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Note 2 - Revenue
 12 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 2. Revenue

 

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

 

Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers. Hardware sales  may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function.

 

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 also offer maintenance, calibration, and testing service contracts. These contracts result in revenues recognized over time, for example, when we are obligated to perform labor and replace parts on an as-needed basis over a contractually specified period of time, or at a point in time, upon completion of a specific, discrete service. In many cases, our contracts contain both revenues recognized over time and revenues recognized at a point in time. 

 

We evaluate our revenues internally based on operating segment, the nature of goods and services provided, and the timing of revenue generation.

 

The following tables present disaggregated revenues from contracts with customers for the years ended March 31, 2023, 2022 and 2021:

 

  

Year Ended March 31, 2023

 
  

Clinical Genomics (1)

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

 $43,374  $55,605  $15,800  $3,062  $117,841 

Hardware and Software

  13,347   692   22,079   26,561   62,679 

Services

  5,578   8,312   9,486   15,184   38,560 

Total Revenues

 $62,299  $64,609  $47,365  $44,807  $219,080 

 

  

Year Ended March 31, 2022

 
  

Clinical Genomics (1)

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

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

Hardware and Software

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

Services

  3,843   8,033   8,377   14,660   34,913 

Total Revenues

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

 

  

Year Ended March 31, 2021

 
  

Clinical Genomics (1)

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

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

Hardware and Software

  -   505   13,545   29,969   44,019 

Services

  -   6,745   6,405   13,759   26,909 

Total Revenues

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

 

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

 

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. Short-term contract liabilities are included within other accrued expenses and unearned revenues in the accompanying Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original expected durations of 12 months or less. Contract liabilities will be recognized to revenue as we satisfy our obligations under the terms of the contracts. 

 

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 year ended March 31, 2023

  (8,643)

Contract liabilities added during the year ended March 31, 2023, net of revenues recognized

  9,672 

Contract liabilities balance as of March 31, 2023

 $16,098