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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting  
Segment Reporting

Note 20. Segment Reporting

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Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker is our Chief Executive Officer.

Effective in the fourth quarter of 2024, the Company realigned the reportable segment information that the CODM regularly reviews to evaluate the business, make key operating decisions and allocate resources which resulted in the identification of two reportable segments: Life Sciences Services and Life Sciences Products. Previously the Company had one reportable segment and the CODM utilized consolidated financial results to evaluate performance and has transitioned to utilizing disaggregated financial information between the Life Sciences Services and Life Science Products segments.

Adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA”) for each operating segment is the profit measure used by the CODM in measuring the performs of the business and in the annual budget and forecasting process.  Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain items that do not contribute directly to management’s evaluation of its operating results.  Asset information by reportable segment is not provided to the CODM.  

We have three operating segments that are aggregated as Life Sciences Services which provides temperature-controlled logistics and cryogenic biostorage within the life science industry through direct sales. Revenues from this segment include an immaterial amount of product revenues. The Company’s Life Sciences Products segment manufactures and sells cryogenic freezers, cryogenic dewars and accessories within the life science industry through direct sales or a distribution network. Revenues from this reportable segment are exclusively life sciences product revenues.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis.  Accordingly, for segment reporting purposes, the company does not allocate corporate costs, which include certain aspects of the Company’s executive management, legal, compliance, human resources, information technology and finance departments, to its reportable segments.  

Information about our segments is as follows (in thousands):

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Year Ended December 31, 2024

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Year Ended December 31, 2023

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Year Ended December 31, 2022

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Life Sciences Services

    

Life Sciences Products

    

Total

    

Life Sciences Services

    

Life Sciences Products

    

Total

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Life Sciences Services

    

Life Sciences Products

    

Total

Revenue from external customers 1

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$

156,951

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$

71,434

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$

228,385

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$

145,781

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$

87,474

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$

233,255

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$

135,179

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$

102,098

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$

237,277

Intersegment revenue

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6,709

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541

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7,250

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4,147

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1,506

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5,653

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3,132

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2,040

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5,172

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​

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163,660

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​

71,975

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​

235,635

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149,928

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​

88,980

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​

238,908

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​

138,311

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​

104,138

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​

242,449

Reconciliation of revenue

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Elimination of intersegment revenue

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(7,250)

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(5,653)

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(5,172)

Total consolidated revenue

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228,385

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233,255

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237,277

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Less:

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Cost of revenue 1, 2

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65,763

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30,566

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63,986

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38,092

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60,609

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44,405

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Employee related expenses

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75,794

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20,966

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65,115

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22,830

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52,724

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21,009

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Engineering and development expense 3

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4,933

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2,119

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5,886

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2,230

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5,830

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1,801

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Rent

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8,521

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772

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7,773

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922

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4,842

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636

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Other segment items 4

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19,009

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4,843

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21,747

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4,680

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16,253

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5,573

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Adjusted EBITDA for reportable segments

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$

(10,360)

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$

12,709

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$

2,349

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$

(14,579)

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$

20,226

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$

5,647

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$

(1,947)

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$

30,714

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$

28,767

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Corporate overhead costs

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​

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(17,467)

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(13,951)

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(14,860)

Depreciation and amortization expense

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​

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(30,757)

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(27,487)

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(22,765)

Acquisition and integration costs

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(899)

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(6,945)

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(2,164)

Cost reduction initiatives

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(1,884)

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-

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-

Investment income

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9,895

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10,577

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8,474

Unrealized (gain)/loss on investments

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(5,038)

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1,242

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(11,508)

Gain on insurance claim

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-

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2,642

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4,815

Other non-recurring costs

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-

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(437)

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-

Foreign currency (gain)/loss

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(2,410)

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964

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584

Interest expense, net

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(4,108)

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(5,503)

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(6,142)

Gain on extinguishment of debt, net

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18,505

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5,679

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-

Impairment loss

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​

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(63,809)

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(49,569)

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-

Change in fair value of contingent consideration

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1,847

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601

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(213)

Stock-based compensation expense

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(19,704)

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(22,808)

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(20,082)

Income taxes

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(1,276)

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(239)

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(2,239)

Net loss

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$

(114,756)

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$

(99,587)

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$

(37,333)

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(1) Life Sciences Services segment includes immaterial revenue from external customers and cost of revenue associated with life sciences products revenue and cost of products revenue, respectively.

(2) Cost of revenue is exclusive of employee related expenses of $26.4 million, $24.8 million, and $23.1 million, depreciation and amortization of $7.6 million, $6.4 million, and $4.4 million, stock-based compensation of $2.6 million, $2.7 million, and $2.5 million, and rent of $2.6 million, $2.2 million, and $1.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

(3) Engineering and development expense is exclusive of employee related expenses of $9.0 million, $7.9 million, and $6.3 million, stock-based compensation of $1.4 million, $1.7 million, and $1.5 million, and depreciation and amortization of $0.2 million, $0.4 million, and $0.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.

(4) Other segment items primarily includes professional services, facility allocations, dues and subscriptions, audit fees, insurance, legal fees, and travel expense.

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