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Note 2 - Revenue Recognition
 6 Months Ended
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