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Note 2 - Revenue Recognition | 6 Months Ended
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Sep. 30, 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. Sales of hardware and software, 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 customers replacing 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. 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. Consumables are typically used on a one-time basis and require frequent replacement in our customers' operating cycles. We evaluate our revenues internally based on operating segment, 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. 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 three and six months ended September 30, 2021 and 2020, respectively:
|  | Three Months Ended September 30, 2021 |
|  | Sterilization and Disinfection Control |  |  | Biopharmaceutical Development |  |  | Instruments |  |  | Continuous Monitoring |  |  | Total |
Discrete Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumables |  | $ | 11,985 |  |  | $ | 5,218 |  |  | $ | 853 |  |  | $ | 7 |  |  | $ | 18,063 |
Hardware and Software |  |  | 85 |  |  |  | 3,472 |  |  |  | 4,485 |  |  |  | 2,063 |  |  |  | 10,105 |
Services |  |  | 493 |  |  |  | 850 |  |  |  | 1,632 |  |  |  | 1,349 |  |  |  | 4,324 |
Contracted Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and Software |  |  | 1,470 |  |  |  | 1,015 |  |  |  | - |  |  |  | 863 |  |  |  | 3,348 |
Total Revenues |  | $ | 14,033 |  |  | $ | 10,555 |  |  | $ | 6,970 |  |  | $ | 4,282 |  |  | $ | 35,840 |
|  | Three Months Ended September 30, 2020 |
|  | Sterilization and Disinfection Control |  |  | Biopharmaceutical Development |  |  | Instruments |  |  | Continuous Monitoring |  |  | Total |
Discrete Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumables |  | $ | 9,518 |  |  | $ | 3,238 |  |  | $ | 715 |  |  | $ | 15 |  |  | $ | 13,486 |
Hardware and Software |  |  | 108 |  |  |  | 4,191 |  |  |  | 4,815 |  |  |  | 2,207 |  |  |  | 11,321 |
Services |  |  | 706 |  |  |  | 1,005 |  |  |  | 2,028 |  |  |  | 614 |  |  |  | 4,353 |
Contracted Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and Software |  |  | 1,220 |  |  |  | 697 |  |  |  | - |  |  |  | 783 |  |  |  | 2,700 |
Total Revenues |  | $ | 11,552 |  |  | $ | 9,131 |  |  | $ | 7,558 |  |  | $ | 3,619 |  |  | $ | 31,860 |
|  | Six Months Ended September 30, 2021 |
|  | Sterilization and Disinfection Control |  |  | Biopharmaceutical Development |  |  | Instruments |  |  | Continuous Monitoring |  |  | Total |
Discrete Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumables |  | $ | 24,861 |  |  | $ | 8,826 |  |  | $ | 1,795 |  |  | $ | 17 |  |  | $ | 35,499 |
Hardware and Software |  |  | 245 |  |  |  | 7,029 |  |  |  | 9,723 |  |  |  | 3,907 |  |  |  | 20,904 |
Services |  |  | 1,194 |  |  |  | 1,432 |  |  |  | 3,014 |  |  |  | 2,202 |  |  |  | 7,842 |
Contracted Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and Software |  |  | 2,883 |  |  |  | 2,145 |  |  |  | - |  |  |  | 1,487 |  |  |  | 6,515 |
Total Revenues |  | $ | 29,183 |  |  | $ | 19,432 |  |  | $ | 14,532 |  |  | $ | 7,613 |  |  | $ | 70,760 |
|  | Six Months Ended September 30, 2020 |
|  | Sterilization and Disinfection Control |  |  | Biopharmaceutical Development |  |  | Instruments |  |  | Continuous Monitoring |  |  | Total |
Discrete Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumables |  | $ | 21,002 |  |  | $ | 5,177 |  |  | $ | 1,523 |  |  | $ | 45 |  |  | $ | 27,747 |
Hardware and Software |  |  | 237 |  |  |  | 6,747 |  |  |  | 9,835 |  |  |  | 4,162 |  |  |  | 20,981 |
Services |  |  | 956 |  |  |  | 1,787 |  |  |  | 3,880 |  |  |  | 1,145 |  |  |  | 7,768 |
Contracted Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and Software |  |  | 2,424 |  |  |  | 1,369 |  |  |  | - |  |  |  | 1,512 |  |  |  | 5,305 |
Total Revenues |  | $ | 24,619 |  |  | $ | 15,080 |  |  | $ | 15,238 |  |  | $ | 6,864 |  |  | $ | 61,801 |
Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, as follows:
|  | Three Months Ended September |  |  | Six Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 19,384 |  |  | $ | 11,222 |  |  | $ | 37,839 |  |  | $ | 27,594 |
Foreign |  |  | 16,456 |  |  |  | 20,638 |  |  |  | 32,921 |  |  |  | 34,207 |
Total revenues |  | $ | 35,840 |  |  | $ | 31,860 |  |  | $ | 70,760 |  |  | $ | 61,801 |
No foreign country exceeds 10% of total revenues. Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities, which are included within other accrued expenses and unearned revenues in the accompanying Condensed Consolidated Balance Sheets. We did not have any contract assets as of September 30, 2021 or March 31, 2021. Unbilled receivables, which are not classified as contract assets, represent arrangements in which sales have been recorded prior to billing and right to payment is unconditional. A summary of contract liabilities is as follows:
Contract liabilities as of March 31, 2021 |  | $ | 8,994 |
Prior year liabilities recognized in revenues during the six months ended September 30, 2021 |  |  | (3,910 | )
Contract liabilities added during the six months ended September 30, 2021, net of revenues recognized |  |  | 5,592 |
Contract liabilities balance as of September 30, 2021 |  | $ | 10,676 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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