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Note 11 - Revenues
 9 Months Ended
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