XML 24 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months Ended March 31,
20242023
Royalties$120,593 $99,640 
Product sales, net
Proprietary product sales
35,254 27,961 
Bulk rHuPH20 sales
10,511 22,069 
Device partnered product sales
12,818 10,764 
Total product sales, net58,583 60,794 
Revenues under collaborative agreements
Event-based development and regulatory milestones and other fees
14,000 — 
Device licensing and development revenue
2,703 1,709 
Total revenues under collaborative agreements16,703 1,709 
Total revenues$195,879 $162,143 
During the three months ended March 31, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $134.6 million. This amount represents royalties earned in the current period in addition to $14.0 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.1 million during the three months ended March 31, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023.
Accounts receivable, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
March 31, 2024December 31, 2023
Accounts receivable, net$185,313 $233,254 
Other contract assets10,589 956 
Deferred revenues4,595 4,048 
As of March 31, 2024, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $77.3 million, of which $72.7 million relates to unfulfilled product purchase orders and $4.6 million has been collected and is reported as accrued expense and other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2024. Of the total deferred revenues of $4.6 million, $1.2 million is expected to be used by our customers within the next 12 months.
We recognized contract assets of $10.6 million as of March 31, 2024, which related to development milestones deemed probable of receipt for intellectual property licenses granted to partners in prior periods and for goods or services when control has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract.