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Discontinued Operations

9 Months Ended

Sep. 30, 2025

Note 6. Discontinued Operations

On June 11, 2025, the Company completed the previously disclosed divestiture of its specialty courier CRYOPDP business to designated affiliates of DHL for $133.0 million. Pursuant to the terms of the Agreement, DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH. The Transaction also included the repayment of approximately $77.2 million of outstanding intercompany loans owed by CRYOPDP to the Company. The Company and DHL also entered into certain related transaction agreements at the closing date of the Transaction, including a master partnership agreement, a transition services agreement and other customary agreements. The divestiture and strategic partnership with DHL are expected to enhance the Company’s ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company’s long-term growth strategy.

The transaction represents a strategic shift that has a major effect on the Company’s operations and financial results, and as a result, the results of the CRYOPDP business were classified as discontinued operations in our condensed consolidated statements of operations and excluded from both continuing operations and Life Sciences Services segment results for all periods presented. Results of discontinued operations include all revenues and expenses directly derived from the CRYOPDP business. The CRYOPDP business was classified as held for sale in our condensed consolidated balance sheets.

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the CRYOPDP business classified as held for sale in the condensed consolidated balance sheet:


	December 31,
	2024

Assets:
Cash and cash equivalents	$	11,152
Accounts receivable, net		20,475
Inventories		994
Prepaid expenses and other current assets		3,630
Total current assets of discontinued operations		36,251
Property and equipment, net		8,826
Operating lease right-of-use assets		7,268
Intangible assets, net		22,537
Goodwill		31,091
Other assets		977
Total long-term assets of discontinued operations		70,699
Total assets of discontinued operations	$	106,950

Liabilities:
Accounts payable and other accrued expenses	$	11,313
Accrued compensation and related expenses		1,884
Deferred revenue		45
Current portion of operating lease liabilities		2,020
Current portion of finance lease liabilities		173
Total current liabilities of discontinued operations		15,435
Operating lease liabilities, net of current portion		5,526
Finance lease liabilities, net of current portion		445
Deferred tax liabilities		1,727
Other long-term liabilities		99
Total long-term liabilities of discontinued operations		7,797
Total liabilities of discontinued operations	$	23,232

Accounts receivable at December 31, 2024 are net of allowance for credit losses of $0.9 million.

The following table presents information regarding certain components of income (loss) from discontinued operations in the condensed consolidated statements of operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Life Sciences Services revenue	$	—	$	18,347	$	32,161	$	53,537
Cost of services revenue		—		(10,398)		(20,992)		(31,346)
Selling, general and administrative		—		(10,986)		(15,250)		(30,193)
Gain on disposal		(304)		—		120,047		—
Other income (expense)		—		255		(391)		212
Pretax income (loss) from discontinued operations		(304)		(2,782)		115,575		(7,790)
Provision for income taxes		57		(333)		(182)		(754)
Income (loss) from discontinued operations, net	$	(247)	$	(3,115)	$	115,393	$	(8,544)

The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the nine months ended September 30, 2025 and 2024 included within the condensed consolidated statements of cash flows:


	Nine Months Ended
	September 30,
	2025		2024
Operating activities:
Depreciation and amortization	$	2,559	$	5,290
Stock-based compensation expense		966		2,368
Non-cash operating lease expense		1,316		1,685
Investing activities:
Purchases of property and equipment	$	2,407	$	1,528
Software development costs		1,142		1,572