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Revenue, Concentrations and Geographic Information

9 Months Ended

Sep. 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 September 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 September 30, 2025 and 2024, the Company had revenue from foreign customers of approximately $11.1 million and $10.5 million, respectively, which constituted approximately 25.1% and 27.3%, respectively, of total revenue. There was one customer that accounted for 10.8% of revenue during the three months ended September 30, 2025. No other single customer generated over 10% of revenue during the three months ended September 30, 2025 and 2024.

During the nine months ended September 30, 2025 and 2024, the Company had revenue from foreign customers of approximately $32.2 million and $31.4 million, respectively, which constituted approximately 24.6% and 27.2%, respectively, of total revenue. There was one customer that accounted for 10.0% of revenue during the nine months ended September 30, 2025. No other single customer generated over 10% of revenue during the nine months ended September 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 nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
BioLogistics Solutions	$	19,428	$	16,955	$	57,832	$	49,540
BioStorage/BioServices		4,830		3,976		13,660		11,028
Life Sciences Services		24,258		20,931		71,492		60,568
Life Sciences Products		19,975		17,386		59,235		54,749
Total revenue	$	44,233	$	38,317	$	130,727	$	115,317

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 nine months ended September 30, 2025 and 2024, was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Americas	$	33,143	$	27,839	$	98,575	$	83,949
Europe, the Middle East, and Africa (EMEA)		6,634		6,203		18,047		20,136
Asia Pacific (APAC)		4,456		4,275		14,105		11,232
Total revenue	$	44,233	$	38,317	$	130,727	$	115,317

Contract Liabilities (Deferred Revenue)

Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.4 million and $1.1 million at September 30, 2025 and December 31, 2024, respectively. During the three months ended September 30, 2025 and 2024, the Company recognized revenue of $0.1 million and $0.1 million, respectively, from the related contract liabilities outstanding as the services were performed. During the nine months ended September 30, 2025 and 2024, the Company recognized revenue of $1.0 million and $0.8 million, respectively, from the related contract liabilities outstanding as the services were performed.

Credit Losses

Accounts receivable at September 30, 2025 and December 31, 2024 are net of allowance for credit losses of $1.0 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 September 30, 2025 and December 31, 2024:


	September 30,		December 31,
	2025		2024
Balance of allowance for credit losses, beginning of period	$	878	$	827
Change in expected credit losses		122		68
Write-offs, net of recoveries		—		(17)
Balance of allowance for credit losses, end of period	$	1,000	$	878