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Note 2 - Revenue Recognition
 12 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 2. Revenue Recognition

 

We develop, manufacture, market, sell, and maintain life sciences tools and quality control instruments and related software, consumables, and services.

 

Sales of hardware and software, such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, 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 software licenses, which in some cases are required for the hardware to function. We also offer discrete and ongoing service and maintenance contracts on our instruments.

 

Consumables are typically used on a one-time basis and require frequent replacement in our customers' operating cycles. Some of our consumables, such as biological indicator test strips, are used on a standalone basis. Others, including reagents used for molecular and genetic analysis and solutions used for protein synthesis and instrument calibrations, are critical to the ongoing use of our instruments. 

 

Revenues from our new Clinical Genomics segment are derived from our recently acquired Agena business (See Note 4. "Significant Transactions"). These revenues consist of sales of instruments and consumables used in molecular and genetic analysis, as well as sales of discrete and contracted instrument maintenance agreements.

 

We evaluate our revenues internally based on operating segment, the timing of revenue generation, and the nature of goods and services provided. Typically, discrete revenues are recognized at shipping point or upon completion of a service, while contracted revenues are recognized over time based on the performance obligation period in the applicable contract. The significant majority 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, 2022, 2021 and 2020:

 

  

Year Ended March 31, 2022

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics (1)

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $50,311  $15,551  $3,675  $22,271  $-  $91,808 

Hardware and Software

  700   21,651   28,537   6,726   -   57,614 

Services

  2,225   3,864   11,212   1,796   -   19,097 

Contracted Revenues

                        

Services

  5,808   4,513   3,448   2,047   -   15,816 

Total Revenues

 $59,044  $45,579  $46,872  $32,840  $-  $184,335 

 

  

Year Ended March 31, 2021

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics (1)

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $45,869  $13,942  $3,198  $-  $-  $63,009 

Hardware and Software

  505   13,545   29,969   -   -   44,019 

Services

  1,848   2,928   10,850   -   -   15,626 

Contracted Revenues

                        

Services

  4,897   3,477   2,909   -   -   11,283 

Total Revenues

 $53,119  $33,892  $46,926  $-  $-  $133,937 

 

 

  

Year Ended March 31, 2020

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development (2)

  

Calibration Solutions

  

Clinical Genomics (1)

  

Corporate and Other

  

Total

 

Discrete Revenues

                        

Consumables

 $42,654  $4,981  $3,240  $-  $2,436  $53,311 

Hardware and Software

  551   6,015   33,524   -   -   40,090 

Services

  1,592   1,761   11,556   -   27   14,936 

Contracted Revenues

                        

Services

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

Total Revenues

 $49,660  $13,851  $51,713  $-  $2,463  $117,687 

 

(1) Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. 

(2) Revenues in the Biopharmaceutical Development division represent transactions subsequent to the acquisition of Gyros Protein Technologies Holding AB on October 31, 2019. 

 

Contract Balances

 

Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in either unearned revenues or customer deposits, called contract liabilities, which are included within unearned revenues, other accrued expenses, and other long-term liabilities 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 as of March 31, 2021

 $8,994 

Prior year liabilities recognized in revenues during the year ended March 31, 2022

  (5,791)

Contract liabilities added during the year ended March 31, 2022, net of revenues recognized

  11,866 

Contract liabilities balance as of March 31, 2022

 $15,069 

 

Contract liabilities primarily relate to service contracts with original expected durations of 12 months or less and will be recognized to revenue as time passes. Contract liabilities of $3,478 added during the year ended  March 31, 2022 are attributable to the acquisition of Agena. See Note 4. "Significant Transactions."