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Note 3 - Revenue
 9 Months Ended
Dec. 31, 2024
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.

 

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 sales  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 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 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 services. 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 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 business division and the nature of goods and services provided.

 

The following tables present disaggregated revenues for the three and nine months ended December 31, 2024 and 2023, respectively:

 

  

Three Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $20,991  $9,866  $4,909  $1,043  $36,809 

Hardware and software

  52   1,877   4,534   9,333   15,796 

Services

  2,464   924   2,794   4,053   10,235 

Total revenues

 $23,507  $12,667  $12,237  $14,429  $62,840 

 

(1) Revenues of $6,854 from GKE are included in the Sterilization and Disinfection Control division during the three months ended December 31, 2024. 

 

  

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 of $3,837 from GKE are included in the Sterilization and Disinfection Control division during the three months ended December 31, 2023, following the acquisition of GKE GmbH and SAL GmbH on October 16, 2023. 

 

 

  

Nine Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $60,860  $26,156  $12,657  $2,067  $101,740 

Hardware and software

  365   6,511   14,539   24,067   45,482 

Services

  7,444   2,903   8,916   12,358   31,621 

Total revenues

 $68,669  $35,570  $36,112  $38,492  $178,843 

 

(1) Revenues of $18,971 from GKE are included in the Sterilization and Disinfection Control division during the nine months ended December 31, 2024. 

 

  

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 of $3,837 from GKE are included in the Sterilization and Disinfection Control division during the nine months ended December 31, 2023, following the acquisition of GKE GmbH and SAL GmbH on October 16, 2023. 

 

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,

 
  

2024

  

2023

  

2024

  

2023

 

United States

 $30,476  $25,595  $85,415  $79,205 

China

  6,322   4,942   20,271   18,584 

Other

  26,042   22,936   73,157   59,494 

Total revenues

 $62,840  $53,473  $178,843  $157,283 

 

Other than China, no foreign country exceeded 10% of total revenues for the three and nine months ended December 31, 2024 and 2023.

 

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 unaudited Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original 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, 2024

 $15,686 

Prior year liabilities recognized in revenues during the nine months ended December 31, 2024

  (9,069)

Contract liabilities added during the nine months ended December 31, 2024, net of revenues recognized

  8,083 

Contract liabilities as of December 31, 2024

 $14,700