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Note 3 - Revenue Recognition
 6 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3. 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, 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 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. Consumables such as reagents used for molecular and genetic analysis or solutions used for protein synthesis are critical to the ongoing use of our instruments. Consumables such as biological indicator test strips are used on a standalone basis.

 

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 upon shipment of a product or upon completion of a 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 six months ended September 30, 2022 and 2021, respectively:

 

  

Three Months Ended September 30, 2022

 
  

Clinical Genomics

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Discrete Revenues

                    

Consumables

 $11,366  $14,704  $4,000  $865  $30,935 

Hardware and Software

  5,527   218   5,988   5,980   17,713 

Services

  374   543   995   3,587   5,499 

Contracted Revenues

                    

Services and Software

  1,168   1,499   1,161   774   4,602 

Total Revenues

 $18,435  $16,964  $12,144  $11,206  $58,749 

 

  

Three Months Ended September 30, 2021

 
  

Clinical Genomics*

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Discrete Revenues

                    

Consumables

 $-  $11,985  $3,717  $860  $16,562 

Hardware and Software

  -   85   4,942   6,548   11,575 

Services

  -   493   864   2,981   4,338 

Contracted Revenues

                    

Services and Software

  -   1,470   1,032   863   3,365 

Total Revenues

 $-  $14,033  $10,555  $11,252  $35,840 

 

  

Six Months Ended September 30, 2022

 
  

Clinical Genomics

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Discrete Revenues

                    

Consumables

 $22,276  $26,932  $7,664  $1,719  $58,591 

Hardware and Software

  7,632   524   10,812   11,673   30,641 

Services

  902   1,308   2,180   6,248   10,638 

Contracted Revenues

                    

Services and Software

  2,130   2,974   2,455   1,773   9,332 

Total Revenues

 $32,940  $31,738  $23,111  $21,413  $109,202 

 

  

Six Months Ended September 30, 2021

 
  

Clinical Genomics*

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Discrete Revenues

                    

Consumables

 $-  $24,861  $7,489  $1,812  $34,162 

Hardware and Software

  -   245   8,335   13,630   22,210 

Services

  -   1,194   1,446   5,216   7,856 

Contracted Revenues

                    

Services and Software

  -   2,883   2,162   1,487   6,532 

Total Revenues

 $-  $29,183  $19,432  $22,145  $70,760 

 

*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 locations where services are performed, as follows:

 

  

Three Months Ended September 30,

  

Six Months Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 

United States

 $30,989  $19,384  $60,111  $37,839 

China

  7,480   1,552   11,177   3,717 

Other

  20,280   14,904   37,914   29,204 

Total revenues

 $58,749  $35,840  $109,202  $70,760 

 

Other than China, 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.

 

A summary of contract liabilities is as follows:

 

Contract liabilities as of March 31, 2022

 $15,069 

Prior year liabilities recognized in revenues during the six months ended September 30, 2022

  (3,087)

Contract liabilities added during the six months ended September 30, 2022, net of revenues recognized

  4,284 

Contract liabilities balance as of September 30, 2022

 $16,266 

 

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