Note 16. Segment, Customer and Geographic Information

 

The Company manages its business activities on a consolidated basis and operates in one reportable segment. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using loss from operations.

Significant expenses within loss from operations include cost of product revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations.

The Company’s operations outside of the U.S. include a wholly-owned subsidiary headquartered in Europe. The Company’s operations in the U.S. are responsible for the R&D and global and domestic commercialization of the INTERCEPT Blood System, while operations in Europe are responsible for the commercialization efforts of the platelet and plasma systems in Europe, the Commonwealth of Independent States and the Middle East. Product revenues are attributed to each region based on the location of the customer, and in the case of non-product revenues, on the location of the collaboration partner.

The Company had the following significant customers that accounted for more than 10% of the Company’s total product revenue, during the years ended December 31, 2025, 2024 and 2023 (in percentages):

 

 

 

Year Ended December 31,

 

 

2025

 

2024

 

2023

American Red Cross

 

33%

 

35%

 

35%

Établissement Français du Sang

 

10%

 

11%

 

12%

 

 

Revenues by geographical location were based on the location of the customer during the years ended December 31, 2025, 2024 and 2023, and was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Product revenue:

 

 

 

 

 

 

 

 

 

United States

 

$

124,723

 

 

$

109,256

 

 

$

93,232

 

France

 

 

21,198

 

 

 

19,692

 

 

 

18,490

 

Other countries

 

 

60,212

 

 

 

51,322

 

 

 

44,645

 

Total product revenue

 

 

206,133

 

 

 

180,270

 

 

 

156,367

 

Government contract revenue:

 

 

 

 

 

 

 

 

 

United States

 

 

27,665

 

 

 

21,051

 

 

 

30,430

 

Total government contract revenue

 

 

27,665

 

 

 

21,051

 

 

 

30,430

 

Total revenue

 

$

233,798

 

 

$

201,321

 

 

$

186,797

 

 

Long-lived assets by geographical location at December 31, 2025 and December 31, 2024, were as follows (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

United States

 

$

5,470

 

 

$

6,807

 

Europe & other

 

 

3,734

 

 

 

347

 

Total long-lived assets

 

$

9,204

 

 

$

7,154

 

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 26, 2025
2023Mar 5, 2024
2022Mar 1, 2023
2021Feb 22, 2022
2020Feb 25, 2021
2019Feb 21, 2020
2018Feb 27, 2019
2017Mar 8, 2018
2016Mar 8, 2017
2015Mar 9, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.