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Note 2 - Revenue
 3 Months Ended
Jun. 30, 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 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.

 

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 months ended June 30, 2025 and 2024, respectively:

 

  

Three Months Ended June 30, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $23,011  $3,836  $841  $8,085  $35,773 

Hardware and software

  89   4,288   6,975   1,217   12,569 

Services

  2,310   3,362   4,534   995   11,201 

Total revenues

 $25,410  $11,486  $12,350  $10,297  $59,543 

 

 

  

Three Months Ended June 30, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $20,396  $3,922  $580  $8,112  $33,010 

Hardware and software

  169   4,837   6,886   2,183   14,075 

Services

  2,392   3,249   4,335   1,109   11,085 

Total revenues

 $22,957  $12,008  $11,801  $11,404  $58,170 

 

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

 

  

Three Months Ended June 30,

 
  

2025

  

2024

 

United States

 $27,646  $26,861 

China

  5,429   6,559 

Other

  26,468   24,750 

Total revenues

 $59,543  $58,170 

 

No foreign country exceeded 10% of total revenues for the three months ended June 30, 2025.

 

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, which are included within unearned revenues or other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues, related receivables and contract liabilities are generated from contracts with customers with original durations of 12 months or less. Contract liabilities will be recognized as 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, 2025

 $14,803 

Prior year liabilities recognized in revenues during the three months ended June 30, 2025

  (4,385)

Contract liabilities added during the three months ended June 30, 2025, net of revenues recognized

  4,669 

Contract liabilities as of June 30, 2025

 $15,087