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Note 3 - Revenue
 3 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3. Revenue

 

We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related software, consumables, and services. We evaluate revenues internally based primarily on operating segment and the nature of goods and services provided.

 

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. Under our service contracts we perform labor and replace parts on an as-needed basis over a contractually specified period of time or perform specific, discrete services. 

 

Typically, revenue is recognized upon shipment of a product, upon completion of a discrete service, or over a period of time reflective of the performance obligation period in the applicable contract, depending on when our obligation to the customer is satisfied. 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 months ended June 30, 2023 and 2022, respectively:

 

   

Three Months Ended June 30, 2023

  
   

Sterilization and Disinfection Control

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  
                                         

Consumables

   $ 13,707     $ 8,769     $ 4,486     $ 509     $ 27,471  

Hardware and Software

     81       3,427       2,691       7,078       13,277  

Services

     2,139       1,173       2,712       3,873       9,897  

Total Revenues

   $ 15,927     $ 13,369     $ 9,889     $ 11,460     $ 50,645  

 

   

Three Months Ended June 30, 2022

  
   

Sterilization and Disinfection Control

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  
                                         

Consumables

   $ 12,228     $ 11,531     $ 3,664     $ 854     $ 28,277  

Hardware and Software

     306       1,491       4,824       5,693       12,314  

Services

     2,240       1,483       2,479       3,660       9,862  

Total Revenues

   $ 14,774     $ 14,505     $ 10,967     $ 10,207     $ 50,453  

 

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

 

   

Three Months Ended June 30,

  
   

2023

    

2022

  

United States

   $ 26,537     $ 29,122  

China

     6,113       3,697  

Other

     17,995       17,634  

Total revenues

   $ 50,645     $ 50,453  

 

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 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, 2023

   $ 16,098  

Prior year liabilities recognized in revenues during the three months ended June 30, 2023

     (3,535 )

Contract liabilities added during the three months ended June 30, 2023, net of revenues recognized

     3,143  

Contract liabilities balance as of June 30, 2023

   $ 15,706  

 

Contract liabilities primarily relate to service contracts with original expected service durations of 12 months or less and will be recognized to revenue over time as our performance obligations are satisfied.