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Note 11 - Revenues | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
11. | Revenues
The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Instruments, equipment, software and accessories |  | $ | 23,500 |  |  | $ | 25,705 |  |  | $ | 79,261 |  |  | $ | 81,008 |
Service, maintenance and warranty contracts |  |  | 1,863 |  |  |  | 1,217 |  |  |  | 4,836 |  |  |  | 3,900 |
Total revenues |  | $ | 25,363 |  |  | $ | 26,922 |  |  | $ | 84,097 |  |  | $ | 84,908 |
The following tables represent a disaggregation of revenue by geographic destination for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 12,017 |  |  | $ | 11,511 |  |  | $ | 36,655 |  |  | $ | 38,278 |
Europe |  |  | 7,063 |  |  |  | 7,344 |  |  |  | 23,836 |  |  |  | 22,361 |
Greater China |  |  | 3,489 |  |  |  | 4,497 |  |  |  | 13,824 |  |  |  | 11,624 |
Rest of the world |  |  | 2,794 |  |  |  | 3,570 |  |  |  | 9,782 |  |  |  | 12,645 |
Total revenues |  | $ | 25,363 |  |  | $ | 26,922 |  |  | $ | 84,097 |  |  | $ | 84,908 |
Concentrations No customer accounts for more than 10% of revenues for the three and nine months ended September 30, 2023 and 2022. At September 30, 2023 and December 21, 2022, no customer accounts for more than 10% of net accounts receivable. Contract Liabilities The following tables provide details of contract liabilities as of the periods indicated:
(in thousands) |  | September 30, 2023 |  |  | December 31, 2022 |  |  | Change |  |  | % Change |
Service contracts |  | $ | 2,234 |  |  | $ | 1,530 |  |  | $ | 704 |  |  |  | 46 | %
Customer advances |  |  | 1,771 |  |  |  | 1,840 |  |  |  | (69 | ) |  |  | -4 | %
Total deferred revenue |  | $ | 4,005 |  |  | $ | 3,370 |  |  | $ | 635 |  |  |  | 19 | %
The overall increase in contract liabilities was primarily due to receipt of payments under service and warranty contracts. During the three months ended September 30, 2023 and 2022, the Company recognized revenue of $1.0 million and $0.8 million from deferred revenue existing at December 31, 2022 and 2021, respectively. During the nine months ended September 30, 2023 and 2022, the Company recognized revenue of $2.3 million and $2.1 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:
|  | Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |
Balance, beginning of period |  | $ | 191 |  |  | $ | 136 |
Provision for bad debts |  |  | 9 |  |  |  | 103 |
Charge-offs and other |  |  | (56 | ) |  |  | (60 | )
Balance, end of period |  | $ | 144 |  |  | $ | 179 |

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