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Revenue and Geographic Area (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following tables present the Company's revenue for the three and nine months ended September 30, 2024 and 2023, respectively, based on product type and the geographic location of customers’ facilities (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Product revenue: |  |  |  |  |  |  |  |  |  |  |  |
Instruments |  | $ | 5,586 |  |  | $ | 9,002 |  |  | $ | 19,959 |  |  | $ | 26,512 |
Consumables |  |  | 14,007 |  |  |  | 9,709 |  |  |  | 45,389 |  |  |  | 31,302 |
Total product revenue |  |  | 19,593 |  |  |  | 18,711 |  |  |  | 65,348 |  |  |  | 57,814 |
Service revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lab services |  |  | 18,247 |  |  |  | 114 |  |  |  | 40,780 |  |  |  | 564 |
Field services |  |  | 6,191 |  |  |  | 6,452 |  |  |  | 18,738 |  |  |  | 18,704 |
Total service revenue |  |  | 24,438 |  |  |  | 6,566 |  |  |  | 59,518 |  |  |  | 19,268 |
Product and service revenue |  |  | 44,031 |  |  |  | 25,277 |  |  |  | 124,866 |  |  |  | 77,082 |
Collaboration and other revenue |  |  | 938 |  |  |  | 90 |  |  |  | 2,848 |  |  |  | 1,070 |
Total revenue |  | $ | 44,969 |  |  | $ | 25,367 |  |  | $ | 127,714 |  |  | $ | 78,152 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Americas |  | $ | 23,751 |  |  | $ | 10,865 |  |  | $ | 68,241 |  |  | $ | 32,975 |
Europe, Middle East and Africa (EMEA) |  |  | 16,057 |  |  |  | 8,162 |  |  |  | 39,108 |  |  |  | 27,435 |
Asia-Pacific |  |  | 5,161 |  |  |  | 6,340 |  |  |  | 20,365 |  |  |  | 17,742 |
Total revenue |  | $ | 44,969 |  |  | $ | 25,367 |  |  | $ | 127,714 |  |  | $ | 78,152 |
Schedule of Expected Timing of Revenue Recognition | The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts that were partially completed as of September 30, 2024 in the following periods (in thousands):
Fiscal Year |  | Expected Revenue (1) |
2024 remainder of the year |  | $ | 4,321 |
2025 |  |  | 9,002 |
2026 |  |  | 3,678 |
Thereafter |  |  | 1,790 |
Total |  | $ | 18,791 |
(1) Expected revenue includes both billed amounts included in deferred revenue and unbilled amounts that are not reflected in the Company’s condensed 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 before the service period begins.
Summary of the Change in Deferred Revenue | A summary of the change in deferred revenue is as follows (in thousands):
|  | NEC |  |  | Illumina |  |  | Other |  |  | Total |
Deferred revenue at December 31, 2023 |  | $ | - |  |  | $ | - |  |  | $ | 15,127 |  |  | $ | 15,127 |
Deferred revenue assumed in connection with merger |  |  | 1,773 |  |  |  | 30,418 |  |  |  | 1,998 |  |  |  | 34,189 |
Recognition of revenue from beginning or assumed deferred revenue balances |  |  | (1,247 | ) |  |  | (406 | ) |  |  | (10,899 | ) |  |  | (12,552 | )
Revenue deferred during the period, net of revenue recognized |  |  | 1,000 |  |  |  | — |  |  |  | 8,354 |  |  |  | 9,354 |
Deferred revenue at September 30, 2024 |  | $ | 1,526 |  |  | $ | 30,012 |  |  | $ | 14,580 |  |  | $ | 46,118 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 + Details
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