XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.24.3

Revenue, Concentrations and Geographic Information | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 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 September 30, 2024 and 2023, the Company had revenue from foreign customers of approximately $25.9 million and $24.6 million, respectively, which constituted approximately 45.7% and 43.8%, respectively, of total revenue. No single customer generated over 10% of revenue during the three months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024 and 2023, the Company had revenue from foreign customers of approximately $75.1 million and $79.6 million, respectively, which constituted approximately 44.4% and 45.3%, respectively, of total revenue. No single customer generated over 10% of revenue during the nine months ended September 30, 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 the first quarter of 2024, the Company began reporting its services revenue in the following categories: BioLogistics Solutions and BioStorage/BioServices as Life Sciences Services, and its products revenue as Life Sciences Products. The Company believes this change better aligns its revenue categories with its strategic priorities. The following table disaggregates the Company’s revenue by such categories for the three and nine months ended September 30, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
BioLogistics Solutions | ​ | $ | 35,302 | ​ | $ | 32,486 | ​ | $ | 103,076 | ​ | $ | 97,093 | ​
BioStorage/BioServices | ​ |  | 3,976 | ​ |  | 3,536 | ​ |  | 11,028 | ​ |  | 9,969 | ​
Life Sciences Services | ​ | ​ | 39,278 | ​ | ​ | 36,022 | ​ | ​ | 114,104 | ​ | ​ | 107,062 | ​
Life Sciences Products | ​ | ​ | 17,386 | ​ | ​ | 20,135 | ​ | ​ | 54,749 | ​ | ​ | 68,933 | ​
Total revenue | ​ | $ | 56,664 | ​ | $ | 56,157 | ​ | $ | 168,853 | ​ | $ | 175,995 | ​
​ Given that the Company’s revenues are 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 revenues and cash flows. The Company’s geographical revenues, by origin, for the three and nine months ended September 30, 2024 and 2023, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Americas | ​ | $ | 30,772 | ​ | $ | 31,570 | ​ | $ | 93,799 | ​ | $ | 96,351 | ​
Europe, the Middle East, and Africa (EMEA) | ​ |  | 14,474 | ​ |  | 14,236 | ​ |  | 44,736 | ​ |  | 47,507 | ​
Asia Pacific (APAC) | ​ |  | 11,418 | ​ |  | 10,351 | ​ |  | 30,318 | ​ |  | 32,137 | ​
Total revenue | ​ | $ | 56,664 | ​ | $ | 56,157 | ​ | $ | 168,853 | ​ | $ | 175,995 | ​
​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.1 million and $1.3 million at September 30, 2024 and December 31, 2023, respectively. During the three months ended September 30, 2024 and 2023, the Company recognized revenues of $0.7 million and $0.5 million, respectively, from the related contract liabilities outstanding as the services were performed. During the nine months ended September 30, 2024 and 2023, the Company recognized revenues of $1.3 million and $0.9 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses Accounts receivable at September 30, 2024 and December 31, 2023 are net of allowance for credit losses of $2.1 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 September 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, | ​ |  | December 31,
​ |  | ​ | 2024 |  | ​ | 2023
Balance of allowance for credit losses, beginning of period | ​ | $ | 1,992 | ​ | ​ | 1,275
Change in expected credit losses | ​ | ​ | 159 | ​ | ​ | 812
Write-offs, net of recoveries | ​ |  | (83) | ​ | ​ | (95)
Balance of allowance for credit losses, end of period | ​ | $ | 2,068 | ​ | ​ | 1,992
​

X
- Definition n/a + References No definition available. + Details
Name: | cyrx_RevenueConcentrationsAndGeographicInformationAbstract
Namespace Prefix: | cyrx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all revenue, concentrations and geographic information + References No definition available. + Details
Name: | cyrx_RevenueConcentrationsAndGeographicInformationTextBlock
Namespace Prefix: | cyrx_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration