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Revenue Recognition | 9 Months Ended
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Sep. 30, 2024
Revenue Recognition |
Revenue Recognition | 4. Revenue Recognition The Company generates product revenue from sales of the Eversense system and related components and supplies to Ascensia, through a collaboration and commercialization agreement (the “Ascensia Commercialization Agreement”), third-party distributors outside the United States and to strategic fulfillment partners in the United States, who then resell the products to health care providers and patients, or directly to health care systems and health care providers (collectively, the “Customers”). Customers pay the Company for sales, regardless of whether or not the Customers resell the products to health care providers and patients. The Company also generates product revenue from sales of the Eversense system and related components and supplies through a consignment model with our network of healthcare professionals and revenue is recognized when the product is consumed by a patient. The Company’s policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for the year ended December 31, 2023. ​ Revenue by Geographic Region ​ The following table sets forth net revenue derived from the Company’s two primary geographical markets, the United States and outside of the United States, based on the geographic location to which the Company delivers the product, for the nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | ​ | Nine Months Ended | ​
​ | September 30, 2024 | ​ | ​ | September 30, 2024 | ​
​ | ​ | ​ | % | ​ | ​ | ​ | ​ | % | ​
(Dollars in thousands) | Amount | ​ | of Total | ​ | ​ | Amount | ​ | of Total | ​
Revenue, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | $ | 2,382 | ​ | 55.9 | % | ​ | $ | 9,089 | ​ | 64.1 | %
Outside of the United States | ​ | 1,881 | ​ | 44.1 | ​ | ​ | ​ | 5,086 | ​ | 35.9 | ​
Total | $ | 4,263 | ​ | 100.0 | % | ​ | $ | 14,175 | ​ | 100.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | September 30, 2023 | ​ | ​ | September 30, 2023 | ​
​ | ​ | ​ | % | ​ | ​ | ​ | ​ | % | ​
(Dollars in thousands) | Amount | ​ | of Total | ​ | ​ | Amount | ​ | of Total | ​
Revenue, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | $ | 3,930 | ​ | 64.5 | % | ​ | $ | 7,885 | ​ | 54.9 | %
Outside of the United States | ​ | 2,167 | ​ | 35.5 | ​ | ​ | ​ | 6,475 | ​ | 45.1 | ​
Total | $ | 6,097 | ​ | 100.0 | % | ​ | $ | 14,360 | ​ | 100.0 | %
​ ​ Contract Assets ​ Contract assets consist of unbilled receivables from customers and are recorded at net realizable value and relate to the revenue share variable consideration from the Ascensia Commercialization Agreement. Accounts receivable – related parties, net as of September 30, 2024 and December 31, 2023 included unbilled accounts receivable of $0.5 million and $1.5 million, respectively. The Company expects to invoice and collect all unbilled accounts receivable within 12 months. ​ Concentration of Revenue and Customers For the three months ended September 30, 2024 and 2023, the Company derived 78% and 93%, respectively, of its total revenue from one customer, Ascensia. For the nine months ended September 30, 2024 and 2023, the Company derived 84% and 92%, respectively, of its total revenue from one customer, Ascensia. Revenues for these corresponding periods represent sales of sensors, transmitters and miscellaneous Eversense system components.

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