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Note 13 - Revenues
 12 Months Ended
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