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Revenue and Geographic Area
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue and Geographic Area

3. Revenue and Geographic Area

Disaggregation of Revenue by Product Type and Geographic Area

The following tables present the Company's revenue for the years ended December 31, 2023 and 2022, respectively, based on product type and the geographic location of customers’ facilities (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Instruments

 

$

37,459

 

 

$

25,664

 

Consumables

 

 

41,739

 

 

 

46,790

 

Total product revenue

 

 

79,198

 

 

 

72,454

 

Service revenue

 

 

25,980

 

 

 

23,712

 

Product and service revenue

 

 

105,178

 

 

 

96,166

 

Other revenue

 

 

1,162

 

 

 

1,782

 

Total revenue

 

$

106,340

 

 

$

97,948

 

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Americas

 

$

46,196

 

 

$

43,982

 

Europe, Middle East and Africa (EMEA)

 

 

36,201

 

 

 

33,136

 

Asia-Pacific

 

 

23,943

 

 

 

20,830

 

Total revenue

 

$

106,340

 

 

$

97,948

 

 

Most of the Company's principal operations, other than manufacturing, are located at its corporate headquarters in the United States. Revenue from customers in the United States represented $44.1 million, or 42%, of total revenues for the year ended December 31,

2023, and $41.0 million, or 42%, of total revenues for the year ended December 31, 2022. Refer to Note 13 for additional information on revenue by reporting segment.

Revenue from customers in China represented $15.8 million, or 15%, of total revenues for the year ended December 31, 2023, and 11% of total revenues for the year ended December 31, 2022. With the exception of China in 2023 and 2022, no foreign country or jurisdiction had revenue in excess of 10% of the Company's total revenue during the years ended December 31, 2023 and 2022.

One genomics customer accounted for 10% and 11% of the Company's total revenue for the years ended December 31, 2023 and 2022, respectively, and 14% and 16% of outstanding net trade receivables at December 31, 2023 and 2022, respectively. No other customer represented more than 10% of the Company's total revenue for the fiscal years ended December 31, 2023 and 2022. Revenue from the Company's five largest customers represented 24% of total revenue for the year ended December 31, 2023 and 19% of total revenue the year ended December 31, 2022.

Long-lived Assets by Geographical Area

The Company had long-lived assets consisting of property and equipment, net of accumulated depreciation, and operating lease ROU assets, net of accumulated amortization, in the following geographic areas for each year presented (in thousands):

 

 

December 31,

 

 

2023

 

 

2022

 

United States

 

$

29,646

 

 

$

31,785

 

Singapore

 

 

17,097

 

 

 

21,178

 

Canada

 

 

6,231

 

 

 

5,394

 

Other Asia-Pacific

 

 

889

 

 

 

875

 

EMEA

 

 

987

 

 

 

303

 

Total

 

$

54,850

 

 

$

59,535

 

Unfulfilled Performance Obligations

The consolidated balance sheets as of December 31, 2023 and 2022 included total deferred revenue of $15.1 million and $14.6 million, respectively. During the year ended December 31, 2023, $10.6 million of the opening deferred revenue balance was recognized as revenue and $11.1 million of net additional advance payments, primarily for instrument service contracts, were received from customers.

 

The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts that were partially completed as of December 31, 2023 in the following periods (in thousands):

 

Fiscal Year

 

Expected Revenue (1)

 

2024

 

 

13,253

 

2025

 

 

6,634

 

2026

 

 

3,061

 

Thereafter

 

 

1,112

 

Total

 

$

24,060

 
(1)
Expected revenue includes both billed amounts included in deferred revenue and unbilled amounts that are not reflected in the Company's consolidated financial statements and are subject to change if the Company's customers decide to cancel or modify their contracts. Purchase orders for instrument service contracts can generally be canceled without penalty before the service period begins.

The Company also has unsatisfied performance obligations for service contracts with an expected term of one year or less not included in the amounts above.