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Note 10 - Revenues
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

10.

Revenues

 

The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2023 and 2022:

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

(in thousands)

 

2023

  

2022

  

2023

  

2022

 

Instruments, equipment, software and accessories

 $27,268  $27,765  $55,761  $55,303 

Service, maintenance and warranty contracts

  1,491   1,443   2,973   2,683 

Total revenues

 $28,759  $29,208  $58,734  $57,986 

 

The following tables represent a disaggregation of revenue by geographic destination for the three and six months ended June 30, 2023 and 2022:

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

(in thousands)

 

2023

  

2022

  

2023

  

2022

 

United States

 $12,336  $14,075  $24,638  $26,314 

Europe

  9,332   7,194   16,773   15,017 

Greater China

  4,136   3,396   10,335   7,127 

Rest of the world

  2,955   4,543   6,988   9,528 

Total revenues

 $28,759  $29,208  $58,734  $57,986 

 

Concentrations

 

No customer accounts for more than 10% of revenues for the three and six months ended June 30, 2023 and 2022. At June 30, 2023 and December 21, 2022, no customer accounts for more than 10% of net accounts receivable.

 

Deferred Revenue

 

The following tables provide details of deferred revenue as of the periods indicated:

 

(in thousands)

 

June 30, 2023

  

December 31, 2022

 

Service contracts

 $2,327  $1,530 

Customer advances

  1,508   1,840 

Total deferred revenue

 $3,835  $3,370 

 

During each of the three months ended June 30, 2023 and 2022, the Company recognized revenue of $0.6 million from deferred revenue existing at December 31, 2022 and 2021, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized revenue of $1.6 million and $1.3 million from deferred revenue existing at December 31, 2022 and 2021, respectively.

 

Allowance for Expected Credit Losses on Receivables

 

The allowance for expected credit losses on receivables is used to present accounts receivable, net at an amount that represents the Company’s estimate of the related transaction price recognized as revenue. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written-off. The Company estimates the allowance on the basis of specifically identified receivables that are evaluated individually for impairment and an analysis of the remaining receivables determined by reference to past default experience. The Company considers the need to adjust historical information to reflect the extent to which current conditions and reasonable forecasts are expected to differ from the conditions that existed for the historical period considered. Losses on receivables have not historically been significant.

 

Management judgments are used to determine when to charge off uncollectible trade accounts receivable. The Company bases these judgments on the age of the receivable, credit quality of the customer, current economic conditions, and other factors that may affect a customer’s ability and intent to pay. Customers are generally not required to provide collateral for purchases.

 

Activity in the allowance for expected losses on receivables is as follows:

 

  

Six Months Ended June 30,

 

(in thousands)

 

2023

  

2022

 

Balance, beginning of period

 $191  $136 
Provision for bad debts  18   107 

Charge-offs and other

  (55)  (48)

Balance, end of period

 $154  $195