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Revenue, Concentration and Geographic Information

12 Months Ended

Dec. 31, 2024

Revenue, Concentration and Geographic Information

Revenue, Concentration and Geographic Information

Note 3. Revenue, Concentration 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 was no single customer that represented more than 10% of net accounts receivable at December 31, 2024 and 2023.

The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, China and India. During the years ended December 31, 2024, 2023 and 2022, the Company had revenue from foreign customers of approximately $102.0 million, $106.0 million and $109.1 million, respectively, which constituted approximately 44.7%, 45.5% and 46.0%, respectively, of total revenue. No customer generated 10% or more of revenue during the year ended December 31, 2024. For the year ended December 31, 2023, one customer generated approximately 10.5% of revenue. No single customer generated 10% or more of revenue during the year ended December 31, 2022.

Revenue Disaggregation

The Company views its operations, makes decisions regarding how to allocate resources and manages its business as two reporting segments. 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 our revenue by major markets for the years ended December 31, 2024, 2023 and 2022, (in thousands):



	December 31,
	2024		2023		2022
BioLogistics Solutions	$	138,635	$	130,498	$	124,798
BioStorage/BioServices		15,025		13,589		9,081
Life Sciences Services		153,660		144,087		133,879
Life Sciences Products		74,725		89,168		103,398
Total revenue	$	228,385	$	233,255	$	237,277

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 years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):


	December 31,
	2024		2023		2022
Americas	$	126,373	$	127,213	$	128,209
Europe, the Middle East, and Africa (EMEA)		59,596		60,883		66,913
Asia Pacific (APAC)		42,416		45,159		42,155
Total revenue	$	228,385	$	233,255	$	237,277

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 December 31, 2024 and 2023, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recognized revenues of $0.7 million, $2.1 million and $1.4 million, respectively, from the related contract liabilities outstanding as the services were performed.

Credit Losses

Accounts receivable at December 31, 2024, and 2023 are net of allowance for credit losses of $1.8 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 December 31, 2024 and 2023:


	December 31,
	2024		2023
Balance of allowance for credit losses, beginning of period	$	1,992	1,275
Change in expected credit losses		(27)	812
Write-offs, net of recoveries		(186)	(95)
Balance of allowance for credit losses, end of period	$	1,779	1,992