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REVENUES | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | NOTE 4 - REVENUES Remaining Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account as defined in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Remaining performance obligations represent the transaction price allocated to performance obligations which are unsatisfied as of the end of the period. The Company has excluded performance obligations with an original expected duration of one year or less. Remaining performance obligations as of December 31, 2025 were $6.5 million. We expect to recognize approximately 90% of the $6.5 million of remaining performance obligations as revenue within the next 2.0 years, and the remaining balance thereafter. Contract Assets In certain circumstances, contract assets are recorded to include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customers, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $1.6 million and $0.3 million as of December 31, 2025 and 2024, respectively. Contract assets are included in Prepaid expenses and other current assets on the accompanying consolidated balance sheets. Contract Liabilities Our contract liabilities consist of deferred revenue generally related to maintenance and service contracts, post-sale support and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. The non-current portion of deferred revenue is recorded within Other liabilities on our consolidated balance sheets. During the year ended December 31, 2025, we recognized revenue of $32.6 million related to our contract liabilities at December 31, 2024. During the year ended December 31, 2024, we recognized revenue of $32.0 million related to our contract liabilities at December 31, 2023. The change in contract liabilities from December 31, 2025 to December 31, 2024 was primarily due to the timing of cash receipts and sales of extended service contracts. Our contract liabilities consisted of the following:
| December 31,
(in thousands) | 2025 |  | 2024 |  |
Deferred revenue, current and customer deposits | 17,423 |  |  | 32,010 |  |  |
Deferred revenue, noncurrent | 2,794 |  |  | 2,259 |  |  |
Total contract liabilities | $ | 20,217 |  |  | $ | 34,269 |  |  |
Disaggregated Revenue and Concentrations Revenue by geographic region for the years ended December 31, 2025, 2024, and 2023, which is determined based upon the geographic region in which a sale originates, was as follows:
| Year Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Americas | $ | 224,452 |  |  | $ | 253,468 |  |  | $ | 282,742 |
EMEA | 135,825 |  |  | 149,734 |  |  | 164,673 |
APAC | 26,625 |  |  | 36,919 |  |  | 40,654 |
Total | $ | 386,902 |  |  | $ | 440,121 |  |  | $ | 488,069 |
| Year Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
United States (included within Americas) | $ | 221,045 |  |  | $ | 248,346 |  |  | $ | 278,268 |
Germany (included within EMEA) | 59,347 |  |  | 69,101 |  |  | 76,995 |
For the year ended December 31, 2025, two customers within our Healthcare Solutions segment represented 12.2% and 11.4% of our revenue, respectively. For the years ended December 31, 2024 and 2023, one of those customers represented 16.0% and 15.0% of our revenue, respectively. We expect to maintain our relationship with these customers. Collaboration Arrangements We review and update our estimate of variable consideration on a regular basis. Any adjustments to estimated revenue is recognized under the cumulative catch-up method. For the year ended December 31, 2025, the Company recognized $8.7 million in product revenue and recognized $8.1 million, in product cost of sales, related to collaborative arrangements. We review and update our estimate of variable consideration on a regular basis. Any adjustments to estimated revenue is recognized under the cumulative catch-up method. During the year ended December 31, 2024, the Company did not record any product revenue due to a cumulative catch-up adjustment which reduced revenue by $8.7 million. The decrease in estimated recognizable variable consideration was due to the Company's determination that incremental revenue attributable to milestone payments that are contingent upon the achievement of contractual developmental criteria are no longer probable of being earned. The Company recorded $7.1 million in product cost of sales related to collaborative arrangements during the year ended December 31, 2024. During the year ended December 31, 2023, the Company recognized $17.0 million in product revenue which included a cumulative catch-up adjustment to record incremental services revenue of $4.5 million. The increase in estimated recognizable variable consideration was due to the execution of a modification to the related customer contract and the Company's determination that incremental revenue attributable to milestone payments that are contingent upon the achievement of contractual developmental criteria would be earned under the modified contract. The Company recorded $14.1 million in product cost of sales related to collaborative arrangements during the year ended December 31, 2023.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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