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Revenue and Geographic Area
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Geographic Area

4. Revenue and Geographic Area

Disaggregation of Revenue by Product Type and Geographic Area

The following tables present the Company's revenue for the three and six months ended June 30, 2025 and 2024 based on product type and the geographic location of customers’ facilities (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Instruments

 

$

5,215

 

 

$

7,047

 

 

$

11,861

 

 

$

11,950

 

Consumables

 

 

10,458

 

 

 

8,847

 

 

 

18,593

 

 

 

19,258

 

Total product revenue

 

 

15,673

 

 

 

15,894

 

 

 

30,454

 

 

 

31,208

 

Services and other revenue

 

 

6,089

 

 

 

6,598

 

 

 

11,530

 

 

 

12,937

 

Total revenue

 

$

21,762

 

 

$

22,492

 

 

$

41,984

 

 

$

44,145

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Americas

 

$

8,689

 

 

$

9,167

 

 

$

15,756

 

 

$

17,607

 

Europe, Middle East and Africa

 

 

9,128

 

 

 

9,069

 

 

 

18,024

 

 

 

17,329

 

Asia-Pacific

 

 

3,945

 

 

 

4,256

 

 

 

8,204

 

 

 

9,209

 

Total revenue

 

$

21,762

 

 

$

22,492

 

 

$

41,984

 

 

$

44,145

 

 

Unfulfilled Performance Obligations

A summary of the change in deferred revenue is as follows (in thousands):

 

 

 

Amount

 

Deferred revenue at December 31, 2024

 

$

42,948

 

Recognition of revenue from beginning deferred revenue balances

 

 

(6,440

)

Revenue deferred during the period, net of revenue recognized

 

 

6,445

 

Deferred revenue at June 30, 2025

 

$

42,953

 

The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts that were partially completed as of June 30, 2025 in the following periods (in thousands):

 

Fiscal Year

 

Expected Revenue (1)

 

2025 remainder of the year

 

$

7,441

 

2026

 

 

7,113

 

2027

 

 

3,084

 

Thereafter

 

 

2,018

 

Total

 

$

19,656

 

 

(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.

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.