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Note 3 - Revenue
 9 Months Ended
Dec. 31, 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. 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 sold by our Clinical Genomics and Biopharmaceutical Development divisions, 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 sold by our Sterilization and Disinfection Control Division 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 nine months ended December 31, 2023 and December 31, 2022, respectively:

 

   

Three Months Ended December 31, 2023

  
   

Sterilization and Disinfection Control (1)

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  
                                         

Consumables

   $ 16,832     $ 9,758     $ 4,080     $ 539     $ 31,209  

Hardware and Software

     180       1,639       2,672       8,254       12,745  

Services

     2,326       1,149       2,678       3,366       9,519  

Total Revenues

   $ 19,338     $ 12,546     $ 9,430     $ 12,159     $ 53,473  

(1) Revenues from GKE GmbH and SAL GmbH are included in the Sterilization and Disinfection Control division beginning upon acquisition on October 16, 2023.

 

   

Three Months Ended December 31, 2022

  
   

Sterilization and Disinfection Control

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  
                                         

Consumables

   $ 14,307     $ 10,885     $ 3,584     $ 553     $ 29,329  

Hardware and Software

     95       3,371       5,844       7,023       16,333  

Services

     1,881       1,329       2,218       3,197       8,625  

Total Revenues

   $ 16,283     $ 15,585     $ 11,646     $ 10,773     $ 54,287  

 

   

Nine Months Ended December 31, 2023

  
   

Sterilization and Disinfection Control (1)

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  

Consumables

   $ 45,288     $ 28,490     $ 12,753     $ 1,834     $ 88,365  

Hardware and Software

     381       9,540       7,838       22,216       39,975  

Services

     6,676       3,434       7,935       10,898       28,943  

Total Revenues

   $ 52,345     $ 41,464     $ 28,526     $ 34,948     $ 157,283  

(1) Revenues from GKE GmbH and SAL GmbH are included in the Sterilization and Disinfection Control division beginning upon acquisition on October 16, 2023.

 

   

Nine Months Ended December 31, 2022

  
   

Sterilization and Disinfection Control

    

Clinical Genomics

    

Biopharmaceutical Development

    

Calibration Solutions

    

Total

  
                                         

Consumables

   $ 41,239     $ 34,815     $ 11,248     $ 2,272     $ 89,574  

Hardware and Software

     619       9,349       16,656       18,696       45,320  

Services

     6,163       4,361       6,853       11,218       28,595  

Total Revenues

   $ 48,021     $ 48,525     $ 34,757     $ 32,186     $ 163,489  

 

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 December 31,

    

Nine Months Ended December 31,

  
   

2023

    

2022

    

2023

    

2022

  

United States

   $ 25,595     $ 28,645     $ 79,205     $ 88,756  

China

     4,942       7,482       18,584       18,659  

Other

     22,936       18,160       59,494       56,074  

Total revenues

   $ 53,473     $ 54,287     $ 157,283     $ 163,489  

 

Other than China, no foreign country exceeded 10% of total revenues for the three and nine months ended December 31, 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 liabilities recognized in revenues during the nine months ended December 31, 2023

     (6,858 )

Contract liabilities added during the nine months ended December 31, 2023, net of revenues recognized

     5,478  

Contract liabilities balance as of December 31, 2023

   $ 14,718  

 

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