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Note 13 - Revenues | 12 Months Ended
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Dec. 31, 2023
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 for the years ended December 31, 2023 and 2022:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Instruments, equipment, software and accessories |  | $ | 105,716 |  |  | $ | 108,165 |
Service, maintenance and warranty contracts |  |  | 6,534 |  |  |  | 5,170 |
Total revenues |  | $ | 112,250 |  |  | $ | 113,335 |
Revenues by timing of recognition are as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Goods and services transferred at a point in time |  | $ | 108,558 |  |  | $ | 111,927 |
Goods and services transferred over time |  |  | 3,692 |  |  |  | 1,408 |
Total revenues |  | $ | 112,250 |  |  | $ | 113,335 |
Revenues by geographic destination are as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
United States |  | $ | 48,205 |  |  | $ | 49,912 |
Europe |  |  | 32,801 |  |  |  | 30,687 |
Greater China |  |  | 18,488 |  |  |  | 16,393 |
Rest of the world |  |  | 12,756 |  |  |  | 16,343 |
Total revenues |  | $ | 112,250 |  |  | $ | 113,335 |
Contract Liabilities The following tables provide details of contract liabilities as of the periods indicated:
|  | December 31, |  |  |  |  |  |  | December 31, |  |  |  |  |
(in thousands) |  | 2023 |  |  | 2022 |  |  | Change |  |  | 2022 |  |  | 2021 |  |  | Change |
Service contracts |  | $ | 2,849 |  |  | $ | 1,530 |  |  | $ | 1,319 |  |  |  | 1,530 |  |  | $ | 1,976 |  |  | $ | (446 | )
Customer advances |  |  | 1,659 |  |  |  | 1,840 |  |  |  | (181 | ) |  |  | 1,840 |  |  |  | 2,290 |  |  |  | (450 | )
Total contract liabilities |  | $ | 4,508 |  |  | $ | 3,370 |  |  | $ | 1,138 |  |  |  | 3,370 |  |  | $ | 4,266 |  |  | $ | (896 | )
Changes in the Company’s contract liabilities are primarily due to the timing of receipt of payments under service and warranty contracts. During the years ended December 31, 2023 and 2022, the Company recognized revenue of $2.1 million and $2.5 million from contract liabilities existing at December 31, 2022 and 2021, respectively. Provision for Expected Credit Losses on Receivables Activity in the provision for expected losses on receivables is as follows:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Balance, beginning of period |  | $ | 191 |  |  | $ | 136 |
Provision for expected credit losses |  |  | 29 |  |  |  | 62 |
Charge-offs and other |  |  | (60 | ) |  |  | (7 | )
Balance, end of period |  | $ | 160 |  |  | $ | 191 |
Concentrations No customer accounted for more than 10% of the revenues for the years ended December 31, 2023 and 2022, or for more than 10% of net accounts receivable at December 31, 2023 and 2022. Warranties Activity in the product warranty accrual is as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Balance at December 31, 2022 |  | $ | 268 |  |  | $ | 240 |
Expense |  |  | 381 |  |  |  | 408 |
Warranty claims |  |  | (313 | ) |  |  | (380 | )
Balance at December 31, 2023 |  | $ | 336 |  |  | $ | 268 |

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