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Revenue, Concentrations and Geographic Information | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024. The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, and China. During the three months ended June 30, 2025 and 2024, the Company had revenue from foreign customers of approximately $12.2 million and $10.3 million, respectively, which constituted approximately 26.9% and 25.9%, respectively, of total revenue. No single customer generated over 10% of revenue during the three months ended June 30, 2025 and 2024. During the six months ended June 30, 2025 and 2024, the Company had revenue from foreign customers of approximately $21.1 million and $20.9 million, respectively, which constituted approximately 24.4% and 27.1%, respectively, of total revenue. No single customer generated over 10% of revenue during the six months ended June 30, 2025 and 2024. Revenue Disaggregation The Company’s total revenue is comprised of Life Sciences Services revenue and Life Sciences Products revenue. The Company disaggregates Life Sciences Services revenue into BioLogistics Solutions revenue and BioStorage/BioServices revenue. BioLogistics Solutions revenue primarily includes temperature-controlled logistics services, such as transportation, logistics and related support, chain-of-custody and condition monitoring, lab move services, consulting, and cryopreservation services. BioStorage/BioServices revenue primarily includes storage, kitting, labelling, fulfillment, sample management, drug return, and qualified person (QP) drug product release services. Life Sciences Products revenue includes revenue from the sale of cryogenic systems, such as freezers and, cryogenic dewars and related ancillary accessories. The following table presents revenue by major types of revenue for the three and six months ended June 30, 2025 and 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
BioLogistics Solutions | ​ | $ | 19,874 | ​ | $ | 16,628 | ​ | $ | 38,404 | ​ | $ | 32,585 | ​
BioStorage/BioServices | ​ |  | 4,495 | ​ |  | 3,524 | ​ |  | 8,830 | ​ |  | 7,052 | ​
Life Sciences Services | ​ | ​ | 24,369 | ​ | ​ | 20,152 | ​ | ​ | 47,234 | ​ | ​ | 39,637 | ​
Life Sciences Products | ​ | ​ | 21,085 | ​ | ​ | 19,557 | ​ | ​ | 39,260 | ​ | ​ | 37,363 | ​
Total revenue | ​ | $ | 45,454 | ​ | $ | 39,709 | ​ | $ | 86,494 | ​ | $ | 77,000 | ​
​ 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 and six months ended June 30, 2025 and 2024, was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Americas | ​ | $ | 33,237 | ​ | $ | 29,420 | ​ | $ | 65,432 | ​ | $ | 56,110 | ​
Europe, the Middle East, and Africa (EMEA) | ​ |  | 5,833 | ​ |  | 6,533 | ​ |  | 11,413 | ​ |  | 13,933 | ​
Asia Pacific (APAC) | ​ |  | 6,384 | ​ |  | 3,756 | ​ |  | 9,649 | ​ |  | 6,957 | ​
Total revenue | ​ | $ | 45,454 | ​ | $ | 39,709 | ​ | $ | 86,494 | ​ | $ | 77,000 | ​
​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.7 million and $1.1 million at June 30, 2025 and December 31, 2024, respectively. During the three months ended June 30, 2025 and 2024, the Company recognized revenue of $0.1 million and $0.2 million, respectively, from the related contract liabilities outstanding as the services were performed. During the six months ended June 30, 2025 and 2024, the Company recognized revenue of $0.8 million and $0.6 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses Accounts receivable at June 30, 2025 and December 31, 2024 are net of allowance for credit losses of $0.9 million and $0.9 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 June 30, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Balance of allowance for credit losses, beginning of period | ​ | $ | 878 | ​ | $ | 827
Change in expected credit losses | ​ | ​ | 39 | ​ | ​ | 68
Write-offs, net of recoveries | ​ |  | — | ​ |  | (17)
Balance of allowance for credit losses, end of period | ​ | $ | 917 | ​ | $ | 878
​

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