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Note 2 - Revenue
 12 Months Ended
Mar. 31, 2025
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 consumables.

 

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

 

Consumables are single-use products requiring 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 and chemical indicator test strips sold by our Sterilization and Disinfection Control division are used on a standalone basis.

 

Revenues from hardware and consumables are recognized upon transfer to the customer, typically at the point of shipment. 

 

We also offer maintenance, calibration and testing service contracts. Services 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, or at a point in time, upon completion of a specific, discrete service. In some cases, our service contracts contain both revenues recognized over time and revenues recognized at a point in time. 

 

We evaluate our revenues internally based on business division and the nature of goods and services provided.

 

The following tables present disaggregated revenues from contracts with customers for the years ended March 31, 2025, 2024 and 2023:

 

  

Year Ended March 31, 2025

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

 $82,736  $35,672  $17,287  $3,039  $138,734 

Hardware and Software

  496   7,689   19,649   31,827   59,661 

Services

  10,186   3,720   11,794   16,883   42,583 

Total revenues

 $93,418  $47,081  $48,730  $51,749  $240,978 

 

(1) Revenues of $24,815 from GKE are included in the Sterilization and Disinfection Control division during the year ended March 31, 2025.

 

  

Year Ended March 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

 $65,459  $36,086  $17,086  $2,345  $120,976 

Hardware and Software

  549   12,254   12,993   30,024   55,820 

Services

  9,116   4,248   10,633   15,394   39,391 

Total revenues

 $75,124  $52,588  $40,712  $47,763  $216,187 

 

(1) 

Revenues of $9,289 from GKE are included in the Sterilization and Disinfection Control division during the year ended March 31, 2024 and represent sales made beginning from the acquisition date.

 

 

 

  

Year Ended March 31, 2023

 
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

Consumables

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

Hardware and Software

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

Services

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

Total revenues

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

 

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 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 twelve 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, 2024

 $15,686 

Prior year liabilities recognized in revenues during the year ended March 31, 2025

  (9,873)

Contract liabilities added during the year ended March 31, 2025, net of revenues recognized

  8,990 

Contract liabilities balance as of March 31, 2025

 $14,803