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Note 2 - Revenue Recognition
 12 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 2. Revenue Recognition

 

We design, manufacture, market, sell, and maintain quality control instruments and software, consumables, and services driven primarily by the regulatory requirements of niche markets. Our consumables, such as biological indicator test strips are typically used on a standalone basis; however, some of our chemical solutions, such as protein synthesis and calibration solutions are critical to the ongoing use of our instruments. Hardware and software sales, such as medical meters, protein synthesizers, wireless sensor systems, and data loggers are generally driven by our acquisition of new customers, growth of existing customers, or customer replacement of existing equipment. Hardware sales may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function. We also offer on-demand and annual service contracts to support customers' use of our equipment. We evaluate our revenues internally based on product line, the timing of revenue generation, and the nature of goods and services provided. Typically, discrete revenue is recognized at the shipping point or upon completion of the service, while contracted revenue is recognized over a period of time reflective of the performance obligation period in the applicable contract. Consumables are typically used on a one-time basis requiring frequent replacement in our customers' operating cycles. Substantially all of our revenues and related receivables are generated from contracts with customers that are 12 months or less in duration.

 

The following tables present disaggregated revenues for the years ended March 31, 2021, 2020 and 2019:

 

  

Year Ended March 31, 2021

 
  

Sterilization and Disinfection Control

  

Instruments

  

Biopharmaceutical Development

  

Continuous Monitoring

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $45,869  $3,135  $13,942  $63  $-  $63,009 

Hardware and Software

  505   21,346   13,545   8,623   -   44,019 

Services

  1,848   7,980   2,928   2,870   -   15,626 

Contracted Revenues

                        

Services and Software

  4,897   4   3,477   2,905   -   11,283 

Total Revenues

 $53,119  $32,465  $33,892  $14,461  $-  $133,937 

 

  

Year Ended March 31, 2020

 
  

Sterilization and Disinfection Control

  

Instruments

  

Biopharmaceutical Development

  

Continuous Monitoring

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $42,654  $3,197  $4,981  $43  $2,436  $53,311 

Hardware and Software

  551   25,627   6,015   7,897   -   40,090 

Services

  1,592   9,160   1,761   2,396   27   14,936 

Contracted Revenues

                        

Services and Software

  4,863   -   1,094   3,393   -   9,350 

Total Revenues

 $49,660  $37,984  $13,851  $13,729  $2,463  $117,687 

 

  

Year Ended March 31, 2019

 
  

Sterilization and Disinfection Control

  

Instruments

  

Biopharmaceutical Development

  

Continuous Monitoring

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $39,670  $3,101  $-  $388  $6,430  $49,589 

Hardware and Software

  580   24,500   -   6,987   142   32,209 

Services

  1,209   8,524   -   2,001   335   12,069 

Contracted Revenues

                        

Services and Software

  4,838   -   -   4,430   -   9,268 

Total Revenues

 $46,297  $36,125  $-  $13,806  $6,907  $103,135 

 

Contract Balances

 

Our contracts have varying payment terms and conditions. Some customers prepay for services, resulting in unearned revenues or customer deposits, called contract liabilities, which are included within unearned revenues or other accrued expenses in the accompanying Consolidated Balance Sheets. Contract assets would exist when sales are recorded (for example, the control of the goods or services has been transferred to the customer), but customer payment is contingent on a future event besides the passage of time (such as satisfaction of additional performance obligations). We do not have any contract assets. Unbilled receivables, which are not classified as contract assets, represent arrangements in which sales have been recorded prior to billing and our right to payment is unconditional.

 

A summary of contract liabilities is as follows:

 

Contract liabilities balance as of March 31, 2020

 $7,217 

Prior year liabilities recognized in revenues during the year ended March 31, 2021

  (4,368)

Contract liabilities added during the year ended March 31, 2021, net of revenues recognized

  6,145 

Contract liabilities balance as of March 31, 2021

 $8,994 

 

Contract liabilities primarily relate to service and software contracts with original expected durations of 12 months or less and will be recognized to revenue as time passes.