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Note 3 - Revenue
 6 Months Ended
Sep. 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 consumables, and services. We evaluate revenues internally primarily based 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 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 and six months ended September 30, 2023 and September 30, 2022, respectively:

 

  

Three Months Ended September 30, 2023

 
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $14,749  $9,963  $4,187  $786  $29,685 

Hardware and Software

  120   4,474   2,475   6,884   13,953 

Services

  2,211   1,112   2,545   3,659   9,527 

Total Revenues

 $17,080  $15,549  $9,207  $11,329  $53,165 

 

  

Three Months Ended September 30, 2022

 
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $14,704  $12,399  $4,000  $865  $31,968 

Hardware and Software

  218   4,394   5,988   5,980   16,580 

Services

  2,042   1,642   2,156   4,361   10,201 

Total Revenues

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

 

  

Six Months Ended September 30, 2023

 
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

 $28,456  $18,732  $8,673  $1,295  $57,156 

Hardware and Software

  201   7,901   5,166   13,962   27,230 

Services

  4,350   2,285   5,257   7,532   19,424 

Total Revenues

 $33,007  $28,918  $19,096  $22,789  $103,810 

 

  

Six Months Ended September 30, 2022

 
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $26,932  $23,930  $7,664  $1,719  $60,245 

Hardware and Software

  524   5,885   10,812   11,673   28,894 

Services

  4,282   3,125   4,635   8,021   20,063 

Total Revenues

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

 

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 September 30,

  

Six Months Ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 

United States

 $27,073  $30,989  $53,610  $60,111 

China

  7,529   7,480   13,642   11,177 

Other

  18,563   20,280   36,558   37,914 

Total revenues

 $53,165  $58,749  $103,810  $109,202 

 

Other than China, no foreign country exceeded 10% of total revenues for the three and six months ended September 30, 2023 and 2022.

 

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 contract liabilities recognized in revenues during the six months ended September 30, 2023

  (6,399)

Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized

  4,934 

Contract liabilities balance as of September 30, 2023

 $14,633 

 

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.