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Revenue Recognition | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition |
3. |  | Revenue Recognition
Revenue by Service Line
| Three Months Ended June 30,
(in thousands) | 2024 |  | 2023
Biologics and drug delivery |  |  |
Disposable products | $ | 1,671 |  |  | $ | 346 |
Services and license fees | 2,656 |  |  | 3,022 |
Subtotal – Biologics and drug delivery revenue | 4,327 |  |  | 3,368 |
Neurosurgery navigation and therapy |  |  |
Disposable products | 2,586 |  |  | 1,818 |
Services | — |  |  | 383 |
Subtotal – Neurosurgery navigation and therapy | 2,586 |  |  | 2,201 |
Capital equipment and software |  |  |
Systems and software products | 687 |  |  | 173 |
Services | 258 |  |  | 208 |
Subtotal – Capital equipment and software revenue | 945 |  |  | 381 |
Total revenue | $ | 7,858 |  |  | $ | 5,950 |
| Six Months Ended June 30,
(in thousands) | 2024 |  | 2023
Biologics and drug delivery |  |  |
Disposable products | $ | 2,224 |  |  | $ | 940 |
Services and license fees | 6,410 |  |  | 5,104 |
Subtotal – Biologics and drug delivery revenue | 8,634 |  |  | 6,044 |
Neurosurgery navigation and therapy |  |  |
Disposable products | 4,513 |  |  | 3,676 |
Services | — |  |  | 886 |
Subtotal – Neurosurgery navigation and therapy | 4,513 |  |  | 4,562 |
Capital equipment and software |  |  |
Systems and software products | 1,842 |  |  | 351 |
Services | 508 |  |  | 426 |
Subtotal – Capital equipment and software revenue | 2,350 |  |  | 777 |
Total revenue | $ | 15,497 |  |  | $ | 11,383 |
Contract Balances •Contract assets – The timing of revenue recognition may differ from the time of billing to the Company's customers. In most cases, customers are billed upon shipment of such products or delivery of such services and the related contract assets, which represent an unconditional right to consideration, and comprise the accounts receivable balance. When revenue is recognized in advance of its right to bill and receive consideration, the Company records this unbilled receivable as a contract asset, which is classified as other current assets in the accompanying condensed consolidated balance sheets.
| June 30, 2024 |  | December 31, 2023
(in thousands) |
Accounts receivable, net | $ | 3,475 |  |  | $ | 3,211 |
Other contract assets |  |  |
Unbilled receivables | $ | 1,051 |  |  | $ | 733 |
•Contract liabilities – Contract liabilities consist of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue as the related goods or services have not been transferred. The Company's contract liabilities are generally comprised of the following: (1) capital equipment and software-related service fees that are typically billed and collected at the inception of the service agreements, which have terms ranging from one to three years; (2) annual fees for agreements with customers that bundle the capital equipment and software-related service fees with software and hardware upgrades that are made commercially available over the term of the contract; and (3) up-front payments from customers made in connection with consulting services. The unearned portion of all such fees is classified as deferred revenue.
| June 30, 2024 |  | December 31, 2023
(in thousands) |
Deferred revenues | $ | 1,525 |  |  | $ | 3,154 |
During the three and six months ended June 30, 2024, the Company recognized approximately $0.5 million and $2.0 million of revenue, respectively, which was previously included in deferred revenue in the accompanying condensed consolidated balance sheet at December 31, 2023. Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue that will be recognized as revenue in future periods. The majority of the remaining performance obligations relate to capital equipment and software-related service agreements and the upfront payments discussed under the heading "Contract Balances" above, which amounted to approximately $1.5 million at June 30, 2024. The Company expects to recognize 71% of this revenue over the next twelve months and the remainder thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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