |  | ​ | 2024 |  | ​ | 2023
Balance of allowance for credit losses, beginning of period | ​ | $ | 1,992 | ​ | ​ | 1,275
Change in expected credit losses | ​ | ​ | 246 | ​ | ​ | 812
Write-offs, net of recoveries | ​ |  | 2 | ​ | ​ | (95)
Balance of allowance for credit losses, end of period | ​ | $ | 2,240 | ​ | ​ | 1,992
​

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