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Revenue, Concentrations and Geographic Information | 9 Months Ended
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Sep. 30, 2023
Revenue, Concentrations and Geographic Information |
Revenue, Concentrations and Geographic Information | Note 4. Revenue, Concentrations and Geographic Information Customers The Company grants credit to customers within the U.S. and international customers and does not require collateral. Revenues from international customers are generally secured by advance payments except for established foreign customers. The Company generally requires advance or credit card payments for initial revenues from new customers. The Company’s ability to collect receivables can be affected by economic fluctuations in the geographic areas and industries served by the Company. Credit loss reserves for uncollectible amounts are provided based on past experience and a specific analysis of the accounts, which management believes to be sufficient. Accounts receivable at September 30, 2023 and December 31, 2022 are net of provision for credit losses of $1.2 million and $1.3 million, respectively. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. The Company maintains reserves for credit losses and such losses, in the aggregate, historically have not exceeded its estimates. The Company’s customers are in the biopharma, pharmaceutical, animal health, reproductive medicine, and other life science industries. Consequently, there is a concentration of accounts receivable within these industries, which is subject to normal credit risk. There were no customers that accounted for more than 10% of net accounts receivable at September 30, 2023 and December 31, 2022. The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, China and India. During the three months ended September 30, 2023 and 2022, the Company had revenues from foreign customers of approximately $24.6 million and $26.3 million, respectively, which constituted approximately 43.8% and 43.4%, respectively, of total revenues. No single customer generated over 10% of revenues during the three months ended September 30, 2023 and 2022. During the nine months ended September 30, 2023 and 2022, the Company had revenues from foreign customers of approximately $79.6 million and $79.9 million, respectively, which constituted approximately 45.3% and 45.2%, respectively, of total revenues. No single customer generated over 10% of revenues during the nine months ended September 30, 2023 and 2022. Revenue Disaggregation The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. As a result, the financial information disclosed herein represents all of the material financial information related to the Company. When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. We consider sales disaggregated by end-market to depict how the nature, amount, timing and uncertainty of revenues and cash flows are impacted by changes in economic factors. The following table disaggregates our revenues by major markets for the three and nine months ended September 30, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Biopharma/Pharma | ​ | $ | 46,979 | ​ | $ | 48,570 | ​ | $ | 144,634 | ​ | $ | 143,309
Animal Health | ​ |  | 6,884 | ​ |  | 9,629 | ​ |  | 23,620 | ​ |  | 25,985
Reproductive Medicine | ​ | ​ | 2,294 | ​ | ​ | 2,265 | ​ | ​ | 7,741 | ​ | ​ | 7,625
Total revenues | ​ | $ | 56,157 | ​ | $ | 60,464 | ​ | $ | 175,995 | ​ | $ | 176,919
​ Prior year amounts in animal health and reproductive medicine have been reclassified within revenue to biopharma/pharma. These reclassifications had no effect on the previously reported total revenues. ​ Given that the Company’s revenues are generated in different geographic regions, factors such as regulatory and geopolitical factors within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows. Our geographical revenues, by origin, for the three and nine months ended September 30, 2023 and 2022, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Americas | ​ | $ | 31,570 | ​ | $ | 34,211 | ​ | $ | 96,351 | ​ | $ | 96,982
Europe, the Middle East, and Africa (EMEA) | ​ |  | 14,236 | ​ |  | 16,000 | ​ |  | 47,507 | ​ |  | 49,041
Asia Pacific (APAC) | ​ |  | 10,351 | ​ |  | 10,253 | ​ |  | 32,137 | ​ |  | 30,896
Total revenues | ​ | $ | 56,157 | ​ | $ | 60,464 | ​ | $ | 175,995 | ​ | $ | 176,919
​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.6 million and $0.4 million at September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized revenues of $1.0 million and $0.3 million, respectively, from the related contract liabilities outstanding as the services were performed. During the nine months ended September 30, 2023 and 2022, the Company recognized revenues of $1.9 million and $0.8 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses The accounts receivable balance on our consolidated balance sheet as of September 30, 2023 was $42.6 million, net of $1.2 million of allowances. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected at September 30, 2023: ​
​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | $ | 1,275
Change in expected credit losses | ​ | ​ | (24)
Write-offs, net of recoveries | ​ |  | (44)
Balance at September 30, 2023 | ​ | $ | 1,207
​

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