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Note 2 - Revenue
 6 Months Ended
Sep. 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 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 either over time, for example, when we are contractually obligated to perform labor and replace parts on an as-needed basis throughout a specified service period, 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 and six months ended September 30, 2025 and 2024, respectively:

 

  

Three Months Ended September 30, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $19,282  $4,371  $752  $8,972  $33,377 

Hardware and software

  147   6,662   8,129   1,133   16,071 

Services

  2,678   2,887   4,689   1,035   11,289 

Total revenues

 $22,107  $13,920  $13,570  $11,140  $60,737 

 

 

  

Three Months Ended September 30, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $19,473  $3,826  $444  $8,178  $31,921 

Hardware and software

  144   5,168   7,848   2,451   15,611 

Services

  2,588   2,873   3,970   870   10,301 

Total revenues

 $22,205  $11,867  $12,262  $11,499  $57,833 

 

  

Six Months Ended September 30, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $42,293  $8,207  $1,593  $17,057  $69,150 

Hardware and software

  236   10,950   15,104   2,350   28,640 

Services

  4,988   6,249   9,223   2,030   22,490 

Total revenues

 $47,517  $25,406  $25,920  $21,437  $120,280 

 

 

  

Six Months Ended September 30, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $39,869  $7,748  $1,024  $16,290  $64,931 

Hardware and software

  313   10,005   14,734   4,634   29,686 

Services

  4,980   6,122   8,305   1,979   21,386 

Total revenues

 $45,162  $23,875  $24,063  $22,903  $116,003 

 

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 September 30,

  

Six Months Ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

United States

 $29,300  $28,078  $56,946  $54,939 

China

  5,315   7,390   10,744   13,949 

Other

  26,122   22,365   52,590   47,115 

Total revenues

 $60,737  $57,833  $120,280  $116,003 

 

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

 

Contract Liabilities

Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in contract liabilities recorded as unearned revenues or within other noncurrent liabilities in our unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues, related receivables and contract liabilities arise from contracts with original durations of twelve months or less. Contract liabilities are 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 six months ended September 30, 2025

  (7,312)

Contract liabilities added during the six months ended September 30, 2025, net of revenues recognized

  6,778 

Contract liabilities as of September 30, 2025

 $14,269