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Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting

Segment Reporting

Note 16. Segment Reporting

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 (“CODM”) in making decisions regarding resource allocation and assessing performance. The CODM is the Company’s Chief Executive Officer.

“Adjusted EBITDA,” which 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, is the profit measure used by the CODM for each operating segment in measuring the performance of the business and in the annual budget and forecasting process. Asset information by reportable segment is not provided to the CODM.

We have two operating segments that are aggregated under our Life Sciences Services reportable segment, which provides temperature-controlled logistics, biostorage and bioservices within the life science industry through direct sales. Revenue from this reportable segment is primarily comprised of Life Sciences Services revenue and includes certain accessory sales that constitute Life Sciences Products revenue. The Company’s Life Sciences Products reportable segment manufactures and sells cryogenic systems, such as freezers and cryogenic dewars and related ancillary accessories used in the storage and transport of life science commodities through direct sales or a distribution network. Revenue from this reportable segment is exclusively Life Sciences Products revenue.

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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Three Months Ended June 30, 2025

​

Three Months Ended June 30, 2024

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Six Months Ended June 30, 2025

​

Six Months Ended June 30, 2024

​

​

Life Sciences Services

Life Sciences Products

Total

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

​

$

25,818

​

$

19,636

​

$

45,454

​

$

21,567

​

$

18,142

​

$

39,709

​

$

49,031

​

$

37,463

​

$

86,494

​

$

41,441

​

$

35,559

​

$

77,000

​

Intersegment revenue

​

204

​

357

​

561

​

182

​

191

​

373

​

449

​

$

507

​

956

​

265

​

365

​

630

​

​

​

​

26,022

​

​

19,993

​

​

46,015

​

​

21,749

​

​

18,333

​

​

40,082

​

​

49,480

​

​

37,970

​

​

87,450

​

​

41,706

​

​

35,924

​

​

77,630

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Reconciliation of revenue

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​

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Elimination of intersegment revenue

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​

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​

​

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(561)

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​

​

​

​

​

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(373)

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​

​

​

​

​

​

​

(956)

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​

​

​

​

​

​

​

(630)

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Total consolidated revenue

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45,454

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​

​

​

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​

​

39,709

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​

​

​

​

​

​

​

86,494

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​

​

​

​

​

​

​

77,000

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Less:

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​

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​

​

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Cost of revenue 1, 2

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​

7,180

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8,134

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​

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6,772

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​

7,955

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​

​

13,840

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$

15,467

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​

12,623

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​

15,926

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Employee related expenses

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​

13,126

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​

5,627

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​

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12,517

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​

4,864

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​

26,177

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$

11,062

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​

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​

25,075

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​

10,352

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​

​

Engineering and development expense 3

​

​

930

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​

557

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​

​

​

1,395

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​

598

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​

​

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​

1,913

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$

969

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​

​

​

​

2,863

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​

1,032

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Rent

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​

1,894

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​

186

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1,277

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​

198

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​

3,697

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$

373

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​

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​

​

2,614

​

​

388

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​

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Other segment items 4

​

​

2,946

​

​

1,478

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​

​

​

​

3,809

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​

1,204

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​

6,391

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$

2,578

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​

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7,492

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​

2,589

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​

​

Adjusted EBITDA for reportable segments

​

$

(54)

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$

4,011

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$

3,957

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$

(4,021)

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$

3,514

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$

(507)

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$

(2,538)

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$

7,521

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$

4,983

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$

(8,961)

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$

5,637

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$

(3,324)

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Corporate overhead costs

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​

​

​

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(4,871)

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​

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​

​

​

​

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(5,053)

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​

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​

​

​

​

​

(8,716)

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​

​

​

​

​

​

​

(8,893)

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Depreciation and amortization expense

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​

​

​

​

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(6,249)

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​

​

​

​

​

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(5,785)

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(12,383)

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​

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(11,532)

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Acquisition and integration costs

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​

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(30)

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(474)

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​

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(31)

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​

​

​

​

​

​

(534)

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Cost reduction initiatives

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(266)

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(135)

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(482)

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​

​

​

​

​

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(135)

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Investment income

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​

​

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1,466

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​

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2,809

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​

3,039

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​

​

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​

5,409

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Unrealized (gain)/loss on investments

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​

​

​

​

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​

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(1,082)

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​

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(795)

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​

​

​

​

​

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(1,275)

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​

​

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​

942

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Foreign currency (gain)/loss

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​

​

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(2,002)

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​

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​

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(280)

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​

​

​

​

​

​

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(2,247)

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​

​

​

​

​

​

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(843)

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Interest expense, net

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​

​

​

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​

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(618)

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​

​

​

​

​

​

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(1,241)

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​

​

​

​

​

​

(1,201)

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​

​

​

​

​

​

​

(2,516)

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Gain on extinguishment of debt, net

​

​

​

​

​

​

​

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-

​

​

​

​

​

​

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1,179

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​

​

​

​

​

​

​

-

​

​

​

​

​

​

​

​

1,179

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Impairment loss

​

​

​

​

​

​

​

​

-

​

​

​

​

​

​

​

​

(63,809)

​

​

​

​

​

​

​

​

-

​

​

​

​

​

​

​

​

(63,809)

​

Change in fair value of contingent consideration

​

​

​

​

​

​

​

​

-

​

​

​

​

​

​

​

​

1,938

​

​

​

​

​

​

​

​

5,178

​

​

​

​

​

​

​

​

1,645

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Stock-based compensation expense

​

​

​

​

​

​

​

​

(2,045)

​

​

​

​

​

​

​

​

(4,201)

​

​

​

​

​

​

​

​

(5,109)

​

​

​

​

​

​

​

​

(8,867)

​

Income taxes

​

​

​

​

​

​

​

​

(274)

​

​

​

​

​

​

​

​

(66)

​

​

​

​

​

​

​

​

(508)

​

​

​

​

​

​

​

​

(177)

​

Loss from continuing operations

​

​

​

​

​

​

​

$

(12,014)

​

​

​

​

​

​

​

$

(76,420)

​

​

​

​

​

​

​

$

(18,752)

​

​

​

​

​

​

​

$

(91,455)

​

​

(1) Life Sciences Services reportable segment includes sales of accessories to external customers and related cost of revenue included in Life Sciences Products revenue and cost of products revenue, respectively.

(2) Cost of revenue is exclusive of employee related expenses of $6.9 million and $6.3 million, depreciation and amortization of $2.1 million and $1.8 million, stock-based compensation of $0.5 million and $0.7 million, and rent of $0.7 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively.

(3) Engineering and development expense is exclusive of employee related expenses of $2.4 million and $2.2 million, stock-based compensation of $0.2 million and $0.4 million, and depreciation and amortization of $0.1 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively.

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

X

- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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