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Revenue and Geographic Area (Tables)

9 Months Ended

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

X

- 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

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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

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X

- 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

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