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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting

Schedule of information about segments

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



		Year Ended December 31, 2024									Year Ended December 31, 2023									Year Ended December 31, 2022
		Life Sciences Services			Life Sciences Products			Total			Life Sciences Services			Life Sciences Products			Total			Life Sciences Services			Life Sciences Products			Total
Revenue from external customers ¹		$	156,951		$	71,434		$	228,385		$	145,781		$	87,474		$	233,255		$	135,179		$	102,098		$	237,277
Intersegment revenue			6,709			541			7,250			4,147			1,506			5,653			3,132			2,040			5,172
			163,660			71,975			235,635			149,928			88,980			238,908			138,311			104,138			242,449
Reconciliation of revenue
Elimination of intersegment revenue									(7,250)									(5,653)									(5,172)
Total consolidated revenue									228,385									233,255									237,277

Less:
Cost of revenue ^1, ²			65,763			30,566						63,986			38,092						60,609			44,405
Employee related expenses			75,794			20,966						65,115			22,830						52,724			21,009
Engineering and development expense ³			4,933			2,119						5,886			2,230						5,830			1,801
Rent			8,521			772						7,773			922						4,842			636
Other segment items ⁴			19,009			4,843						21,747			4,680						16,253			5,573
Adjusted EBITDA for reportable segments		$	(10,360)		$	12,709		$	2,349		$	(14,579)		$	20,226		$	5,647		$	(1,947)		$	30,714		$	28,767

Corporate overhead costs									(17,467)									(13,951)									(14,860)
Depreciation and amortization expense									(30,757)									(27,487)									(22,765)
Acquisition and integration costs									(899)									(6,945)									(2,164)
Cost reduction initiatives									(1,884)									-									-
Investment income									9,895									10,577									8,474
Unrealized (gain)/loss on investments									(5,038)									1,242									(11,508)
Gain on insurance claim									-									2,642									4,815
Other non-recurring costs									-									(437)									-
Foreign currency (gain)/loss									(2,410)									964									584
Interest expense, net									(4,108)									(5,503)									(6,142)
Gain on extinguishment of debt, net									18,505									5,679									-
Impairment loss									(63,809)									(49,569)									-
Change in fair value of contingent consideration									1,847									601									(213)
Stock-based compensation expense									(19,704)									(22,808)									(20,082)
Income taxes									(1,276)									(239)									(2,239)
Net loss								$	(114,756)								$	(99,587)								$	(37,333)

(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.