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Note 13 - Revenues

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

13. Revenues

The following table represents a disaggregation of revenue from contracts with customers. Revenue originating from the following geographic areas for the three and nine months ended September 30, 2020 and 2019 consist of:

		Three Months Ended September 30, 2020
(in thousands)		United States				United Kingdom				Germany				Rest of the world				Total
Instruments, equipment, software and accessories		$	16,128			$	1,933			$	2,215			$	1,575			$	21,851
Service, maintenance and warranty contracts			1,914				229				36				7				2,186
Total revenues		$	18,042			$	2,162			$	2,251			$	1,582			$	24,037

		Three Months Ended September 30, 2019
(in thousands)		United States				United Kingdom				Germany				Rest of the world				Total
Instruments, equipment, software and accessories		$	19,388			$	2,285			$	2,772			$	1,878			$	26,323
Service, maintenance and warranty contracts			822				198				51				24				1,095
Total revenues		$	20,210			$	2,483			$	2,823			$	1,902			$	27,418

		Nine Months Ended September 30, 2020
(in thousands)		United States				United Kingdom				Germany				Rest of the world				Total
Instruments, equipment, software and accessories		$	48,574			$	6,432			$	7,170			$	4,681			$	66,857
Service, maintenance and warranty contracts			3,459				644				109				47				4,259
Total revenues		$	52,033			$	7,076			$	7,279			$	4,728			$	71,116

		Nine Months Ended September 30, 2019
(in thousands)		United States				United Kingdom				Germany				Rest of the world				Total
Instruments, equipment, software and accessories		$	58,979			$	7,814			$	8,956			$	5,675			$	81,424
Service, maintenance and warranty contracts			2,874				624				227				55				3,780
Total revenues		$	61,853			$	8,438			$	9,183			$	5,730			$	85,204

Deferred revenue

The Company had deferred revenue from service contracts and advance payments from customers of approximately $3.6 million and $3.6 million as of September 30, 2020 and 2019, respectively. Changes in deferred revenue from service contracts and advance payments from customers were as follows:

		Three Months Ended September 30, 2020
(in thousands)		Service Contracts				Customer Advances				Total
Balance at June 30, 2020		$	1,413			$	2,239			$	3,652
Deferral of revenue			1,126				198				1,324
Recognition of deferred revenue			(1,041	)			(387	)			(1,428	)
Effect of foreign currency translation			11				-				11
Balance at September 30, 2020		$	1,509			$	2,050			$	3,559

		Three Months Ended September 30, 2019
(in thousands)		Service Contracts				Customer Advances				Total
Balance at June 30, 2019		$	1,593			$	1,939			$	3,532
Deferral of revenue			471				310				781
Recognition of deferred revenue			(358	)			(421	)			(779	)
Effect of foreign currency translation			16				-				16
Balance at September 30, 2019		$	1,722			$	1,828			$	3,550

		Nine Months Ended September 30, 2020
(in thousands)		Service Contracts				Customer Advances				Total
Balance at December 31, 2019		$	1,587			$	2,362			$	3,949
Deferral of revenue			1,956				542				2,498
Recognition of deferred revenue			(2,029	)			(854	)			(2,883	)
Effect of foreign currency translation			(5	)			-				(5	)
Balance at September 30, 2020		$	1,509			$	2,050			$	3,559

		Nine Months Ended September 30, 2019
(in thousands)		Service Contracts				Customer Advances				Total
Balance at December 31, 2018		$	1,659			$	2,161			$	3,820
Deferral of revenue			1,597				561				2,158
Recognition of deferred revenue			(1,550	)			(894	)			(2,444	)
Effect of foreign currency translation			16				-				16
Balance at September 30, 2019		$	1,722			$	1,828			$	3,550

Allowance for Doubtful Accounts

Allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts receivable. A rollforward of the allowance for doubtful accounts for the nine months ended September 30, 2020 and 2019 is as follows:

		Nine Months Ended September 30,
		2020				2019
Balance, beginning of period		$	325			$	332
Bad debt expense			24				394
Charge-offs and other recoveries			(60	)			(354	)
Effect of foreign currency translation			4				(8	)
Balance, end of period		$	293			$	364

Concentrations

No customer accounted for more than 10% of the revenues for the three and nine months ended September 30, 2020, and 2019. At September 30, 2020, and December 31, 2019, no customer accounted for more than 10% of net accounts receivable.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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