Cryoport, Inc. Segments Disclosure
Note 19. 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 , which provides temperature-controlled logistics, biostorage, bioservices and cryopreservation services within the life science industry through direct sales. Revenue from this reportable segment is primarily comprised of Life Sciences Services revenue and includes certain immaterial revenue from the sale of accessories 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):
Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||||||||||||||
| 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 | $ | 101,028 | $ | 75,149 | $ | 176,177 | $ | 85,335 | $ | 71,434 | $ | 156,769 | $ | 81,188 | $ | 87,474 | $ | 168,662 | |||||||||
Intersegment revenue |
| 1,117 |
| 622 |
| 1,739 |
| 640 |
| 541 |
| 1,181 |
| 352 |
| 1,475 |
| 1,827 | |||||||||
102,145 | 75,771 | 177,916 | 85,975 | 71,975 | 157,950 | 81,540 | 88,949 | 170,489 | |||||||||||||||||||
Reconciliation of revenue | |||||||||||||||||||||||||||
Elimination of intersegment revenue | (1,739) | (1,181) | (1,827) | ||||||||||||||||||||||||
Total consolidated revenue | 176,177 | 156,769 | 168,662 | ||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Cost of revenue 1, 2 | 28,285 | 30,524 | 24,751 | 30,565 | 27,731 | 38,092 | |||||||||||||||||||||
Employee related expenses | 53,545 | 22,343 | 49,820 | 20,966 | 41,718 | 22,830 | |||||||||||||||||||||
Engineering and development expense 3 | 3,523 | 2,349 | 4,933 | 2,119 | 5,886 | 2,230 | |||||||||||||||||||||
Rent | 7,643 | 765 | 5,220 | 773 | 5,016 | 922 | |||||||||||||||||||||
Other segment items 4 | 10,369 | 5,483 | 13,731 | 4,860 | 15,352 | 4,680 | |||||||||||||||||||||
Adjusted EBITDA for reportable segments | $ | (1,220) | $ | 14,307 | $ | 13,087 | $ | (12,480) | $ | 12,692 | $ | 212 | $ | (14,163) | $ | 20,195 | $ | 6,032 | |||||||||
Corporate overhead costs | (18,866) | (17,983) | (10,147) | ||||||||||||||||||||||||
Depreciation and amortization expense | (25,153) | (23,565) | (21,553) | ||||||||||||||||||||||||
Acquisition and integration costs | (75) | (655) | (6,258) | ||||||||||||||||||||||||
Cost reduction initiatives | (642) | (842) | — | ||||||||||||||||||||||||
Investment income | 9,798 | 9,895 | 10,577 | ||||||||||||||||||||||||
Unrealized loss on investments | (702) | (5,038) | 1,241 | ||||||||||||||||||||||||
Gain on insurance claim | — | — | 2,642 | ||||||||||||||||||||||||
Other non-recurring costs | — | — | (250) | ||||||||||||||||||||||||
Foreign currency loss | (2,769) | (2,352) | 1,355 | ||||||||||||||||||||||||
Interest expense, net | (2,361) | (3,977) | (5,580) | ||||||||||||||||||||||||
Stock-based compensation expense | (10,066) | (16,567) | (19,824) | ||||||||||||||||||||||||
Gain on extinguishment of debt, net | — | 18,505 | 5,679 | ||||||||||||||||||||||||
Impairment loss | — | (63,809) | (49,569) | ||||||||||||||||||||||||
Change in fair value of contingent consideration | 5,178 | 1,827 | 1,441 | ||||||||||||||||||||||||
Income taxes | (1,799) | (359) | (345) | ||||||||||||||||||||||||
Other adjustments | 401 | — | — | ||||||||||||||||||||||||
Loss from continuing operations | $ | (33,969) | $ | (104,708) | $ | (84,559) | |||||||||||||||||||||
(1) Life Sciences Services segment includes immaterial revenue from external customers and cost of revenue associated with Life Sciences Products revenue and Life Sciences Products cost of products revenue, respectively.
(2) Cost of revenue is exclusive of employee related expenses of $26.2 million, $23.5 million and $24.8 million, depreciation and amortization of $8.2 million, $7.6 million, and $6.4 million, stock-based compensation of $1.9 million, $2.6 million and $2.7 million, and rent of $2.5 million, $2.2 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(3) Engineering and development expense is exclusive of employee related expenses of $10.1 million, $8.9 million and $7.9 million, depreciation and amortization of $0.3 million, $0.4 million and $0.4 million, and stock-based compensation of $0.6 million, $1.3 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(4) Other segment items primarily includes professional services, facility allocations, dues and subscriptions, audit fees, insurance, legal fees, and travel expense.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
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.