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Note 2 - Revenue Recognition
 9 Months Ended
Dec. 31, 2021
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 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 perpetual or annual software licenses, which in some cases are required for the hardware to function. We also offer on-demand and time-based service and maintenance contracts on our instruments. Our consumables such as biological indicator test strips are used on a standalone basis; however, some of our consumables, such as reagents used for molecular and genetic analysis, 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. Revenues from our new Clinical Genomics segment are derived from our recently acquired Agena business (See Note 11. "Significant Transactions"). These revenues consist of sales of consumables and instruments 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 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. 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 three and nine months ended December 31, 2021 and 2020, respectively:

 

  

Three Months Ended December 31, 2021

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics*

  

Total

 

Discrete Revenues

                    

Consumables

 $11,718  $5,503  $889  $10,221  $28,331 

Hardware and Software

  250   4,907   6,978   4,407   16,542 

Services

  392   1,297   2,826   931   5,446 

Contracted Revenues

                    

Services and Software

  1,471   1,049   931   926   4,377 

Total Revenues

 $13,831  $12,756  $11,624  $16,485  $54,696 

 

  

Three Months Ended December 31, 2020

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics*

  

Total

 

Discrete Revenues

                    

Consumables

 $11,250  $3,406  $726  $-  $15,382 

Hardware and Software

  151   3,771   8,130   -   12,052 

Services

  433   506   2,841   -   3,780 

Contracted Revenues

                    

Services and Software

  1,243   1,028   687   -   2,958 

Total Revenues

 $13,077  $8,711  $12,384  $-  $34,172 

 

  

Nine Months Ended December 31, 2021

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics*

  

Total

 

Discrete Revenues

                    

Consumables

 $36,579  $14,329  $2,701  $10,221  $63,830 

Hardware and Software

  495   11,936   20,608   4,407   37,446 

Services

  1,586   2,729   8,042   931   13,288 

Contracted Revenues

                    

Services and Software

  4,354   3,194   2,418   926   10,892 

Total Revenues

 $43,014  $32,188  $33,769  $16,485  $125,456 

 

  

Nine Months Ended December 31, 2020

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics*

  

Total

 

Discrete Revenues

                    

Consumables

 $32,252  $8,583  $2,294  $-  $43,129 

Hardware and Software

  388   10,518   22,127   -   33,033 

Services

  1,389   2,293   7,866   -   11,548 

Contracted Revenues

                    

Services and Software

  3,667   2,397   2,199   -   8,263 

Total Revenues

 $37,696  $23,791  $34,486  $-  $95,973 

 

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

 

Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or the location of service performed, as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2021

  

2020

  

2021

  

2020

 

United States

 $30,414  $18,480  $68,253  $52,246 

Foreign

  24,282   15,692   57,203   43,727 

Total revenues

 $54,696  $34,172  $125,456  $95,973 

 

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. Short-term contract liabilities are included within other accrued expenses and unearned revenues in the accompanying Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. We did not have any contract assets as of  December 31, 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 nine months ended December 31, 2021

  (5,387)

Contract liabilities added during the nine months ended December 31, 2021, net of revenues recognized

  10,201 

Contract liabilities balance as of December 31, 2021

 $13,808 

 

Contract liabilities of $3,538 added during the nine months ended December 31, 2021 are attributable to the Agena Acquisition (See Note 11. "Significant Transactions").